translate to chinese: "Quick Take: (1) Market rallies after Beijing pledged policy supports (2) US macro data shows signs of soft landing (3) BOJ’s YCC 

China Update: Policy Supports and Market Performance; PMI Data
•	The market has responded positively to Beijing’s continuous support. The Hang Seng Index (HSI) has gained 7.4% since last Monday, while the CSI300 has seen a 5.3% increase. Additionally, there has been $5.5 billion of net inflow into the market in the same 4-day period. Investor interest in China has also increased, as seen in the 7.6% rose in KWEB and the 7.0% rose in HXC last Friday.
•	The National Development and Reform Commission (NDRC) has issued a notice outlining measures to restore and expand consumption, particularly in the automotive and real estate sectors. According to the notice, localities are prohibited from implementing new car purchase restrictions and should instead optimize existing restrictions based on local conditions. It emphasizes the need to promote the cancellation of second-hand car migration restrictions and facilitate second-hand car transaction registration. Discriminatory policies towards non-local production cars are also prohibited. The notice also emphasizes support for digital consumption, improvement of consumer infrastructure, and increased financial support for various sectors. Additionally, it mentions the development of the REITs market and the optimization of consumer credit rates and terms.
•	Meanwhile, China’s Housing Ministry plans to ease property purchase restrictions, allowing easier access to second homes and reducing down payment ratios for first-time homebuyers. This move comes after Beijing indicated a shift away from its crackdown on real estate speculation.
•	The manufacturing Purchasing Managers’ Index (PMI) for July increased to 49.3 from 49 in June, surpassing expectations of 48.9. However, the non-manufacturing PMI decreased to 51.5 from 53.2 in June, falling short of the estimated 53.
US: Core PCE, Spending Macro Data, and Biden’s Plans
•	The US economy is showing signs of a soft landing, as indicated by data on the core Personal Consumption Expenditures (PCE), employment costs, and consumer spending. The Dow Jones has experienced a 13-day consecutive rise, matching the longest streak since 1987. In June, the PCE price index and employment cost index had the lowest increases since 2021, suggesting a cooling inflation. Furthermore, the University of Michigan’s consumer confidence index reached a near two-year high in July.
•	On the policy front, President Biden plans to impose restrictions on US tech investments in China, with a focus on semiconductors, artificial intelligence (AI), and quantum computing. Existing investments will not be affected, but some transactions will be banned, while others will require disclosure. These measures will come into effect next year as part of a broader effort to curb China’s tech development. Treasury Secretary Yellen has assured that the control will be targeted and will have minimal impact on China’s investment prospects. However, China has warned of potential retaliation.
Japan: Yield Curve Control (YCC) surprised markets
•	The Bank of Japan (BoJ) has kept the reference points of +/- 50bp around 0.00% for 10-year JGB yields. However, fixed-rate purchases have now been set at 1.0%, effectively widening the YCC band. In the accompanying press conference, Governor Ueda mentioned that this move was a pre-emptive measure to handle future risks, such as those stemming from market speculation, while maintaining the stance that monetary easing is needed. (Source: HSBC Global Research)
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