我们已经尽力了，为了不让美国爆发危机把全世界都拖下水

Core Viewpoint - The stability of the RMB exchange rate amidst US interest rate cuts indicates a strategic financial collaboration rather than a reactionary approach [1][3][10] Group 1: US Interest Rate Cuts - The Federal Reserve initiated its first interest rate cut of 25 basis points in June 2024, signaling a focus on stabilizing growth and market conditions [3][10] - The European Central Bank also cut rates by 25 basis points simultaneously, indicating a coordinated response to the US monetary policy [3][5] Group 2: China's Monetary Policy - China made slight adjustments to its policy interest rates around the same time as the US and Europe, aiming to stabilize market expectations and maintain the interest rate differential with the US [5][9] - The RMB exchange rate remained around 7.2 against the USD, reflecting a controlled depreciation that mitigated capital outflow risks [7][9] Group 3: Global Capital Flows - Following the US rate cuts, over $120 billion flowed into European high-grade bond markets, while Asian emerging markets attracted less than $25 billion, highlighting a shift in capital preferences [7][9] - The strategy employed by China was to intentionally lower its "attractiveness" to prevent large-scale capital volatility, thereby stabilizing the global financial system [9][13] Group 4: Long-term Implications - The approach taken by China is viewed as a "silent financial collaboration," which helped the US stabilize its market without causing significant disruptions in the global financial architecture [10][15] - By not aggressively adjusting the RMB exchange rate, China avoided exacerbating global financial instability, which could have led to larger systemic risks [13][15][17]