Why did the market suddenly lose blood last night? Interpretation of the truth under liquidity tightening. This morning's drop indeed caught many off guard, and the core reasons boil down to two points: liquidity being drained + interest rate cut expectations cooling. Where did the liquidity go? Last night, the U.S. Treasury conducted auctions for 3-month and 6-month Treasury bills, with a total scale of up to 163 billion dollars. This massive amount was directly withdrawn from the financial market, equivalent to a sudden loss of 1.6 trillion RMB in the market. During this special period o
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