暂无中文版本，请点击原文

China’s 10-year government bond yield dropped to around 1.70% on Friday, as investors sought safer assets amid stalled US-China trade negotiations. Treasury Secretary Scott Bessent remarked on Thursday that talks with China are currently “a bit stalled” and may require direct intervention from President Trump and President Xi Jinping to make progress. Although a temporary truce was reached two weeks ago, momentum has since waned. Meanwhile, Washington has tightened export restrictions, effectively barring certain American firms from selling key technologies to China. On the domestic front, investors are closely awaiting upcoming PMI data scheduled for release over the weekend, which is expected to provide important insights into the economic health of the world’s second-largest economy.

暂无中文版本，请点击原文

The offshore yuan edged lower to around 7.18 per dollar on Friday, heading for a weekly decline as investor caution prevailed amid stalled US-China trade negotiations. Treasury Secretary Scott Bessent stated on Thursday that talks with China are “a bit stalled” and may require direct involvement from President Trump and President Xi Jinping to advance. While a temporary truce was reached two weeks ago, momentum has since faded. Market sentiment was further dampened by Washington’s decision to tighten export restrictions, effectively barring certain US firms from selling key technologies to China. Elsewhere, adding to investor concerns was the US appeals court reinstating President Trump’s reciprocal tariffs, overturning an earlier ruling that had deemed them unlawful. On the domestic front, investors await upcoming PMI data scheduled for release over the weekend, which is expected to shed light on the economic health of the world’s second-largest economy.

中国预计将于2025年6月18日和19日宣布“重大金融政策”。这是一个由上海市人民政府、中国人民银行、国家金融监督管理总局和中国证监会共同主办的高级别经济金融论坛。

China expected to announce 'major financial polices' on June 18 and 19, 2025.It is a high-level economic and financial forum co-hosted by the Shanghai Municipal People's Government, the People's Bank of China, the National Administration of Financial Regulation, and the China Securities Regulatory Commission.

周五，上证综指下跌0.6%，至3340点左右，而深证成指下跌0.9%，至10030点，扭转了前一交易日的涨势，因为新的关税风险扰乱了投资者情绪。美国一家上诉法院恢复了唐纳德·特朗普总统的互惠关税，推翻了之前联邦法院认定其非法的裁决。美国财政部长斯科特·贝森特（Scott Bessent）承认，美中贸易谈判“有点停滞不前”，这表明进展现在可能取决于两国领导人之间的直接对话。在国内，投资者将注意力转向即将于周末公布的5月份PMI数据，预计该数据将提供有关贸易紧张局势对中国制造业和服务业影响的见解。权重股录得显著跌幅，包括比亚迪公司（-2.5%）、现代安培（-1.3%）和贵州茅台（-1.3%”）。

The Shanghai Composite fell 0.6% to around 3,340 while the Shenzhen Component dropped 0.9% to 10,030 on Friday, reversing gains from the previous session as renewed tariff risks unsettled investor sentiment. A US appeals court reinstated President Donald Trump’s reciprocal tariffs, overturning a prior federal court ruling that had deemed them unlawful. Adding to the cautious tone, US Treasury Secretary Scott Bessent acknowledged that US-China trade negotiations are “a bit stalled”, suggesting that progress may now depend on direct talks between the two countries’ leaders. Domestically, investors turned their attention to upcoming PMI data for May—due over the weekend—which is expected to offer insight into the impact of trade tensions on China’s manufacturing and services sectors. Notable losses were recorded among heavyweight stocks, including BYD Company (-2.5%), Contemporary Amperex (-1.3%), and Kweichow Moutai (-1.3%).