In this paper, we provide the first analysis of credit flow dynamics in the Chinese market for wealth management products (WMPs) when their information sensitivity changes. Precipitated by bond market volatility, a shift in risk perceptions amplifies WMPs’ sensitivity to performance, triggering outflows when their net asset value falls below the initial value. As WMPs become less money-like, investors flows exhibit a flight-to-cash pattern. Products with lower redemption frequencies experience smaller outflows, consistent with the notion that they are poorer substitute for cash. Banks respond to outflows by imposing redemption gates, which are effective on the day of implementation, and by shifting issuance away from fragile WMPs.