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美国财政部长贝森特：不想与中国脱钩，想降低风险。美国财政部长贝森特：不想与中国脱钩，想降低风险

US Treasury Secretary Bessent: Don't want to decouple with China, want to de-risk.US Treasury Secretary Bessent: Don't want to decouple with China, want to de-risk

中国1月M2货币供应量同比增长9.0%，而预期增长8.4%。中国1月份新增银行贷款激增，这是新年的典型现象。回顾2025年，去年1月这一数字为5.13万亿日元。

China January M2 money supply +9.0% vs +8.4% y/y expected.China's new bank loans surged in January, as is typical of the new year. Looking back to 2025, this figure was ¥5.13 trillion in January last year.

尽管“三条红线”被取消，中国房地产市场仍在挣扎。62/70城市房价下跌。中国1月份的房地产低迷加剧，官方数据显示，新房价格环比下跌0.4%，同比下跌3.1%。年度跌幅较12月的2.7%有所加速，标志着七个月来最大的收缩，并加剧了人们对该行业尚未找到持久底部的担忧。

China housing market struggles despite “three red lines” removal. 62/70 cities price falls.China's housing downturn deepened in January, with official data showing new home prices falling 0.4% month-on-month and 3.1% from a year earlier. The annual decline accelerated from December's 2.7% drop, marking the steepest contraction in seven months and reinforcing concerns that the sector has yet to find a durable floor.

中国房价继续呈死亡螺旋式上升：1月份同比下跌3.1%，月环比下跌0.4%。1月份，中国房地产市场的低迷几乎没有企稳的迹象，新房价格同比下跌3.1%，较之前2.7%的跌幅有所加深。按月计算，价格下跌0.4%，与12月持平，突显出该行业的下行势头持续存在。

China house prices continue their death spiral: January -3.1% y/y and -0.4% m/m.China's property downturn showed little sign of stabilising in January, with new home prices falling 3.1% year-on-year, deepening from the prior 2.7% decline. On a monthly basis, prices slipped 0.4%, unchanged from December, underscoring the persistence of downward momentum in the sector.