周二，离岸人民币兑美元汇率保持在7.19附近，交易区间很窄，因为市场焦点转向本周晚些时候美联储的杰克逊霍尔研讨会，以寻求政策方向和对全球货币的潜在影响的暗示。市场一直在跟踪美元，因为人们预计美联储将转向，9月份降息25个基点的可能性为84%，低于上周的98%，此前美国批发和零售数据走强，削弱了人们对更大举措的希望。在中国，市场目前正在等待本周的贷款最优惠利率决定，预期倾向于保持不变的立场。中国人民银行承诺完善其货币政策框架，并承诺在房地产行业持续疲软的情况下调整其适度宽松的立场。在其他地方，投资者还观看了美国总统唐纳德·特朗普、乌克兰总统弗拉基米尔·泽连斯基和欧洲领导人之间的会晤，因为华盛顿正在推动乌克兰接受快速和平协议。

The offshore yuan held near 7.19 per dollar on Tuesday, trading within a tight range as market focus shifts to the US Federal Reserve’s Jackson Hole symposium later this week for hints on policy direction and potential impacts on global currencies. Markets have been tracking the dollar amid expectations of a Fed pivot, pricing in an 84% chance of a 25-basis-point cut in September, down from 98% last week after stronger US wholesale and retail data tempered hopes of a larger move. In China, markets now await this week’s loan prime rate decision, with expectations leaning toward an unchanged stance. The People’s Bank of China pledged to refine its monetary policy framework, promising to adjust its moderately loose stance amid persistent weakness in the property sector. Elsewhere, investors also watched the meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskiy, and European leaders as Washington pushes Ukraine to accept a rapid peace deal.

周二，上证综指下跌0.1%，至3725点左右，深证成分股下跌0.3%，至11800点，原因是内地股市在历史性反弹后出现获利回吐，从近期高点回落。周一，上证综指创下十年新高，这得益于强劲的机构和零售需求，以及从债券转向股票的推动。市场情绪也因美中关税紧张局势的缓和以及对北京为支撑经济增长而采取的新刺激措施的猜测而得到提振。周五，中国人民银行承诺改善其货币政策框架，并誓言在房地产行业疲软持续之际微调其适度宽松的立场。展望未来，投资者正在等待央行本周的政策决定，普遍预计贷款最优惠利率将保持不变。在个股中，东方理财（-1.4%）、中兴通讯（-1.9%）和深圳安维酷（-6%）均出现显著下跌。

The Shanghai Composite dipped 0.1% to around 3,725 while the Shenzhen Component fell 0.3% to 11,800 on Tuesday, as mainland shares pulled back from recent highs amid profit-taking after a historic rally. The Shanghai Composite hit a decade-high on Monday, driven by strong institutional and retail demand and fueled by a rotation out of bonds into equities. Market sentiment had also been boosted by easing US-China tariff tensions and speculation over fresh stimulus measures from Beijing to shore up growth. On Friday, the People’s Bank of China pledged to improve its monetary policy framework, vowing to fine-tune its moderately loose stance as weakness in the property sector lingered. Looking ahead, investors are awaiting the central bank’s policy decision this week, with loan prime rates widely expected to remain unchanged. Among individual names, East Money (-1.4%), ZTE Corp (-1.9%) and Shenzhen Envicool (-6%) posted notable losses.

中国已将对欧盟乳制品进口的反补贴调查延长六个月，将最后期限推迟到2026年2月21日。该调查包括欧盟奶酪、牛奶和奶油产品，是在欧盟2023年对中国制造的电动汽车进行调查后，贸易紧张局势不断升级的情况下启动的。作为回应，中国对欧盟的白兰地、猪肉和乳制品展开了调查，此举被广泛视为报复。商务部援引“案件的复杂性”作为延期的原因。早些时候，北京延长了对欧盟猪肉的反倾销调查，并对白兰地进口征收关税，如果主要干邑生产商满足最低定价要求，则不会受到影响。

China has extended its anti-subsidy investigation into European Union dairy imports by six months, pushing the deadline to February 21, 2026. The probe, which includes EU cheese, milk, and cream products, was launched amid escalating trade tensions following the EU’s 2023 investigation into Chinese-made electric vehicles. In response, China initiated its own investigations into EU brandy, pork, and dairy—moves widely seen as retaliatory. The Ministry of Commerce cited the “complexity of the case” as the reason for the extension. Earlier, Beijing prolonged its anti-dumping probe into EU pork and imposed duties on brandy imports, sparing major cognac producers if they met minimum pricing requirements.

中国人民银行将今天的美元/人民币参考汇率定为7.1359（而估计为7.1846）。中国人民银行（PBOC）是中国的中央银行，负责设定人民币（也称为人民币或RMB）的每日中点。中国人民银行遵循有管理的浮动汇率制度，允许人民币在一定范围内波动，称为“区间”，围绕中央参考汇率或“中点”。

PBOC sets USD/ CNY reference rate for today at 7.1359 (vs. estimate at 7.1846).The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint.