本报告为高盛中国经济研究快评，聚焦中国的三件事。一是特朗普与习近平峰会结束：习近平主席于9月25日结束对美国访问，双方均发布官方通稿。白宫情况说明重点提及芬太尼管控进展，以及特朗普敦促习主席增加成品油产量；中方通稿则强调中美关系"建设性战略稳定"，置于贸易与关税具体协议之前。双方似意在2026年内维持现状，以配合APEC与G20会议顺利举行。白宫文件提及美方对稀土及其他关键矿产供应链短缺的关切，显示稀土仍是中国有效筹码，多项双边紧张尚未化解。二是央行三季度货币政策委员会释放汇率信号：会议于9月19日召开、9月24日公布声明，整体货币政策基调与二季度基本不变，主要边际变化在汇率管理，明确提出防范"羊群行为"和"非理性预期自我强化"，显示在年底结汇高峰前更注重避免人民币升值超调。
Three quick highlights from China: (1) Trump-Xi summit concluded: President Xi's US visit concluded on September 25, and both countries released official readouts. The White House fact sheet led with progress on fentanyl controls and President Trump urging President Xi to increase production of refined petroleum products. The readout from China led with "constructive strategic stability" in US-China relations, ahead of concrete agreements on trade and tariffs. Overall, both sides appear keen to maintain the status quo through 2026 to support successful APEC and G20 meetings. The reference to "US concerns regarding supply chain shortages related to rare earths and other critical minerals" in the White House fact sheet suggests that rare earths remain an effective leverage for China and that many bilateral tensions remain unresolved. (2) PBOC Q3 MPC signal for FX: The PBOC held its Q3 MPC meeting on September 19, and the statement was released on September 24. Compared with the Q2 MPC me