沪深300期货 (CFX_IF) 加自选

中国重申其稀土出口政策符合全球惯例。尽管中国试图描绘一幅画面，好像他们在这方面对每个人都做得对，但我们都知道这是他们在讨论贸易方面的主要杠杆工具之一。不仅是美国，欧盟等国家也是如此。

China reaffirms that its policy on rare earth exports is consistent with global practice.As much as China tries to paint a picture as though they're doing right by everyone on this, we all know this is one of their main leveraging tools in terms of discussing trade. And it's not just with the US but also with the likes of the EU as well.

在中国，上海综合指数周四上涨23点，涨幅0.64%。涨幅最大的是中国电力建设集团公司（10.04%）、内蒙古包头钢铁公司（10.04%）和中国国际（10.00%）。最大的损失来自中国民生银行（-2.68%）、大唐国际（-2.67%）和中信银行（-2.49%）。

In China, the Shangai Composite Index went up by 23 points or 0.64 percent on Thursday. Top gainers were Power Construction Corporation of China (10.04%), Inner Mongolia BaoTou Steel (10.04%) and China International (10.00%). Biggest losses came from China Minsheng Bank (-2.68%), Datang Intl (-2.67%) and China CITIC Bank (-2.49%).

周四，中国10年期政府债券收益率攀升至1.72%左右，连续第五个交易日上涨，达到一个月来的最高水平。在美国财政部长斯科特·贝森特确认美国和中国高级官员将于下周在斯德哥尔摩举行第三轮高级别谈判后，人们对美中贸易关系的乐观情绪日益高涨。这些谈判可能为延长目前贸易紧张局势的休战铺平道路，该休战将于8月12日到期。早在5月，美国就同意在90天内将对中国进口商品的关税从145%降至30%，而中国则将对美国商品的关税由125%降至10%。与此同时，唐纳德·特朗普总统暗示可能访问中国，表明将继续努力稳定脆弱的贸易关系。投资者现在正关注本周末中国的工业利润数据，以了解企业如何应对持续的贸易压力。

China’s 10-year government bond yield climbed to around 1.72% on Thursday, marking its fifth consecutive session of gains and reaching its highest level in a month. Optimism grew over US-China trade relations following confirmation from US Treasury Secretary Scott Bessent that top American and Chinese officials will convene in Stockholm next week for a third round of high-level negotiations. These talks could pave the way for an extension of the current truce in trade tensions, which is set to expire on August 12. Back in May, the US agreed to scale back tariffs on Chinese imports from 145% to 30% for a 90-day period, while China reciprocated by reducing duties on American goods from 125% to 10%. Meanwhile, President Donald Trump hinted at a possible visit to China, signaling continued efforts to stabilize the fragile trade relationship. Investors are now eyeing this weekend’s industrial profit data from China for clues on how firms are coping with ongoing trade pressures.

周四，离岸人民币兑美元汇率突破7.14，延续了前一交易日的涨幅，并在对美中贸易谈判日益乐观的情况下达到2024年11月以来的最高水平。本周早些时候，美国财政部长斯科特·贝森特证实，美国和中国官员将于下周在斯德哥尔摩举行第三轮高级别讨论，这可能会导致目前贸易紧张局势的暂停延长，暂停将于8月12日到期。一系列区域贸易协议进一步提振了市场情绪，这些协议为几个亚洲经济体提供了缓解，其中最著名的是日本、印度尼西亚和菲律宾，而其他经济体则持观望态度。与此同时，唐纳德·特朗普总统暗示可能访问中国，这标志着朝着稳定双边贸易关系迈出了一步。投资者现在正密切关注本周末的工业利润报告，以寻找中国企业如何应对挥之不去的关税压力的线索。

The offshore yuan strengthened past 7.14 per dollar on Thursday, extending gains from the previous session and hitting its strongest level since November 2024 amid growing optimism over US-China trade negotiations. Earlier this week, US Treasury Secretary Scott Bessent confirmed that American and Chinese officials are set to meet in Stockholm next week for a third round of high-level discussions, which could result in an extension of the current pause in trade tensions, set to expire on August 12. Market sentiment was further lifted by a series of regional trade deals that have offered relief to several Asian economies—most notably Japan, Indonesia, and the Philippines—while others remain on the sidelines. Meanwhile, President Donald Trump hinted at a possible visit to China, signaling a step toward stabilizing bilateral trade relations. Investors are now closely watching this weekend’s industrial profits report for clues on how Chinese firms are coping with lingering tariff pressures.