周五，中国10年期政府债券收益率暴跌至1.64%左右，触及近两个月来的最低水平，因为投资者在贸易紧张局势升级和政策宽松预期日益增长的情况下涌入避险资产。周五，中国公布了从4月10日起对所有美国进口商品征收34%关税的计划，与对中国商品征收的互惠关税相匹配，同时采取限制稀土出口等对策。此举进一步加剧了市场对经济影响的担忧，加剧了人们对北京提供更多财政和货币支持的预期。中国表示，它有空间降低借贷成本，降低贷款机构的存款准备金率，扩大财政赤字以提振经济。

China's 10-year government bond yield plunged to around 1.64% on Friday, hitting its lowest level in nearly two months, as investors piled into safe-haven assets amid escalating trade tensions and growing expectations of policy easing. On Friday, China unveiled plans to impose a 34% tariff on all US imports starting April 10, matching the reciprocal tariffs on Chinese goods, alongside countermeasures such as restricting rare earth exports. This move further heightened market concerns about the economic impact, fueling expectations of more fiscal and monetary support from Beijing. China has indicated it has room to ease borrowing costs, reduce reserve requirements for lenders, and expand the fiscal deficit to bolster the economy.

周一，在节后交易中，上证综指下跌5%以上，至3200点以下，深证成分股下跌7.3%，至9610点，随着贸易战加剧，内地股市追随全球抛售，引发了人们对全球经济衰退的担忧。上周白宫将美国对中国商品的关税提高到54%后，北京决定周五对所有美国进口商品征收34%的关税进行报复，而不是进行谈判。特朗普周日表示，除非与中国的贸易逆差得到解决，否则他们将继续推进他的关税计划。所有板块均下跌，指数权重股如现代安培（-9.8%）、东方财富（-6.3%）、比亚迪公司（-7.4%）、贵州茅台（-2.9%）和紫金矿业（-10%）均出现明显跌幅。

The Shanghai Composite fell more than 5% to below 3,200 while the Shenzhen Component dropped 7.3% to 9,610 in post-holiday trade on Monday, with mainland stocks tracking the global selloff as the trade war intensified, stoking fears of a worldwide recession. After the White House raised US tariffs on Chinese goods to 54% last week, Beijing decided to retaliate on Friday with a 34% levy on all US imports instead of negotiating. Trump stated on Sunday that unless the trade deficit with China is solved, they will press on with his tariff plan. All sectors declined, with notable losses from index heavyweights such as Contemporary Amperex (-9.8%), East Money (-6.3%), BYD Company (-7.4%), Kweichow Moutai (-2.9%), and Zijin Mining (-10%).

中国10年期政府债券收益率跌至1.64%的7周低点。过去4周，中国10年期债券收益率上涨4.00个基点，过去12个月下跌49.80个基点。

China 10 Year Government Bond Yield decreased to a 7-week low of 1.64%. Over the past 4 weeks, China 10Y Bond Yield gained 4.00 basis points, and in the last 12 months, it decreased 49.80 basis points.

根据共产党旗舰报纸《人民日报》周一的头版评论，中国表示，如有必要，它有降低借贷成本和放宽贷款机构准备金要求的空间，以应对美国总统唐纳德·特朗普最新关税的经济影响。官方表示，存款准备金率和关键政策利率可能随时下调。文章还指出了扩大财政赤字、发行专项国债和增加专项债务的范围。周五，北京对特朗普的最新关税措施进行了报复，对所有美国商品征收全面关税，并对稀土实施新的出口管制，这些举措扰乱了全球市场。中国政府宣布从4月10日起对所有美国进口商品征收34%的关税，这与美国对中国商品征收的所谓互惠关税水平相呼应。特朗普迅速谴责了这一回应，称其为“错误”的举动。

China signaled it has room to lower borrowing costs and ease reserve requirements for lenders if necessary to counter the economic impact of U.S. President Donald Trump’s latest tariffs, according to Monday's front-page commentary in the People’s Daily, the Communist Party’s flagship newspaper. Officials indicated that the reserve requirement ratio and key policy rates could be cut at any time. The article also noted the scope for expanding the fiscal deficit, issuing special treasury bonds, and increasing special debt. On Friday, Beijing retaliated against Trump’s latest tariff measures with sweeping levies on all U.S. goods and fresh export controls on rare earths—moves that rattled global markets. The Chinese government announced a 34% tariff on all American imports starting April 10, mirroring the level of the U.S.’s so-called reciprocal tariffs on Chinese goods. Trump quickly denounced the response, calling it the “wrong” move.