周二，中国10年期政府债券收益率小幅下跌至1.66%左右，结束了连续三个交易日的上涨，因为投资者评估了一批好坏参半的经济数据。虽然第二季度GDP增长5.2%，略高于预期，但与上一季度的5.4%相比有所放缓。强于预期的工业产出提供了一些支持，但零售销售疲软和令人失望的投资数据突显了国内需求的不平衡。与此同时，6月份新增人民币贷款激增，超出预期，表明信贷需求强劲。贷款的增加，以及为刺激经济而增加的债券发行，可能会给收益率带来上行压力。然而，据报道，脆弱的美中贸易休战，特别是在军事用稀土等敏感问题上缺乏进展，突显了美中关系的不确定性。在其他地方，特朗普表示愿意与欧盟和其他主要伙伴进行进一步的关税谈判。

China’s 10-year government bond yield edged lower to around 1.66% on Tuesday, ending its three consecutive session of gains, as investors assessed a batch of mixed economic data. While GDP grew 5.2% in the second quarter—slightly above expectations—it marked a slowdown from 5.4% in the previous quarter. Stronger-than-expected industrial output offered some support, but softer retail sales and disappointing investment figures highlighted uneven domestic demand. Meanwhile, new yuan loans surged in June, beating forecasts and signaling strong credit demand. The pickup in lending, alongside increased bond issuance to fund stimulus, may put upward pressure on yields. However, a fragile US–China trade truce—particularly the lack of progress on sensitive issues like military-use rare earths, according to reports—underscored uncertainty in US–China relations. Elsewhere, Trump signaled willingness to engage in further tariff negotiations with the European Union and other key partners.