破7！人民币对美元年内升值超4%，美元存款收益被抹平

Core Viewpoint - The continuous appreciation of the RMB against the USD has diminished the attractiveness of USD deposits, leading to a situation where investors face challenges in balancing interest rate fluctuations and exchange rate changes [1][8]. Group 1: Interest Rate Trends - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to between 3.5% and 3.75%, marking the third rate cut of the year and a total reduction of 75 basis points [2]. - Most major state-owned and joint-stock banks have seen USD deposit rates drop below 3%, entering the "2" range, with rates generally between 0.2% and 0.8% for terms from one month to two years [6]. - Some banks, like Bank of Communications, offer slightly higher rates, with one-month USD deposits at 0.2% and rates for three months to two years ranging from 2.3% to 2.8% [6]. Group 2: Exchange Rate Impact - The RMB has appreciated over 4% against the USD since the beginning of the year, with a significant rise of 1.7% in the last 60 days, compressing the yield on USD deposits [8]. - The strong appreciation of the RMB means that investors may face substantial exchange losses when converting back to RMB, potentially offsetting the interest earned on USD deposits [8]. - Experts warn that the rapid appreciation of the RMB could prompt the central bank to take measures, and they advise against speculative behavior regarding exchange rate trends [8][9]. Group 3: Investment Strategy Considerations - Investors are advised to prioritize actual USD usage needs and avoid blindly pursuing high nominal interest rates [9]. - Careful selection of financial products is recommended, balancing safety and yield, while maintaining a risk-neutral approach to manage exchange rate risks [9].