中国10年期政府债券收益率下跌约2.3%，因投资者对中国PMI数据弱于预期作出反应。数据显示，中国5月制造业活动意外收缩，而服务业增长放缓。本周早些时候的数据显示，1月至4月，该国工业利润同比增长4.3%。在货币政策方面，正如人们普遍预期的那样，中国人民银行5月份将一年期和五年期贷款最优惠利率分别保持在3.45%和3.95%不变。本月早些时候，中国人民银行还将一年期中期贷款利率维持在2.5%不变。与此同时，中国于5月17日开始发行1380亿美元的超长债券，政策制定者旨在增加基础设施项目支出，以促进经济增长。

China’s 10-year government bond yield was subdued around 2.3% as investors reacted to weaker-than-expected Chinese PMI figures. Data showed that Chinese manufacturing activity unexpectedly contracted in May, while services sector growth slowed. The PMI readings came after data earlier in the week showed industrial profits int eh country rose 4.3% year-on-year on the January to April period. On the monetary policy front, the People’s Bank of China kept its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively, in May as widely expected. The PBOC also kept its one-year medium term lending facility rate unchanged at 2.5% earlier this month. Meanwhile, China kicked off its $138 billion ultra-long bond issuance on May 17 as policymakers aim to increase spending on infrastructure projects to bolster economic growth.

周五，上海综合指数下跌0.16%，收于3087点，深圳成分股下跌0.22%，收于9364点。由于投资者对中国PMI数据弱于预期的反应，内地股市跌至一个月低点。数据显示，中国5月制造业活动意外收缩，而服务业增长放缓。投资者还为今天晚些时候公布的美国关键通胀数据做好了准备，该数据可能会影响美联储货币政策的前景。跌幅较大的包括同福微电子（-3.3%）、紫金矿业（-1.3%）、富士康工业（-4.3%）、当代安培（-0.8%）和中基创新（-1.7%）。上海和深圳指数本周分别下跌0.07%和0.64%，当月分别下跌0.58%和2.32%。

The Shanghai Composite fell 0.16% to close at 3,087 while the Shenzhen Component lost 0.22% to 9,364 on Friday, with mainland stocks settling at one-month lows as investors reacted to weaker-than-expected Chinese PMI figures. Data showed that Chinese manufacturing activity unexpectedly contracted in May, while services sector growth slowed. Investors also braced for a key US inflation reading due later today that could influence the outlook for Federal Reserve monetary policy. Notable decliners include Tongfu Microelectronics (-3.3%), Zijin Mining (-1.3%), Foxconn Industrial (-4.3%), Contemporary Amperex (-0.8%) and Zhongji Innolight (-1.7%). The Shanghai and Shenzhen indexes lost 0.07% and 0.64%, respectively this week, and 0.58% and 2.32%, respectively for the month.

离岸人民币兑美元汇率跌至7.26，因投资者对中国PMI数据弱于预期作出反应。最近的数据显示，中国制造业活动出现了惊人的下降，从4月份的50.4降至2024年5月的49.5，低于市场预测的50.5。这是自2月份以来的首次收缩，引发了人们对中国经济健康状况的担忧，导致人们呼吁采取新的刺激措施。ING大中华区首席经济学家林恩·宋也强调，如果具体的工业活动数据证实经济放缓，那么可能迫切需要加快实施以旧换新政策和其他举措，以提振消费和投资。与此同时，投资者现在预计美国PCE通胀数据将在当天晚些时候公布，这可能会为美联储货币政策的未来路径提供进一步的见解。

The offshore yuan weakened towards 7.26 per dollar as investors reacted to weaker-than-expected Chinese PMI data. Recent data revealed a surprising decline in Chinese manufacturing activity, dropping to 49.5 in May 2024 from April's 50.4, falling short of market forecasts of 50.5. This contraction, the first since February, has raised concerns about China's economic health, leading to calls for fresh stimulus measures. Lynn Song, Chief Economist of Greater China at ING, also emphasized that if concrete industrial activity data confirms a slowdown, there could be a pressing need to hasten the implementation of trade-in policies and other initiatives to bolster consumption and investment. Meanwhile, investors are now anticipating the release of US PCE inflation data later in the day, which could provide further insights into the future path of the Federal Reserve’s monetary policy.

周五，上海综合指数上涨0.4%，收于3100点以上，深圳成分股上涨0.3%，收于9410点，收复了前一交易日的失地，因为投资者对中国PMI数据弱于预期做出了反应。数据显示，中国5月制造业活动意外收缩，而服务业增长放缓。随着美国GDP数据下调后全球债券收益率回落，大陆股市也追随地区同行走高，这让人们对美联储有望在年底前至少降息一次抱有希望。高增长的汽车和科技股领涨，Seres集团（3.1%）、比亚迪公司（1.2%）、重庆长安（3%）、雷霆软件（7.3%）和上海贝岭（7.3%。

The Shanghai Composite rose 0.4% to above 3,100 while the Shenzhen Component gained 0.3% to 9,410 on Friday, recouping losses from the previous session as investors reacted to weaker-than-expected Chinese PMI figures. Data showed that Chinese manufacturing activity unexpectedly contracted in May, while services sector growth slowed. Mainland stocks also tracked regional peers higher as global bond yields retreated following a downward revision in US GDP data which raised hopes that the Federal Reserve was on track to cut interest rates at least once before the end of the year. High-growth auto and technology stocks led the advance, with gains from Seres Group (3.1%), BYD Company (1.2%), ChongQing Changan (3%), Thunder Software (7.3%) and Shanghai Belling (7.3%).