三大人民币汇率指数涨跌不一 CFETS指数按周跌0.24%

Core Viewpoint - The recent trends in the Chinese yuan exchange rates indicate a mixed performance, with the CFETS index showing a slight decline while the SDR index has seen a minor increase. The People's Bank of China emphasizes maintaining liquidity and stability in the currency market [1][2]. Exchange Rate Indices - The CFETS RMB exchange rate index for December 26, 2025, is reported at 97.64, down 0.24% week-on-week [1]. - The BIS RMB exchange rate index stands at 104.42, reflecting a week-on-week decrease of 0.14% [1]. - The SDR RMB exchange rate index is at 92.45, with a week-on-week increase of 0.09% [1]. Market Liquidity and Currency Performance - During the week of December 22-26, market liquidity was notably weak, with the US dollar index stabilizing around 98 [2]. - The onshore RMB against the US dollar increased by 325 basis points to 7.0085, while the offshore RMB rose by 297 points to 7.0045 [2]. - The RMB central parity rate against the US dollar was adjusted up by 192 basis points to 7.0358 [2]. Monetary Policy Insights - The People's Bank of China released the "China Financial Stability Report (2025)," highlighting the need for ample liquidity and aligning social financing growth with economic growth and price expectations [2]. - The central bank aims to maintain a stable RMB exchange rate and prevent excessive fluctuations while enhancing the management of the Cross-Border Interbank Payment System (CIPS) [2]. External Economic Factors - US President Trump expressed a desire for the next Federal Reserve chair to lower interest rates when the economy is performing well, rather than preemptively due to inflation concerns [3]. - The US GDP for Q3 showed a significant annualized growth of 4.3%, surpassing expectations, driven by strong consumer spending [3]. Future Outlook - Analysts suggest that factors supporting the RMB's appreciation will persist for some time, but caution is advised regarding potential changes in exchange rate policies [4]. - Continuous RMB appreciation may enhance the attractiveness of the domestic capital market to foreign investors, increasing foreign exchange gains [4].