中国20年期国债 (China20Y) 加自选

特朗普确认周四与中国Xi会面。这当然是旧闻，所以市场没有反应。作为提醒，美国和中国在马来西亚举行贸易谈判后于周末达成了初步协议。

Trump confirms meeting with China's Xi on Thursday.This is of course old news, so there's no reaction in the markets. As a reminder, US and China reached a preliminary deal over the weekend after the trade talks held in Malaysia.

中国承诺在未来五年推动经济合理增长。在试图提振经济和支撑国内需求方面，人们抛出了很多大话。最后，这是一个不得不观望的情况。

China pledges to drive reasonable economic growth in the next five years.A lot of big words being thrown about in trying to bolster the economy and prop up domestic demand conditions. In the end, it's a case of having to wait and see.

周二，中国10年期政府债券收益率跌至1.75%以下，达到9月初以来的最低水平，此前中国人民银行准备在中断数月后恢复主权债券交易。由于对避险资产的高需求，央行在1月份停止了运营，此前避险资产将收益率推至历史低点，但随着市场状况的稳定，央行正在重启公开市场交易，以支持流动性和有序的债务市场运作。分析人士表示，此举有望帮助平滑收益率曲线，稳定供需动态，加强北京在管理金融风险的同时保持稳定融资条件的更广泛努力。与此同时，对美中潜在贸易协议的乐观情绪抑制了收益率的下跌，因为官员们在韩国举行的Trump-Xi会议之前敲定了一个框架。市场也在等待即将发布的PMI数据，官方数据预计将于本周公布，私人调查将于下周公布。

China’s 10-year government bond yield dropped below 1.75% on Tuesday, reaching its lowest level since early September, after the People’s Bank of China prepared to resume sovereign bond trading after a months-long hiatus. The central bank had halted operations in January amid high demand for haven assets, which previously pushed yields to record lows, but with market conditions stabilizing, it is restarting open-market trading to support liquidity and orderly debt-market functioning. Analysts say the move is expected to help smooth the yield curve and stabilize supply-demand dynamics, reinforcing Beijing’s broader efforts to maintain stable funding conditions while managing financial risks. Meanwhile, optimism over a potential US–China trade deal tempered the decline in yields, as officials finalized a framework ahead of the Trump-Xi meeting in South Korea. Markets also await upcoming PMI releases, with official data expected this week and private surveys due next week.

据新华社《财经》报道，中国人民银行行长潘功胜周一表示，中国央行将恢复在公开市场上买卖国债。自2024年12月以来，央行一直没有进行债券交易，谨慎管理流动性以支持经济，同时避免重蹈去年债券强劲反弹的覆辙，这引发了人们对资产泡沫和金融不稳定的担忧。潘表示：“今年年初，鉴于债券市场供需不平衡的压力和市场风险的累积，中国央行暂停了国债交易。”。他补充道：“目前，整体债券市场运行良好。”潘还重申，董事会将“保持支持性货币政策立场，实施适度宽松的货币政策措施。”

The People’s Bank of China will resume buying and selling treasury bonds on the open market, Governor Pan Gongsheng said on Monday, according to Xinhua Caijing. The central bank has not conducted bond trading since December 2024, managing liquidity carefully to support the economy while avoiding a repeat of last year’s strong bond rally, which had raised concerns about asset bubbles and financial instability. “At the beginning of this year, the PBoC suspended the trading of treasury bonds in view of the high pressure of unbalanced supply and demand in the bond market and the accumulation of market risks,” Pan said. He added, “At present, the overall bond market is operating well.” Pan also reaffirmed that the board will “maintain its supportive monetary policy stance and implement moderately loose monetary measures.”