周报：8月制造业PMI仍然位于荣枯线之下

Group 1: Market Indicators - As of August 31, the official manufacturing PMI recorded at 49.1%, down 0.3 percentage points from the previous month, remaining below the expansion threshold[5] - The production index for August PMI was 49.8%, also down 0.3 percentage points from July, indicating weak production activity[5] - The construction PMI for August was 50.6%, down 0.6 percentage points from the previous month, reflecting a low level of activity in the construction sector[5] Group 2: Monetary Policy and Liquidity - The central bank conducted a 7-day reverse repurchase operation, injecting liquidity of 1,401.8 billion yuan, maintaining an interest rate of 1.70%[3] - The MLF operation scale for August was 300 billion yuan, which is 1,010 billion yuan less than the amount maturing in the same month[8] - The 10-year government bond yield was reported at 2.17%, up 2 basis points from the previous week, while the 1-year yield was at 1.49%, down 1 basis point[10] Group 3: Economic Outlook - The new orders index for August decreased by 0.4 percentage points from July, indicating insufficient domestic demand[5] - The core PCE index in the U.S. rose by 2.6% year-on-year in July, slightly below expectations, which may influence future interest rate decisions[9] - Market expectations for a 50 basis point rate cut by the Federal Reserve in September rose to 30% as of August 31[9]