美联储宽松货币政策，人民币震荡升值

Market Overview - In October 2025, the RMB exchange rate fluctuated between 7.0843 and 7.1503, showing an overall appreciation trend[2] - The onshore RMB rate ranged from 7.0991 to 7.1411, while the offshore RMB rate fluctuated between 7.0959 and 7.1503[2] - The U.S. government shutdown and rising U.S. debt levels contributed to a bearish outlook for the USD[3] Influencing Factors - The U.S. national debt exceeded $38 trillion as of October 21, 2025, raising concerns about sustainability[3] - The Federal Reserve cut rates by 25 basis points on October 30, 2025, while the ECB and BoJ maintained their rates[3] - Frequent high-level interactions between China and the U.S. are expected to stabilize the RMB exchange rate[3] Future Outlook - The RMB is projected to continue appreciating, with an expected range of 7.00 to 7.20 in November 2025[1] - Factors supporting this trend include China's rising international status and increased attractiveness of Chinese assets[6] - Potential downward pressures include a focus on high-quality economic development in China and increased global market volatility[6]