中国人民银行：将适时降息降准。中国人民银行（PBOC）周四表示，他们“将在适当的时候下调利率和存款准备金率（RRR）。”

PBOC: Will cut interest rates and RRR at a proper time.The People's Bank of China (PBOC) said on Thursday that they “will cut interest rates and Reserve Requirement Ratio (RRR) at a proper time.”

上证综指下跌0.39%，收于3359点，而深证成分股周四下跌0.99%，收于10736点，连续第二个交易日下跌，科技和人工智能相关股领跌。瑞银将中国科技板块从有吸引力下调至中性，理由是今年迄今涨幅超过30%，且对未来增长前景感到担忧。分析人士还对中国实现其经济目标的能力表示担忧，正如最近结束的两会年会所概述的那样。此外，在美国总统唐纳德·特朗普的钢铁和铝关税于周三生效后，不断升级的贸易紧张局势打压了市场情绪。科技板块领跌的是上海石山（-6.8%）、Talkweb Information（-1.2%）、中兴通讯（-4.2%）、英力士智能科技（-6.8%.）和Cambricon Technologies（-4.1%.）。

The Shanghai Composite fell 0.39% to close at 3,359, while the Shenzhen Component lost 0.99% to 10,736 on Thursday, marking a second consecutive session of declines, with technology and AI-related stocks leading the retreat. UBS downgraded China’s technology sector from attractive to neutral, citing strong year-to-date gains of over 30% and concerns over future growth prospects. Analysts have also raised concerns about China’s ability to meet its economic targets, as outlined in the recently concluded Two Sessions annual meetings. Additionally, escalating trade tensions weighed on sentiment after US President Donald Trump’s steel and aluminum tariffs took effect on Wednesday. Losses in the tech sector were led by Shanghai Stonehill (-6.8%), Talkweb Information (-1.2%), ZTE Corp (-4.2%), Inesa Intelligent Tech (-6.8%) and Cambricon Technologies (-4.1%).

随着投资者开始评估全球贸易战紧张局势升级的影响，离岸人民币兑美元汇率在扭转了前一交易日达到的四个月高点后稳定在7.23左右。在周三的一次简报会上，中国表示已成功控制毒品贩运，并已尽其所能协助美国，建议美国表达感激之情，而不是对中国进口商品征收关税。上周，特朗普总统提高了对中国的关税，理由是应对毒品危机的努力不足，并称毒品流入美国是“一种不同寻常的威胁”同样，美国总统唐纳德·特朗普对钢铁和铝征收的25%关税于周三生效，目标是加拿大、澳大利亚、欧盟和其他贸易伙伴。作为回应，欧盟和加拿大采取了报复措施，而澳大利亚选择不征收反关税。

The offshore yuan steadied around 7.23 per dollar after reversing the four-month high reached in the previous session, as investors conitnued to asses the impact of escalating global trade war tensions. During a briefing on Wednesday, China stated that it has successfully controlled drug trafficking and has done everything it can to assist the US, suggesting that the US should express gratitude rather than impose tariffs on Chinese imports. Last week, President Trump raised tariffs on China, citing insufficient efforts to address the drug crisis and calling the flow of drugs into the U.S. 'an unusual and extraordinary threat.' Similarly, U.S. President Donald Trump's 25% tariffs on steel and aluminum took effect on Wednesday, targeting Canada, Australia, the EU, and other trading partners. In response, the EU and Canada imposed retaliatory measures, while Australia chose not to enact counter-tariffs.

上证综指下跌0.2%，跌至3370点以下，而深证成分股周四下跌0.8%，至10755点，这是连续第二个交易日下跌，因为投资者正在努力应对中国缺乏市场推动催化剂的问题。正如最近结束的两会年会所概述的那样，分析人士对中国实现经济目标的能力表示担忧。此外，在美国总统唐纳德·特朗普的钢铁和铝关税于周三生效后，不断升级的贸易紧张局势打压了市场情绪。与此同时，瑞银将中国科技行业的评级从有吸引力下调至中性，理由是今年迄今涨幅超过30%，且对未来增长前景感到担忧。跌幅最大的公司包括中兴通讯（-3.3%）、Talkweb Information（-3.4%）、浙江华铁（-2.7%）、广东澳飞（-5.8%）和Toibet Huayu（-4.4%）。

The Shanghai Composite slipped 0.2% to dip below 3,370, while the Shenzhen Component lost 0.8% to 10,755 on Thursday, marking a second consecutive session of declines as investors grappled with a lack of market-moving catalysts in China. Analysts have raised concerns about China’s ability to meet its economic targets, as outlined in the recently concluded Two Sessions annual meetings. Additionally, escalating trade tensions weighed on sentiment after US President Donald Trump’s steel and aluminum tariffs took effect on Wednesday. Meanwhile, UBS downgraded China’s technology sector from attractive to neutral, citing strong year-to-date gains of over 30% and concerns over future growth prospects. Among the biggest losers were ZTE Corp (-3.3%), Talkweb Information (-3.4%), Zhejiang Huatie (-2.7%), Guangdong Aofei (-5.8%), and Toibet Huayu (-4.4%).