低硫燃料油主力 (INE_LU) 加自选

中国：贸易紧张局势可能影响10月经济增长——渣打银行。中国：贸易紧张局势可能影响10月经济增长——渣打银行

China: Trade tensions likely weighed on October growth – Standard Chartered.China: Trade tensions likely weighed on October growth – Standard Chartered

中国周六宣布，将立即终止对一些黄金零售商的关键增值税抵消，此举可能重塑国内黄金市场。这项新政策有效期至2027年底，将限制上海黄金交易所和上海期货交易所的会员全额扣除增值税，主要是销售黄金作为投资产品的主要银行、炼油厂和制造商。以前，大多数制造商在向消费者销售时可以扣除13%的进项税，但根据新规定，非成员公司只能抵消6%。这一变化适用于珠宝生产商、工业用户以及非交易所成员的金条和硬币等投资产品的公司。当局表示，影响将取决于实施情况，但分析师预计，这可能会缩小利润率，并对较小的黄金制造商造成压力。

China announced Saturday that it will end a key value-added tax (VAT) offset for some gold retailers, effective immediately, in a move that could reshape the domestic gold market. The new policy, valid through the end of 2027, will restrict full VAT deductions to members of the Shanghai Gold Exchange and Shanghai Futures Exchange—mainly major banks, refineries, and fabricators selling gold as investment products. Previously, most fabricators could deduct 13% of input VAT when selling to consumers, but under the new rule, non-member companies can offset only 6%. The change applies to jewelry producers, industrial users, and firms making investment products like bars and coins that are not exchange members. Authorities said the impact will depend on implementation, but analysts expect it could narrow profit margins and weigh on smaller gold fabricators.

周一，离岸人民币兑美元汇率在经历了两个交易日的下跌后徘徊在7.12左右，投资者将令人失望的工厂活动数据与美中贸易发展进行了权衡。一项私人调查显示，10月份中国制造业采购经理人指数放缓幅度超过预期，此前上周的官方数据显示，制造业活动出现了9年多来最长的收缩。尽管中国与美国达成了贸易休战协议，但疲软的数据可能会引发人们对加强政策支持的新呼吁。周末，白宫宣布，中国将停止对稀土的新出口管制，并放弃对美国半导体公司的调查，作为一项协议的一部分，根据该协议，华盛顿将暂停某些关税，取消对中国出口产品征收100%关税的计划。这一消息是在上周举行的旨在稳定双边关系的特朗普-Xi峰会之后宣布的。

The offshore yuan hovered around 7.12 per dollar on Monday, following a two-session decline, as investors weighed disappointing factory activity data against US-China trade developments. A private survey showed that China’s manufacturing PMI slowed more than expected in October, after official data last week indicated that manufacturing activity had contracted for the longest stretch in over nine years. The weak figures could prompt fresh calls for stronger policy support, even as China reached a trade truce with the US. Over the weekend, the White House announced that China would halt new export controls on rare earths and drop investigations into US semiconductor firms as part of a deal under which Washington will pause certain tariffs and cancel a planned 100% levy on Chinese exports. The announcement followed last week’s Trump–Xi summit, which aimed to stabilize bilateral relations.

耶鲁大学研究发现“TACO差距”：美国对中国的关税远低于特朗普的说法。一项新的分析表明，美国对中国进口商品的有效关税率远低于广泛报道的水平，这对媒体和前总统唐纳德·特朗普引用的数字提出了挑战。推特评论员@RnaudBertrand援引耶鲁大学预算实验室的研究指出，在特朗普与Xi在釜山达成贸易协议之前，中国商品实际适用的平均关税为27.8%，而不是特朗普反复提到的57%。

Yale study finds ‘TACO gap': U.S. tariffs on China far lower than Trump claims.A new analysis suggests the effective U.S. tariff rate on Chinese imports is far lower than widely reported, challenging figures cited by both the media and former President Donald Trump. Citing research from the Budget Lab at Yale University, twitter commentator @RnaudBertrand noted that the average tariff actually applied to Chinese goods prior to the Trump–Xi trade deal in Busan was 27.8%, not the 57% figure Trump has repeatedly referenced.