财新中国综合采购经理人指数从2月份的51.5升至2025年3月的51.8，为去年11月以来的最高水平。这是私营部门活动连续第17个月增长，这得益于四个月来制造业产出的最强劲扩张和服务业增长的三个月峰值。活动的增加得益于新业务流入的增加，包括出口订单的稳步增长。积压的工作也连续第二个月增长。然而，就业水平下降，主要是由于服务业的裁员。在定价方面，平均费用连续第四个月下降，因为投入成本以近五年来最快的速度下降，尽管幅度很小。最后，商业信心保持积极，尽管与2月份相比略有下降，但情绪仍高于2024年的平均水平。

The Caixin China General Composite PMI rose to 51.8 in March 2025 from 51.5 in February, marking its highest level since last November. This was the 17th consecutive month of growth in private sector activity, driven by the strongest expansion in manufacturing output in four months and a three-month peak in service sector growth. The increase in activity was underpinned by higher inflows of new business, including a solid rise in export orders. Backlogs of work also grew for the second straight month. However, employment levels declined, mainly due to job shedding in the service sector. On the pricing front, average charges fell for the fourth consecutive month, as input costs declined at their fastest pace in nearly five years, albeit marginally. Lastly, business confidence remained positive, with sentiment staying above the 2024 average, despite a slight dip compared to February.

周四，中国10年期政府债券收益率暴跌至1.79%左右，达到一个月来的最低水平，因为在美国宣布激进和全面的关税措施后，投资者涌向更安全的资产。唐纳德·特朗普总统对中国商品加征了34%的关税，使对中国的总征税达到54%，这是有史以来对几乎所有中国出口产品征收的最大关税上调。这一戏剧性的关税上调有可能严重扰乱中国对美国的出口，进一步加剧世界两大经济体之间的贸易冲突。其他主要全球经济体也面临着关税的大幅增加，欧盟面临20%的征税，日本为24%，印度为26%，同时对来自所有国家的进口产品征收10%的基准关税。这些关税将于4月5日对基本税率生效，4月9日对更高的互惠税率生效。

China's 10-year government bond yield plunged to around 1.79% on Thursday, hitting its lowest level in a month, as investors flocked to safer assets following the announcement of aggressive and sweeping tariff measures from the US. President Donald Trump imposed an additional 34% tariff on Chinese goods, bringing the total levies on China to 54%, making it the largest tariff increase ever applied to nearly all Chinese exports. This dramatic tariff hike threatens to severely disrupt China’s shipments to the US, further escalating the trade conflict between the world’s two largest economies. Other major global economies are also facing significant tariff increases, with the EU facing a 20% levy, Japan at 24%, and India at 26%, along with a 10% baseline tariff on imports from all countries. These tariffs are set to take effect on April 5 for the base rates and on April 9 for the higher reciprocal rates.

财新中国综合服务业采购经理人指数从上个月的51.4升至2025年3月的51.9，超过了市场预测的51.6。这标志着服务业自去年12月以来最强劲的增长，新订单在国内需求增加的推动下，在营销努力和需求状况的广泛改善的支持下，创下了三个月来的最大增幅。就业人数小幅下降，裁员速度为近一年来最快。关于价格，由于员工费用增加和供应商费用增加，投入价格在上个月小幅下跌后上涨。由于市场竞争加剧，产出价格连续第二个月下跌。最后，由于对全球经济和地缘政治前景的担忧，商业情绪有所缓和。

The Caixin China General Services PMI increased to 51.9 in March 2025, up from 51.4 in the previous month, surpassing market forecasts of 51.6. It marked the strongest growth in the services sector since last December, as new orders rose the most in three months, driven by increases in domestic demand, supported by marketing efforts and a broad improvement in demand conditions. Employment declined modestly, with job shedding being the fastest in nearly a year. Regarding prices, input prices rose after falling fractionally in the previous month, due to higher staff expenses and greater supplier charges. Output prices fell for the second straight month amid heightened market competition. Lastly, business sentiment moderated amid concerns over the global economic and geopolitical outlooks.

周四，离岸人民币兑美元汇率跌至7.32，在早盘触及一个月低点，原因是美国总统唐纳德·特朗普宣布实施更激进、更广泛的关税政策后，市场情绪恶化。特朗普对中国商品加征了34%的关税，将对中国的总征税提高到54%。这一举措是对几乎所有中国出口产品有史以来最大的关税上调，可能会破坏中国对美国的出口。其他主要全球经济体也面临着高额关税，欧盟征收20%的关税，日本征收24%，印度征收26%，同时对所有国家的进口产品征收10%的基准关税。这些新的关税将于4月5日对基础税率生效，4月9日对更高的互惠税率生效，这进一步加剧了人们对全球贸易战升级的担忧。在经济方面，一项私人调查显示，中国的服务业活动在2025年3月创下三个月新高，超过了市场预测。

The offshore yuan depreciated toward 7.32 per dollar on Thursday, touching a one-month low in the earlier session, as market sentiment soured following US President Donald Trump’s announcement of a more aggressive and expansive tariff policy. Trump imposed an additional 34% tariff on Chinese goods, pushing the total levies on China to 54%. This move represents the largest-ever tariff increase on nearly all Chinese exports, potentially devastating China’s shipments to the US. Other major global economies are also facing significant tariffs, with the EU seeing a 20% levy, Japan at 24%, and India at 26%, along with a 10% baseline tariff on imports from all countries. These new tariffs, set to take effect on April 5 for the base rates and on April 9 for the higher reciprocal rates, have further heightened fears of an escalating global trade war. On the economic front, a private survey showed that China's services activity hit a three-month high in March 2025, surpassing market forecasts.