TENCENT EXECUTIVES SAID ON THE Q1 EARNINGS CALL THAT THE COMPANY’S CAPITAL EXPENDITURE WILL INCREASE, WITH MORE DOMESTICALLY PRODUCED CHIPS SET TO BE DEPLOYED IN THE SECOND HALF OF THIS YEAR

Morgan Stanley raised its 2026 China GDP growth forecast to 4.8% from 4.7%, citing resilient exports driven by AI and green-investment demand. The bank’s economists say China’s supply-chain strength is helping it gain additional global export market share. They also note the economy is relatively insulated from oil-price shocks due to its diversified energy mix and strategic reserves. Robust exports have reduced the need for further stimulus, prompting Morgan Stanley to drop its call for second-half fiscal support and additional monetary easing. The PBOC is instead likely to rely on liquidity injections and targeted credit tools rather than interest-rate cuts.

纽约联储：交易台计划5月14日至6月11日开展约163亿美元再投资购债操作。