在特朗普的货币警告和拜登对中国的最后一次半导体打击中，美元走强。受技术因素和地缘政治发展的双重推动，美元本周开局强劲。从技术上讲，美元在上周未能突破对欧元的短期支撑位后反弹。

Dollar Strengthens Amid Trump's Currency Warning and Biden's Last Semiconductor Crackdown on China.Dollar started the week on strong footing, buoyed by a combination of technical factors and geopolitical developments. Technically, the greenback bounced after failing to break through near-term support level against Euro last week.

中国财新制造业采购经理人指数升至51.5，信心增强，但就业挑战依然存在。11月，中国财新制造业采购经理人指数从10月的50.3攀升至51.5，超过了预期的50.5。这标志着自6月以来最快的增长速度，这得益于新订单的反弹，新订单以2023年2月以来的最快速度增长，同时出口再次增长。

China's Caixin PMI manufacturing rises to 51.5, confidence grows but challenges in jobs persist.China's Caixin Manufacturing PMI climbed to 51.5 in November, up from 50.3 in October and surpassing expectations of 50.5. This marks the fastest pace of growth since June, driven by a rebound in new orders, which rose at their quickest pace since February 2023, alongside renewed export growth.

据报道，美国最新贸易限制将打击中国半导体行业。最新措施将使美国将大约十几家中国工具制造商及其子公司/附属公司列入商务部的限制贸易名单。总的来说，这将限制对140家公司的出口，这是三年来对中国半导体行业的第三次打击。

Latest US trade restrictions reportedly set to hit China's semiconductor industry.The latest measures will see the US add roughly a dozen Chinese toolmakers and their subsidiaries/affiliates to the Commerce Department's restricted trade list. In total, this will restrict exports to 140 companies in what is the third crackdown in three years on the Chinese semiconductor industry.

随着投资者对中国最新PMI数据的反应，中国10年期国债收益率跌至2.01%左右，创下历史新低。私人调查结果显示，11月制造业活动增至51.5，超过预期，标志着自6月以来最强劲的工厂增长。这与周六发布的官方数据一致，该数据显示，在北京最近的刺激措施的支持下，11月工厂活动增至50.3，与预测相符，创下七个月新高。与此同时，服务业活动为50，低于预期的50.2，与10月份的水平相符。从外部来看，由于对美国当选总统唐纳德·特朗普关税威胁的担忧，市场情绪仍然低迷。特朗普宣布计划对所有中国进口商品征收10%的额外关税，加剧了人们对全球贸易紧张局势升级的担忧，因为他还打算对来自墨西哥和加拿大的进口商品征收25%的关税。

China's 10-year government bond yield fell to around 2.01%, setting a new record low, as investors reacted to latest Chinese PMI data releases. Private survey results indicated that manufacturing activity rose to 51.5 in November, beating forecasts and marking the strongest factory growth since June. This aligns with official data released on Saturday, which showed that factory activity rose to 50.3 in November, matching forecasts and hitting a seven-month high, supported by Beijing's recent stimulus measures. Meanwhile, services activity stood at 50 missing expectations of 50.2 and matching October's level. Externally, sentiment remained subdued over concerns surrounding US President-elect Donald Trump’s tariff threats. Trump announced plans to impose an additional 10% tariff on all Chinese imports, intensifying fears of escalating global trade tensions, as he also intends to impose a 25% tariff on imports from Mexico and Canada.