人民币/港币 (CNYHKD) 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.

香港股市在周五早盘交易中下跌30点，跌幅0.16%，至19411点，与前一交易日的上涨有所不同，因为交易员对中国喜忧参半的活动数据做出了反应。官方数据显示，4月份工业产出增长超过预期，但零售额增幅为15个月来最低。此外，固定投资在2024年前四个月的扩张幅度低于预期。本周早些时候，美国总统拜登对包括电动汽车和芯片在内的一些中国商品上调关税。房地产和金融股主要拖累该指数，领头羊腾讯。下跌0.2%。其他跌幅较大的是李汽车（-3.4%）。，安踏体育（-1.6%）和美团（-0.7%）。尽管如此，受北京和香港多项支持措施的提振，恒生指数本周将连续第四次上涨，涨幅超过2%，保持9个多月来的最高水平。与此同时，中国内阁将于今天晚些时候就确保交付未完工房屋的新政策举行简报会。

Shares in Hong Kong fell 30 points or 0.16% to 19,411 on Friday morning deals, shifting from a rally in the prior session as traders reacted to mixed activity data in China. Official figures showed that industrial output growth beat forecasts in April but retail sales rose the least in 15 months. Also, fixed investment expanded less than expected during the first four months of 2024. Earlier in the week, US President Biden launched tariff increases on some Chinese goods, including EVs and chips. Property and financials mainly weighed the index, with bellwether Tencent Hlds. edging down 0.2%. Other decliners were Li Auto (-3.4%)., Anta Sport (-1.6%), and Meituan (-0.7%). Still, the Hang Seng is heading for the fourth straight gain for the week, jumping over 2% to stay at its highest in over nine months, boosted by multiple support measures from Beijing and Hong Kong. Meantime, China's cabinet will hold a briefing later today on new policies to ensure the delivery of unfinished homes.

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.