Citigroup said that judging from historical rules, August is the worst month for interest spread trading in emerging markets, and crowded market positions can make investors extremely vulnerable to various market shocks. Analysts Luis Costa, Donato Guarino and others wrote in the research report: “Our retrospective data continues to confirm that the August market fluctuated drastically, and the overall trading environment was unfavorable.” This rule stems from “the summer market generally favors spread trading, leading to high positions in August.” Once major news comes out, it will cause major market turbulence. In contrast, judging from historical data in July, the overall risk-benefit ratio was more impressive.

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