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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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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 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).