锰硅主力 (ZCE_SM) 加自选

美元：美中交易——德国商业银行。由于美国通胀数据低于预期，美元昨日贬值，欧元/美元汇率今天上午能够升至4月高点。德国商业银行外汇和商品研究主管Thu Lan Nguyen指出，在这一点上，我可以花很长时间思考这种反应是否合理，指出美国关税持续缺乏通胀动力的原因，并试图从美联储的角度解释这些数字。

USD: The US-China deal – Commerzbank.The US dollar depreciated yesterday following the weaker-than-expected US inflation figures and the EUR/USD exchange rate was able to rise towards its April high this morning. At this point, I could spend a long time pondering whether the reaction was justified, pointing to explanations for the continued lack of inflationary impetus from US tariffs and attempting to interpret the figures from the Fed's perspective, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.

周四，上证综指微涨0.01%，收于3403点，深证成分股下跌0.11%，收于10234点，由于美中贸易关系的不确定性挥之不去，内地股市难以明确方向。本周早些时候，美国和中国谈判代表在伦敦达成了一项初步贸易协议，其中包括取消中国对稀土矿物的出口限制，恢复中国学生进入美国大学的机会。然而，该协议仍需获得美国总统唐纳德·特朗普和Xi的正式批准。特朗普总统宣布该协议“完成”，商务部长霍华德·卢特尼克表示，对中国商品的关税不会超过目前的55%。尽管如此，关键细节仍不清楚，北京方面也没有发布官方确认。消费类股拖累市场，贵州茅台下跌1.4%，宜宾五粮液下跌1.8%，比亚迪公司下跌2.4%。

The Shanghai Composite inched up 0.01% to close at 3,403 while the Shenzhen Component shed 0.11% to 10,234 on Thursday, with mainland stocks struggling for clear direction amid lingering uncertainty over US-China trade relations. Earlier this week, US and Chinese negotiators reached a preliminary trade agreement in London that includes the removal of Chinese export restrictions on rare earth minerals and the reinstatement of access for Chinese students to US universities. However, the deal still requires formal approval from Presidents Donald Trump and Xi Jinping. President Trump declared the deal “done,” and Commerce Secretary Howard Lutnick said tariffs on Chinese goods would not rise above the current 55%. Still, key details remain unclear, and no official confirmation has been issued by Beijing. Consumer stocks weighed on the market, with Kweichow Moutai down 1.4%, Wuliangye Yibin falling 1.8%, and BYD Company losing 2.4%.

周四，在美元疲软的支撑下，离岸人民币兑美元汇率升至7.18左右，结束了连续两个交易日的下跌。在美国总统特朗普宣布计划在未来几周向主要贸易伙伴发出正式信函后，美元贬值，预计将概述旨在迫使各国达成贸易协议的单方面关税。5月通胀数据低于预期，加剧了美元的压力，引发了人们对美联储最早可能在9月开始降息的猜测。在伦敦举行的为期两天的美中贸易谈判结束后，人民币进一步走强。讨论达成了一项框架协议，重点是落实日内瓦共识，推进最近总统电话会议期间作出的承诺。在中国，市场注意力正转向下周公布的一系列关键经济指标，包括工业生产、零售销售和失业率数据。

The offshore yuan rose to around 7.18 per dollar on Thursday, snapping a two-session losing streak, supported by a weakening US dollar. The greenback depreciated after US President Trump announced plans to send formal letters to major trading partners in the coming weeks, expected to outline unilateral tariffs aimed at pressuring countries into trade deals. Adding to the pressure on the greenback was softer-than-expected inflation data in May, fueling speculation that the Fed could begin cutting interest rates as early as September. Elsewhere, the yuan gained additional strength from the conclusion of a two-day round of US-China trade talks in London. The discussions resulted in a framework agreement focused on implementing the Geneva consensus and advancing commitments made during a recent presidential phone call. In China, market attention is shifting to a set of key economic indicators due next week, including data on industrial production, retail sales, and the unemployment rate.

中国外交部长表示，中国政府将始终信守承诺。中国外交部长王毅周四表示，中国政府将始终履行承诺，并补充说，他希望美国能够与中国合作，落实两国元首达成的协议。

China's Foreign Minister says government will always honour its commitments.Chinese Foreign Minister Wang Yi said on Thursday that the government will always honour its commitments, adding that he hopes the US can work with China to implement what was agreed between the two presidents.