东方金诚首席宏观分析师王青：美联储降息人民币将被动升值 金价未来还是易涨难跌

Core Viewpoint - The recent interest rate cut by the Federal Reserve is characterized as a "preventive rate cut," primarily driven by the ongoing weakness in the U.S. labor market since May, reflecting the Fed's challenging decision-making between deteriorating employment conditions and inflationary pressures [1] Impact on China - The adjustment space for China's monetary policy will further expand due to the Fed's rate cut [1] - The direct impact on China's stock and real estate markets is minimal, with effects more likely to manifest indirectly through domestic macro policy adjustments [1] Currency and Exchange Rate - The Fed's rate cut is expected to moderately compress the interest rate differential between China and the U.S., which is favorable for the Chinese yuan, potentially leading to passive appreciation [1] International Gold Prices - The Fed's rate cut is likely to be beneficial for international gold prices, which have already risen approximately 40% this year and have seen significant increases over the past two years [1] - Despite the current high levels of international gold prices, ongoing global geopolitical risks and future dollar trends suggest that gold prices may continue to rise, albeit with challenges in declining [1]