瑞郎/人民币 (CHFCNY) 加自选

2024年第三季度，瑞士的经常账户盈余从去年同期修订后的160亿瑞士法郎收窄至63亿瑞士法郎。这是自2023年第一季度以来的最小盈余，因为商品盈余从2023年第三季度的301亿瑞士法郎减少到267亿瑞士法郎，服务赤字从61亿瑞士法郎增加到81亿瑞士法郎。与此同时，初级收入缺口从一年前的42亿瑞士法郎上升到65亿瑞士法郎，次级收入差距也从38亿瑞士法郎扩大到59亿瑞士法郎。

Switzerland's current account surplus narrowed to CHF 6.3 billion in the third quarter of 2024 from a revised CHF 16 billion in the corresponding period of the previous year. This was the smallest surplus since Q1 2023, as the goods surplus shrank to CHF 26.7 billion from CHF 30.1 billion in Q3 2023 and the services deficit increased to CHF 8.1 billion from CHF 6.1 billion. At the same time, the primary income shortfall rose to CHF 6.5 billion from CHF 4.2 billion a year ago and the secondary income gap also widened to CHF 5.9 billion from CHF 3.8 billion.

周五，中国股市收盘几乎持平，上证综指下跌0.06%，收于3368点，深证成分股微幅下跌0.02%，收于10647点，投资者对中国人民银行的最新政策决定做出了反应。央行根据市场预期，将一年期和五年期贷款最优惠利率分别维持在3.1%和3.6%不变。尽管如此，投资者仍预计2025年将获得额外的政策支持，包括进一步降息、降低银行存款准备金率和更强有力的财政措施。本月早些时候，中国官员承诺明年将采取“更积极”的财政措施和“适度”宽松的货币政策来促进经济增长，这标志着中国将改变过去十年更为谨慎的做法。本周，上海和深圳指数分别下跌0.7%和0.62%。

Chinese stocks ended nearly flat on Friday, with the Shanghai Composite slipping 0.06% to 3,368 and the Shenzhen Component edging down 0.02% to 10,647, as investors reacted to the latest policy decision from the People’s Bank of China. The central bank left its one- and five-year loan prime rates unchanged at 3.1% and 3.6%, respectively, in line with market expectations. Despite this, investors are still anticipating additional policy support in 2025, including further rate cuts, reductions in banks' reserve requirements, and stronger fiscal measures. Earlier this month, Chinese officials committed to "more proactive" fiscal measures and a "moderately" looser monetary policy next year to boost economic growth, signaling a shift away from the more cautious approach of the past decade. For the week, the Shanghai and Shenzhen indexes lost 0.7% and 0.62%, respectively.

中国10年期政府债券收益率跌至1.72%左右，接近历史低点，正如普遍预期的那样，中国人民银行在12月的利率调整中连续第二个月保持关键贷款利率稳定。作为大多数企业和家庭贷款的基准，一年期贷款最优惠利率（LPR）稳定在3.1%，而作为房地产抵押贷款关键参考的五年期LPR保持不变，为3.6%。继今年7月和10月的降息之后，这两个利率都处于历史最低水平。12月初，中国官员暗示将在2025年转向“适度宽松”的货币政策立场，这标志着与当前应对日益严峻的经济挑战的“审慎”方法有所不同。在最新的经济数据中，11月的零售销售增长低于预期，而新房价格连续第17个月下跌。从积极的方面来看，11月份的工业生产增长超过了预期。

China's 10-year government bond yield fell to around 1.72%, near historic lows, as the People's Bank of China kept its key lending rates steady for the second straight month during its December fixing, as widely expected. The one-year loan prime rate (LPR), the benchmark for most corporate and household loans, held steady at 3.1%, while the five-year LPR, a key reference for property mortgages, remained unchanged at 3.6%. Both rates are at record lows, following reductions earlier this year in July and October. In early December, Chinese officials hinted at a shift toward a "moderately loose" monetary policy stance in 2025, marking a departure from the current "prudent" approach to tackle mounting economic challenges. In the latest economic data, November’s retail sales growth came in below expectations, while new home prices fell for the 17th straight month. On a positive note, industrial production growth in November surpassed forecasts.

中国股市周五上涨，上证综指上涨0.3%，收于3380点左右，深证成分股上涨0.4%，收于10690点，收复了前一交易日的失地。此次反弹是在中国人民银行最新政策决定之后发生的，该决定将一年期和五年期贷款最优惠利率分别保持在3.1%和3.6%不变，符合市场预期。尽管如此，投资者仍预计2025年将有进一步的政策支持，包括进一步降息、进一步降低银行存款准备金率和更强有力的财政措施。本月早些时候，中国高级官员承诺明年将实施“更积极”的财政措施和“适度”宽松的货币政策，以刺激经济增长，这标志着与过去十年更为谨慎的做法有所不同。科技股领涨，IEIT Systems（+1.5%）、光迅科技（+10%）和Cambricon Technologies（+3.1%）涨幅显著。

Chinese stocks gained on Friday, with the Shanghai Composite up 0.3% to around 3,380 and the Shenzhen Component rising 0.4% to 10,690, recovering losses from the previous session. The rally followed the latest policy decision by the People’s Bank of China, which kept its one- and five-year loan prime rates unchanged at 3.1% and 3.6%, respectively, in line with market expectations. Despite this, investors continue to anticipate further policy support in 2025, including additional rate cuts, further reductions in banks' reserve requirements, and stronger fiscal measures. Earlier this month, senior Chinese officials committed to implementing "more proactive" fiscal measures and a "moderately" looser monetary policy next year to stimulate economic growth, signaling a departure from the more cautious approach of the past decade. Technology stocks led the gains, with notable rises from IEIT Systems (+1.5%), Accelink Technology (+10%), and Cambricon Technologies (+3.1%).