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China’s 10-year government bond yield dropped to around 1.76% on Wednesday, extending losses from the previous session and hitting a one-week low, as investors sought safer assets amid escalating geopolitical tensions. During the "Victory Day" parade, President Xi Jinping stated that the world stands at a crossroads between "peace and war" and "dialogue and confrontation." His remarks came after a statement by US President Donald Trump, who urged Xi to acknowledge America’s role in securing China’s wartime freedom and accused Beijing of orchestrating actions against Washington—further intensifying already strained US-China relations. On the domestic economic front, a private survey showed that China’s Composite PMI jumped to a nine-month high of 51.9 in August 2025, primarily driven by an improvement in manufacturing activity, which rose to a five-month high (50.5 vs 49.5), while the services sector accelerated to its strongest level in over a year (53 vs 52.6).

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The offshore yuan depreciated past 7.14 per dollar on Wednesday, marking its third consecutive session of losses as market sentiment remained sour amid growing geopolitical risks following remarks by President Xi Jinping. Speaking at the “Victory Day” parade, Xi issued a stark warning that the world faces a critical choice between "peace or war" and "dialogue or confrontation." At the same time, he pledged to strengthen China’s military capabilities. His remarks followed a post by US President Donald Trump, who urged Xi to credit America for China’s wartime freedom and accused Beijing of conspiring against Washington, further straining US-China relations. Meanwhile, the yuan's decline was partially cushioned by upbeat PMI data. A private survey showed that China’s Composite PMI rose to a nine-month high of 51.9 in August 2025, as manufacturing activity improved to a five-month high (50.5 vs 49.5), while the services sector further strengthened to a more than one-year high (53 vs 52.6).

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The Shanghai Composite dropped 0.6% to below 3,840 while the Shenzhen Component slipped 0.2% to 12,530 on Wednesday, marking a second straight session of losses as investors continued to book profits. Sentiment was further dampened by geopolitical risks after President Xi Jinping warned the world faced a choice of “peace or war” and “dialogue or confrontation” during a military parade. The remarks came as US President Donald Trump alleged on social media that China was conspiring against the US. On the economic side, a private survey showed China’s services sector expanded at the fastest pace in 15 months in August on the back of strong export demand. Technology shares led the retreat, with notable declines in Eoptolink Technology (-2.3%), Cambricon Technologies (-5.3%), Victory Giant (-1.4%), Suzhou TFC (-1.8%) and Foxconn Industrial.

中国评级博客服务业采购经理人指数升至53.0，乐观情绪有所改善。8月，中国服务业获得了新的发展势头，RatingDog PMI从52.6升至53.0，超过了52.5的预期，达到了2024年5月以来的最高水平。综合指数也有所改善，从50.8攀升至51.9。

China RatingDog services PMI rises to 53.0, optimism improves.China's services sector gained fresh momentum in August, with the RatingDog PMI rising to 53.0 from 52.6, topping expectations of 52.5 and marking the highest level since May 2024. The composite index also improved, climbing to 51.9 from 50.8.