美联储降息为我国货币政策提供更大操作空间

Monetary Policy Impact - The Federal Reserve's decision to restart interest rate cuts after nine months is expected to provide greater flexibility for China's monetary policy, potentially opening up opportunities for further rate cuts and reserve requirement ratio reductions [1] - China's central bank has maintained a "moderately loose" monetary policy this year, effectively supporting economic recovery and stabilizing financial markets through a combination of rate cuts and open market operations [1] - The possibility of further interest rate cuts by the People's Bank of China remains, especially in light of the ongoing overseas rate cut cycle [1] Currency and Exchange Rate - The Fed's rate cuts and a cooling U.S. economy are likely to exert downward pressure on the U.S. dollar index, which may lead to passive appreciation of the Chinese yuan [2] - Despite the significant decline of the dollar in the first half of the year, it is expected to exhibit strong resilience against further depreciation [2] - The Chinese yuan is anticipated to remain stable, with limited risks of rapid appreciation or significant depreciation [2] Investment in Chinese Assets - There is an expectation that foreign capital will increasingly flow into Chinese assets as the narrowing of the China-U.S. interest rate differential attracts global investors seeking higher returns [2] - The adjustment in asset allocation by global investors may lead to increased holdings in Chinese bonds and stocks, particularly undervalued quality assets with high growth potential [2] - The overall performance of Asian markets is expected to benefit from the Fed's easing policies, with local central banks likely to follow suit in supporting economic growth [3]