“存美元理财，最后赔了钱”

Core Viewpoint - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024, which signals the end of the high-interest rate cycle for the dollar and a downward trend in dollar asset yields [1][7]. Group 1: Impact of Rate Cut on Dollar Assets - The recent rate cut is viewed as a confirmation of a turning point for dollar asset yields, with expectations that the high-interest environment is reversing [7]. - Foreign banks, such as HSBC and DBS, have quickly responded by lowering dollar deposit rates, with HSBC reducing rates for 1-month and 6-month deposits to 3.5% [7][8]. - The average annualized yield for dollar wealth management products has dropped significantly from 4.58% at the beginning of the year to 3.74% in September, reflecting a decline of over 80 basis points [8][5]. Group 2: Investor Experiences and Concerns - Many investors are sharing experiences of losses from dollar wealth management products due to currency depreciation, with some reporting losses despite initially attractive interest rates [3][5]. - The dollar index has fallen nearly 10% year-to-date, and the dollar to RMB exchange rate has depreciated over 3% from 7.35 to 7.12 [3][5]. - Investors are increasingly questioning whether investing in dollar wealth management is about earning interest or speculating on exchange rates, leading to a perception of these products as "high-position traps" [5][10]. Group 3: Future Outlook and Risks - Analysts believe that the impact of the Fed's rate cut extends beyond just lower rates, affecting international capital flows and exchange rate volatility [10]. - There are three main risks associated with dollar wealth management: exchange rate risk, interest rate decline risk, and liquidity risk [10]. - Market predictions regarding future Fed policy vary, with some analysts expecting additional rate cuts in the coming months, while others anticipate the dollar to RMB exchange rate to fluctuate between 7.0 and 7.5 for the year [10][11].