交易员忽视疲软的中国数据，关注美联储和马德里谈判。外汇市场今天在亚洲时段表现疲软，主要货币对几乎没有变动，而地区股市保持稳定。尽管中国经济数据令人失望，显示经济活动普遍疲软，但语气依然温和。

Traders Look Past Weak China Data, Eye Fed and Madrid Talks.Forex markets were subdued in Asian session today, with major pairs showing little movement while regional equities held steady. The muted tone comes despite a disappointing run of Chinese economic data, which showed broad weakness in activity.

中国统计局表示，中国经济继续面临多重风险和挑战，理由是2025年8月在全球逆风加剧的情况下表现疲软。极端天气进一步抑制了活动，创纪录的高温是自1961年以来最热的，也是同期最长的雨季。本月工业生产同比增长5.2%，低于5.8%的预期，为一年来最慢增速，而零售额增长3.4%，为八个月来最低，低于3.8%的普遍预期。失业率微升至5.3%的六个月高点，房地产投资持续萎缩，突显出该行业在更严格的投机和债务规定下长期低迷。由于国内需求仍然疲软，北京正在推动制造商寻求新市场，以缓冲美国总统特朗普不可预测的贸易政策。官员们还警告说，激进的降价正在挤压雇主，并承诺稳定就业、企业、市场和预期。

China’s economy continues to face multiple risks and challenges, the statistics bureau said, citing August 2025’s weak performance amid mounting global headwinds. Activity was further weighed down by extreme weather, with record heat—the hottest since 1961—and the longest rainy season for the same period. Industrial production in the month grew 5.2% yoy, missing forecasts of 5.8% and marking the slowest pace in a year, while retail sales rose 3.4%, the weakest in eight months and below the 3.8% consensus. The jobless rate edged up to a six-month high of 5.3%, and property investment kept contracting, highlighting the sector’s prolonged slump under tighter rules on speculation and debt. With domestic demand remaining weak, Beijing is pushing manufacturers to seek new markets to cushion against U.S. President Trump’s unpredictable trade policy. Officials also warned that aggressive price cuts are squeezing employers, pledging to stabilize jobs, businesses, markets, and expectations.

investingLive亚太外汇新闻摘要：中国数据令人失望，美中谈判仍在继续。周末在马德里举行的美中贸易谈判涉及TikTok、关税和经济，但细节很少。与此同时，中国8月份的数据突显出房地产和国内需求持续疲软，加剧了对更多政策支持的预期。

investingLive Asia-Pacific FX news wrap: China data disappoints, US–China talks continue.Weekend U.S.–China trade talks in Madrid touched on TikTok, tariffs and the economy, though few details emerged. Meanwhile, China's August data underscored persistent weakness in property and domestic demand, fuelling expectations for more policy support.

周一，中国10年期政府债券收益率攀升至1.87%左右，达到4月初以来的最高水平，尽管经济数据令人失望，但市场预计中国人民银行本周的决定不会改变。报告显示，8月份零售销售和工业产出增长均低于预期，突显出国内需求持续疲软，而固定资产投资进一步放缓，失业率升至六个月高点。国家统计局承认这些风险，敦促全面实施宏观政策，稳定就业、企业和市场预期，同时深化改革和创新——投资者将这一立场解释为限制短期刺激的范围，推高长期收益率。与此同时，市场还跟踪了美中在西班牙举行的会谈，这是四个月来的第四次会议，重点讨论了国家安全、贸易和经济问题，包括TikTok的撤资截止日期和计划中的美国关税。

China’s 10-year government bond yield climbed to around 1.87% on Monday, hitting its highest level since early April, as markets expected no change in this week’s PBOC decision despite disappointing economic data. Reports showed retail sales and industrial output growth both missed forecasts in August, underscoring persistent weakness in domestic demand, while fixed-asset investment slowed further and the jobless rate rose to a six-month high. The National Bureau of Statistics acknowledged these risks, urging full implementation of macro policies to stabilize employment, businesses, and market expectations while deepening reform and innovation—a stance that investors interpreted as limiting scope for near-term stimulus, pushing long-term yields higher. Meanwhile, markets also tracked US-China talks in Spain, the fourth meeting in four months, focused on national security, trade, and economic issues, including TikTok’s divestment deadline and planned US tariffs.