9月18日，中国人民银行（PBOC）通过公开市场操作进行了4870亿元人民币（685.6亿美元）的七天反向回购，利率为1.4%，与上期持平。7天期反向回购2920亿元同日到期，央行实现净注资1950亿元，继续向银行体系注入流动性。就在几小时前，美联储决定将利率下调25个基点。七天反向回购利率现在是经济的主要政策利率。中国人民银行上一次将7天反向回购利率下调10个基点是在5月份。

The People’s Bank of China (PBOC) conducted CNY 487 billion (USD 68.56 billion) in seven-day reverse repos through open market operations on September 18, at an interest rate of 1.4%, unchanged from the previous period. With CNY 292 billion in seven-day reverse repos maturing on the same day, the central bank achieved a net injection of CNY 195 billion, continuing its efforts to inject liquidity into the banking system.The move came just hours after the US Federal Reserve’s decision to cut interest rates by 25 basis points. The seven-day reverse repo rate now serves as the economy's main policy rate. The PBOC last lowered the seven-day reverse repo rate by 10 basis points in May.

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The Shanghai Composite rose 0.2% to around 3,885 while the Shenzhen Component added 0.5% to 13,280 on Thursday, with mainland benchmarks touching fresh multi-year highs and tracking global gains after the US Federal Reserve delivered a quarter-point rate cut as expected. The Fed also signaled two more cuts this year but only one in 2026, countering forecasts for two or three next year. Risk appetite was further lifted by optimism over US-China trade negotiations and a potential TikTok agreement, with President Donald Trump and President Xi Jinping set to speak Friday on the terms. Separately, China’s cyberspace regulator reportedly directed firms including Alibaba to halt purchases of Nvidia’s RTX Pro 6000D, a workstation chip that can be adapted for AI. Tech names led the rally, with Cambricon Technologies (+2.9%), Hygon Information (+6.7%) and Dawning Information (+6%) posting strong gains.

周四，离岸人民币兑美元汇率跌至7.10左右，结束了三天的连胜，并在前一交易日触及十多个月高点。这一下跌是在美元反弹之后出现的，因为投资者重新评估了美联储对未来降息的谨慎立场。尽管美联储周三公布了普遍预期的25个基点的降息，但美联储主席杰罗姆·鲍威尔的言论——将其描述为应对劳动力市场疲软的“风险管理”措施——抑制了对激进宽松政策的预期，从而提振了美元。在中国，韩正副总统宣布了在中美贸易紧张局势持续的情况下升级与东盟自由贸易协定的计划。他在南宁举行的中国-东盟博览会上发表讲话，强调了与10个成员国集团的更深入合作。财政部数据显示，在经济方面，2025年前八个月财政收入同比增长0.3%，略高于1月至7月期间的0.1%。

The offshore yuan weakened to around 7.10 per dollar on Thursday, snapping a three-day winning streak and after touching a more than ten-month high in the previous session. The decline followed a rebound in the US dollar, as investors reassessed the Fed’s cautious stance on future rate cuts. While the Fed delivered a widely expected 25 basis point cut on Wednesday, Fed Chair Jerome Powell’s comments—describing it as a “risk-management” measure in response to a softening labor market—dampened expectations for aggressive easing, lifting the dollar. In China, Vice President Han Zheng announced plans to upgrade the free trade agreement with ASEAN amid ongoing trade tensions with the US. Speaking at the China-ASEAN Expo in Nanning, he emphasized deeper cooperation with the 10-member bloc. On the economic front, fiscal revenue increased by 0.3% year-on-year in the first eight months of 2025, slightly up from a 0.1% rise in the January–July period, according to the Finance Ministry.

上海指数升至3893.00点，为2015年8月以来的最高点。在过去的4周里，上海证券交易所综合指数上涨了4.39%，在过去的12个月里，它上涨了42.21%。

SHANGHAI increased to 3893.00 Index Points, the highest since August 2015. Over the past 4 weeks, Shanghai Stock Exchange Composite Index gained 4.39%, and in the last 12 months, it increased 42.21%.