南非10年期国债 (SouthAfrica10Y) 加自选

2025年4月，南非的贸易顺差从上个月向下修正的227亿南非兰特降至141亿南非兰特，为三个月来的最低数字。受蔬菜产品（-18%）、贵金属和宝石（-7%）以及机械和电子产品（-9%）出货量下降的拖累，出口在一个月内下跌2.5%，至1662亿南非兰特。欧洲（-6.8%）、非洲（-3.6%）和亚洲（-3.3%）的出口下降，但大洋洲（58.4%）和美洲（20.6%）的出口却大幅上升。相反，进口增长2.9%，达到1521亿南非兰特，因为贵金属和宝石的购买量增加（+47%），其中钻石、机械和电子产品（+11%）、车辆和运输设备（+6%），主要是飞机，以及原始设备部件（+12%）抵消了矿产品14%的下降。

South Africa's trade surplus shrank to ZAR 14.1 billion in April 2025, the smallest figure in three months, from a downwardly revised ZAR 22.7 billion in the prior month. Exports slumped by 2.5% over a month to ZAR 166.2 billion, dragged down by lower shipments of vegetable products (-18%), precious metals & stones (-7%) and machinery & electronics (-9%). Exports declined for Europe (-6.8%), Africa (-3.6%) and Asia (-3.3%), but jumped to Oceania (58.4%) and America (20.6%). Conversely, imports rose 2.9% to ZAR 152.1 billion, as higher purchases of precious metals & stones (+47%), of which diamonds, machinery & electronics (+11%), vehicles & transport equipment (+6%), mostly aeroplanes, and original equipment components (+12%) more than offset a 14% decline in mineral products.

继上个月增长3.45%之后，南非私营部门信贷在2025年4月同比增长3.6%。这标志着自去年9月以来的最高增长。与此同时，广义货币供应量M3的扩张率从上一时期的5.75%上升到6.12%。

South Africa’s private sector credit increased by 3.6% year-on-year in April 2025, following a 3.45% gain in the previous month. This marked the highest growth since September of last year. Meanwhile, expansion in the broadly defined M3 measure of money supply rose to 6.12% from 5.75% in the preceding period.

南非私营部门信贷4月份从之前的3.45%升至4.6%。南非私营部门信贷4月份从之前的3.45%升至4.6%

South Africa Private Sector Credit up to 4.6% in April from previous 3.45%.South Africa Private Sector Credit up to 4.6% in April from previous 3.45%

南非10年期政府债券收益率降至10.30%以下，为1月下旬以来的最低水平，交易员评估了南非储备银行为期两天的政策会议的结果。正如普遍预期的那样，央行将基准利率下调25个基点，至两年多来的低点7.25%，旨在在通胀保持温和的情况下提振经济。通胀和GDP增长预测均被下调。州长Kganyago还证实，货币政策委员会认为3%的通胀目标情景比4.5%的基线更具吸引力。在其他地方，美国最新的GDP数据强化了人们对美联储今年多次降息的预期。与此同时，贸易和地缘政治的不确定性继续影响着全球市场情绪。

The yield on the South African 10-year government bond eased to below 10.30%, its lowest since late January, as traders assessed the outcome of the SARB's two-day policy meeting. The central bank cut its benchmark interest rate by 25 bps to a more than two-year low of 7.25%, as widely expected, aiming to bolster the economy as inflation remains benign. Both inflation and GDP growth forecasts were lowered. Governor Kganyago also confirmed that the MPC considers a 3% scenario for inflation targeting more attractive than the 4.5% baseline. Elsewhere, the latest GDP data from the US reinforced expectations of multiple rate cuts by the Federal Reserve this year. At the same time, both trade and geopolitical uncertainties continued to influence the global market sentiment.