2025年3月，中国外汇储备从2月份的3.227万亿美元增加到3.241万亿美元，增加了134亿美元，达到去年11月以来的最高水平。这一增长是由于美元兑其他主要货币走弱。3月份，人民币兑美元下跌0.31%，而美元兑一篮子其他主要货币下跌3.13%。截至3月底，黄金储备为7370万金衡盎司，高于2月底的7361万盎司，因为央行连续第五个月购买贵金属。因此，黄金储备从上个月的2086.4亿美元增加到2996亿美元。

China’s foreign exchange reserves rose by USD 13.4 billion to USD 3.241 trillion in March 2025, up from USD 3.227 trillion in February, marking the highest level since last November. The increase came as the dollar weakened against other major currencies. The yuan slid 0.31% against the dollar in March, while the dollar slumped 3.13% against a basket of other major currencies. Gold reserves stood at 73.7 million fine troy ounces at the end of March, up from 73.61 million ounces at the end of February, as the central bank bought the precious metal for a fifth straight month. As a result, gold reserves increased to an equivalent of USD 299.6 billion, up from an equivalent of USD 208.64 billion in the previous month.

离岸人民币兑美元贬值约7.32元，达到两个月来的最低水平，因为日益加剧的贸易担忧加剧了对进一步宽松政策的预期。北京方面表示，有足够的空间降低借贷成本和存款准备金率，以应对美国总统特朗普最近的关税攻势。市场正在为更深层次的贸易中断做准备，尤其是在中国宣布从4月10日开始对所有美国进口产品征收34%的关税，同时对稀土实施出口管制之后。此外，北京在其出口管制名单上增加了16家美国公司，并将另外11家公司标记为“不可靠实体”。这些措施预计将使人民币继续承受压力。为了缓冲经济，正在考虑采取财政措施，包括发行特别国债的可能性。由于美国关税将以至少54%的速度影响几乎所有中国出口，中国贸易平衡的前景仍然不确定。

The offshore yuan depreciated around 7.32 per dollar, hitting its lowest level in two months, as mounting trade concerns fueled expectations of further policy easing. Beijing signaled ample room to cut borrowing costs and reserve requirements in response to US President Trump's latest tariff barrage. Markets are bracing for deeper trade disruptions, especially after China announced a 34% tariff on all US imports starting April 10, alongside export controls on rare earths. Additionally, Beijing added 16 American firms to its export control list and labeled 11 more as "unreliable entities." These measures are expected to keep the yuan under continued pressure. To cushion the economy, fiscal measures, including the potential for special treasury bonds, are being considered. With US tariffs set to impact nearly all Chinese exports at rates of at least 54%, the outlook for China's trade balance remains uncertain.

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%).