离岸人民币兑美元汇率进一步下跌至7.27左右，徘徊在两周低点附近，受到对中国刺激措施抵消美国新关税有效性的日益担忧的压力。中国设定了5%的GDP增长目标，将赤字提高到30年来的最高水平，并公布了促进消费和内需的计划，但经济仍在努力应对增长缓慢的问题。然而，在特朗普表示将采取更有针对性的关税措施后，市场有所缓解。在货币政策方面，中国人民银行宣布将降低中期贷款利率，转而采用七天反向回购利率，对MLF贷款采用新的投标制度。虽然旨在保持流动性，但这一转变增加了借贷成本的不确定性。央行还计划发行4500亿元人民币的一年期MLF贷款，并表示可能在适当的时候降息，使人民币承压。

The offshore yuan extended its decline to around 7.27 per dollar, hovering near two-week lows, pressured by growing concerns over the effectiveness of China’s stimulus measures in offsetting new US tariffs. China has set a 5% GDP growth target, raised its deficit to a three-decade high, and unveiled plans to boost consumption and domestic demand, yet the economy continues to grapple with sluggish growth. However, markets found some relief after Trump signaled a more targeted approach to tariffs. On the monetary policy front, the People's Bank of China announced it would downplay the medium-term lending facility rate in favor of the seven-day reverse repo rate, adopting a new bidding system for MLF loans. While aiming to maintain liquidity, this shift has raised uncertainty over borrowing costs. The central bank also plans to issue CNY 450 billion in one-year MLF loans and has signaled potential rate cuts at the appropriate time, keeping the yuan under pressure.