周四，中国10年期政府债券收益率升至1.72%左右，延续了前一交易日的涨幅，此前法院对美国总统唐纳德·特朗普的贸易措施做出了关键裁决。位于曼哈顿的美国国际贸易法院裁定，特朗普在征收所谓的“解放日”进口关税时越权。法院下令撤销并永久阻止这些关税，这标志着政府激进的贸易立场在法律上遭遇了重大挫折。与此同时，美国实施了更严格的出口管制，有效地限制了一些美国公司向中国出售关键技术。这些事态发展发生之际，长期存在的美中贸易战出现了脆弱的停顿，两国最近都同意部分降低关税。在国内方面，交易员现在将注意力转向即将公布的PMI数据，以进一步了解世界第二大经济体的健康状况。

China’s 10-year government bond yield rose to around 1.72% on Thursday, extending gains from the previous session following a key court ruling on US President Donald Trump’s trade measures. The US Court of International Trade in Manhattan ruled that Trump had exceeded his authority in imposing the so-called "Liberation Day" import tariffs. The court ordered these tariffs to be vacated and permanently blocked, marking a significant legal setback for the administration’s aggressive trade stance. Meanwhile, the US imposed tighter export controls, effectively restricting some American firms from selling key technologies to China. These developments come amid a fragile pause in the long-running US-China trade war, with both countries having recently agreed to a partial reduction in tariffs. On the domestic front, traders are now turning their attention to upcoming PMI data for further insights into the health of the world’s second-largest economy.