中国的债务打击将地方政府融资平台推向了昂贵的影子贷款，重新引发了人们对潜在风险的担忧。中国对地方政府借贷的打击甚至将富裕的省份重新推向影子银行市场，在那里，国有实体正在接受高成本贷款以填补资金缺口。

China debt crackdown pushes LGFVs into costly shadow loans, reviving hidden-risk worries.China's crackdown on local-government borrowing is pushing even wealthy provinces back into the shadow-banking market, where state-run entities are taking on high-cost loans to plug funding gaps.

美国贸易代表格里尔呼吁缩小与中国的贸易规模，实现贸易平衡，并加强USMCA的执行力度。美国贸易代表格里尔表示，华盛顿的目标是与中国保持稳定但重新调整的关系，并强调随着时间的推移，双边贸易必须变得更加平衡，而且可能会更小。格里尔指出，美国对中国的商品贸易逆差已经下降了约25%，称这一转变是“正确的方向”。

USTR Greer calls for smaller, balanced China trade and tighter USMCA enforcement.U.S. Trade Representative Greer said Washington aims to maintain a stable but recalibrated relationship with China, stressing that bilateral trade must become more balanced, and likely smaller, over time. Greer noted the U.S. goods trade deficit with China has already fallen by about 25%, calling the shift “the right direction.

独家：消息人士称，中国国有银行吸收美元以减缓人民币升值。据知情人士透露，中国主要国有银行本周在境内现货市场买入美元，并持有美元，以不同寻常的力度控制人民币走强。

Exclusive: China state-owned banks soak up dollars to slow yuan gains, sources say.China's major state-owned banks bought dollars in the onshore spot market this week and held on to them in an unusually strong effort to rein in yuan strength, according to people with knowledge of the matter.

investingLive亚太外汇新闻报道：特朗普仍在推动英伟达H200芯片进入中国。日元在东京早盘交易中走弱，美元/日元突破155.50，然后在强劲的长期日本国债拍卖后回落。日本政府债券最初在5年期、10年期、20年期和30年期行业被抛售，但在30年期债券的抛售达到2019年以来的最高出价和明显收紧的尾部后，这一举措在很大程度上得到了恢复，这表明需求在持续期内具有弹性。

investingLive Asia-Pacific FX news wrap: Trump still pushing for Nvidia H200 chip to China.The yen weakened in early Tokyo trading, with USD/JPY pushing above 155.50 before easing after a strong long-end JGB auction. Japanese government bonds initially sold off across the 5-, 10-, 20- and 30-year sectors, but recovered much of the move after the 30-year sale delivered its highest bid-to-cover since 2019 and a markedly tighter tail, signalling resilient demand for duration.