瑞郎/人民币 (CHFCNY) 加自选

周二，中国10年期政府债券收益率稳定在1.71%左右，投资者权衡了北京重大税收政策转变的影响。财政部宣布，将从8月8日起恢复对政府和金融机构发行的债券的利息收入征税，结束长达数十年的豁免。中国近70%的未偿还债券是由这些实体发行的，这引发了人们的担忧，即在经济仍然脆弱的情况下，借贷成本可能会上升。虽然此举可能会增加财政收入，但也有可能抑制对政府债务的需求。与此同时，私人数据显示，7月份财新服务业采购经理人指数升至52.6，为14个月来的最高点，表明服务业强劲反弹。然而，由于制造业收缩，综合采购经理人指数从51.3降至50.8。随着政治局在7月份的会议上宣布没有重大的新刺激措施，投资者的注意力转向即将公布的贸易和通胀数据，以获取增长和政策方向的信号。

China’s 10-year government bond yield remained steady to around 1.71% on Tuesday, as investors weighed the impact of Beijing’s major tax policy shift. The Finance Ministry announced it will resume taxing interest income on bonds issued by governments and financial institutions starting August 8, ending a decades-long exemption. Nearly 70% of China’s outstanding bonds are issued by these entities, raising concerns that borrowing costs may rise just as the economy remains fragile. While the move could boost fiscal revenue, it risks dampening demand for government debt. Meanwhile, private data showed the Caixin Services PMI rose to 52.6 in July, a 14-month high, signaling a solid rebound in services. However, the composite PMI slipped to 50.8 from 51.3 as manufacturing contracted. With the Politburo announcing no major new stimulus at its July meeting, investor focus shifts to upcoming trade and inflation data for signals on growth and policy direction.