8月人民币对美元即期汇率升值0.83%，中间价升值0.65%

Core Viewpoint - The Chinese Yuan (CNY) has experienced a strong appreciation against the US Dollar (USD) in August, reaching a nine-month high, which is expected to enhance the attractiveness of CNY-denominated assets and potentially boost the A-share market [1] Exchange Rate Performance - On the last trading day of August, the CNY/USD spot exchange rate hit a high of 7.1260, closing at 7.1330, an increase of 55 basis points from the previous day, and a total weekly gain of 475 basis points [1] - Throughout August, the CNY/USD spot exchange rate rose from 7.1930 to 7.1330, marking a cumulative increase of 0.83% [1] - The CNY/USD central parity rate appreciated from 7.1494 at the end of July to 7.1030 at the end of August, reflecting a nearly 0.65% appreciation [1] Market Analysis - The strategy team at Zheshang Securities noted that the ongoing US Federal Reserve's interest rate cut cycle and the weakening foundation of the USD are favorable for the CNY's performance [1] - The adjustment of the central bank's exchange rate midpoint signals a more optimistic outlook [1] - Under a neutral assumption, the future CNY exchange rate is expected to return to the "6 era" within the next six months, which could enhance the dual returns of exchange rates and assets, thereby increasing the attractiveness of CNY assets [1]