中国最新的刺激计划没有达到预期。周五，希望中国宣布为迎接唐纳德·特朗普再次担任总统的经济体提供额外财政缓冲的投资者失望了。

China's latest stimulus falls short of expectations.Investors hoping China would announce extra fiscal buffers for an economy girding for another Donald Trump presidency were disappointed on Friday.

石油新闻：飓风威胁减弱，中国需求疲软，原油价格承压。随着飓风拉斐尔威胁的消退和中国需求的下降，油价下跌。交易员们为原油市场的短期看跌趋势做好准备。

Oil News: Fading Hurricane Threat and Weak China Demand Pressure Crude Prices.Oil prices fall as Hurricane Rafael threat fades and China's demand dips. Traders brace for a bearish short-term trend in crude markets.

中国政府将地方政府债务上限提高到35.52万亿元人民币，并宣布了一项10万亿元人民币的计划，允许地方政府与北京交换表外债务，并为公共支出获得更便宜的融资。中国财政部估计，这些措施将使地方政府在未来五年内支付6000亿元人民币的利息。反过来，随着地方政府传统收入来源土地销售的减少，在世界第二大经济体面临的经济危机中闲置，市政当局债务上限的提高将增加其支出空间。尽管如此，这些措施并没有创造新的财政刺激措施，专门针对中国消费者和生产者的消费增长，这是部分市场在全国人民代表大会常务委员会结束前所预期的。

The Chinese government raised local governments’ debt ceiling to CNY 35.52 trillion and announced a CNY 10 trillion program to allow local governments to swap their off-balance sheet debt with Beijing and secure cheaper financing for public expenditure. The Chinese Ministry of Finance estimates that the measures will allow local governments to CNY 600 billion in interest payments over the next five years. In turn, the increase of the debt ceiling for municipalities will raise their room for expenditure as dwindling land sales, local governments’ traditional source of income, have idled in the economic crisis that the world’s second-largest economy faces. Still, the measures refrained from creating new fiscal stimulus that specifically targeted consumption growth among Chinese consumers and producers, which was expected by a portion of the market by the end of the National People's Congress's Standing Committee.

2024年第三季度，中国经常账户盈余为1496亿美元，高于去年同期的608亿美元，创下两年来最大盈余。商品顺差从去年同期的1561亿美元急剧扩大至2298亿美元的历史新高，因为国内商品需求疲软促使企业依赖国外市场来实现销售目标。反过来，服务赤字从609亿美元缩小到585亿美元，主要缺口从367亿美元缩小至285亿美元。反过来，中等收入盈余从230亿美元缩小到40亿美元。

China recorded a current account surplus of $149.6 billion in the third quarter of 2024, soaring from the $60.8 billion in the corresponding period of the previous year, to mark the widest surplus in two years. The goods surplus widened sharply to a record-high of $229.8 billion from $156.1 billion in the earlier year, as the weakening domestic demand for goods drove companies to rely on foreign markets to meet sales targets. In turn, the services deficit narrowed to $58.5 billion from $60.9 billion and the primary gap narrowed to $28.5 billion from $36.7 billion. In turn, the secondary income surplus narrowed to $4 billion from $23 billion.