The yield of the 10-year government bond active coupon recently touched 1.77%, setting a new low. Industry insiders indicate that China's bond market plays an important role in the country's macroeconomic policy regulation, and RMB bonds have become important symbols in the global investor's asset allocation, providing rich investment opportunities. Industry insiders believe that as the market's expectations of reserve requirement ratio cuts heat up, liquidity conditions will continue to support the bond market. Experts state that during the implementation of the incremental fiscal policy, there will be a peak in government bond issuance in the fourth quarter. Therefore, the market anticipates that the central bank may cut the reserve requirement ratio again to support the smooth issuance of government bonds. If the cut is realized, it means increased funding supply for the bond market, liquidity will become more abundant, and funding costs will decrease, thereby driving down the yield curve, which overall is considered Bullish. (Economic Daily)