国际金融市场早知道：12月22日

Market Overview - The Chinese foreign exchange market is operating steadily, with cross-border capital flows stabilizing. In November, the bank's foreign exchange settlement and sales surplus was $15.7 billion, remaining stable compared to October. The cross-border payment surplus was $17.8 billion, slightly lower than the average of $24 billion in September and October [1] - The U.S. Treasury Secretary expressed optimism about the economic outlook for 2026, indicating that inflation is gradually aligning with the Federal Reserve's 2% target, and expects improvements in economic growth and inflation trends [1] - The New York Fed President stated there is no urgent need for interest rate cuts based on the latest employment and inflation data, reinforcing market expectations for the Fed to pause rate cuts in the short term [1] Global Monetary Policy - The Bank of Japan raised its policy interest rate by 25 basis points to 0.75%, the highest level in 30 years, in response to persistent inflation pressures. The Governor indicated a willingness to continue raising rates if economic and price trends align with expectations [2] - The Bank of Korea announced a six-month exemption from foreign exchange stability tax for banks and will pay interest on excess foreign exchange reserves to enhance market liquidity and stabilize exchange rate expectations [2] - The Reserve Bank of India approved a reform plan to shift from a uniform premium deposit insurance model to a risk-based differentiated pricing system to enhance the financial system's risk sensitivity [2] Financial Market Dynamics - Major global financial markets are entering a "Christmas mode," with stock markets in the U.S., Europe, and Hong Kong closing on December 25, leading to a significant slowdown in trading activity as investors focus on post-holiday policy and economic data guidance [3] - The Dow Jones Industrial Average rose by 0.38% to 48,113.49 points, the S&P 500 increased by 0.88% to 6,834.5 points, and the Nasdaq Composite climbed by 1.31% to 23,307.62 points [4] - Gold futures increased by 0.1% to $4,368.7 per ounce, while silver futures surged by 3.34% to $67.395 per ounce, reaching a historical high [4] Commodity and Bond Market - U.S. crude oil futures rose by 0.96% to $56.54 per barrel, and Brent crude oil futures increased by 1.01% to $60.1 per barrel [5] - U.S. Treasury yields saw an uptick across various maturities, with the 10-year yield rising by 2.74 basis points to 4.147% [5] - The U.S. dollar index increased by 0.28% to 98.71, with mixed movements against other currencies, including a 1.39% rise against the Japanese yen [5]