中国设定4%的钢铁增长目标，禁止产能扩张，推动绿色升级。中国工业和信息化部公布了一项为期两年的计划，旨在稳定钢铁行业的增长，同时遏制产能过剩。该蓝图设定了年附加值增长4%的目标，并严格禁止扩大产能。

China sets 4% steel growth goal, bans capacity expansion, and pushes green upgrade.China's Ministry of Industry and Information Technology has unveiled a two-year plan to stabilize growth in the steel sector while curbing overcapacity. The blueprint sets a target of 4% annual value-added growth and includes strict prohibitions on expanding production capacity.

周一，上证综指下跌0.2%，至3810点左右，而深证成指微涨0.1%，至13080点，因为在央行最新政策更新中，内地股市表现喜忧参半。尽管美联储最近降息，但中国人民银行连续第四个月将一年期和五年期贷款最优惠利率稳定在3%和3.5%。尽管经济数据显示经济势头放缓，但当局迄今为止一直没有采取重大刺激措施。行业推动因素包括富士康工业（6.7%）、森泰德高科技集团（10%）和凌益iTech（8.2%）的强劲增长，而中基创新科技（-3.9%）、易通科技（-5.4%）和胜利巨人（-2%）的跌幅显著。

The Shanghai Composite slipped 0.2% to around 3,810, while the Shenzhen Component edged up 0.1% to 13,080 on Monday, as mainland stocks showed a mixed performance amid the latest central bank policy update. The People’s Bank of China kept its one- and five-year loan prime rates steady at 3% and 3.5% for the fourth consecutive month, despite a recent US Federal Reserve rate cut. Authorities have so far refrained from major stimulus measures, even as economic data suggest slowing momentum in the economy. Sector movers included strong gains from Foxconn Industrial (6.7%), Senteed Hi-Tech Group (10%), and Lingyi iTech (8.2%), while notable declines were recorded for Zhongji Innolight (-3.9%), Eoptolink Technology (-5.4%), and Victory Giant (-2%).

周一，离岸人民币兑美元汇率稳定在7.12左右，停止了连续两个交易日的下跌，因为投资者评估了中国人民银行的关键贷款利率决定。即使在美联储上周降息25个基点后，央行仍将基准贷款最优惠利率连续第四个月保持在历史最低水平，符合市场预期。指导大多数企业和家庭贷款的一年期LPR保持在3.0%，而作为抵押贷款关键参考的五年期LPR保持在3.5%。这两项指标上一次下调10个基点是在5月份。尽管经济活动减弱，但仍持谨慎态度，8月份工业产出增长速度为一年多来最慢，零售额创下9个月新低，出口增速为2月份以来最低。由于房地产行业的压力和对产能过剩的限制，信贷需求也滞后。尽管如此，市场预计今年晚些时候将适度放宽政策，因为当局希望将经济增长保持在政府5%的目标附近。

The offshore yuan steadied around 7.12 per dollar on Monday, halting two consecutive sessions of losses as investors assessed the PBOC’s key lending rate decision. The central bank held its benchmark loan prime rates unchanged for the fourth straight month at record lows, in line with market expectations, even after the US Federal Reserve cut rates by 25 bps last week. The one-year LPR, which guides most corporate and household loans, remained at 3.0%, while the five-year LPR, a key reference for mortgages, stayed at 3.5%. Both were last cut by 10 bps in May. The hold reflects caution despite weaker activity, with August industrial output growing at the slowest pace in over a year, retail sales posting a nine-month low, and exports rising at the weakest rate since February. Credit demand also lagged as property sector stress and curbs on overcapacity weighed. Still, markets expect modest policy easing later this year as authorities look to keep growth near the government’s 5% target.

中国人民银行（PBOC）在9月份的利率调整中连续第四个月将关键贷款利率保持在历史最低水平，符合市场预期。此举是在央行上周四决定维持七天反向回购利率不变之后做出的。这一决定是在中美贸易紧张局势缓和之际做出的，尽管越来越多的迹象表明，中国国内经济可能在8月份失去动力。一年期贷款最优惠利率（LPR）是大多数企业和家庭贷款的基准，稳定在3.0%，而指导抵押贷款利率的五年期LPR保持不变，为3.5%。此前，这两个利率在5月份均下调了10个基点。上周公布的经济数据显示，8月份工业产出增速为2024年8月以来的最低水平，而零售额增速为9个月来最低。尽管新的人民币贷款在7月份意外收缩后于8月份反弹，但贷款远低于预期。

The People’s Bank of China (PBOC) kept key lending rates at record lows for the fourth consecutive month during the September fixing, in line with market expectations. The move followed the central bank’s decision to leave the seven-day reverse repo rate unchanged last Thursday. The decision came amid easing Sino-US trade tensions, even as growing signs suggest that China's domestic economy may be losing momentum in August. The one-year Loan Prime Rate (LPR)—the benchmark for most corporate and household loans—was held steady at 3.0%, while the five-year LPR, which guides mortgage rates, remained unchanged at 3.5%. Both rates were previously cut by 10 basis points in May. Economic data released last week showed that industrial output in August grew at its slowest pace since August 2024, while retail sales posted their weakest growth in nine months. Although new yuan loans rebounded in August after an unexpected contraction in July, lending came in well below expectations.