图说金融：人民币升值动能转换：贸易属性逐渐向金融属性切换

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The recent acceleration of RMB appreciation is due to three reasons: high industrial settlement demand, increased foreign capital allocation to RMB assets in the context of A - shares outperforming Hong Kong stocks, and the reduction of tariff uncertainty after the IEEPA bill was rejected [3] - The future RMB appreciation rhythm depends on the release of accumulated settlement positions and the performance of domestic asset yields. If RMB - denominated assets maintain high yields, the RMB may have further appreciation momentum [3] - In the short term, attention should be paid to the risk of bilateral fluctuations of the RMB. In the second quarter, it may fluctuate bilaterally around the central level of 6.8 [3] 3. Summary by Relevant Catalog Reasons for RMB Appreciation - The settlement demand of the industrial sector remains high. In January, the surplus of bank - customer settlement and sales of goods trade was 76.1 billion US dollars, although it decreased from 111.3 billion US dollars in the previous month [3] - Against the background of A - shares being stronger than Hong Kong stocks, foreign capital increases the allocation of RMB assets, and the trade attribute gradually switches to the financial attribute [3] - The rejection of the IEEPA bill reduces tariff uncertainty, which is conducive to the reduction of domestic tariffs [3] Future RMB Appreciation Rhythm - It depends on the release of accumulated settlement positions and the performance of domestic asset yields. If RMB - denominated assets maintain high yields, the RMB may have further appreciation momentum [3] Short - term RMB Fluctuation - Attention should be paid to the risk of bilateral fluctuations of the RMB. In the second quarter, it may fluctuate bilaterally around the central level of 6.8 [3] Other Data - The net settlement of securities investment under bank - customer settlement and sales reached 25.9 billion US dollars, reaching a new high since 2020 [3]