三大人民币汇率上周指数全线上涨，CFETS按周涨0.43

Core Viewpoint - The Chinese yuan exchange rate indices showed an overall increase in the week of June 20, with the CFETS index rising by 0.43% to 95.92, the BIS index increasing by 0.58% to 101.51, and the SDR index up by 0.39% to 90.75 [1][2]. Exchange Rate Indices - CFETS RMB Exchange Rate Index: 95.92 [2] - BIS Currency Basket RMB Exchange Rate Index: 101.51 [2] - SDR Currency Basket RMB Exchange Rate Index: 90.75 [2] Market Analysis - The US dollar index rebounded slightly by approximately 0.5% last week, while most non-US currencies depreciated, with the Norwegian krone dropping 1.89% due to an unexpected rate cut [5]. - The onshore RMB against the USD closed at 7.1820, a slight decrease of 0.01%, while the offshore RMB appreciated by 0.14% to 7.17939 [5]. - The RMB central parity rate against the USD increased by 0.11% to 7.1695, indicating a stable performance of the RMB against the USD [5]. Policy Signals - The People's Bank of China (PBOC) issued 300 billion yuan in offshore central bank bills, signaling a commitment to stabilize the exchange rate amid a strengthening dollar [6]. - Analysts suggest that the PBOC's actions may support the RMB's appreciation in the short term, as the implied volatility of the RMB remains low [6]. Domestic Financial Developments - The PBOC announced eight significant financial opening measures aimed at enhancing the international financial center in Shanghai, including the establishment of a digital RMB international operation center and a personal credit institution [7]. - The National Financial Supervision Administration plans to release an action plan to support Shanghai's development as an international financial center, focusing on innovation in technology finance and cross-border finance [7]. Economic Indicators - From January to May, China's general public budget revenue was 96,623 billion yuan, a slight decrease of 0.3% year-on-year, while non-tax revenue increased by 6.2% [8]. - In May, the total retail sales of consumer goods reached 41,326 billion yuan, growing by 6.4% year-on-year, indicating a recovery in consumer spending [9].