In response to the "off-line tide" in 2022, Lu Hongtao, the national managing partner of Zhitong Consulting Financial Services, believes that it is mainly caused by three factors:

1, the income of bank wealth management products anchored the bond market. At the end of 2022, the bond market was affected by the epidemic prevention and control and the real estate policy shift, which led to the expected change of the bond market and the depreciation of local government bonds;

2. Since July 2022, the Federal Reserve has continuously raised interest rates, and overseas hot money has continuously reduced its holdings of China bonds and returned to the US dollar market;

3. Generally speaking, R2-level wealth management products will also be equipped with some interbank deposit certificates as structural buffer measures. However, in June, 2022, due to various policy factors and market expectations, there was a shortage of market funds, which led to a wave of growth in yield to maturity.