China A share had sharp correction today. The trigger was the news on rules for de-leverage in bond market. China Clear announced new rules for collateral for the bond repurchase sales which tighten the liquidity by raising the bond credit standard to be qualified as the collateral. Market expect short term liquidity to tighten in the bond market and interbank market which also affect margin financing in near team. The corporate bonds were sold off as investors were forced to reduce leverage. Sentiment for equity market was also hit badly. Data shows that institutional investor net sold RMB 61.7 billion and retail investors net bought RMB 56.9 billion today.