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[In order to curb the idleness of funds, as the phenomenon of "big banks lending and small banks buying bonds" has become more and more serious, the relevant investigations and window guidance of regulatory authorities have also increased.]

After the interbank major interest rate bond yields rose significantly on August 8, the bulls continued to weaken on August 9, with the yields of 5-year and 7-year active treasury bonds rising by 4BP and 5.4BP respectively, and the yields of 10-year and 30-year active treasury bonds also rising by 3BP and 2.5BP respectively. Treasury bond futures closed down across the board. Among them, the 10-year treasury bond yield has wiped out all the declines since July 26.

A series of regulatory "knocks" are taking effect. On August 7 and 8, the National Association of Financial Market Institutional Investors issued a series of documents targeting the illegal trading of treasury bonds by small and medium-sized financial institutions. Among them, Jiangsu Changshu Bank (601128.SH), Jiangnan Rural Commercial Bank, Kunshan Rural Commercial Bank, and Sunong Bank (603323.SH) were initiated for self-discipline investigation for suspected manipulation of market prices and profit transfer in secondary treasury bond transactions.

Since the beginning of this year, regulators have repeatedly called for preventing risks in the bond market, from "big banks lending, small banks buying bonds" to "big banks selling bonds, small banks buying bonds". Bond market insiders interviewed by the First Financial reporter believe that the general background of the above investigation is still to prevent interest rate risks in the bond market, and the recent trigger may be related to some small banks stepping on the "wool" during the bond selling process of big banks, which has a strong deterrent effect.

The market is closely following the above investigation results and impact. In the A-share market, the share prices of Changshu Bank and Suning Bank have also fluctuated downward in the past two days. On the 9th, the reporter called the Changshu Bank investor hotline as an investor. The staff said that the bank had received a self-discipline investigation notice from the Brokers Association and was currently in the self-examination stage. The specific results will be based on the investigation results. This situation has never happened before.