摩根大通：若人民币升值预期增强，投资者可能更青睐中国国债

Core Viewpoint - Morgan Stanley suggests that if expectations for the appreciation of the Renminbi increase, investors may show a greater preference for Chinese government bonds, with trade negotiation outcomes being a key influencing factor [1] Group 1: Economic Context - Luis Oganes, the global macro research head at Morgan Stanley, indicated that uncertainties arising from tariffs may hinder the Federal Reserve's ability to implement preemptive rate cuts, thereby supporting the Euro and Asian currencies [1] - The ongoing internationalization of the Renminbi is gradually attracting more foreign investors to the Chinese bond market [1] Group 2: Investment Implications - Despite the current low yields on Chinese bonds, an increase in expectations for Renminbi appreciation could lead investors to favor Chinese government bonds [1] - Global investors may reduce their overweight positions in U.S. assets as a result of these dynamics [1]