周三，在令人失望的采购经理人指数公布后，中国10年期政府债券收益率徘徊在1.63%左右，仍处于两个多月来的最低水平。官方数据显示，制造业采购经理人指数在3月份达到一年高点后，在2025年4月收缩幅度超过预期。同样，4月份服务业采购经理人指数从3月份的三个月峰值小幅下降，低于预期。与此同时，一项私人调查显示，4月份制造业采购经理人指数从前一个月的四个月高点下降。疲软的数据突显了中国经济面临的持续挑战，特别是在与美国的贸易紧张局势持续存在的情况下。在最新更新中，中国外交部在社交媒体上发布了一段视频，呼吁国际社会反对它所说的美国经济侵略。虽然这段视频没有直接提及最近的针锋相对的关税，但它向美国发出了挑衅的信息，并呼吁全球团结。

China’s 10-year government bond yield hovered around 1.63% on Wednesay, remaining at its lowest level in over two months, following the release of disappointing PMI figures. Official data showed that the manufacturing PMI contracted more than expected in April 2025, after reaching a one-year high in March. Similarly, the services PMI edged lower in April from a three-month peak in March, missing expectations. Meanwhile, a private survey revealed that manufacturing PMI declined in April from a four-month high in the preceding month. The weak data underscored persistent challenges facing the Chinese economy, particularly amid ongoing trade tensions with the US. In its latest update, China’s Foreign Ministry released a video on social media calling on the global community to stand against what it described as US economic aggression. While the video stopped short of directly referencing the recent tit-for-tat tariffs, it served as a defiant message to the US and a call for global unity.

由于投资者对中国令人失望的采购经理人指数（PMI）数据做出反应，离岸人民币兑美元汇率跌至7.27左右。周三，官方数据显示，2025年4月制造业PMI从3月份的一年高点收缩超过预期。同样，服务业采购经理人指数从前一个月的三个月高点小幅下降，低于市场预测。与此同时，一项私人调查显示，4月份制造业采购经理人指数从前一个月的四个月高点下降。尽管最近采取了刺激措施，但令人失望的数据再次引发了人们对中国经济前景的担忧，因为中国与美国的贸易紧张局势仍在持续。中国外交部在社交媒体上发布了一段视频，敦促国际社会抵制美国的经济侵略。尽管该视频没有直接提及双方交换的高额关税，但它向美国发出了挑衅的信息，并呼吁全球团结。

The offshore yuan weakened to around 7.27 per dollar, as investors reacted to disappointing PMI data from China. On Wednesday, official figures showed that manufacturing PMI contracted more than expected in April 2025, from a one-year high in March. Similarly, the services PMI edged down from a three-month high in the previous month, falling short of market forecasts. Meanwhile, a private survey revealed that manufacturing PMI dropped in April from a four-month high in the preceding month. The disappointing data reignited concerns about China's economic outlook amid ongoing trade tensions with the US, despite recent stimulus measures. In its latest update, China’s Foreign Ministry released a video on social media urging the international community to resist US economic aggression. Although the video does not directly mention the steep tariffs exchanged by both sides, it serves as a defiant message to the US and a call for global unity.

周三，中国内地股市涨跌互现，上证综指下跌0.2%，至3280点左右，而深证成分股上涨0.5%，至9895点。令人失望的PMI数据给投资者情绪蒙上了阴影，反映出与美国持续的贸易冲突带来的压力越来越大。官方数据显示，4月份制造业活动收缩幅度超过预期，而服务业的增长也低于预期。这些数据加剧了人们对贸易紧张局势对更广泛经济影响的担忧，尤其是目前尚不清楚北京和华盛顿是否积极参与谈判。到目前为止，中国当局没有采取激进的刺激措施，而是选择了一种更谨慎的方法来应对关税的影响。金融类股下跌，招商银行（-2.7%）和工商银行（-2.2%）跌幅显著。相比之下，高增长的科技和消费品牌表现优异，有助于缓冲更广泛的损失。

Mainland Chinese markets were mixed on Wednesday, with the Shanghai Composite slipping 0.2% to around 3,280, while the Shenzhen Component rose 0.5% to 9,895. Investor sentiment was clouded by disappointing PMI figures, reflecting mounting pressure from the ongoing trade conflict with the US. Official data showed manufacturing activity contracted more sharply than anticipated in April, while growth in the services sector also missed expectations. The data reinforced concerns about the broader economic fallout from trade tensions, particularly as it remains unclear whether Beijing and Washington are actively engaged in negotiations. So far, Chinese authorities have refrained from launching aggressive stimulus measures, choosing instead a more measured approach in responding to the impact of tariffs. Financial stocks fell, with notable losses from China Merchants (-2.7%) and ICBC (-2.2%). In contrast, high-growth technology and consumer names outperformed, helping cushion broader losses.

财新中国制造业采购经理人指数在2025年4月降至50.4，低于3月份的四个月高点51.2。然而，这一数字超过了49.8的预期，标志着连续第七个月的扩张，尽管这是自1月以来最疲软的增长，这表明北京的刺激措施仍在支持经济复苏。由于美国关税上调，外国销售额再次下降，新订单增长放缓至七个月低点。因此，产出增长也有所放缓。由于产能需求减少的迹象，就业人数略有下降，而积压的工作自去年9月以来首次下降。由于贸易中断和供应方面的限制，采购活动的增长减弱，交货时间延长。在价格方面，由于需求疲软，投入成本下降，导致产出价格连续第五个月下跌。最终，市场情绪降至自2012年4月该系列开始以来的第三低水平。

The Caixin China General Manufacturing PMI declined to 50.4 in April 2025, down from March’s four-month high of 51.2. However, the figure exceeded expectations of 49.8, marking the seventh consecutive month of expansion, though it was the weakest growth since January, suggesting that Beijing’s stimulus measures are still supporting the economic recovery. New orders growth eased to a seven-month low amid a renewed decline in foreign sales, driven by higher US tariffs. Consequently, output growth also softened. Employment fell slightly due to signs of reduced capacity requirements, while backlogs of work declined for the first time since last September. Growth in purchasing activity weakened, and delivery times lengthened due to trade disruptions and supply-side constraints. On the price front, input costs fell amid subdued demand, leading to a fifth consecutive monthly drop in output prices. Finally, sentiment weakened to the third-lowest level since the series began in April 2012.