美元/离岸人民币 (USDCNH) 加自选

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China’s 10-year government bond yield dropped to around 1.70% on Friday, as investors sought safer assets amid stalled US-China trade negotiations. Treasury Secretary Scott Bessent remarked on Thursday that talks with China are currently “a bit stalled” and may require direct intervention from President Trump and President Xi Jinping to make progress. Although a temporary truce was reached two weeks ago, momentum has since waned. Meanwhile, Washington has tightened export restrictions, effectively barring certain American firms from selling key technologies to China. On the domestic front, investors are closely awaiting upcoming PMI data scheduled for release over the weekend, which is expected to provide important insights into the economic health of the world’s second-largest economy.

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The offshore yuan edged lower to around 7.18 per dollar on Friday, heading for a weekly decline as investor caution prevailed amid stalled US-China trade negotiations. Treasury Secretary Scott Bessent stated on Thursday that talks with China are “a bit stalled” and may require direct involvement from President Trump and President Xi Jinping to advance. While a temporary truce was reached two weeks ago, momentum has since faded. Market sentiment was further dampened by Washington’s decision to tighten export restrictions, effectively barring certain US firms from selling key technologies to China. Elsewhere, adding to investor concerns was the US appeals court reinstating President Trump’s reciprocal tariffs, overturning an earlier ruling that had deemed them unlawful. On the domestic front, investors await upcoming PMI data scheduled for release over the weekend, which is expected to shed light on the economic health of the world’s second-largest economy.

美联储的洛根：政策定位良好，准备应对不断变化的风险。达拉斯联邦储备银行行长洛里·洛根（Lorie Logan）隔夜表示，随着通胀“逐渐回到目标水平”，劳动力市场“保持强劲”，美联储双重任务的风险“大致平衡”。

Fed's Logan: Policy well positioned, ready to respond to shifting risks.Dallas Fed President Lorie Logan said overnight that with inflation “trending gradually back to target”, the labor market “holding strong”, and risks to Fed's dual mandate are “roughly balanced.

美联储戴利：仍需适度或适度限制性政策。旧金山联储主席Mary Daly在接受路透社采访时强调，在劳动力市场“稳健”的情况下，高于目标的通胀仍然是她的“重点”。

Fed's Daly: Modestly or moderately restrictive policy still needed.San Francisco Fed President Mary Daly, in a Reuters interview, emphasized that above-target inflation remains her “focus” while the labor market is in “solid shape”.