消息人士称，中国科技巨头游说离岸人民币稳定币。知情人士表示，中国科技巨头京东和阿里巴巴旗下蚂蚁集团敦促央行授权基于人民币的稳定币，以对抗与美元挂钩的加密货币日益增长的影响力。

China's tech giants lobby for offshore yuan stablecoin, sources say.China's tech giants JD.com and Alibaba affiliate Ant Group are urging the central bank to authorise yuan-based stablecoins to counter the growing sway of U.S. dollar-linked cryptocurrencies, people with direct knowledge of the discussions said.

这就是为什么特朗普与越南的协议是中国的胜利。需要注意的是，任何从越南进入美国的商品都将被征收20%的关税。这是目前10%一揽子关税的两倍，但比4月份最初吹捧的46%关税要好得多。

Here's why Trump's deal with Vietnam is a win for China.The main thing to note is that any goods from Vietnam entering the US will be slapped with 20% tariffs. That's double the current blanket 10% tariffs but way better than the supposed 46% tariffs initially touted back in April.

中国财新PMI服务业PMI降至50.6，但综合指数恢复增长。

China's Caixin PMI services PMI falls to 50.6, but composite returns to growth.

周四，投资者评估了最新的采购经理人指数，中国10年期政府债券收益率稳定在1.64%。财新中国综合采购经理人指数重返扩张区间，达到3月以来的最高水平。这一改善主要是由于制造业活动再次增加，这有助于抵消服务业放缓至九个月低点的影响。本周早些时候，官方PMI数据提供了一种略有不同的观点：制造业PMI仍处于收缩状态，但显示出逐步复苏的迹象，而非制造业PMI录得温和增长，反映出中国继续努力刺激内需，支持疲软的经济。市场现在正关注下周公布的关键经济数据，尤其是通胀和贸易数据。与此同时，人们的注意力也转移到了本月的政治局会议上，在美国关税等持续的经济逆风中，投资者预计将采取新的刺激措施。

China’s 10-year government bond yield held steady at 1.64% on Thursday, as investors assessed the latest PMI figures. The Caixin China General Composite PMI returned to expansion territory, reaching its highest level since March. This improvement was largely driven by a renewed increase in manufacturing activity, which helped offset a slowdown in the services sector that fell to a nine-month low. Earlier in the week, official PMI readings offered a slightly different view: the manufacturing PMI remained in contraction but showed signs of gradual recovery, while the non-manufacturing PMI recorded modest growth, reflecting China’s continued efforts to stimulate domestic demand and support its sluggish economy. Markets are now eyeing key economic data due next week, particularly inflation and trade figures. Meanwhile, attention is also shifting to this month’s Politburo meeting, where investors anticipate new stimulus measures amid persistent economic headwinds such as looming US tariffs.