人民币/日元 (CNYJPY) 加自选

在中国，上海综合指数上周五上涨了30点，涨幅为0.97%。涨幅居前的是中国财富（9.23%）、保利地产（8.15%）和绿地控股（6.60%）。跌幅最大的是福耀玻璃工业（-5.33%）、锦州港（-3.11%）和海尔智能家居（-2.34%）。

In China, the Shangai Composite Index went up by 30 points or 0.97 percent on Friday. Top gainers were China Fortune (9.23%), Poly Real Estate (8.15%) and Greenland Holdings (6.60%). Biggest losses came from Fuyao Glass Indu (-5.33%), Jinzhou Port (-3.11%) and Haier Smart Home (-2.34%).

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.

日本10年期政府债券收益率升至0.93%以上，回落至六个月高点。此前，日本央行保持了与上次操作相同的债券购买量，选择不在本周早些时候突然削减债券购买。市场猜测，日本央行保持购买金额不变，因为日元受益于美元的广泛走弱，但交易员仍押注央行将在6月的政策会议上决定减少债券购买。日本央行行长上田一夫也表示，他没有立即出售央行ETF的计划。与此同时，本周早些时候的数据显示，日本经济在2024年第一季度年化收缩2%，这比市场预期的收缩1.5%还要糟糕，因为私人消费连续第四个季度下降。最新数据使日本央行的立场复杂化，日本央行需要平衡对经济的支持与捍卫疲软货币的努力。

Japan’s 10-year government bond yield rose above 0.93%, marching back toward six-month highs after the Bank of Japan left its bond buying amounts the same as the previous operation, opting not to follow up with a surprise cut to debt buying earlier this week. Markets speculated that the BOJ left the purchase amounts unchanged because the yen benefited from a broad weakening of the dollar, but traders are still betting that the central bank will decide to reduce bond buying at the June policy meeting. BOJ Governor Kazuo Ueda also said he has no immediate plan to sell the central bank’s ETF holdings. Meanwhile, data earlier this week showed that Japan’s economy contracted at an annualized 2% in the first quarter of 2024, coming in worse than market expectations for a 1.5% contraction as private consumption fell for the fourth straight quarter. The latest figures complicate the BOJ’s stance, which needs to balance its support for the economy with efforts to defend a weak currency.