周报：4月通胀平稳，进出口保持韧性-20250512

Inflation and CPI Trends - In April 2025, the CPI increased by 0.1% month-on-month, with food CPI rising by 0.2% and non-food CPI by 0.1%, marking a return to positive growth after two months[1] - Year-on-year, the CPI remained at -0.1%, unchanged from the previous month, indicating a third consecutive month of negative growth[2] - Core CPI, excluding food and energy, rose by 0.2% month-on-month, maintaining a year-on-year growth of 0.5%[2] PPI and Economic Outlook - The PPI decreased by 0.4% month-on-month in April 2025, with a year-on-year decline of 2.7%, reflecting ongoing pressures from trade environment changes and seasonal energy price declines[8] - The PPI is expected to remain negative year-on-year for the next three months, influenced by trade tensions and falling commodity prices[9] Trade Performance - In April 2025, exports grew by 8.1% year-on-year, while imports fell by 0.2%, showing resilience despite new trade tensions with the U.S.[10] - The decline in exports to the U.S. was offset by increased exports to ASEAN countries, which rose by 20.8% year-on-year, contributing 3.6 percentage points to overall export growth[11] Monetary Policy Adjustments - The central bank announced a 0.5 percentage point reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in liquidity to stabilize the economy[14] - Interest rates were also lowered, with the 7-day reverse repo rate decreasing from 1.5% to 1.4%, aimed at reducing overall loan costs and supporting sectors impacted by trade tensions[15] Market Performance - As of May 9, 2025, the CSI REITs index increased by 0.28%, while the overall market showed mixed performance with varying sector trends[19] - The average trading volume in the REITs market decreased by 7.18% week-on-week, indicating a slight decline in market liquidity[19]