Medium to long-term funds are flowing back into the stock market, combined with the market's strength. The bond market is also experiencing a simultaneous correction in both the cash and futures markets.

On the morning of May 6th, the bond market as a whole weakened, with most interbank spot yields rising and long-term gilt futures main contracts falling across the board. Among them, the adjustment of ultra-long-term varieties was relatively large, with the 30-year government bond futures main continuous contract leading the decline. Market participants believe that today's bond market adjustment is mainly influenced by two factors: first, the pressure of medium and long-term funds maturing in May is rising, with the People's Bank of China reducing the volume of 3-month period reverse repurchase transactions, causing disturbance to market expectations for net withdrawal of medium and long-term funds; second, the stock market has shown significant strength, driving the rebound in market risk appetite, which has put pressure on the bond market sentiment.