三大人民币汇率指数上周全线下行，CFETS指数按周跌0.09

Currency Exchange Rates - The three major RMB exchange rate indices all declined in the week of April 30, with the CFETS RMB index at 96.20, down 0.09% week-on-week; the BIS currency basket RMB index at 102.09, down 0.16%; and the SDR currency basket RMB index at 90.44, down 0.03% [1][2] RMB Performance - On April 30, the onshore RMB closed at 7.2633 against the USD, appreciating by 199 basis points or 0.27% for the week; the offshore RMB closed at 7.2113, appreciating by 776 basis points or 1.06% for the week [5] - The appreciation of the RMB reflects increased market demand and the impact of USD index fluctuations, as the weakening US economic recovery reduces the dollar's attractiveness [5] Economic Indicators - In April, the onshore RMB depreciated approximately 0.2%, while the CFETS index fell about 2.8%, and the RMB central parity rate was adjusted up by 0.32% [5] - The RMB's future performance is expected to be influenced by the direction of the USD index and trade policies, with a moderate strengthening outlook [6] Trade Relations - Recent responses from the Ministry of Commerce regarding Sino-US trade dialogue suggest a softening stance from the US on tariffs, which has contributed to the recent strength of the offshore RMB [6] - The upcoming RMB exchange rate movements will depend on the progress of Sino-US trade negotiations and the USD's performance, with potential for volatility [6] Consumer Market Trends - During the "May Day" holiday, key retail and catering enterprises reported a 6.3% year-on-year increase in sales, with significant growth in sales of home appliances, automobiles, and communication equipment [7] - The transportation sector saw a cumulative flow of 1.467 billion people during the holiday period, reflecting an 8.0% year-on-year increase [7] Automotive Industry - New energy vehicle manufacturers reported significant growth in April deliveries, with NIO delivering 23,900 vehicles (up 53%), XPeng 35,045 vehicles (up 273%), and Li Auto 33,939 vehicles (up 31.6%) [9] Economic Policy Developments - The National Development and Reform Commission announced measures to stabilize employment and promote high-quality economic development, including the establishment of a childcare subsidy system and support for service consumption and the elderly care industry [8]