周四，中国10年期政府债券收益率攀升至1.72%左右，连续第五个交易日上涨，达到一个月来的最高水平。在美国财政部长斯科特·贝森特确认美国和中国高级官员将于下周在斯德哥尔摩举行第三轮高级别谈判后，人们对美中贸易关系的乐观情绪日益高涨。这些谈判可能为延长目前贸易紧张局势的休战铺平道路，该休战将于8月12日到期。早在5月，美国就同意在90天内将对中国进口商品的关税从145%降至30%，而中国则将对美国商品的关税由125%降至10%。与此同时，唐纳德·特朗普总统暗示可能访问中国，表明将继续努力稳定脆弱的贸易关系。投资者现在正关注本周末中国的工业利润数据，以了解企业如何应对持续的贸易压力。

China’s 10-year government bond yield climbed to around 1.72% on Thursday, marking its fifth consecutive session of gains and reaching its highest level in a month. Optimism grew over US-China trade relations following confirmation from US Treasury Secretary Scott Bessent that top American and Chinese officials will convene in Stockholm next week for a third round of high-level negotiations. These talks could pave the way for an extension of the current truce in trade tensions, which is set to expire on August 12. Back in May, the US agreed to scale back tariffs on Chinese imports from 145% to 30% for a 90-day period, while China reciprocated by reducing duties on American goods from 125% to 10%. Meanwhile, President Donald Trump hinted at a possible visit to China, signaling continued efforts to stabilize the fragile trade relationship. Investors are now eyeing this weekend’s industrial profit data from China for clues on how firms are coping with ongoing trade pressures.

周四，离岸人民币兑美元汇率突破7.14，延续了前一交易日的涨幅，并在对美中贸易谈判日益乐观的情况下达到2024年11月以来的最高水平。本周早些时候，美国财政部长斯科特·贝森特证实，美国和中国官员将于下周在斯德哥尔摩举行第三轮高级别讨论，这可能会导致目前贸易紧张局势的暂停延长，暂停将于8月12日到期。一系列区域贸易协议进一步提振了市场情绪，这些协议为几个亚洲经济体提供了缓解，其中最著名的是日本、印度尼西亚和菲律宾，而其他经济体则持观望态度。与此同时，唐纳德·特朗普总统暗示可能访问中国，这标志着朝着稳定双边贸易关系迈出了一步。投资者现在正密切关注本周末的工业利润报告，以寻找中国企业如何应对挥之不去的关税压力的线索。

The offshore yuan strengthened past 7.14 per dollar on Thursday, extending gains from the previous session and hitting its strongest level since November 2024 amid growing optimism over US-China trade negotiations. Earlier this week, US Treasury Secretary Scott Bessent confirmed that American and Chinese officials are set to meet in Stockholm next week for a third round of high-level discussions, which could result in an extension of the current pause in trade tensions, set to expire on August 12. Market sentiment was further lifted by a series of regional trade deals that have offered relief to several Asian economies—most notably Japan, Indonesia, and the Philippines—while others remain on the sidelines. Meanwhile, President Donald Trump hinted at a possible visit to China, signaling a step toward stabilizing bilateral trade relations. Investors are now closely watching this weekend’s industrial profits report for clues on how Chinese firms are coping with lingering tariff pressures.

周四，中国内地股市上涨，上证综指上涨0.4%，收于3590点以上，深证成分股上涨0.5%，收于11120点，对美中贸易谈判重启的乐观情绪推动这两个指数创下数月新高。美国财政部长斯科特·贝森特证实，华盛顿和北京的官员将于下周在斯德哥尔摩会晤，表示相信目前的关税休战将延长至8月12日到期后。本周早些时候的美日贸易协议和有关美欧协议进展的报道进一步支持了乐观情绪。投资者现在正将注意力转向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。涨幅居前的公司包括电力建设公司（+9.5%）、内蒙古（+10%）、中国旅游集团（+10%）、浙江海空（+8%）和西藏高正（+10%）。

Mainland Chinese equities advanced on Thursday, with the Shanghai Composite up 0.4% to above 3,590 and the Shenzhen Component gaining 0.5% to 11,120, as optimism over renewed US-China trade talks pushed both indexes to multi-month highs. US Treasury Secretary Scott Bessent confirmed that officials from Washington and Beijing will meet in Stockholm next week, expressing confidence that the current tariff truce will be extended beyond its August 12 expiration. The upbeat sentiment was further supported by the US-Japan trade deal earlier this week and reports of progress toward a US-EU agreement. Investors are now turning their attention to China’s industrial profits data due this weekend for clues on how domestic firms are managing ongoing trade uncertainty. Leading gainers included Power Construction Corp (+9.5%), Inner Mongolia (+10%), China Tourism Group (+10%), Zhejiang Haikong (+8%), and Tibet Gaozheng (+10%).

人民币兑美元汇率触及7.15，为2024年11月以来的最高点。过去4周，美元兑人民币下跌0.23%，过去12个月下跌1.24%。

The Chinese Yuan touched 7.15 against the USD, the highest since November 2024. Over the past 4 weeks, US Dollar Chinese Yuan lost 0.23%, and in the last 12 months, it decreased 1.24%.