美元突发！

Core Viewpoint - The US dollar index has fallen below the 97 mark, reaching a two-month low, driven by market expectations of an impending monetary policy easing by the Federal Reserve [1][2]. Group 1: Market Reactions - As of September 16, the dollar index was recorded at 96.9887, down by 0.3683, reflecting a decrease of 0.3783% [2]. - The futures market has almost fully priced in a 25 basis point rate cut on September 17, with a nearly 70% probability of two additional rate cuts by the end of the year [3]. - Analysts suggest that the dollar index remains weak, having declined nearly 11% year-to-date, indicating expectations for accelerated policy easing and improved risk appetite [3]. Group 2: Implications for Chinese Assets - The Federal Reserve's rate cut may alleviate external constraints on China's monetary policy [4]. - A weaker dollar could lead to a depreciation of the dollar against the yuan, which has fallen from around 7.3 to approximately 7.1 since the beginning of 2025, potentially impacting export-oriented and overseas enterprises [4]. - The Fed's rate cuts are likely to promote global liquidity, benefiting Chinese assets amid a backdrop of global monetary system restructuring [4].