中信证券：在央行灵活的稳汇率政策操作下，预计人民币汇率短期或延续低波状态

Core Viewpoint - The Chinese yuan has shown characteristics of "low volatility + resilience" since June, achieving a basic "triple price unity" [1] Group 1: Factors Influencing Yuan Resilience - The weakening trend of the US dollar index has contributed to the resilience of the yuan [1] - Domestic fundamentals and policy initiatives have provided support for the yuan [1] - The central bank's flexible operations to stabilize the exchange rate have played a crucial role [1] - The release of demand for foreign exchange settlement from clients has also bolstered the yuan's resilience [1] Group 2: Future Outlook - The existing US tariffs on China will continue to exert pressure on exports, which remains a concern [1] - The key factors for the yuan's exchange rate will be the effectiveness of domestic consumption policies and the progress of Sino-US trade negotiations after a potential easing of tariffs [1] - With the central bank's flexible exchange rate stabilization policies, the yuan is expected to maintain a low volatility state in the short term [1]