“存美元理财，最后赔了钱”

Core Viewpoint - The Federal Reserve's recent decision to lower the federal funds rate by 25 basis points to a target range of 4.00% to 4.25% marks the end of the high-interest rate cycle for the dollar, leading to a decline in dollar asset yields and revealing the "high-interest trap" in dollar financial products [2][4][10]. Group 1: Impact of Interest Rate Changes - The recent interest rate cut by the Federal Reserve is seen as a confirmation of the turning point for dollar asset yields, ending a nine-month period of stable policy [7]. - Following the rate cut, foreign banks like HSBC and DBS have quickly adjusted their dollar deposit rates downward, with HSBC reducing rates for 1-month and 6-month deposits to 3.5% [7][8]. - Domestic banks have not yet adjusted their rates, but there is an expectation of future declines, with current rates for 1-year dollar deposits remaining at 2.8% [8]. Group 2: Performance of Dollar Financial Products - The average annualized yield of dollar financial products has dropped significantly from 4.58% at the beginning of the year to 3.74% by September, reflecting a decline of over 80 basis points [8]. - The decline in yields is particularly pronounced in pure fixed-income products, with some analysts predicting that yields may fall below 3.5% in the next six months [8]. - Despite the declining yields, some smaller banks still offer competitive rates, such as Huashang Bank's 3.90% for six-month dollar deposits [8]. Group 3: Investor Experiences and Concerns - Many investors have shared experiences of losses due to currency depreciation, with some reporting that their dollar investments have resulted in losses when converted back to RMB [3][4]. - The overall performance of dollar assets has been poor, with the dollar index dropping nearly 10% year-to-date and the USD/RMB exchange rate falling over 3% [4][10]. - Investors are increasingly questioning whether investing in dollar financial products is about earning interest or speculating on exchange rates, leading to a perception of being "trapped at high levels" [6][10]. Group 4: Risks and Future Outlook - Analysts highlight three main risks associated with dollar financial products: exchange rate risk, interest rate decline risk, and liquidity risk [10]. - Market expectations regarding future Federal Reserve policies remain divided, with some analysts predicting further rate cuts in the coming months [10]. - The dollar's exchange rate is expected to fluctuate within the range of 7.0 to 7.5 against the RMB for the remainder of the year, influencing investment decisions [10].