中国人民银行邹：中国的货币政策是支持性的，相对宽松。中国人民银行副行长邹兰周四表示，“中国的货币政策是支持性的，相对宽松。”

PBOC's Zou: China's monetary policy is supportive and relatively loose.People's Bank of China (PBOC) Deputy Governor Zou Lan said on Thursday that “China's monetary policy is supportive and relatively loose.”

中国在2025年第一季度大幅增加了债务发行，以刺激增长和稳定债券市场。彭博新闻社称，财政部通过主权票据筹集了1.45万亿元人民币的资金，是去年同期的三倍，创下了第一季度的纪录。这一激增凸显了北京在房地产危机、通货紧缩压力和持续的贸易紧张局势下扩大财政支出的紧迫性。此举也有助于缓解对去年债券反弹的担忧，该反弹引发了金融稳定风险。尽管中国内地工业产出增长和投资稳健，但房地产销售和贷款需求疲软继续拖累中国经济前景。美国总统特朗普对中国商品征收的新关税加剧了外部压力，增加了不确定性。为了应对这些挑战，政策制定者计划在今年发行11.86万亿元人民币的新政府债券，此前预算赤字目标提高到GDP的4%，创历史新高。

China has significantly increased debt issuance in Q1 of 2025 to stimulate growth and stabilize the bond market. The finance ministry has raised a net CNY 1.45 trillion via sovereign notes, three times more than the same period last year and a record for any first quarter, Bloomberg News said. This surge highlights Beijing’s urgency to expand fiscal spending amid property woes, deflation pressures, and ongoing trade tensions. The move also helps ease concerns over last year’s bond rally, which raised financial stability risks. Despite solid industrial output growth and investment in the mainland, weak property sales and loan demand continue to weigh on China’s economic outlook. Adding to uncertainties, U.S. President Trump’s new tariffs on Chinese goods have intensified external pressures. To counter these challenges, policymakers plan to issue CNY 11.86 trillion in new government bonds this year, following an increase in the budget deficit target to a record high 4% of GDP.

丁：今年将实施更加积极的宏观政策。中国副总理丁学祥周四表示，他们“今年将实施更积极的宏观政策。”

China's Ding: Will implement more pro-active macro policies this year.China's Vice Premier Ding Xuexiang said on Thursday that they “will implement more pro-active macro policies this year.”

周四，离岸人民币兑美元汇率升至7.26左右，在美元走软的支撑下，从上一交易日触及的三周低点反弹。由于对美国经济放缓和贸易不确定性升级的担忧日益加剧，美元走软。美国总统特朗普宣布了一项新的关税，对所有进口汽车征收25%的关税。这项措施，连同对贸易伙伴的互惠关税，将于下周生效。在中国，央行本周早些时候发出了货币政策转变的信号，引起了轰动。它宣布将淡化中期贷款工具（MLF）利率，转而采用七天反向回购利率，为MLF贷款引入新的投标制度。此外，中国人民银行计划发行4500亿元人民币的一年期MLF贷款，并暗示在适当的时候可能会降息。

The offshore yuan rose to around 7.26 per dollar on Thursday, rebounding from a three-week low hit in the previous session, supported by a weakening greenback. The US dollar softened amid growing concerns over a slowing US economy and escalating trade uncertainties. US President Trump announced a fresh tariff, imposing a 25% tariff on all imported vehicles. This, along with reciprocal tariffs on trading partners, is set to take effect next week. In China, the central bank made waves earlier this week by signaling a shift in its monetary policy. It announced it would downplay the medium-term lending facility (MLF) rate in favor of the seven-day reverse repo rate, introducing a new bidding system for MLF loans. Additionally, the People's Bank of China plans to issue CNY 450 billion in one-year MLF loans and has hinted at potential rate cuts when deemed appropriate.