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中国宣布计划开始对债券利息收入征税。令人惊讶的政策转变是，中国宣布计划开始对政府和金融机构发行的债券的利息收入征税，此举标志着中国债券市场几十年来的免税政策发生了重大转变。

China has announced plans to begin taxing interest income earned on bonds.In a surprise policy shift, China has announced plans to begin taxing interest income earned on bonds issued by the government and financial institutions—a move that marks a significant departure from decades of tax exemption in the country's bond market.

周一，随着市场消化了中国人民银行的新政策信号，中国10年期政府债券收益率小幅下跌至1.70%左右，标志着连续第三个交易日下跌。周五，央行宣布成立一个新的金融稳定委员会，并重申其对“适度宽松”政策立场的承诺，旨在保持充足的流动性，引导下半年合理的信贷增长。它还承诺解决重点地区的风险，支持地方政府融资平台。虽然收益率下降，但债券情绪仍受到股市流入增加的压力，缓和了下行压力，并加剧了自疫情以来最严重的股市-债券分歧之一。展望未来，市场关注的是10月的政治全会，预计领导人将在会上解决通货紧缩、产能过剩和长期房地产低迷问题。市场也转向贸易和通胀数据，因为对美中关税休战的担忧仍在等待最终批准。

China’s 10-year government bond yield inched lower to around 1.70% on Monday, marking its third-session losing streak, as markets digested fresh policy signals from the People’s Bank of China. On Friday, the central bank announced a new financial stability committee and reaffirmed its commitment to an “appropriately loose” policy stance, aiming to maintain ample liquidity and guide reasonable credit growth in the second half. It also pledged to resolve risks in key regions and support local government financing platforms. While yields declined, bond sentiment remains pressured by rising equity inflows, tempering the downside and reinforcing one of the strongest equity–bond divergences since the pandemic. Looking ahead, markets are focused on October’s political plenum, where leaders are expected to address deflation, overcapacity, and the prolonged property downturn. Markets also turn to trade and inflation data, amid concerns over a US-China tariff truce still awaiting final approval.

周一，在中国人民银行宣布成立新的宏观审慎和金融稳定委员会后，离岸人民币兑美元汇率保持在7.19左右。央行重申了其宽松立场，承诺通过“适度宽松”的货币政策管理关键金融风险，并在下半年保持充足的流动性。对科技和绿色发展等战略性行业的贷款激增，反映了政策重点。与此同时，投资者正在关注10月份的关键政治全会，预计官员们将公布对持续通缩压力、产能过剩和房地产持续低迷的应对措施。最近的政治局信号表明，通过债券发行和需求侧措施增加了刺激。在美国临时关税停战协议下，出口商提前下单，也带来了短期提振。市场现在转向即将发布的私人服务采购经理人指数、关键贸易和通胀数据，以获取对经济前景的新见解。

The offshore yuan held its recent gains to around 7.19 per dollar on Monday, after the People's Bank of China announced the formation of a new macroprudential and financial stability committee. The central bank reaffirmed its accommodative stance, pledging to manage key financial risks and maintain ample liquidity in H2 through “appropriately loose” monetary policy. Lending to strategic sectors like tech and green development has surged, reflecting policy priorities. Meanwhile, investors are eyeing October’s key political plenum, where officials are expected to unveil responses to persistent deflationary pressure, overcapacity, and the ongoing property downturn. Recent Politburo signals point to increased stimulus via bond issuance and demand-side measures. A near-term boost also came as exporters front-loaded orders under the temporary US tariff truce. Markets now turn to the upcoming private services PMI, key trade and inflation releases for fresh insight into the economic outlook.

周一，上证综指微涨0.2%，收于3570点，而深证成份股下跌0.2%，收于10970点，中国股市在经济和政策担忧挥之不去的情况下难以确定方向。上周的政治局会议上，北京承认通货紧缩、工业产能过剩和房地产衰退加剧等风险日益增长，但没有宣布重大刺激措施，这让希望采取更强有力支持措施的投资者失望。现在人们的注意力转向即将公布的贸易和通胀数据，这些数据可能为脆弱的美中关税休战的早期影响提供线索。虽然官员们上周在斯德哥尔摩结束了会谈，但美国总统唐纳德·特朗普尚未签署延长协议。科技股大多上涨，而工业和资源相关股则面临压力。

The Shanghai Composite edged up 0.2% toward 3,570 while the Shenzhen Component slipped 0.2% to 10,970 on Monday, as Chinese equities struggled for clear direction amid lingering economic and policy concerns. Last week’s Politburo meeting saw Beijing acknowledge growing risks including deflation, industrial overcapacity, and a deepening property downturn, but stopped short of announcing major stimulus, disappointing investors hoping for stronger support measures. Attention now turns to upcoming trade and inflation data, which could offer clues on the early effects of a fragile US-China tariff truce. While officials wrapped up talks in Stockholm last week, US President Donald Trump has yet to sign off on an extension of the agreement. Technology stocks mostly advanced, while industrial and resource-related stocks came under pressure.