随着交易员消化了最新的通胀数据,中国10年期政府债券收益率升至1.61%左右。周四,报告显示,2024年12月,中国年度消费者价格指数从上月的0.2%小幅降至0.1%,与市场预期一致,为3月以来的最低水平。与此同时,12月生产者价格指数同比下降2.3%,较11月的2.5%有所回落,与预测相符。这标志着生产者连续第27个月出现通货紧缩,但这是自8月以来最温和的收缩。这些数字突显出,尽管中国正在采取货币和财政支持措施,但通缩压力仍在加剧。本周早些时候,官方数据显示服务业活动有所上升,12月PMI从上月的51.5升至52.2。这是该行业自5月以来最快的扩张,标志着服务驱动型经济活动的持续扩张。
China’s 10-year government bond yield rose to around 1.61% as traders digested the latest inflation data. On Thursday, reports showed that China's annual consumer prices edged lower to 0.1% in December 2024, from 0.2% in the previous month, aligning with market expectations and marking the lowest level since March. Meanwhile, producer prices declined by 2.3% year-on-year in December, easing from a 2.5% fall in November and in line with forecasts. This marked the 27th consecutive month of producer deflation but the softest contraction since August. These figures underscored mounting deflationary pressures in China, despite ongoing monetary and fiscal support measures. Earlier in the week, official data indicated an uptick in services activity, with the PMI rising to 52.2 in December from 51.5 in the prior month. This represented the sector's fastest expansion since May, signaling a sustained expansion in service-driven economic activity.