3%高息难抵汇损，降息通道下的美元存款不再是“香饽饽”

Core Viewpoint - The article discusses the impact of the Federal Reserve's interest rate cuts on the USD deposit rates in China, highlighting the increasing risk of currency fluctuations as the RMB appreciates against the USD, which could erode the returns on USD deposits [1][5]. Group 1: Federal Reserve's Monetary Policy - The Federal Reserve continued its accommodative monetary policy in 2025, implementing three interest rate cuts, with the final rate set between 3.50% and 3.75% [2][5]. - The voting results for the rate cuts showed significant division, with a 9-3 vote, marking the first dissenting votes since 2019 [2]. Group 2: Domestic USD Deposit Rates - Most domestic banks have seen USD deposit rates fall below 3%, with some banks offering rates in the low 2% range, while a few still provide rates above 3% [1][2]. - High-yield products are becoming scarce, and the current high rates may be temporary, reflecting a lag in pricing adjustments relative to the Fed's rate cuts [3][5]. Group 3: Currency Exchange Rate Impact - The appreciation of the RMB against the USD has exceeded 3.4% since 2025, with the onshore RMB reaching a peak of 7.0455, which could significantly impact the returns on USD assets [5][6]. - The article emphasizes that as the Fed continues to lower rates, the influence of exchange rate fluctuations on investment returns will increase [5][6]. Group 4: Investment Strategies - Investors are advised to shift their focus from chasing interest rate differentials to managing currency exchange risks, especially for those without genuine USD needs [6][7]. - Different strategies are recommended for various types of investors, with a focus on maintaining a balanced asset allocation and considering short-term products to mitigate risks [6][7].