中信证券：美国联邦基金利率有望在2026年年底降至3.25%左右的水平 若美国利率下行幅度和节奏快于我国 将继续支撑人民币企稳偏强

Core Viewpoint - Overall, the Sino-U.S. economic and trade relationship is expected to stabilize in the short term, benefiting export expectations for 2026, but long-term structural contradictions still exist, requiring the exploration of alternative markets and enhancement of independent technology [1] Group 1: Economic Outlook - The U.S. federal funds rate is projected to decline to approximately 3.25% by the end of 2026 [1] - The Federal Reserve's interest rate cut cycle is expected to narrow the interest rate differential between China and the U.S., supporting a stable and strong renminbi if the U.S. rate decreases faster than China's [1] Group 2: Currency and Trade Dynamics - Increased willingness of export enterprises to convert foreign exchange is likely to boost the supply of U.S. dollars in the market, which is favorable for the appreciation of the renminbi [1] - China's current account remains in surplus, with a substantial trade surplus expected in 2025, providing fundamental support for the appreciation of the renminbi [1]