在美元贬值的支撑下，离岸人民币兑美元汇率升至7.22左右，创四个月新高。美元的下跌主要是由于对美国经济的持续担忧，而唐纳德·特朗普总统不可预测的贸易政策加剧了这种担忧。特朗普最初承诺将钢铁和铝的关税提高一倍至50%，并警告称，如果加拿大进行报复，他将采取进一步措施，但几小时后他改变了立场。这一逆转加深了市场的不确定性，加剧了人们对更广泛贸易中断的担忧。在中国，政府公布了加大财政刺激力度以促进经济增长的计划，包括将财政赤字目标提高到GDP的4%，并在2025年发行1.3万亿日元的超长期债券。在货币政策方面，在中国人民银行行长潘功胜表示任何宽松政策都将“在适当的时候”发生后，交易员们降低了对立即降息的预期

The offshore yuan strengthened to around 7.22 per dollar, reaching a four-month high, supported by a depreciating US dollar. The dollar's decline was largely driven by ongoing concerns about the U.S. economy, exacerbated by President Donald Trump's unpredictable trade policies. Trump initially pledged to double tariffs on steel and aluminum to 50% and warned of further measures if Canada retaliated, only to reverse his position just hours later. This reversal deepened market uncertainty and heightened fears of broader trade disruptions. In China, the government unveiled plans to ramp up fiscal stimulus to bolster growth, including raising the fiscal deficit target to 4% of GDP and issuing ¥1.3 trillion in ultra-long-term bonds for 2025. On the monetary policy front, traders scaled back expectations for immediate rate cuts after People's Bank of China Governor Pan Gongsheng stated that any easing would occur "at an appropriate time."

周三，上证综指和深证成份股指数在平稳线上波动，投资者在两会结束后等待北京方面的进一步政策信号。北京将经济增长目标保持在“5%左右”，同时将财政赤字目标设定为GDP的4%，创下历史新高。它还将消费者通胀目标降至2%，并旨在将城市失业率保持在5.5%左右。2025年的预算表明，在国内需求疲软、持续通缩压力以及与美国贸易紧张局势加剧的情况下，政府将增加支出以支持经济增长。科技股是亮点之一，Hygon Information飙升5.3%，科华数据上涨10%，上海Athub上涨3.5%。

The Shanghai Composite and Shenzhen Component indexes fluctuated around the flatline on Wednesday as investors awaited further policy signals from Beijing following the conclusion of the Two Sessions annual meetings. Beijing maintained its economic growth target at “around 5%” while setting a record-high fiscal deficit target of 4% of GDP. It also lowered its consumer inflation target to 2% and aimed to keep urban unemployment around 5.5%. The 2025 budget signaled increased government spending to support economic growth amid weak domestic demand, persistent deflationary pressures, and rising trade tensions with the US. Technology stocks were among the bright spots, with Hygon Information surging 5.3%, Kehua Data jumping 10%, and Shanghai Athub gaining 3.5%.

美元兑人民币汇率跌至16周低点7.23。在过去的4周里，美元兑人民币下跌了1.16%，在过去的12个月里，人民币上涨了0.55%。

USDCNY decreased to a 16-week low of 7.23. Over the past 4 weeks, US Dollar Chinese Yuan lost 1.16%, and in the last 12 months, it increased 0.55%.

周二，随着内地股市从两天的下跌中反弹，上证综指上涨0.41%，收于3380点，深证综指上涨0.33%，收于10861点。投资者期待着北京在两会结束后采取进一步的政策措施。到目前为止，中国领导人已经概述了促进技术创新和增加支出以推动消费和经济增长的计划。然而，对国内需求疲软、持续通缩压力以及与美国贸易战升级的担忧继续打压市场情绪。全球逆风也限制了涨幅，因为对美国经济衰退的担忧加剧引发了华尔街的抛售。涨幅最大的是上海石山（+9.9%）、胜利巨人（+8.1%）和浙江华铁（+5.8%）。

The Shanghai Composite rose 0.41% to close at 3,380, while the Shenzhen Component gained 0.33% to 10,861 on Tuesday, as mainland stocks rebounded from a two-day decline. Investors awaited further policy measures from Beijing following the conclusion of the Two Sessions annual meetings. So far, Chinese leaders have outlined plans to boost technological innovation and increase spending to drive consumption and economic growth. However, concerns over weak domestic demand, persistent deflationary pressures, and an escalating trade war with the US continued to weigh on sentiment. Global headwinds also capped gains, as growing US recession fears triggered a selloff on Wall Street. Among the top gainers were Shanghai Stonehill (+9.9%), Victory Giant (+8.1%), and Zhejiang Huatie (+5.8%).