Economic Developments - The high-level economic talks between China and the U.S. achieved significant consensus and substantial progress, with a joint statement expected on May 12[3] - April's export figures showed an 8.1% year-on-year increase, although exports to the U.S. fell by 21.0%, a decrease of 30.1 percentage points from the previous month[6] Monetary Policy - The People's Bank of China (PBOC) implemented a net cash injection of 770 billion yuan through reverse repos on May 9, with a rate of 1.40%[13] - The PBOC's monetary policy report emphasized a moderately accommodative stance, aiming to enhance the bond market's functionality and support the real economy[4] Inflation and Prices - April's Consumer Price Index (CPI) rose by 0.1% month-on-month after a 0.4% decline in March, while the year-on-year CPI decreased by 0.1%[6] - The Producer Price Index (PPI) fell by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening by 0.2 percentage points[6] Bond Market - The yield on the 10-year government bond decreased by 0.10 basis points to 1.6250% as of May 9, reflecting mixed market sentiment[16] - The first batch of 36 technology innovation bonds announced an issuance scale of 21 billion yuan, aimed at supporting tech enterprises[8] International Market Trends - U.S. Treasury yields showed mixed movements, with the 2-year yield down 2 basis points to 3.88% and the 10-year yield stable at 4.37%[23] - Major European economies saw a rise in 10-year government bond yields, with Germany's yield increasing by 3 basis points to 2.55%[26]
中美经贸高层会谈达成重要共识，并取得实质性进展，4月外贸数据超预期
Dong Fang Jin Cheng·2025-05-13 02:10