美元/人民币 (USDCNY) 加自选

离岸人民币兑美元贬值至7.23左右，继5月16日达到两周高点后，交易员对中国喜忧参半的经济数据做出反应。最新数据显示，4月份工业生产增长超过预期，而零售额增长低于预期。尽管旨在提高产量的政府刺激措施已显示出有效性，但针对消费者支出的举措，如家电以旧换新计划和税收减免措施，却落后了。更令人担忧的是，数据显示1-4月房地产投资进一步下降，引发了人们对中国房地产救援计划有效性的担忧。与此同时，中国财政部于周五进行了第一批特别国债的拍卖，标志着人们期待已久的刺激计划的启动。

The offshore yuan depreciated to around 7.23 per dollar, following a recent peak to two-week highs on May 16th, as traders responded to mixed economic data from China. The latest figures revealed that industrial production in April grew more than anticipated, while retail sales rose less-than-expected. While government stimulus aimed at boosting production has shown effectiveness, initiatives targeting consumer spending, such as appliance trade-in programs and tax relief measures, are lagging behind. Adding to the worries, data indicated a further decline in real estate investment for the period of January to April, raising concerns about the effectiveness of China's property rescue plan. Meanwhile, China's finance ministry conducted the auction for the first batch of its special treasury bonds on Friday, marking the initiation of a long-awaited stimulus program.

中国10年期政府债券收益率下跌2.3%，因投资者对这个世界第二大经济体的喜忧参半的数据作出反应。数据显示，4月份中国工业生产增长超过预期，而零售额和固定资产投资增长低于预期。中国的失业率也从3月份的5.2%降至4月份的5%。与此同时，中国将于周五开始发行1380亿美元的超长债券，政策制定者将增加基础设施项目支出，以促进经济增长。政府将于5月17日开始发行30年期债券，5月24日开始发行20年期债券和6月14日开始发行50年期债券。在货币政策方面，中国人民银行在5月份确定的一年期中期贷款利率保持在2.5%不变。今年，中国国债收益率面临压力，跌至历史低点，因为充满挑战的经济复苏促使人们押注于进一步放松货币政策。

China’s 10-year government bond yield was subdued 2.3% as investors reacted to mixed data in the world’s second-largest economy. Data showed that industrial production in China grew more than expected in April, while retail sales and fixed asset investment rose less than anticipated. China’s unemployment rate also fell to 5% in April from 5.2% in March. Meanwhile, China kicks off its $138 billion ultra-long bond issuance on Friday as policymakers increase spending on infrastructure projects to bolster economic growth. The government will begin issuing 30-year bonds on May 17, 20-year bonds on May 24, and 50-year bonds on June 14. On the monetary policy front, the People’s Bank of China kept its one-year medium term lending facility rate unchanged at 2.5% during its May fixing. Chinese yields came under pressure this year, falling to record lows as a challenging economic recovery prompted bets on further monetary easing.

周五，美元指数连续第二天上涨至104.5以上，但本周仍将下跌，因为通胀降温和整体经济势头放缓的迹象强化了美联储今年降息的预期。周三公布的数据显示，美国4月消费者通胀数据符合预期，但低于上月，而零售销售停滞不前。与此同时，投资者周四消化了喜忧参半的经济数据，首次申请失业救济人数与预测大致一致，进出口价格上涨超过预期，房屋开工和建筑许可证令人失望，工业生产意外停滞。与此同时，交易员等待美联储官员发出更多信号，因为政策制定者呼吁在降息前保持谨慎。美元兑大多数主要货币每周都会下跌，但兑日元和人民币持平。

The dollar index rose for a second straight day to above 104.5 on Friday, but was still set to decline for the week as signs of cooling inflation and slowing momentum for the broader economy reinforced expectations for Federal Reserve interest rate cuts this year. Data released on Wednesday showed that US consumer inflation data came in line with expectations in April, but were lower than the month before, while retail sales stagnated. Meanwhile, investors digested mixed economic numbers on Thursday, with initial jobless claims fell roughly in line with forecasts, import and export prices rose more than anticipated, housing starts and building permits disappointed and industrial production unexpectedly stalled. Meanwhile, traders awaited more signals from Fed officials as policymakers called for caution before moving to cut rates. The dollar is on track for weekly falls against most major currencies, but was flat versus the yen and the yuan.

亚洲股市周五大部分下跌，这得益于华尔街隔夜微弱的领先优势，因为一些获利回吐在反弹至历史新高后冲击了市场。投资者也对中国喜忧参半的经济数据做出了反应，4月份工业生产增长超过预期，而零售额和固定资产投资增长低于预期。澳大利亚、日本、韩国、香港和中国股市均下跌。

Asian equity markets mostly fell on Friday, taking cues from a weak lead on Wall Street overnight as some profit-taking hit the market following a rally to record highs. Investors also reacted to mixed economic data in China, with industrial production growing more than expected in April, while retail sales and fixed asset investment rose less than anticipated. Shares in Australia, Japan, South Korea, Hong Kong and China all declined.