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中国央行承诺加快对经济状况的政策反应。中国央行周五表示，将根据国内和全球经济金融状况调整政策实施的步伐和强度。

China's central bank pledges to speed up policy response to economic conditions.China's central bank said on Friday that it would adjust the pace and intensity of policy implementation in response to domestic and global economic and financial conditions.

P加拿大央行:将增强货币政策调整力度。我们以前听过很多次这种说法，但在通货紧缩的环境中，他们的实际利率仍然是正的。在我看来，他们应该更积极、更快地削减开支。

PBoC: Will enhance monetary policy adjustment strength.We have heard this stuff many times before, but they continue to have positive real rates in a deflationary environment. They should cut more aggressively and faster in my opinion.

2025年第一季度，中国经常账户盈余飙升至创纪录的1654亿美元，略低于最初估计的1656亿美元，但比去年同期的472亿美元高出三倍多。这一激增反映了出口的增长，因为国内需求放缓和国内产能的增加促使企业增加对外销售以实现目标。商品顺差从去年的1251亿美元扩大到2375亿美元。与此同时，服务赤字从613亿美元小幅收窄至593亿美元，主要收入赤字从201亿美元降至155亿美元。二级收入盈余保持相对稳定，为28亿美元，而去年同期为5亿美元。

China’s current account surplus surged to a record $165.4 billion in the first quarter of 2025, revised marginally lower from the initial estimate of $165.6, but more than three times higher than the $47.2 billion from the corresponding period of the previous year. The surge reflected the rise in exports as slowing domestic demand and increasing domestic capacity drove firms to increase foreign sales to meet their targets. The goods surplus widened to $237.5 billion from $125.1 billion last year. Meanwhile, the services deficit narrowed slightly to $59.3 billion from $61.3 billion, and the primary income deficit decreased to $15.5 billion from $20.1 billion. The secondary income surplus remained relatively stable at $2.8 billion, compared with $.5 billion a year earlier.

周五，上证综指下跌0.7%，收于3424点，而深证成分股微涨0.34%，收于10378点，由于新确认的美中贸易协定缺乏具体细节，内地市场难以确定方向。北京宣布，两国已敲定本月早些时候在伦敦达成的贸易协议条款，旨在落实所谓的日内瓦共识。根据该协议，中国将审查出口管制规则下物品的出口申请，而美国将取消对中国的一系列现有限制措施。在数据方面，中国5月份工业利润同比下降9.1%，为7个月来最大跌幅，突显出持续的经济挑战。北京指南针（-3.4%）、拉卡拉（-2.4%）和贵州茅台（-1.2%）的跌幅显著。尽管周五表现平平，但上证指数和深证指数仍分别实现了1.91%和3.73%的稳健周涨幅。

The Shanghai Composite fell 0.7% to close at 3,424 on Friday, while the Shenzhen Component edged up 0.34% to 10,378, as mainland markets struggled for direction amid the lack of concrete details in the newly confirmed US-China trade agreement. Beijing announced that both countries have finalized the terms of a trade deal reached earlier this month in London, aimed at implementing the so-called Geneva consensus. Under the agreement, China will review export applications for items under export control rules, while the US will cancel a range of existing restrictive measures on China. On the data front, industrial profits in China dropped 9.1% year-on-year in May—the sharpest decline in seven months—highlighting ongoing economic challenges. Notable losses were seen in Beijing Compass (-3.4%), Lakala (-2.4%), and Kweichow Moutai (-1.2%). Despite Friday’s muted performance, the Shanghai and Shenzhen indexes still posted solid weekly gains of 1.91% and 3.73%, respectively.