Group 1 - The Shanghai Futures Exchange and the China Financial Futures Exchange hosted the 2025 Shanghai Derivatives Market Forum, highlighting the resilience of China's exports due to the irreplaceability of high-end products and transshipment trade [1] - Liu Yuanchun emphasized that 2025 will be a complex year influenced by uncertainties from U.S. policies, technological innovation, real estate stabilization, and a package of incremental policy effects [1] - Despite increased external policy uncertainties, China's economy shows significant elasticity and resilience, with March and April export growth exceeding expectations, particularly to non-U.S. countries [1] Group 2 - The resilience of the RMB exchange rate is noted amidst trade policy uncertainties, while the U.S. dollar index has weakened, potentially due to changes in global capital flows and the restructuring of global capital order [2] - Concerns over the unsustainability of U.S. debt have led to rising yields on U.S. 10-year Treasury bonds, which is a contributing factor to the dollar's weakness [2] - The current U.S. government's initiatives aim to reconstruct the manufacturing base, financial system, and global economic governance logic, with tariff policies being just the beginning of deeper challenges in the financial sector [2]
上衍论坛｜刘元春：中国中高端产品出口韧性凸显 全球资本流动出现重要转变
Xin Hua Cai Jing·2025-05-22 10:50