受进一步财政刺激预期的推动，中国10年期政府债券收益率升至2.15%左右，连续第四个交易日上涨。虽然全国人民代表大会常务委员会尚未宣布会议日期，但交易员们正急切地等待有关8万亿元人民币潜在刺激计划的细节。他们还预计，将发行1万亿元人民币的专项政府债券用于银行资本重组，并将政府的地方债务互换债券配额增加5万亿元人民币。本周早些时候，央行推出了新的货币宽松措施，将利率降至历史最低水平。央行将一年期贷款最优惠利率（LPR）下调25个基点至3.1%，该利率是企业和家庭贷款的关键基准，并将通常用于房地产抵押贷款的五年期LPR下调25个百分点至3.6%。交易员们现在正密切关注中国人民银行即将于明天公布的1年期中期贷款安排（MLF）决定。

China's 10-year government bond yield rose to around 2.15%, marking its fourth consecutive session of gains, driven by expectations of further fiscal stimulus. While the National People's Congress (NPC) Standing Committee has yet to announce a meeting date, traders are eagerly awaiting details on a potential CNY 8 trillion stimulus package. They also expect a CNY 1 trillion in special government bonds for bank recapitalization and a CNY 5 trillion increase in the government’s local debt swap bond quota. Earlier this week, the central bank introduced new monetary easing measures, cutting interest rates to historic lows. The central bank lowered the one-year loan prime rate (LPR), a key benchmark for corporate and household loans, by 25 bps to 3.1%, and similarly trimmed the five-year LPR, typically used for property mortgages, by 25 bps to 3.6%. Traders are now closely watching for the PBOC's upcoming 1-Year Medium-Term Lending Facility (MLF) decision, due to be released tomorrow.

离岸人民币兑美元汇率升至7.11左右，这得益于对中国采取额外财政刺激措施的预期。虽然全国人大常委会尚未宣布会议日期，但交易员们预计即将出台的刺激计划将有更多细节，估计为8万亿元人民币。他们还预计，将发行1万亿元人民币的专项政府债券用于银行资本重组，并将政府的地方债务互换债券配额增加5万亿元人民币。人民币升值也得到了主要国有银行干预的支持，这些银行一直在现货市场积极出售美元以支撑人民币。本周早些时候，中国人民银行实施了货币宽松措施，将利率降至历史新低。一年期贷款最优惠利率下调25个基点至3.1%，而五年期贷款的最优惠利率也下调了25个基点，至3.6%。交易员们现在期待着中国人民银行即将于明天做出的1年期MLF决定。

The offshore yuan strengthened to around 7.11 per dollar, buoyed by expectations of additional fiscal stimulus measures from China. While the National People's Congress Standing Committee has yet to announce a meeting date, traders are anticipating more details on the upcoming stimulus package, estimated at CNY 8 trillion. They also expect a CNY 1 trillion in special government bonds for bank recapitalization and a CNY 5 trillion increase in the government's local debt swap bond quota. The yuan's appreciation is also supported by intervention from major state-owned banks, which have been actively selling dollars in the spot market to bolster the currency. Earlier this week, the People's Bank of China implemented monetary easing measures, lowering interest rates to new record lows. The one-year loan prime rate was trimmed by 25 bps to 3.1%, while the five-year loan prime rate was also cut by 25 bps to 3.6%. Traders now look ahead to PBOC's upcoming 1-Year MLF decision, due tomorrow.

恒生指数下跌，美国国债收益率飙升，中国刺激措施等待。美国国债收益率上升，给亚洲市场带来压力。恒生指数下跌0.14%，房地产和科技股领跌。

Hang Seng Index Dips as US Treasury Yields Surge, China Stimulus Awaited.US Treasury yields rise, pressuring Asian markets. Hang Seng falls 0.14%, with real estate and tech stocks leading the decline.

周四，上证综指下跌0.7%，至3280点左右，深证成分股下跌0.8%，至10490点。由于即将到来的美国总统大选使投资者对中美紧张局势的潜在升级感到紧张，内地股市结束了四天的上涨。在当局实施了一系列刺激措施，包括降低关键贷款利率以恢复经济增长和各种货币工具以提振股市活动后，投资者也在等待北京方面的进一步政策信号。与此同时，缺乏积极的财政刺激措施继续给市场带来压力，因为积极的政府支出被视为支持增长的关键。四川长虹（-5.1%）、Seres Group（-1.5%）、光启科技（-8.2%）、上海电气（-1.2%）和隆基绿色能源（-2.7%）均出现显著亏损。

The Shanghai Composite fell 0.7% to around 3,280 while the Shenzhen Component dropped 0.8% to 10,490 on Thursday, with mainland stocks snapping a four-day advance as the upcoming US presidential election kept investors on edge for a potential escalation of Sino-US tensions. Investors also awaited further policy signals from Beijing after authorities implemented a slew of stimulus measures including a reduction of key lending rate to revive economic growth and various monetary tools to boost stock market activity. Meanwhile, the lack of aggressive fiscal stimulus continued to weigh on the market as aggressive government spending is seen as crucial to support growth. Notable losses were seen from Sichuan Changhong (-5.1%), Seres Group (-1.5%), Kuang-Chi Technologies (-8.2%), Shanghai Electric (-1.2%) and Longi Green Energy (-2.7%).