智利10年期国债 (Chile10Y) 加自选

智利Imacec经济活动指数在上个月收缩0.1%后，于2025年3月同比增长3.8%，高于市场预期的2.7%的增长。该月比2024年3月多了一个工作日。Imacec的结果可以用其所有成分的生长来解释。采矿业反弹，增长4.3%，而其他行业的增长，如制造业（6.1%）、贸易（8.9%）和服务业（2.7%），也有助于复苏。经季节性调整的月度数据显示，智利经济活动增长了0.8%，过去12个月增长了2.9%。

Chile’s Imacec economic activity index expanded 3.8% year-on-year in March 2025, above market estimates for a 2.7% increase, after a 0.1% contraction in the previous month. The month recorded one more business day than March 2024. The Imacec result was explained by growth in all its components. Mining rebounded, with an increase (4.3%), while growth in other sectors, such as manufacturing (6.1%), trade (8.9%) and services (2.7%), helped the recovery. On a seasonally adjusted monthly basis, Chilean economic activity increased by 0.8%, and grew 2.9% over the last twelve months.

2025年3月，智利工业生产同比增长4.5%，从前一个月3.6%的下降中反弹。采矿业强劲反弹（5.4%对-6.6%）推动了复苏，铜产量显著飙升（9.1%对-5.4%）也为复苏提供了支撑。制造业也实现了稳健增长（5.4%对-1.3%），而公用事业生产的下降有所放缓（-0.5%对-3.2%）。经季节性调整后，工业产出在2月份下降0.6%后，每月增长1.3%。

Industrial production in Chile rose by 4.5% year-on-year in March 2025, rebounding from a 3.6% decline in the previous month. The recovery was driven by a strong rebound in the mining sector (5.4% vs -6.6%), supported by a notable surge in copper output (9.1% vs -5.4%). Manufacturing also posted solid growth (5.4% vs -1.3%), while the decline in utilities production moderated (-0.5% vs -3.2%). On a seasonally adjusted monthly basis, industrial output increased by 1.3%, following a 0.6% drop in February.

2025年3月，智利零售额同比增长6.9%，高于上个月上调后的2.7%。这一增长的最大贡献者是电子产品、家居用品和技术产品（增长12.7%），其次是服装、鞋类和配饰（增长13.0%），以及杂项消费品（增长10.6%）。经季节性调整的月度数据显示，零售贸易在2月份下降0.9%后，3月份增长了0.5%。

Chile's retail sales rose by 6.9% year-on-year in March 2025, accelerating from an upwardly revised 2.7% growth in the previous month. The biggest contributors to this growth were electronics, household goods, and technology products (up 12.7%), followed by clothing, footwear, and accessories (up 13.0%), and miscellaneous consumer goods (up 10.6%). On a seasonally adjusted monthly basis, retail trade rose by 0.5% in March, after a 0.9% decline in February.

智利央行在4月份的会议上一致将货币政策利率维持在5%不变，这是连续第四次保持不变。这一决定反映了全球不确定性的加剧，特别是在美国4月初宣布新的关税之后，这给经济增长和通胀预期带来了压力。全球金融市场波动加剧，美国长期利率大幅上升，股市和货币走势喜忧参半。尽管如此，智利当地的金融状况有所改善，利率下降，比索走强，股市上涨。在出口相关行业和国内需求改善的支持下，经济活动正在逐步复苏。3月份，整体通胀率为4.9%，而核心通胀率降至3.7%。央行重申其谨慎灵活的货币政策，旨在引导通胀在未来两年内达到3%的目标。

The Central Bank of Chile unanimously kept its monetary policy interest rate unchanged at 5% during its April meeting, marking the fourth consecutive hold. The decision reflects heightened global uncertainty, particularly after the US announced new tariffs in early April, which have weighed on growth and inflation expectations. Global financial markets have seen increased volatility, with long-term US interest rates rising sharply and stock markets and currencies experiencing mixed movements. Despite this, Chile’s local financial conditions have improved, with declines in interest rates, a stronger peso, and gains in the stock market. Economic activity is gradually recovering, supported by export-related sectors and improving domestic demand. In March, headline inflation stood at 4.9%, while core inflation eased to 3.7%. The Central Bank reiterated its cautious and flexible approach to monetary policy, aiming to guide inflation toward its 3% target over the next two years.