融达期货宏观日报-2.14

Monetary Policy Insights - The People's Bank of China plans to implement a moderately loose monetary policy, ensuring liquidity remains ample to match economic growth and price level expectations[2] - The report emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy[2] Global Economic Developments - President Trump signed a memorandum introducing reciprocal tariffs, indicating that goods shipped through other countries to evade tariffs will not be accepted[2] - Tariffs on automobiles, steel, aluminum, and pharmaceuticals are expected to be implemented soon, potentially leading to short-term price increases[2] Commodity Market Performance - Domestic commodity futures closed mostly lower, with energy and chemical products declining; glass fell by 3.45% and crude oil by 2.08%[3] - Agricultural products showed mixed results, with rapeseed meal rising by 1.77% and soybean meal by 1.48%[3] Global Asset Performance Overview - NYMEX crude oil closed at $71.51, with a daily increase of 0.42% but a yearly decrease of 8.67%[4] - COMEX gold rose to $2957.20, reflecting a 44.06% increase year-on-year[4] - The Shanghai Composite Index decreased by 0.42%, while the Nasdaq Index increased by 1.50%[4] Bond Market Trends - The 10-year Chinese government bond yield is at 1.63%, down by 0.14%[4] - The 10-year U.S. Treasury yield stands at 4.52%, with a slight decrease of 0.10%[4] Currency Exchange Rates - The U.S. Dollar Index is at 107.06, down by 0.88%[4] - The exchange rate of the U.S. Dollar to offshore RMB is 7.27, reflecting a decrease of 0.54%[4]