中国取消非洲关税，贸易激增刺激人民币采用。中国与非洲贸易的激增和非洲大陆大多数国家关税的取消似乎将促进人民币的使用，从而有助于​北京试图建立西方金融的替代品。

China's African tariff removals, trade surge spur yuan adoption.Surging Chinese trade with Africa and lifting of tariffs for most countries on the continent look set to boost yuan use, aiding ​Beijing's bid to build alternatives to Western finance.

中国推出第三批以旧换新基金，疲软的零售数据继续给经济刺激带来压力。在本周早些时候公布疲软的零售销售数据（5月份零售销售下降0.6%，这是疫情以来的首次下降）之后，第三批计划的宣布时间表明，北京准备将以旧换新计划作为需求底线，而不是像最初建议的那样逐步结束。8200亿元的带动销售是一个有意义的标题，但潜在的零售趋势仍然疲软，连续几期的边际影响可能正在减弱。

China rolls out third trade-in fund tranche as weak retail data keeps stimulus pressure on.The timing of the third tranche announcement, following weak retail sales data earlier this week (May retail sales falling 0.6%, the first decline since the pandemic), signals Beijing is prepared to sustain the trade-in program as a demand floor rather than wind it down as initially suggested. The 820 billion yuan in driven sales is a meaningful headline but the underlying retail trend remains soft, and the marginal impact of successive tranches is likely diminishing.

中国人民银行潘：如果货币市场隔夜利率持续偏离操作利率，将采取行动。中国人民银行潘：如果货币市场隔夜利率持续偏离操作利率，将采取行动

PBOC's Pan: Will act if money market overnight rate persistently deviates from operation rates.PBOC's Pan: Will act if money market overnight rate persistently deviates from operation rates

中国将发行3000亿元人民币债券以增加银行资本，同时解决地方债务问题。3000亿元人民币的特别债券公告是声明中最具体的市场元素，表明北京正在从承认银行资本压力转向积极解决这一问题。中国银行股，特别是最受地方政府融资工具影响的中端和地区性银行，可能会在短期内得到资本重组信号的支持。

China to issue CNY 300bln bonds to boost bank capital as local debt tackled.The CNY 300 billion special bond announcement is the most market-concrete element of the statement and signals Beijing is moving from acknowledging bank capital stress to actively addressing it. Chinese bank stocks, particularly mid-tier and regional lenders most exposed to local government financing vehicles, may find near-term support on the recapitalisation signal.