周四，中国发布了一项定价法修正案草案，以应对持续的通货紧缩压力下的过度竞争和价格战。拟议的变化旨在遏制以低于成本的价格销售以消除竞争对手或垄断市场的做法，但季节性或库存过剩等合法折扣的情况除外。草案还禁止使用数据、算法或技术进行不当定价行为。该修订版由国家发展和改革委员会（NDRC）发布，反映了自1998年原始法律以来中国经济的发展，因为新的商业模式出现了，低价竞争变得更加普遍。当局计划完善反对价格合谋、欺诈和歧视的规则，并解决“内卷式”竞争问题。草案提议更严厉的处罚，包括对价格违规行为处以更高的罚款。公众评论开放至8月23日。

China on Thursday released a draft amendment to its pricing law to address excessive competition and price wars, amid ongoing deflationary pressures. The proposed changes aim to curb practices like selling below cost to eliminate competitors or monopolize markets, except in cases of legitimate discounts such as for seasonal or overstocked goods. The draft also bans using data, algorithms, or technology for improper pricing behavior. Published by the National Development and Reform Commission (NDRC), the revision reflects China’s evolving economy since the original 1998 law, as new business models emerge and low-price competition becomes more prevalent. Authorities plan to refine rules against price collusion, gouging, and discrimination, and tackle "involution-style" competition. The draft proposes stricter penalties, including higher fines for price violations. Public comment is open until August 23.

周五，中国10年期政府债券收益率小幅上涨至1.73%左右，连续第六个交易日上涨，投资者谨慎预期下周关键的美中贸易谈判的结果。虽然美国财政部长斯科特·贝森特证实了即将在瑞典举行的会谈，但他也强调，TikTok问题可能会被提上议程。他表示，除非北京方面同意涉及字节跳动的撤资安排，否则这款受欢迎的应用程序可能很快就会面临在美国全面禁止运营的局面。与此同时，唐纳德·特朗普总统表示，他可能会“在不远的将来”访问中国，这一姿态可能预示着为稳定世界两大经济体之间紧张关系所做的更广泛努力。投资者的注意力也集中在本周末公布的中国工业利润数据上，预计该数据将揭示企业如何应对关税和贸易压力。

China’s 10-year government bond yield edged higher to around 1.73% on Friday, marking its sixth consecutive session of gains, as investors cautiously anticipate the outcome of next week’s pivotal US-China trade negotiations. While US Treasury Secretary Scott Bessent confirmed the upcoming talks in Sweden, he also emphasized that the issue of TikTok could be on the agenda. He stated that unless Beijing agrees to a divestment arrangement involving ByteDance, the popular app could soon face a complete ban from operating in the US. Meanwhile, President Donald Trump suggested he may visit China "in the not too distant future"—a gesture that could signal a broader effort to stabilize the strained relationship between the world’s two largest economies. Investor attention is also focused on China’s industrial profits data due this weekend, which is expected to shed light on how firms are managing tariff and trade pressures.

上证综指下跌0.3%，至3600点以下，而深证成分股周五小幅下跌0.1%，至11180点，因投资者在下周美中进一步贸易谈判前变得谨慎。中国国务院副总理何立峰将在斯德哥尔摩会见美国财政部长贝森特，进行新一轮经贸谈判，8月12日是达成协议的最后期限，该协议可能会阻止美国对中国商品征收更高的关税。市场也在等待本周末公布的中国工业利润数据，以了解国内企业如何应对持续的贸易不确定性。跌幅较大的包括中国北方稀土（-2%）、内蒙古骏正能源化工（-2.4%）和中国旅游集团（-3.5%）。尽管周五有所回落，但上证指数和深证指数仍有望实现约2%的周涨幅。

The Shanghai Composite fell 0.3% to below 3,600, while the Shenzhen Component edged down 0.1% to 11,180 on Friday, as investors turned cautious ahead of further US-China trade negotiations next week. Chinese Vice Premier He Lifeng is set to meet US Treasury Secretary Scott Bessent in Stockholm for a fresh round of economic and trade talks, with an August 12 deadline looming for a deal that could prevent higher US tariffs on Chinese goods. Markets also await China’s industrial profits data, due this weekend, for insight into how domestic firms are coping with persistent trade uncertainty. Among the notable decliners were China Northern Rare Earth (-2%), Inner Mongolia Junzheng Energy & Chemical (-2.4%), and China Tourism Group (-3.5%). Despite Friday’s pullback, both the Shanghai and Shenzhen indexes remain on track to post weekly gains of around 2%.

周五，离岸人民币兑美元汇率跌至7.15左右，从上一交易日创下的八个多月高点回落，投资者谨慎等待下周高风险的美中贸易谈判。在美国财政部长斯科特·贝森特确认贸易谈判后，他指出TikTok问题可能会被提上议程，并警告说，如果北京方面不批准涉及字节跳动的撤资协议，该平台可能很快就会被禁止在美国运营。同时，特朗普总统暗示“在不久的将来”访问中国的可能性，此举可能代表着试图稳定世界两大经济体之间紧张的贸易关系。展望未来，投资者正在为本周末中国的工业利润报告做准备，以寻找企业如何应对关税挑战的迹象。尽管周五下跌，但该货币仍有望每周上涨。

The offshore yuan weakened to around 7.15 against the US dollar on Friday, retreating from an over eight-month high reached in the previous session, as investors cautiously awaited next week's high-stakes US-China trade negotiations. Following US Treasury Secretary Scott Bessent's confirmation of the trade talks, he noted that the issue of TikTok could be on the agenda, warning that if Beijing fails to approve a divestment deal involving ByteDance, the platform could soon be banned from operating in the US. Meanwhile, President Trump hinted at the possibility of a visit to China "in the not too distant future," a move that may represent an attempt to stabilize the strained trade relationship between the world’s two largest economies. Looking ahead, investors are bracing for China’s industrial profits report this weekend for signs of how companies are coping with tariff challenges. Despite Friday's loss, the currency is on track for weekly gains.