国际金融市场早知道：7月23日

Market Overview - The State Administration of Foreign Exchange reported that in the first half of 2025, cross-border income and expenditure reached a record high of $7.6 trillion, with a net inflow of $127.3 billion from non-bank sectors, continuing the trend from the second half of last year [1] - The USD/CNY exchange rate appreciated by 1.9% in the first half of the year, with no significant expectations for further appreciation or depreciation in the market [1] Trade Agreements - President Trump announced a trade agreement with Japan, which includes a 15% reciprocal tariff and a $550 billion investment from Japan into the U.S. market, alongside market openings for products like automobiles and rice [1] - The Philippines is set to open its market to the U.S. with zero tariffs, while the U.S. will impose a 19% tariff on imports from the Philippines [1] Monetary Policy - Trump has called for a 3% reduction in interest rates, criticizing the current rates for negatively impacting the housing market [2] - U.S. Treasury Secretary Mnuchin noted that tariff revenues could account for 1% of U.S. GDP, potentially reaching $2.8 trillion over the next decade [2] - The Bank of Japan is expected to maintain its benchmark interest rate at 0.5% in the upcoming meeting, despite recent political developments [2] Global Market Dynamics - U.S. stock indices showed mixed results, with the Dow Jones up 0.4% and the Nasdaq down 0.39% [3] - Precious metals futures saw gains, with COMEX gold futures rising by 1.10% to $3,444.00 per ounce [3] - Oil prices experienced slight declines, with WTI crude oil down 0.76% to $65.45 per barrel [3] - U.S. Treasury yields fell across the board, with the 10-year yield down 3.17 basis points to 4.344% [3] - The U.S. dollar index decreased by 0.49%, while most non-USD currencies appreciated against the dollar [3]