离岸人民币兑美元汇率在早盘短暂回落后，升至7.06左右，达到2023年5月以来的最高水平。尽管人们预计中国央行即将降息，但随着美联储决定将基准利率大幅下调50个基点至4.75%-5%，全球风险情绪有所改善，这一回升还是发生了。因此，这一政策举措为中国人民银行在不严重影响货币的情况下进一步放松货币政策提供了一些喘息的空间。现在，人们的注意力转向了中国央行将于明天公布的1年期和5年期贷款最优惠利率的决定，这将为中国是否会继续降息提供见解。与此同时，中国央行周三通过七天反向回购注入5682亿元人民币，以提高流动性。该行还计划在9月25日展期MLF贷款，推迟货币政策改革的变化，使短期利率成为更具影响力的市场动态指南。

The offshore yuan strengthened to around 7.06 per dollar, reaching its highest level since May 2023, after a brief retreat in the earlier session. This upturn occurred despite expectations of the PBoC's imminent interest rate cut, as global risk sentiment improved following the Fed's decision to cut its benchmark interest rate by a significant 50bps to 4.75%–5%. Consequently, this policy move provided some breathing room for the PBoC to further ease monetary policy without heavily impacting the currency. Attention now turns to the PBoC’s decisions on the 1-year and 5-year loan prime rates, due tomorrow, which will offer insights into whether China will follow through on rate cuts. Meanwhile, China's central bank injected CN¥568.2 billion through seven-day reverse repos on Wednesday to boost liquidity. The bank also plans to roll over MLF loans on September 25, delaying changes amid a monetary policy overhaul to make short-term rates a more influential guide for market dynamics.

在中国，上海综合指数周四上涨19点，涨幅0.71%。涨幅最大的是中国钼业（6.53%）、中国铝业（5.62%）和海尔智能家居（3.60%）。跌幅最大的是中石油（-2.48%）、中航沈阳飞机（-2.42%）和中煤（-2.07%）。

In China, the Shangai Composite Index rose 19 points or 0.71 percent on Thursday. Leading the gains are China Molybdenum (6.53%), Aluminum Corporation of China (5.62%) and Haier Smart Home (3.60%). Top losers were Petrochina (-2.48%), Avic Shenyang Aircraft (-2.42%) and China Coal (-2.07%).

周四，上证综指上涨0.8%，至2740点左右，而深证综指上涨1.8%，至8132点，延续了前一交易日的涨幅，因为美国大幅降息为中国当局进一步放松政策以支持经济提供了空间。周三，美联储宣布大幅降息0.5个百分点，以启动其宽松周期，这是自新冠肺炎疫情早期以来的首次降息。市场现在期待着中国人民银行周五的贷款最优惠利率决定。尽管如此，疲软的经济前景和中国缺乏强有力的政策支持措施继续打压市场情绪。贵州茅台（1.2%）、石家庄陈（3.2%）和上海张江（5.9%）的表现尤为突出。在企业新闻中，中船控股（2.6%）将通过股票互换交易吸收中国船舶工业（-3.2%）。

The Shanghai Composite jumped 0.8% to around 2,740 while the Shenzhen Component rallied 1.8% to 8,132 on Thursday, extending gains from the previous session as an aggressive US rate cut provides room for Chinese authorities to ease policy further to support the economy. On Wednesday, the US Federal Reserve delivered an outsized half percentage point interest rate cut to start its easing cycle, the first rate reduction since the early days of the Covid pandemic. Markets now look ahead to the People’s Bank of China’s loan prime rate decisions on Friday. Still, a weak economic outlook and the lack of forceful policy support measures in China continued to weigh on sentiment. Notable performances were seen from Kweichow Moutai (1.2%), Shijiazhuang Chan (3.2%) and Shanghai Zhangjiang (5.9%). In corporate news, China CSSC Holdings (2.6%) will absorb China Shipbuilding Industry (-3.2%) in a share swap deal.

随着美联储主席鲍威尔发表讲话后美元反弹，离岸人民币从上一交易日的14个月高点回落至1美元兑7.11美元左右。尽管美联储大幅降息，但鲍威尔缓和了预期，他表示美联储并不急于放松政策，半个百分点的降息不是“新步伐”。他还强调，超低利率不太可能回归，中性利率预计将高于前几个周期。同时，中国央行采取行动确保流动性，周三通过七天反向回购注入5682亿元人民币（801.1亿美元）。该行还确认了9月25日展期MLF贷款的计划，在旨在使短期利率成为更具影响力的市场动态指南的货币政策改革中推迟了变化。现在的注意力转向了中国央行关于1年期和5年期贷款最优惠利率的决定。，明天到期。

The offshore yuan retreated to around 7.11 per dollar from a fourteen-month high in the previous session, as the US dollar rebounded following Fed Chair Powell’s remarks. Despite the Fed's significant rate cut, Powell tempered expectations by stating that the Fed is not rushing to ease policy and that the half-percentage-point cuts are not the “new pace." He also emphasized that ultra-low interest rates are unlikely to return, with the neutral rate expected to be higher than in previous cycles. Meanwhile, China’s central bank took action to ensure liquidity by injecting CN¥568.2 billion ($80.11 billion) through seven-day reverse repos on Wednesday. The bank also confirmed plans to roll over MLF loans on September 25, delaying changes amid a monetary policy overhaul aimed at making short-term rates a more influential guide for market dynamics. Attention now turns to the PBoC’s decisions on the 1-year and 5-year loan prime rates, due tomorrow.