三大人民币汇率指数上周全线上涨，CFETS按周涨0.54

Core Viewpoint - The recent data from the China Foreign Exchange Trading Center indicates a general appreciation of the Renminbi against a basket of currencies, with the CFETS index rising to 96.14, reflecting a weekly increase of 0.54% [1][2]. Exchange Rate Indices - CFETS Renminbi Exchange Rate Index: 96.14, up 0.54% week-on-week [2] - BIS Currency Basket Renminbi Exchange Rate Index: 101.80, up 0.64% week-on-week [1][2] - SDR Currency Basket Renminbi Exchange Rate Index: 90.90, up 0.38% week-on-week [1][2] Market Sentiment and Currency Performance - The market showed moderate changes in risk appetite, with the US dollar index rebounding by 0.6%, marking the second consecutive week of increase [6] - The Renminbi's depreciation against the US dollar was relatively mild, with the onshore Renminbi closing at 7.1766, down 56 points for the week [6] - Analysts noted that the Renminbi's middle rate continues to rise, indicating the central bank's intention to guide a moderate appreciation of the currency [6][7]. Economic Context - The Chinese economy demonstrated strong resilience and vitality in the first half of the year, contributing to the Renminbi's stability [6][7]. - The People's Bank of China emphasized that it does not seek to gain international competitive advantage through currency depreciation, maintaining a clear and consistent stance on exchange rate policy [7]. Future Outlook - Analysts predict a higher probability of moderate appreciation for the Renminbi, supported by stable economic expansion in China [8]. - The ongoing trend of "de-dollarization" and the expectation of further interest rate cuts by the Federal Reserve may contribute to a weaker US dollar, which could enhance the attractiveness of Renminbi assets [8][9].