China’s Bond Yields Hit Record Low Amid Economic Concerns
中国债券收益率创历史新低，经济担忧加剧
China‘s 10-year government bond yield fell below 2% for the first time, reflecting investor expectations for further policy easing to revive the economy.
中国10年期国债收益率首次跌破2%，反映了投资者对进一步宽松政策以振兴经济的预期。
On Tuesday, yields dipped to 1.979%, marking a 57 basis-point drop this year—the largest since 2018. Analysts predict continued declines, with expectations of additional reserve requirement ratio (RRR) cuts this year and potential interest rate reductions of 20 to 40 basis points in 2024.
周二，收益率降至1.979%，今年累计下降了57个基点，为2018年以来的最大跌幅。分析师预计这一趋势将继续，预测今年可能进一步下调存款准备金率（RRR），2024年可能降息20至40个基点。
Economic recovery efforts remain uneven. Retail sales show improvement, but the property market continues to slump, despite relaxed borrowing and purchase restrictions.
经济复苏进展不平衡。尽管零售销售有所改善，但房地产市场依然低迷，尽管借贷和购买限制已经放宽。
Global factors exacerbate domestic challenges. The re-election of Donald Trump and his proposed 10% tariff on Chinese imports have heightened tensions, posing risks to China’s already fragile export sector—the sole bright spot in an otherwise struggling economy.
全球因素加剧了国内挑战。唐纳德·特朗普连任及其提出对中国进口商品征收10%关税的计划加剧了紧张局势，这对中国本已脆弱的出口部门构成威胁——出口是当前经济低迷中唯一的亮点。
Meanwhile, the yuan faces pressure from capital outflows as US and Japanese bonds offer more attractive yields. The yuan dropped to 7.2868 against the dollar, its weakest level in 13 months.
同时，由于美日债券提供更高的收益率，资本外流使人民币面临压力。人民币兑美元汇率跌至7.2868，为13个月以来的最低水平。
