人民币贬值现在对市场来说是一个很大的风险。特朗普昨日进一步升级了贸易战，威胁称，如果中国不放弃最近的报复性关税，明天将对中国征收50%的额外关税。此举增加了人民币贬值的风险，如果实施，可能会扰乱市场。

The yuan devaluation is now a big risk for markets.Trump escalated the trade war further yesterday threatening additional 50% tariffs on China effective tomorrow if they don't back off from the recent retaliatory tariffs. This move increased the risk of the yuan devaluation which could roil the markets if enacted.

特朗普考虑再提高85%的关税，中国发出人民币升值信号。特朗普的关税威胁和中国的坚定立场加剧了人们对全球贸易战和经济衰退的担忧。

China Signals Yuan Shift as Trump Mulls Additional 85% Tariff Hike.Trump's tariff threats and China's firm stance escalate fears of a global trade war and recession.

周二，中国国有控股公司和上市公司宣布了一波股票回购和投资承诺，因为在美国关税压力日益增加的情况下，北京加大了安抚市场的力度。中国诚通控股有限公司和中国改革控股有限公司（国信）承诺增持股票和ETF，国信承诺通过针对科技公司、国有企业和ETF的再贷款计划提供800亿元人民币。此前，在央行的支持下，国家基金中央汇金也采取了类似的举措，旨在加强持股，遏制市场过度波动。中国电子科技集团也誓言扩大其上市公司的回购。其他公司，包括中石化、东方证券、Intco Recycling和春秋航空，宣布了回购计划以显示信心。与此同时，中国金融监管机构计划将一些保险公司的股权资产配置上限提高约5%，以进一步将长期资本引入市场并支持经济。

Chinese state-owned holding firms and listed companies on Tuesday announced a wave of share buybacks and investment pledges as Beijing ramped up efforts to calm markets amid growing U.S. tariff pressure. China Chengtong Holdings and China Reform Holdings (Guoxin) committed to increasing stakes in stocks and ETFs, with Guoxin pledging CNY 80 billion via a relending program targeting tech firms, SOEs, and ETFs. This move follows a similar initiative by state fund Central Huijin, backed by the central bank, aimed at strengthening shareholdings and curbing excessive market volatility. China Electronics Tech Group also vowed to expand buybacks in its listed units. Other companies, including Sinopec, Orient Securities, Intco Recycling, and Spring Airlines, announced buyback plans to show confidence. Meanwhile, China’s financial regulator plans to raise the equity asset allocation cap for some insurers by about 5% to further channel long-term capital into the markets and support the economy.

中国10年期政府债券收益率降至1.66%左右，接近近两个月来的最低水平，因为投资者继续涌向更安全的资产，以应对美中贸易紧张局势升级。周一，特朗普总统威胁要从周三开始对中国商品加征50%的关税，在现有的54%关税基础上再加征50%。作为回应，中国承诺进一步报复，并警告称将“战斗到底”以捍卫其利益。上周，中国宣布从周四开始对所有美国进口商品征收34%的关税，这反映了华盛顿的最新举措。这一宣布引发了人们对北京提供更多财政和货币支持的预期。中国已表示，它有足够的空间来降低借贷成本，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 fell to around 1.66%, staying close to its lowest level in nearly two months, as investors continued to flock to safer assets in response to escalating US-China trade tensions. On Monday, President Trump threatened to slap an additional 50% tariff on Chinese goods starting Wednesday, building on top of existing duties totaling 54%. In response, China pledged further retaliation, warning it would "fight to the end" to defend its interests. Last week, China announced a 34% tariff on all US imports beginning Thursday, mirroring Washington’s latest move. This announcement fueled expectations of more fiscal and monetary support from Beijing. China has signaled it has ample room to ease borrowing costs, reduce reserve requirements for lenders, and expand the fiscal deficit to bolster the economy.