周五，随着市场吸收了中国人民银行的最新政策决定，中国10年期政府债券收益率稳定在1.64%左右。根据市场预期，央行在6月份的固定利率期间保持关键贷款利率不变。一年期贷款最优惠利率（LPR）保持在3%的历史低点，而五年期LPR也保持在3.5%的历史低点。这一决定是在上个月降息10个基点之后做出的，旨在缓解美国关税潜在影响带来的经济压力，此前主要国有银行降低了存款利率。在地缘政治方面，据报道，美国总统唐纳德·特朗普向伊朗发出了最后通牒，要求就其核计划达成解决方案，将任何关于潜在军事行动的决定推迟了两周。与此同时，中国迅速谴责以色列对伊朗的袭击。然而，除了维持正常的贸易关系外，北京还没有向伊朗提供任何实质性的支持。

China’s 10-year government bond yield held steady around 1.64% on Friday, as markets absorbed the latest policy decision from the People’s Bank of China. The central bank left key lending rates unchanged during the June fixing, in line with market expectations. The one-year loan prime rate (LPR) remained at a record low of 3%, while the five-year LPR also stayed at a record low of 3.5%. This decision followed a 10 bps rate cut last month, aimed at easing economic pressure stemming from the potential impact of US tariffs, and came after major state-owned banks lowered deposit rates. On the geopolitical front, US President Donald Trump has reportedly extended a final ultimatum to Iran to reach a settlement over its nuclear program, delaying any decision on potential military action for up to two weeks. Meanwhile, China swiftly condemned Israel for its attack on Iran. However, Beijing has stopped short of offering Iran any substantial support beyond maintaining regular trade ties.

周五，随着投资者消化中国人民银行的最新政策决定，离岸人民币小幅上涨至1美元兑7.18元左右。正如普遍预期的那样，央行在6月份的利率设定期间将关键贷款利率保持在历史最低水平。一年期贷款最优惠利率保持不变，为3.0%，而五年期LPR在上个月主要国有银行降息10个基点和存款利率下调后，仍稳定在3.5%。与此同时，投资者继续关注中东持续的紧张局势。据报道，美国总统唐纳德·特朗普给了伊朗最后一次谈判结束其核计划的机会，将可能采取军事行动的决定推迟了两周。在其他地方，中国迅速谴责以色列对伊朗的袭击。然而，到目前为止，北京除了保持正常的贸易关系外，还没有向德黑兰提供任何实质性援助。本周，人民币似乎有望小幅上涨。

The offshore yuan inched higher to around 7.18 per dollar on Friday as investors digested the latest policy decision from the People's Bank of China. As widely anticipated, the central bank kept its key lending rates at historic lows during the June rate-setting. The one-year loan prime rate was left unchanged at 3.0%, while the five-year LPR remained steady at 3.5%, following last month’s 10 bps rate cut and deposit rate reductions by major state-owned banks. Meanwhile, investors continue to monitor ongoing tensions in the Middle East. US President Donald Trump has reportedly given Iran a final opportunity to negotiate an end to its nuclear program, delaying a decision on possible military action for up to two weeks. Elsewhere, China swiftly condemned Israel over its attack on Iran. However, Beijing has so far refrained from offering Tehran any substantial assistance beyond maintaining regular trade ties. Over the week, the currency appears to be on track for modest gains.

上证综指下跌0.1%，至3360点以下，而深证成分股周五下跌0.3%，至10020点，因为中国人民银行决定维持关键贷款利率不变后，内地市场难以获得动力。正如预期的那样，央行将一年期和五年期贷款最优惠利率分别维持在3.0%和3.5%，上个月为应对美国新的关税而将其下调了10个基点。投资者情绪也因本周陆家嘴论坛缺乏具体政策信号而受到抑制，人们的注意力现在转向即将召开的7月政治局会议，以更明确地表明经济支持措施。在企业板块中，胜利巨人（-3.7%）、深圳表单（-6.3%）、吴印刷（-3.1%）、易通科技（-2.6%）和恒宝公司（-3.4%）均出现大幅亏损。

The Shanghai Composite fell 0.1% to below 3,360 while the Shenzhen Component slipped 0.3% to 10,020 on Friday, as mainland markets struggled for traction following the People’s Bank of China’s decision to leave key lending rates unchanged. As expected, the central bank kept the one-year and five-year loan prime rates at 3.0% and 3.5%, respectively, after cutting them by 10 basis points last month in response to fresh US tariffs. Investor sentiment was also dampened by the lack of concrete policy signals from this week’s Lujiazui Forum, with attention now shifting to the upcoming July Politburo meeting for clearer indications of economic support measures. In corporate moves, sharp losses were seen from Victory Giant (-3.7%), Shenzhen Forms (-6.3%), Wus Printed (-3.1%), Eoptolink Technology (-2.6%), and Hengbao Co (-3.4%).

中国人民银行（PBoC）在6月份的定价期间将关键贷款利率保持在历史最低水平，符合市场预期。此举是在央行上个月将借贷成本降低10个基点以帮助缓冲美国新关税的影响之后做出的，随后主要国有银行最近下调了存款利率。这一决定是在经济数据喜忧参半的情况下做出的，这些数据表明，尽管面临新的美国关税，该国仍有望实现其GDP增长目标。2025年5月，零售额以15个月来最快的速度增长，而工业产出以6个月来最低的速度增长。新的银行贷款增长低于预期。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%。

The People’s Bank of China (PBoC) kept key lending rates at record lows during the June fixing, in line with market expectations. The move came after the central bank reduced borrowing costs by 10 basis points last month to help cushion the economy from the impact of new US tariffs, and was followed by recent deposit rate cuts by major state-owned banks. The decision came amid mixed economic data suggesting the country remains on track to meet its GDP growth target despite facing new US tariffs. Retail sales grew at the fastest pace in 15 months in May 2025, while industrial output rose at the slowest rate in six months, and new bank lending increased less than expected. 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%.