Core Viewpoint - The Swiss National Bank (SNB) is prepared to intervene in the foreign exchange market to achieve its inflation targets, despite being recently placed on the U.S. currency manipulation watchlist [1] Group 1 - The SNB's readiness to intervene indicates a proactive approach to managing inflation [1] - The inclusion on the U.S. currency manipulation watchlist may influence the SNB's strategies and market perceptions [1]

Core Viewpoint - The U.S. Treasury Department has added Ireland and Switzerland to its "currency monitoring list," increasing the total number of closely monitored countries to nine, despite no major trading partners being accused of currency manipulation for unfair trade advantages in 2024 [1][3]. Group 1: Currency Monitoring List - Ireland and Switzerland were added to the currency monitoring list due to their significant trade surplus with the U.S. exceeding $15 billion and a current account surplus over 3% of their GDP [3]. - The report indicates that countries are automatically placed on the monitoring list if they meet specific criteria related to trade surplus and foreign exchange purchasing behavior [3]. Group 2: Responses and Implications - The Swiss National Bank denied any currency manipulation, asserting that it does not attempt to distort trade balances or gain unfair competitive advantages [3]. - The report marks the first currency policy report since Trump's return to the White House, with a noticeably stronger tone compared to previous reports during Biden's administration, which did not label any country as a currency manipulator [3]. - The overall strength of the U.S. dollar has increased by an average of 7% against major currencies in 2024, reducing the incentive for countries to devalue their currencies [3].

Core Viewpoint - The U.S. Treasury has placed South Korea on its currency manipulation watchlist, citing significant trade surpluses and interventions in the foreign exchange market [1] Group 1: Economic Indicators - South Korea's current account surplus is 5.3% of GDP, an increase from 1.8% the previous year [1] - The trade surplus with the U.S. has risen from $14 billion to an estimated $55 billion in 2024 [1] Group 2: Government Actions - The South Korean government plans to intervene in the foreign exchange market in April and December 2024 to address excessive currency fluctuations [1] - A net sale of $11.2 billion in foreign exchange is projected for 2024, which represents 0.6% of GDP [1]

Core Viewpoint - The Swiss National Bank has acknowledged the U.S. Treasury's report regarding currency manipulation and unfair trade practices [1] Group 1 - The Swiss National Bank is aware of the U.S. Treasury's concerns about currency manipulation [1] - The report from the U.S. Treasury highlights issues related to unfair trade practices that may affect international economic relations [1]

报告对日本高度的透明性等予以肯定，同时还提到了日本的货币政策。增加了新的表述称，"日本银行 的货币紧缩政策应该配合包括经济增长和物价上涨在内的国内经济基础条件继续实施，这将有助于推动 日元对美元贬值的正常化，以及双边贸易的结构性再平衡"。 美国财政部高级官员在被记者问及（报告中有关日本内容的）真实意图时表示，"并非在提出某种主 张"。并评价称，"作为七国集团（G7）成员之一，日本有不通过国内政策操纵汇率的坚定承诺"。 此次的报告还在有关日本的表述中指出，"大规模公共养老金基金等政府投资机构，应该出于确保收益 和分散投资的目的进行海外投资，不应该以操纵汇率为目的进行投资"。 美国发布外国汇率政策报告，没有指定"汇率操纵国"，但明确提出中国未来可能被列入对象名 单。中国大陆、日本等被列入密切关注是否进行汇率操纵的"监视名单"…… 美国财政部6月5日发布了半年一次的外国汇率政策报告。虽然没有指定作为制裁讨论对象的"汇率操纵 国"，但明确提出中国未来可能被列入对象名单。这份报告针对日本提到，日本银行（央行）趋于收紧 货币政策的动向有助于纠正日元贬值。 这是特朗普第二次上台执政后首次发布外汇报告。此次针对2024年的情 ...

Domestic News - Xi Jinping held a phone call with US President Trump, indicating ongoing diplomatic engagement between the two nations [1] - The US plans to tighten regulations on foreign companies listed in the US, prompting a response from China's Foreign Ministry urging adherence to fair competition principles and cessation of politicizing economic issues [1] International News - The conflict between Trump and Musk escalated, resulting in Tesla's market value dropping by $150 billion [1] - The European Central Bank lowered three key interest rates by 25 basis points, with Lagarde suggesting the end of the rate-cutting cycle, leading the market to no longer fully price in another 25 basis point cut within the year [2] - Initial jobless claims in the US surged to an eight-month high, while the trade deficit decreased sharply by 55.5% to $61.6 billion due to a significant drop in imports caused by Trump's tariffs [2] - The US is showing flexibility in reducing additional tariffs on Japan, and negotiations with India may lead to a temporary agreement on tariff reductions and market access [2] - The US Treasury's semi-annual report did not label any country as a currency manipulator, indicating a potential easing of trade tensions [3]

美国财政部半年度报告：未把任何国家列为汇率操纵国 金十数据6月6日讯，美国财政部向国会提交了关于美国主要贸易伙伴宏观经济和外汇政策的半年度报 告。报告中，财政部审查和评估了截至2024年12月的四个季度中美国主要贸易伙伴的政策，这些贸易伙 伴占美国对外货物和服务贸易的78%左右。审查发现，截至2024年12月的四个季度，美国没有主要贸易 伙伴操纵其货币与美元之间的汇率。当前，财政部的主要贸易伙伴"监测名单"上有9个经济体，其中包 括：日本、韩国、新加坡、越南、德国、爱尔兰和瑞士等国。 ...

Core Viewpoint - The United States has not designated any country as a currency manipulator, indicating a stable approach to international currency relations [1] Group 1 - The U.S. government maintains that no countries are currently labeled as currency manipulators, which may reflect a diplomatic strategy to foster better trade relations [1]

美国称未将任何国家列为汇率操纵国。 ...

Group 1: US Dollar and Economic Outlook - The Director of the National Economic Council, Hassett, stated that US debt is the safest investment on the planet, and the decision by Moody's to downgrade the rating is retrospective [1] - US Treasury Secretary Basant is expected to attend the G7 finance ministers and central bank governors meeting in Canada, with no trade agreements anticipated to be announced [1] - White House Economic Council Chairman Milan noted that President Trump recognizes the deficit as an issue and has plans to reduce it [1] - White House Press Secretary Levitt indicated that the tax reform bill is closer to passing, emphasizing the necessity of Republican support for Trump's tax plan [1] - Federal Reserve's Bostic mentioned that Moody's downgrade will impact the entire economy and financial markets, reiterating an expected rate cut this year [1] Group 2: Non-US Major Currencies - The Reserve Bank of Australia cut the benchmark interest rate by 25 basis points to 3.85%, marking a return to the "3" range after two years [2] - Japan's 20-year government bond auction saw the lowest subscription ratio since 2012, leading to a spike in bond yields [2] - A member of the Bank of England, Dhingra, expressed support for a 50 basis point rate cut to signal the economic direction [2] - The European Commission's trade commissioner stated that the appreciation of the euro is a double-edged sword [2] - The European Central Bank's Müller did not rule out the possibility of further rate cuts, emphasizing the need for clear justification for significant reductions [2] Group 3: Other Economic Developments - Thailand's finance minister projected a significant slowdown in the Thai economy in the third and fourth quarters [3] - A Russian government source indicated acceptance of the ruble depreciating to 100 against the dollar [3] - A Reuters survey revealed that among 32 analysts, 20 expect the Bank of Indonesia to cut the 7-day reverse repo rate by 25 basis points to 5.50% on May 21 [3]