周三，由于投资者对强于预期的经济数据做出反应，中国10年期政府债券收益率降至1.64%左右。中国第一季度GDP增长超出预期，保持了一年半以来的最快增速。此外，2025年3月工业产出攀升，创下2021年6月以来的最快增长，超出预期。3月份零售贸易也出现了显著增长，创下2023年12月以来的最快增长，超过了市场预测。在劳工方面，3月份的失业率从上个月的两年高点小幅下降。这些积极数字在很大程度上是由旨在支持中国经济的持续政策刺激措施推动的。然而，与美国不断升级的贸易紧张局势继续笼罩着该国的经济前景。美国总统特朗普最近启动了一项针对主要进口自中国的矿产可能征收新关税的调查，引发了进一步的担忧。

China's 10-year government bond yield fell to around 1.64% on Wednesday, as investors reacted to stronger-than-expected economic data. China’s Q1 GDP grew more than anticipated, maintaining its fastest pace in a year and a half. In addition, industrial output climbed in March 2025, recording its quickest growth since June 2021 and beating expectations. Retail trade also saw a significant boost in March, posting its fastest expansion since December 2023 and surpassing market forecasts. On the labor front, the unemployment rate edged down in March from a two-year high in the prior month. These positive figures were largely fueled by ongoing policy stimulus measures aimed at supporting the Chinese economy. However, escalating trade tensions with the US continue to cloud the country's economic outlook. US President Trump recently initiated a probe into potential new tariffs on key mineral imports heavily sourced from China, sparking further concerns.