The reason for the sharp drop in short-term and medium-term bonds of Furong is a large-scale run. Under the background of marginal convergence of funds, the short-term interest rate returned to a reasonable center from the previous low point, and at the same time, the epidemic prevention optimization policy and 16 measures to support real estate caused some disturbance to this round of debt cows, which led to the large-scale redemption of short-term and medium-term bonds of Furong. In the face of a large number of redemptions, Furong Fund extended the redemption payment, which triggered a larger run, resulting in a sharp drop in short-term and medium-term bonds of Furong.