中信建投：美债的买点将至

Core Viewpoint - The report from CITIC Securities indicates that the USD/CNY exchange rate has been rising, with strong settlement intentions in the short term, suggesting that the RMB may continue to appreciate before the Spring Festival, which is a key time window for RMB appreciation [1] Group 1 - The strong settlement intention is expected to maintain upward pressure on the RMB exchange rate [1] - Historically, the beginning of the year is a significant period for RMB appreciation, indicating potential for further gains before the Spring Festival [1] - The combination of falling US Treasury yields and a strengthening RMB may pose pressure on current US Treasury holdings [1] Group 2 - It is anticipated that by March, both US Treasury rates and the RMB exchange rate may reach a peak, presenting a more favorable buying opportunity [1]