中美关系在平静与冲突之间摇摆不定。全球市场陷入了犹豫不决的循环，波动性居高不下，情绪几乎每天都在变化。紧张的美中关系继续推动市场情绪，在短暂的乐观和新的敌意之间交替。

Volatility Persists as U.S.–China Relations Teeter Between Calm and Conflict.Global markets are caught in a cycle of indecision, with volatility staying elevated and sentiment shifting almost daily. The strained U.S.–China relationship continues to drive market mood, alternating between brief moments of optimism and renewed hostility.

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Chinese Premier Li Qiang on Tuesday reiterated the need to boost domestic consumption to reduce China’s reliance on exports, signaling top leaders’ concerns over economic resilience. Speaking at a seminar with analysts and entrepreneurs, Li urged the country to “continuously form new growth points for expanding domestic demand,” according to China Central Television. He also called for curbing “disorderly competition,” highlighting efforts to rein in price wars that hinder industrial development. In a veiled reference to global tensions, including with the U.S., Li stressed that China’s economy must remain resilient amid external changes. His remarks come as policymakers prepare the 2026–2030 five-year plan, in which consumption is expected to play a central role. In June, Li described China as “a mega-sized consumer powerhouse on top of its solid foundation as a manufacturing power.”

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Chinese Premier Li Qiang on Tuesday reiterated the need to boost domestic consumption to reduce China’s reliance on exports, signaling top leaders’ concerns over economic resilience. Speaking at a seminar with analysts and entrepreneurs, Li urged the country to “continuously form new growth points for expanding domestic demand,” according to China Central Television. He also called for curbing “disorderly competition,” highlighting efforts to rein in price wars that hinder industrial development. In a veiled reference to global tensions, including with the U.S., Li stressed that China’s economy must remain resilient amid external changes. His remarks come as policymakers prepare the 2026–2030 five-year plan, in which consumption is expected to play a central role. In June, Li described China as “a mega-sized consumer powerhouse on top of its solid foundation as a manufacturing power.”

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China’s 10-year government bond yield traded around 1.75% on Wednesday, remaining near a one-month low, as persistent deflationary pressures fueled expectations of further policy easing. Consumer prices declined more than expected in September, although the pace of the drop moderated slightly compared to August. Meanwhile, producer prices remained in deflation for a third consecutive year in August, albeit contracting at a slower rate than in July. On the trade front, President Donald Trump stated that the US may consider concluding specific trade ties with China, particularly those involving cooking oil. This followed Beijing’s decision to sanction five US subsidiaries of South Korea’s shipping giant Hanwha Ocean, citing their role in Washington’s ongoing investigation into China’s maritime and shipbuilding industries. Still, President Trump is expected to meet with President Xi Jinping in South Korea later this month in a bid to ease tensions.