台湾加权指数 (TWII) 加自选

周二，中国10年期政府债券收益率稳定在1.66%左右，投资者继续评估美中之间不断升级的贸易紧张局势。周一，北京警告称，将对以损害中国利益的方式与美国合作的国家进行报复，进一步加剧全球贸易的不确定性。此前有报道称，特朗普政府计划利用关税谈判向盟友施压，以缩减与中国的关系。虽然美国暂停了对其他国家的大幅关税上调90天，但它将中国商品的关税提高到了145%。尽管存在地缘政治风险，投资者仍希望北京方面采取额外的刺激措施，如增加债券发行和扩大政府支出，以减轻美国关税的经济影响。在货币政策方面，中国央行在本月早些时候公布好于预期的经济数据后保持贷款利率稳定，这表明进一步宽松的空间有限。

China's 10-year government bond yield held steady around 1.66% on Tuesday, as investors continued to assess the escalating trade tensions between the US and China. On Monday, Beijing warned it would retaliate against countries cooperating with the US in ways that undermine China’s interests, further intensifying global trade uncertainty. The warning follows reports that Trump’s administration plans to use tariff negotiations to pressure allies to scale back ties with China. While the US paused major tariff hikes on other countries for 90 days, it raised duties on Chinese goods to 145%. Despite the geopolitical risks, investors are hopeful for additional stimulus measures from Beijing, such as increased bond issuance and expanded government spending, to mitigate the economic impact of US tariffs. On the monetary policy front, the PBoC has kept lending rates steady after better-than-expected economic data earlier this month, signaling limited room for further easing.

周二，离岸人民币贬值至7.31元兑1美元左右，受到美中贸易紧张局势再次加剧的压力。周一，北京警告称，将对以损害中国利益的方式与美国合作的国家进行报复，进一步加剧全球贸易的不确定性。此前有报道称，特朗普政府计划利用关税谈判向盟友施压，以缩减与中国的关系。尽管存在地缘政治风险，投资者仍希望北京方面采取额外的刺激措施，如增加债券发行和扩大政府支出，以减轻美国关税的经济影响。此外，随着中国人民银行敦促国有企业以人民币结算贸易和扩大跨境信贷，推动人民币在全球范围内得到更多使用，人民币也得到了一些支持。在货币政策方面，中国央行在本月早些时候公布好于预期的经济数据后保持贷款利率稳定，这表明进一步宽松的空间有限。

The offshore yuan depreciated to around 7.31 per dollar on Tuesday, pressured by renewed US–China trade tensions. On Monday, Beijing warned it would retaliate against countries cooperating with the US in ways that undermine China’s interests, further intensifying global trade uncertainty. The warning follows reports that Trump’s administration plans to use tariff negotiations to pressure allies to scale back ties with China. Despite the geopolitical risks, investors are hopeful for additional stimulus measures from Beijing, such as increased bond issuance and expanded government spending, to mitigate the economic impact of US tariffs. Additionally, the yuan found some support as the People’s Bank of China pushed for greater global use by urging state firms to settle trade in yuan and expand cross-border credit. On the monetary policy front, the PBoC has kept lending rates steady after better-than-expected economic data earlier this month, signaling limited room for further easing.

中国人民银行（PBoC）鼓励国有企业在海外业务中使用人民币进行支付和结算，旨在在贸易紧张局势持续的情况下促进人民币的全球使用。在周一与主要金融监管机构和上海市政府的联合通知中，央行还建议总部位于上海的商业银行扩大跨境信贷，以降低人民币融资成本，促进以人民币计价的进出口。中国人民银行表示，将加强跨境银行间支付系统（CIPS），促进区块链在安全高效的全球结算服务中的应用，并支持上海黄金交易所与海外交易所合作，扩大人民币基准价格在全球主要市场的使用。

The People’s Bank of China (PBoC) is encouraging state-owned enterprises to use the yuan for payments and settlements in overseas operations, aiming to boost the currency’s global use amid lingering trade tensions. In a joint notice with key financial regulators and the Shanghai government on Monday, the central bank also recommended Shanghai-based commercial banks to expand cross-border credit in order to lower yuan financing costs and boost yuan-denominated imports and exports. The PBoC said it would enhance the Cross-Border Interbank Payment System (CIPS), promote blockchain adoption for secure and efficient global settlement services, and support the Shanghai Gold Exchange in collaborating with overseas exchanges to expand the use of yuan benchmark prices in major global markets.

周二，中国内地股市走势艰难，上证综指微涨0.2%，收于3300点，深证成分股下跌0.25%，收于9880点。本周早些时候，北京方面再次指责美国滥用关税，导致持续的贸易紧张局势对市场造成压力。中国官员还警告其他国家不要签订对华盛顿有利的贸易协定。尽管地缘政治悬而未决，投资者仍对北京方面采取额外刺激措施以应对美国关税的经济影响抱有希望。预期包括增加债券发行和扩大政府支出。在企业板块，拉卡拉支付上涨11.6%，海能达通信上涨2.6%，中石油资本上涨10%。下跌方面，胜利巨人下跌3.9%，北京光线传媒下跌7.6%，Talkweb Information下跌3.6%。

Mainland Chinese stocks struggled for direction on Tuesday, with the Shanghai Composite edging up 0.2% toward 3,300 while the Shenzhen Component dipped 0.25% to 9,880. The market remained weighed down by persistent trade tensions, following fresh accusations from Beijing earlier this week that the US was abusing tariffs. Chinese officials also warned other countries against entering trade agreements that disproportionately benefit Washington. Despite the geopolitical overhang, investors held out hope for additional stimulus measures from Beijing to counter the economic impact of US tariffs. Expectations include increased bond issuance and expanded government spending. In corporate moves, Lakala Payment surged 11.6%, Hytera Communication gained 2.6%, and CNPC Capital rose 10%. On the downside, Victory Giant fell 3.9%, Beijing Enlight Media dropped 7.6%, and Talkweb Information declined 3.6%.