重磅突发！人民币，大消息！股债汇，集体异动！

Core Viewpoint - The article discusses the recent fluctuations in the bond, stock, and currency markets, highlighting the significant movements in government bonds and the offshore RMB exchange rate against the USD, as well as the adjustments in the A-share market [1][2]. Group 1: Bond Market - On December 23, the government bond futures experienced a significant rally, with the 30-year main contract rising over 0.90% during the day [1]. - The bond market saw a strong recovery after a previous decline, with the 30-year main contract closing up 0.64%, and other maturities also showing gains [2]. - East Asia Securities noted that the upward risk in interest rates is primarily driven by changes in risk appetite, with the current stock-bond valuation returning to a neutral range [2]. Group 2: Currency Market - The offshore RMB against the USD broke the 7.02 mark, reaching a new high since October 2024, with an intraday increase of over 110 points [1][2]. - The appreciation of the RMB is attributed to the weakening of the USD and the central bank's counter-cyclical adjustments, with a notable decrease in the settlement rate [3]. - The article mentions that the settlement rate has been low, indicating a lack of typical pressure for currency settlement despite the year-end increase in settlement amounts [3]. Group 3: Stock Market - The A-share market experienced a downturn, with the Shanghai Composite Index turning negative in the afternoon, and several high-position stocks plummeting [4][5]. - The decline in the stock market is linked to the performance of the Hong Kong stock market, which faced significant selling pressure, particularly in technology stocks [5][6]. - Analysts suggest that the stock market's weakness is influenced by the downward trend in the credit cycle, while the RMB's appreciation is driven by trade surplus and a weaker USD, indicating a divergence in market dynamics [6].