In a recent speech, Fu Peng mentioned China's treasury bond yields and regarded them as a barometer of investment returns in China's real economy.

The lower the yield, the lower the market's willingness to borrow and invest, and the more demand shrinks.

In sharp contrast, the A-share market has hit a near-historical low. This shows that investors would rather frantically buy treasury bonds with a yield of only 2% (leading to rising treasury prices and falling yields) than invest in high-risk assets, and the current pessimism has reached a freezing point.

Today, China's 10-year treasury bond yield fell to a historic low of 2.0775%, and it may only be a matter of time before it falls below 2%.

Despite the hot sales of Huawei's folding phones, the data on economic fundamentals actually performed poorly.

In addition, an important reason for the poor performance of altcoins this year is that their trends have a certain correlation with China's GEM market.

The core problem is that Chinese investors have basically closed the door to investment in the current speculative environment.

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