中国央行驳斥了人民币被低估的说法，在可能爆发的贸易战前夕的关键谈判中，回应了欧洲方面的一个主要论点。
China’s central bank rejected claims that the yuan is undervalued, rebutting a key European argument amid crunch negotiations ahead of a possible trade war.
“中国没有通过货币贬值获取竞争优势的必要或意图，也从未采取过竞争性贬值手段，”中国人民银行周四在一份以中英文双语印发的政策文件中表示（完整文件请见SCMP Plus）。“中国的贸易增长源于其在全球市场中日益增强的工业竞争力。”这份措辞强硬的声明发布之际，正值中欧在北京举行为期两天的贸易会谈。欧盟本月中旬前需采取行动，以削减与中国每日10亿欧元（11亿美元）的贸易顺差。
“China has no need or intent to gain competitive advantages through currency devaluation, nor has it ever resorted to competitive devaluation,” the People’s Bank of China said in a policy paper on Thursday, printed in both Chinese and English (see the full paper on SCMP Plus). “China’s trade growth is driven by its growing industrial competitiveness in the global market.”The lengthy intervention came during two days of China-European Union trade talks in Beijing ahead of the European Union’s mid-month deadline for moves towards cutting China’s €1 billion (US$1.1 billion) per day trade surplus with the bloc. The EU argues that the flood of low-cost imports hobbling European companies is due to unfair competition.
欧盟方面认为，大量廉价进口商品冲击了欧洲企业，这是不公平竞争所致。而中国则称，出口繁荣反映的是其技术和制造实力，而非货币操纵。
China says that the export boom reflects technological and manufacturing prowess rather than currency manipulation. “Attributing one’s decline in industrial competitiveness, weakened fiscal discipline, and complicated structural issues simply to others’ exchange rates is nothing but shifting the responsibility for adjustment onto others and dodging accountability,” the PBOC said.
“将自身工业竞争力的下降、财政纪律的削弱以及复杂的结构性问题简单归咎于他国的汇率，不过是把调整的责任推给他人，逃避应有的问责，”中国人民银行表示。
EU negotiators headed to Beijing after French President Emmanuel Macron and German Chancellor Friedrich Merz released a joint letter backing tougher trade defences, including a kill switch that would let officials quickly block imports from a target country.
在法国总统埃马纽埃尔·马克龙与德国总理弗里德里希·默茨发布联合信函、支持采取更强硬的贸易保护措施后，欧盟谈判代表前往北京。该信函提出包括“紧急制动机制”在内的措施，允许官员迅速阻止来自目标国家的进口商品。本周，欧洲议会也支持对华强硬立场。
The European Parliament also backed a tougher China stance this week. Macron and Merz argued at a joint press conference in July that the yuan was undervalued by 25 to 30 per cent. Still, the euro has fallen by more than 10 per cent this year against the Chinese currency amid weak European growth and fiscal concerns in France.
马克龙和默茨在7月举行的联合新闻发布会上称，人民币被低估了25%至30%。然而，由于欧洲经济增长乏力以及法国财政问题，欧元今年对人民币的汇率已下跌超过10%。
European leaders will discuss the China talks and new trade defences at a meeting in Brussels next week. The week that was Economic updates: The seven-day National Day “golden week” holiday saw a 0.7 per cent increase in cross-regional travel versus a year earlier and a slump in cinemagoing.
欧洲领导人将于下周在布鲁塞尔举行的会议上讨论与中国的会谈及新的贸易保护措施。本周要闻经济动态：在为期七天的国庆“黄金周”期间，跨区域出行人数较去年同期增长了0.7%，但观影人数则出现下滑。中国发布了将劳动法保护范围扩展至零工劳动者的草案。受人工智能热潮推动，世界贸易组织将今年全球商品贸易增长预期上调近一倍，至3.9%。香港继续保持“全球最自由经济体”的称号。据彼得森国际经济研究所预测，受出口放缓及国内需求疲软影响，中国明年经济增速可能降至4.3%。
China released draft proposals extending labour law protections to gig workers. The World Trade Organization nearly doubled its forecast for global merchandise trade growth this year to 3.9 per cent due to the artificial intelligence (AI) boom. Hong Kong retained its title as the world’s freest economy. China’s economic growth may slow to 4.3 per cent next year amid cooling exports and weak domestic demand, according to the Peterson Institute for International Economics. Tech news: HSBC’s decision to set up an AI centre in Singapore instead of Hong Kong, its biggest market, drew questions from the Hong Kong Monetary Authority. Former Anthropic and OpenAI researcher Jacob Coxon said he was “90 per cent” certain that China had spies at the two AI firms.
科技新闻：汇丰银行决定在新加坡而非其最大市场香港设立人工智能中心，此举引发了香港金融管理局的质疑。前Anthropic及OpenAI研究员雅各布·考克森称，他有“90%的把握”确信中国在这两家人工智能企业安插了间谍。面对中国日益强劲的竞争势头，美国国防部宣布投入3.5亿美元用于确保美国在量子计算领域的领先地位。
The Pentagon unveiled a US$350 million initiative to maintain US leadership in quantum computing amid growing Chinese competition. Nvidia-backed Reflection AI debuted an open-weight AI model, challenging China’s grip on the sector. AI-chip maker Biren Technology plunged 12 per cent in Hong Kong trading after announcing a HK$4 billion (US$510 million) share placement.
获得英伟达支持的Reflection AI推出了开源权重的人工智能模型，对中国在相关领域的主导地位构成挑战。此外，人工智能芯片制造商碧云峰科技在宣布拟以40亿港元（约合5.1亿美元）的价格配售股票后，其股价在港股市场下跌了12%。
US-China relations: The US Treasury issued its first fine under rules governing investments in sensitive Chinese technologies, hitting Amidi Group with a US$200,000 penalty tied to a stake in Shanghai robotics AI company Noematrix. An investigation was also launched into alleged visa fraud at nine top US universities, with China singled out as a top concern.
中美关系：美国财政部根据有关敏感中国技术投资的规则，首次开出罚单，对Amidi Group处以20万美元罚款，理由是其持有上海机器人人工智能公司Noematrix的股份。此外，美国还针对九所顶尖大学的涉嫌签证欺诈行为展开调查，其中中国被列为主要关注对象。《南华早报》报道称，中国在上个月习近平主席对美国的国事访问期间，推动了更丰富的访问议程，而美国总统唐纳德·特朗普则敦促习近平重新与日本首相高市早苗展开互动。双方可能还讨论了中国减持美元资产的问题。
The South China Morning Post reported that China pushed for a bigger itinerary during President Xi Jinping’s state visit to the United States last month and that US President Donald Trump urged Xi to re-engage with Japanese Prime Minister Sanae Takaichi. China’s shift from US dollar assets may also have been discussed. Brazil election: Flavio Bolsonaro said he would work with both China and the US if he becomes leader of Brazil after scoring a surprise win in the first round of presidential voting. Bolsonaro and President Luiz Inacio Lula da Silva are both campaigning ahead of an October 25 run-off election.
巴西选举：弗拉维奥·博索纳罗表示，如果他在总统选举第一轮投票中意外获胜并成为巴西领导人，他将与中国和美国都展开合作。博索纳罗与总统路易斯·伊纳西奥·卢拉·达席尔瓦均正为10月25日的第二轮选举进行竞选。作为被监禁的前总统雅伊尔·博索纳罗之子，博索纳罗若获胜，将延续拉丁美洲右翼选举胜利的趋势。卢拉则单独提及中国，称其可能成为合作伙伴，以支持他在巴西加工关键矿产、而非出口原矿石的计划。
Victory for Bolsonaro, the son of imprisoned former president Jair Bolsonaro, would extend a wave of right-wing electoral wins across Latin America. Lula separately named China as a possible partner in his plans to process critical minerals in Brazil rather than exporting raw ores. Military hardware: Indonesia will start to receive Chinese J-10CE fighter jets in April, according to local media. The country will become the third overseas operator of the jet after Pakistan and Uzbekistan.
军事装备：据当地媒体报道，印度尼西亚将于4月开始接收中国的歼-10CE战斗机。继巴基斯坦和乌兹别克斯坦之后，印尼将成为该战斗机的第三个海外运营商。土库曼斯坦则已将FK-2000导弹与火炮防空系统纳入其中国制造的武器库。中国人民解放军正越来越多地使用其主力攻击直升机直-10执行海上任务。
Turkmenistan has added FK-2000 missile-and-gun anti-aircraft systems to its arsenal of Chinese-made weapons. The People’s Liberation Army is increasingly using the Z-10, its main attack helicopter, for operations at sea. Going Global 100: TikTok owner ByteDance took top spot as SCMP Plus released the first Going Global 100 rankings. Foxconn Industrial Internet, Shein, BYD and Huawei Technologies rounded out the top five.
《全球100强》：随着《SCMP Plus》发布首份《全球100强》排名，TikTok母公司字节跳动位居榜首。富士康工业互联网、Shein、比亚迪和华为技术则分列前五。《SCMP Plus》在评选时考察了超过2000家中国私营企业，排名依据包括海外收入、对外国市场的依赖程度以及海外销售增长情况。完整数据库仅限《SCMP Plus》订阅用户独家使用。
SCMP Plus looked at more than 2,000 private Chinese businesses to draw up the ratings, which are based on overseas revenues, reliance on foreign markets and overseas sales growth. The full database is exclusively available to SCMP Plusrs. The week ahead Canton Fair: This year’s autumn edition of the Canton Fair, a bellwether for Chinese exports, opens in Guangzhou on Thursday. The event, which runs until November 5, is marking its 70th anniversary.
下周前瞻：广交会。作为反映中国出口走势的重要指标，今年秋季广交会将于周四在广州开幕。本届展会将持续至11月5日，并迎来70周年庆典。超过20家中国汽车制造商将亮相为期一周的巴黎车展，而2024年上一届展会仅有9家。小鹏G9L跨界车、理想汽车的五座i6以及极氪9X SUV等车型将在此次展会中全球首发，展会将于周一开幕。
More than 20 Chinese carmakers will be at the week-long Paris Motor Show, up from just nine at the last edition in 2024. The Xpeng G9L crossover, Li Auto’s five-seat i6 and Zeekr’s 9X SUV are among vehicles making their global debuts at the event, which starts on Monday. Economic signals: September inflation data, due on Wednesday, may show the biggest increase in China’s factory-gate prices since July 2022. The producer price index may rise to 4.2 per cent from 3.8 per cent in August, according to economists’ estimates compiled by Chinese financial data provider Wind. The consumer price index may rise to 1 per cent.
经济信号：即将于周三公布的9月通胀数据可能显示，中国出厂价格自2022年7月以来出现最大幅度的上涨。据中国金融数据提供商Wind汇总的经济学家预测，生产者价格指数可能从8月的3.8%升至4.2%，消费者价格指数可能升至1%。同样于周三公布的9月贸易数据显示，出口预计增长24%，高于8月的24.3%；进口增速可能从28.2%放缓至24.5%。此外，本周中国国家主席习近平将与多哥总统福雷·埃索齐姆纳·格宁贝举行会晤。
September trade data, also released on Wednesday, is expected to show export growth of 24 per cent versus 24.3 per cent in August. Import growth may slow to 24.5 per cent from 28.2 per cent. Separately, President Xi will meet Faure Essozimna Gnassingbe, the president of Togo, during the week. Double Tenth Day: Taiwan marks Double Tenth Day on Saturday, commemorating the 1911 Wuchang Uprising that ultimately led to the downfall of China’s last imperial dynasty.
双十节：台湾将于周六庆祝双十节，以纪念1911年最终导致中国最后一个帝制王朝覆灭的武昌起义。岛内领导人赖清德将发表年度讲话。北京方面此前曾批评过双十节讲话。埃斯瓦蒂尼国王姆斯瓦蒂三世将参加庆祝活动。数十名日本议员也将出席，延续这一延续数十年的传统。
The island’s leader, William Lai Ching-te, will give an annual address. Beijing has criticised previous Double Tenth Day speeches. Eswatini’s King Mswati III will take part in festivities. Dozens of Japanese lawmakers will also attend, extending a tradition dating back decades. Chip design protections: Revised regulations protecting chip designs take effect on Thursday as China seeks to boost technological self-reliance amid US export controls.
芯片设计保护：修订后的芯片设计保护法规于周四生效，此举正值中国寻求在美国出口管制背景下提升技术自主能力。这些修改旨在通过加强许可、技术转让和共同所有权规则，加速新型芯片设计的商业化。修订版还明确了对侵权行为的经济处罚。
The changes seek to accelerate the commercialisation of new chip designs by enhancing rules governing licensing, tech transfer and co-ownership rights. The revisions also clarify financial penalties for infringements. Border crossing: The redeveloped Huanggang Port border crossing opens at 6.30am on Monday, easing travel between Hong Kong and Shenzhen.
边境口岸：经过重新开发的黄冈口岸边境检查站将于周一早上6点30分开放，便利香港与深圳之间的往来。该口岸每日可容纳20万名旅客和1.5万辆车辆，将成为两市之间唯一的24小时开放边境口岸。
The facility will have a daily capacity of 200,000 travellers and 15,000 vehicles. It will be the only 24-hour border crossing between the two cities.
商业非正式渠道：英伟达创始人黄仁勋和AMD首席执行官苏姿丰或将出席清华大学经济管理学院顾问委员会在北京举行的年度会议。这两位芯片制造行业高管均于上月加入该委员会。该委员会于周二和周三召开会议，以连接外国公司与中方官员而闻名。自2019年以来，苹果公司首席执行官蒂姆·库克一直担任其主席。
Business backchannel: Nvidia founder Jensen Huang and AMD chief Lisa Su may attend the annual meeting in Beijing of the advisory board of Tsinghua University’s School of Economics and Management. The two chipmaking executives both joined the body last month. The board, which meets on Tuesday and Wednesday, has a reputation for connecting foreign companies with Chinese officials. It has been chaired by Apple’s Tim Cook since 2019.