The expected central bank RRR failed to cut interest rates, the bond price was at a historical high, and the supply side of the bond market increased significantly. The latest real estate policy was released. First, the relaxation of epidemic prevention policy benefited from the two-way favorable real estate and epidemic prevention policies, which made the interest rate of government bonds rise, thus the price of government bonds fell, which further led to the decline in the valuation of bond funds composed of wealth management products and interest rate bonds. Bank financing also lost money, which led banks to sell funds to pay debts to investors. Fund companies had to start selling bonds because of bank financing redemption, which led to a sharp decline in bond valuation.