10-year government bond yields fall below 1.7% again, and the bond market is starting to heat up

A relatively clear signal has emerged again in the domestic bond market recently.
The 10-year government bond yield has returned below 1.7%, reaching around 1.69% at one point during the session. The market had previously been repeatedly battling around the 1.7% level, and the latest break below it indicates that demand for bonds is picking up again.
This level is worth noting.
Because when yields move lower, bond prices are essentially rising.
What this reflects is not just bond market sentiment, but also the market's expectations for liquidity conditions and room for further easing.
Liquidity conditions have generally not been tight recently, and with the market still expecting continued policy support, institutional funds have begun to flow back into longer-duration bonds.
The 30-year government bond yield has also reached around 2.16%, which is relatively low for the year.
So what's interesting now is:
The bond market is jumping the gun, while the equity market is still engaged in a tug-of-war.
If the 10-year government bond yield can remain below 1.7% going forward, or even move toward around 1.6%, then the market is trading not merely a technical breakout, but potentially expectations of a new round of declining interest rates.
For A-shares, gold, and even the crypto market, this kind of liquidity signal is worth watching.
Next, I will mainly watch two things:
Whether the 10-year government bond can hold below 1.7%, and whether clearer easing signals emerge later.
Sometimes the bond market tells you earlier than the stock market where funds are actually flowing.
#10年期国债收益率再跌破1.7%