周三，中国10年期政府债券收益率跌至1.76%左右，投资者消化了中国人民银行的最新货币政策决定以及美中贸易休战的发展。在8月份的会议上，央行连续第三个月将关键贷款利率维持在历史低位，符合市场预期。一年期贷款最优惠利率（LPR）保持不变，为3.0%，而五年期LPR保持稳定，为3.5%。这一决定是在最近的经济数据表明国内活动可能放缓的情况下做出的，这增强了人们对货币政策将保持宽松的预期。与此同时，美国财政部长Scott Bessent周二表示，华盛顿与北京就关税问题进行了“非常好的谈判”，因为两国都在努力在目前暂停新关税措施的90天内达成可能的协议。

China’s 10-year government bond yield fell to around 1.76% on Wednesday, as investors digested the People’s Bank of China’s latest monetary policy decision alongside developments in the ongoing US-China trade truce. At its August meeting, the central bank held its key lending rates at historically low levels for the third consecutive month, in line with market expectations. The one-year Loan Prime Rate (LPR) was left unchanged at 3.0%, while the five-year LPR remained steady at 3.5%. The decision came amid recent economic data suggesting a potential slowdown in domestic activity, reinforcing expectations that monetary policy will remain accommodative. Meanwhile, US Treasury Secretary Scott Bessent stated on Tuesday that Washington has held “very good talks” with Beijing regarding tariffs, as both countries work toward a possible agreement during the current 90-day suspension of new tariff measures.

周三，离岸人民币小幅下跌至1美元兑7.19元左右，投资者消化了中国人民银行最新的货币政策公告。根据市场预期，央行在8月份的定价中连续第三个月将关键贷款利率维持在历史最低水平。一年期贷款最优惠利率（LPR）是大多数家庭和企业贷款的关键基准，保持不变，为3%，而影响抵押贷款利率的五年期LPR也稳定在3.5%。从外部来看，人民币疲软的部分原因是美元走强，因为市场期待着本周晚些时候美联储的年度杰克逊霍尔研讨会。投资者正在密切关注美联储可能最早在下个月推翻当前市场降息预期的任何迹象。目前，市场预计利率下调的可能性为84%，预计到年底将放宽约54个基点。

The offshore yuan edged lower to around 7.19 per dollar on Wednesday, as investors digested the latest monetary policy announcement from the People's Bank of China. The central bank held its key lending rates at historic lows for the third straight month at its August fixing, in line with market expectations. The one-year Loan Prime Rate (LPR)—a key benchmark for most household and business loans—remained unchanged at 3%, while the five-year LPR, which influences mortgage rates, was also kept steady at 3.5%. Externally, the yuan's weakness was partly driven by a stronger US dollar, as markets looked ahead to the Federal Reserve's annual Jackson Hole symposium later this week. Investors are watching closely for any signs that the Fed might push back against current market expectations of an interest rate cut as early as next month. At present, markets are pricing in an 84% chance of a rate reduction, with approximately 54 bps of easing expected by year-end.

周三，上证综指微涨0.1%，至3730点左右，而深证成分股下跌0.2%，至11800点，中国人民银行在普遍预期的举措中保持关键利率不变后，内地股市难以确定走势。尽管最近的经济数据显示经济持续疲软，但央行在8月份的利率调整中仍将一年期和五年期贷款最优惠利率分别维持在3%和3.5%。全球股市抛售进一步打压了市场情绪，美国芯片制造商和其他科技公司因估值担忧而下滑。在贸易方面，美国财政部长Scott Bessent本周表示，华盛顿和北京之间的谈判“进展顺利”。中国股市涨跌互现，四川长虹（3.9%）、中国北方稀土（3%）和利奥集团（4.5%）的涨幅被富士康工业（-2.3%）、中技创新（-4%）和Eoptolink Technology（-3.6%）的跌幅所抵消。

The Shanghai Composite inched up 0.1% to around 3,730 while the Shenzhen Component slipped 0.2% to 11,800 on Wednesday, with mainland equities struggling for direction after the People’s Bank of China left key rates unchanged in a widely expected move. The central bank held its one- and five-year loan prime rates at 3% and 3.5%, respectively, during the August fixing, even as recent economic data pointed to ongoing weakness. Market sentiment was further weighed by a global equity selloff, with US chipmakers and other tech firms sliding on valuation concerns. On the trade front, US Treasury Secretary Scott Bessent said this week that negotiations between Washington and Beijing are “going well.” Chinese shares traded mixed, with gains in Sichuan Changhong (3.9%), China Northern Rare Earth (3%), and Leo Group (4.5%) offset by losses in Foxconn Industrial (-2.3%), Zhongji Innolight (-4%), and Eoptolink Technology (-3.6%).

财政部周二表示，今年前七个月，中国财政收入同比增长0.1%，超过13.58万亿元人民币（1.9万亿美元）。这一增长得益于地方政府收入的增长，地方政府收入总额超过7.73万亿元，同比增长1.8%。相比之下，中央财政收入超过5.85万亿元，同比下降2%。非税收入2.49万亿元，同比增长2%，全国税收收入11.09万亿元下降0.3%。同期，财政支出近16.1万亿元，同比增长3.4%，其中中央财政支出增长8.8%，地方财政支出增长2.5%。前七个月，社会保障和就业支出突破1.76万亿元。

China’s fiscal revenue edged up 0.1% year-on-year to over CNY 13.58 trillion (USD 1.9 trillion) in the first seven months of the year, the Ministry of Finance said Tuesday. The increase was supported by a rise in local government revenue, which totaled over CNY 7.73 trillion, up 1.8% year-on-year. In contrast, the central government collected over CNY 5.85 trillion in fiscal revenue, down 2% year-on-year. Non-tax revenue totaled CNY 2.49 trillion, up 2% year-on-year, while national tax revenue fell 0.3% to CNY 11.09 trillion. Meanwhile, fiscal expenditure increased 3.4% year-on-year to nearly CNY 16.1 trillion during the period, with central government spending rising 8.8% and local government expenditure up 2.5%. During the first seven months, spending on social security and employment topped CNY 1.76 trillion.