瑞郎/人民币 (CHFCNY) 加自选

据报道，由于缺乏贸易进展，欧盟拒绝与中国进行经济对话。我的敌人的敌人就是我的朋友，这两个人可能会发现，除此之外，他们没有太多共同点。最近，布鲁塞尔和北京一直试图对彼此更加友好，但随着特朗普大多让步，两国之间的紧张关系开始再次出现。

EU reportedly refuses economic dialogue with China amid lack of trade progress.The thing about the enemy of my enemy being my friend is that the two might find out that they don't have much else in common besides that. Brussels and Beijing have been trying to be more cordial to each other as of late but with Trump mostly backing down, the sour relations between the two are starting to crop up again.

据报道，如果伦敦谈判破裂，美国将权衡对中国的关键技术限制。据报道，如果伦敦的谈判没有按计划进行，美国商务部将扩大对中国关键技术的出口限制。消息人士提到，美国考虑对半导体实施更严格的限制，包括切断中国与更广泛的芯片制造设备的联系。

US reportedly weighed key tech restrictions on China if London talks broke down.It is reported that the US Commerce Department would have expanded export limits on key technology to China if the talks in London did not go according to plan. The sources mentioned that the US weighed tougher limits on semiconductors, which includes cutting off China from a wider array of chip-manufacturing equipment.

周二，中国10年期政府债券收益率小幅上涨至1.64%左右，但仍接近五周低点，因为投资者在即将召开的中国人民银行会议之前等待进一步的政策信号。央行最近通过反向回购注入了总计超过1.4万亿元的流动性，这是本月第二次此类操作，缓解了资金压力。这些措施表明，人们更倾向于有针对性的支持，而不是广泛的货币宽松政策，导致市场预计中国人民银行将维持一年期和五年期贷款最优惠利率，在持续的担忧中平衡经济稳定和可控的借贷成本。交易员们现在正在等待本周举行的陆家嘴论坛上中国官员的更多政策提示。与此同时，中东地缘政治紧张局势加剧，推高了油价，加剧了对通胀的担忧，并使收益率有所上升。然而，持续的贸易不确定性，包括模糊的美中贸易协议框架，限制了任何剧烈的行动。

China’s 10-year government bond yield edged higher to around 1.64% on Tuesday but remained near five-week lows as investors awaited further policy signals ahead of the upcoming PBOC meeting. The central bank’s recent liquidity injections totaling over 1.4 trillion yuan via reverse repos, marking the second such operation this month, have eased funding pressures. These measures signal a preference for targeted support over broad monetary easing, leading markets to expect the People’s Bank of China will maintain the one-year and five-year loan prime rates, balancing economic stability with manageable borrowing costs amid ongoing concerns. Traders now await more policy cues from Chinese officials at the Lujiazui Forum due this week. Meanwhile, rising geopolitical tensions in the Middle East have pushed oil prices higher, fueling inflation concerns and some upside on yields. However, ongoing trade uncertainties, including a vague US–China trade deal framework, have limited any sharp moves.

周二，上证综指下跌0.3%，收于3380点以下，而深证成指下跌0.2%，收于10145点，与前一交易日相比涨幅有所收窄，因为投资者在评估全球贸易和地缘政治发展时变得谨慎。七国集团的一份声明草案影响了市场情绪，该声明表示，为应对中国的出口管制，计划加强关键矿产供应链。在美国总统唐纳德·特朗普呼吁在以色列持续空袭期间全面撤离德黑兰后，地缘政治风险也升级了，他重申了对伊朗拒绝拟议核协议的批评。在国内方面，投资者正在等待中国人民银行本周晚些时候的关键政策决定，预计贷款最优惠利率将保持不变。值得注意的输家包括北京光线（-1.6%）、中基创新（-1.9%）和Eoptolink Technology（-1.1%）。

The Shanghai Composite fell 0.3% to below 3,380 while the Shenzhen Component lost 0.2% to 10,145 on Tuesday, paring gains from the previous session as investors turned cautious while assessing global trade and geopolitical developments. Sentiment was weighed by a draft G7 statement indicating plans to strengthen critical mineral supply chains in response to China’s export controls. Geopolitical risks also escalated after US President Donald Trump called for the full evacuation of Tehran amid ongoing Israeli airstrikes, reiterating his criticism of Iran for rejecting a proposed nuclear deal. On the domestic front, investors are awaiting key policy decisions from the People’s Bank of China later this week, with expectations that loan prime rates will remain unchanged. Notable losers included Beijing Enlight (-1.6%), Zhongji Innolight (-1.9%), and Eoptolink Technology (-1.1%).