拒步美联储后尘！中国央行巧控掉期点，外资加仓，A股行情稳了

Group 1 - The People's Bank of China (PBOC) has opted for a strategic adjustment of foreign exchange swap points instead of following the Federal Reserve's interest rate cut, effectively stabilizing the yuan and enhancing the attractiveness of Chinese assets to foreign investors [1][3][25] - The adjustment of foreign exchange swap points from 2.18% to 1.91% has reduced the cost for foreign capital entering China, promoting sustained foreign investment in the A-share market [5][7][20] - The current economic recovery in China allows for maintaining stable interest rates, which provides reassurance to the market and avoids potential negative impacts on savings habits [9][11] Group 2 - The reduction in foreign exchange swap points has made Chinese bonds more appealing, with one-year Chinese government bond yields at 3.58%, slightly lower than the U.S. yield of 3.61% [11][20] - The stock market benefits from the Fed's rate cut, as lower interest rates increase the present value of future earnings, theoretically boosting the valuation of the CSI 300 index by approximately 8.5% [13][15] - The current market sentiment is not overly exuberant, with trading volumes and turnover rates remaining within reasonable ranges, suggesting a controlled and gradual upward trend in the stock market [18][25][27]