上证50指数 (SHANGHAI50) 加自选

中国央行敦促国有企业在海外扩张中优先考虑人民币。中国央行周一表示，鼓励国有企业在海外扩张中优先使用人民币进行支付和结算，这被视为在全球贸易紧张局势加剧的情况下加快人民币国际化的官方尝试。

China central bank urges state-owned businesses to prioritise yuan in overseas expansion.China's central bank said on Monday it was encouraging state-owned enterprises to prioritise yuan usage in payment and settlement in their overseas expansion, in what is seen as an official attempt to accelerate yuan internationalisation amid intensifying global trade tensions.

周一，上证综指上涨0.45%，收于3291点，深证成分股上涨1.27%，收于9906点，扭转了前一交易日的跌势，因为中国人民银行保持关键贷款利率不变，这表明在持续的经济不确定性中，人们将重点放在稳定人民币上。投资者对中美贸易紧张局势升级仍持谨慎态度，因为北京和华盛顿之间的直接谈判没有取得任何进展。尽管存在不确定性，但自本月早些时候开始针锋相对的关税以来，在国家支持的国内金融机构购买的支持下，内地市场已逐渐复苏。科技股领涨，寒武纪科技（+3.8%）、Talkweb Information（+3.1%）、胜利巨人（5.6%）、Luxshare Precision（3.1%）和深圳Forms（7.6%）表现突出。

The Shanghai Composite rose 0.45% to close at 3,291 while the Shenzhen Component gained 1.27% to 9,906 on Monday, reversing losses from the previous session as the People’s Bank of China left key lending rates unchanged, signaling a focus on stabilizing the yuan amid ongoing economic uncertainty. Investors remained cautious over the escalating trade tensions with the US, as no progress has been made toward direct negotiations between Beijing and Washington. Despite the uncertainty, mainland markets have seen a gradual recovery since the tit-for-tat tariffs started earlier this month, supported by state-backed buying from domestic financial institutions. Technology stocks led the rally, with standout performances from Cambricon Technologies (+3.8%), Talkweb Information (+3.1%), Victory Giant (5.6%), Luxshare Precision (3.1%), and Shenzhen Forms (7.6%).

周一，中国10年期政府债券收益率稳定在1.65%左右，因为在中国人民银行公布货币政策决定后，投资者反应平淡。预计央行在2025年4月连续第六个月保持基准贷款利率不变，一年期贷款最优惠利率保持在3.1%，而五年期贷款利率保持在3.6%。这一决定突显了央行在中美贸易紧张局势加剧的情况下稳定人民币的承诺。与此同时，中国政府加大了财政支持力度，2025年第一季度预算支出飙升至9.26万亿元人民币。增加的支出旨在刺激国内需求，缓解经济面临的日益增长的压力，包括围绕美国关税的不确定性、持续的通货紧缩趋势和房地产行业的持续低迷。

China’s 10-year government bond yield steadied around 1.65% on Monday, as investors were in muted reaction following the release of People’s Bank of China’s monetary policy decision. The central bank expectedly kept its benchmark lending rates unchanged for the sixth consecutive month in April 2025, with the one-year loan prime rate remaining at 3.1%, while the five-year LPR was held at 3.6%. The decision underscores the central bank’s commitment to stabilizing the yuan amid intensifying trade tensions with the US. Meanwhile, the Chinese government ramped up fiscal support, with budget spending surging to CNY 9.26 trillion in the first quarter of 2025. The increased expenditure aims to stimulate domestic demand and cushion the economy against mounting pressures, including uncertainties surrounding US tariffs, persistent deflationary trends, and an ongoing downturn in the property sector.

周一，离岸人民币兑美元汇率升至7.28左右，从上周的下跌中反弹，此前中国人民银行预计将在2025年4月连续第六个月保持基准贷款利率不变。一年期贷款最优惠利率稳定在3.1%，而五年期LPR保持在3.6%。此举表明，面对与美国日益加剧的贸易紧张局势，央行将继续关注稳定人民币汇率。与此同时，中国政府在2025年前三个月将预算支出大幅增加至9.26万亿元人民币，旨在提振内需，缓冲经济应对日益严峻的挑战，包括美国关税升级、通货紧缩压力和房地产长期低迷。从外部来看，在唐纳德·特朗普总统再次威胁美联储主席杰罗姆·鲍威尔以及央行降息的压力下，人民币也得到了美元贬值的支撑。

The offshore yuan rose to around 7.28 per dollar on Monday, rebounding from losses seen the previous week after the People's Bank of China expectedly kept its benchmark lending rates unchanged for the sixth consecutive month in April 2025. The one-year loan prime rate was held steady at 3.1%, while the five-year LPR remained at 3.6%. The move signals the central bank's continued focus on stabilizing the yuan in the face of growing trade tensions with the US. Meanwhile, the Chinese government significantly increased its budget spending to CNY 9.26 trillion in the first three months of 2025, aiming to boost domestic demand and buffer the economy against mounting challenges, including escalating US tariffs, deflationary pressures, and a prolonged property slump. Externally, the yuan also found support from a depreciating US dollar amid President Donald Trump's renewed threats against Fed Chair Jerome Powell and pressure on the central bank to cut interest rates.