全球狂欢，唯有人民币保持了理性

Group 1 - The core sentiment in the global market is characterized by "risk-taking," driven by positive news from US-China trade negotiations, leading to a surge in risk assets [2] - The S&P 500 reached a new high, increasing by 1.2%, indicating a market mood where investors are eager to participate [2] - Gold prices dropped below $4,000, while the US dollar saw a slight decline, and there was a divergence in US Treasury yields with short-term (2-year) rising and long-term (10-year) falling [2] Group 2 - The offshore RMB exhibited three key movements: a jump at market open, an expanded increase following the PBOC's announcement of the central parity rate, and a pullback before the US market opened [3] - The RMB's restrained performance serves as a warning to global investors, indicating a focus on results rather than emotional trading [4] - The market is currently in a state of pause as investors assess the potential details of the trade agreement, with some aspects being easier to agree upon while deeper core disagreements remain unresolved [4]