周五，中国10年期国债收益率跌至1.72%左右，延续了前一交易日的跌幅，因为投资者在经济指标疲软的情况下转向更安全的资产。7月份工业产出增长放缓至七个月低点，低于最近三个月的峰值，低于市场预期。零售销售增长放缓至六个月低点，失业率微升至四个月来的最高水平，这加剧了投资者的担忧。在住房领域，70个主要城市的新房价格连续第25个月持续下跌，尽管7月份的收缩速度是2024年3月以来最温和的。这些乏善可陈的数据突显出，随着国内需求和外部压力的持续，中国政策制定者面临的挑战越来越大。当局最近加大了政策支持力度，并再次承诺促进消费，控制过度的价格竞争，以实现2025年约5%的增长目标。

China’s 10-year government bond yield fell to around 1.72% on Friday, extending its decline from the prior session as investors moved toward safer assets amid weak economic indicators. Industrial output growth slowed to a seven-month low in July, down from a recent three-month peak and falling short of market expectations. Adding to investor concerns, retail sales growth weakened to a six-month low, while the unemployment rate inched up to its highest level in four months. In the housing sector, new home prices across 70 major cities continued to decline for the 25th consecutive month, although the pace of contraction in July was the mildest since March 2024. These lackluster data underscore the growing challenges for Chinese policymakers as domestic demand and external pressures persist. Authorities have recently ramped up policy support and issued renewed commitments to boost consumption and rein in excessive price competition to stay on track for the 2025 growth target of around 5%.