Group 1 - The core viewpoint is that exchange rates are a significant factor affecting inflation and demand in emerging market economies [1]

Core Viewpoint - The US Dollar Index (DXY) is experiencing a rebound, with notable movements in various currency pairs, particularly the USD/JPY which has seen a significant short-term increase [1] Currency Movements - The US Dollar Index (DXY) has risen by 10 points, currently standing at 99.16 [1] - The Euro to US Dollar (EUR/USD) has decreased by 10 points, now at 1.3729 [1] - The British Pound to US Dollar (GBP/USD) has fallen by nearly 20 points, currently at 1.3541 [1] - The US Dollar to Japanese Yen (USD/JPY) has increased by nearly 40 points, now at 143.16 [1]

随着时代的发展，货币逐渐演变为纸币和硬币，这些形式更为便捷，体积小，便于携带，不易磨损。如今，中国的货币单位是"人民币"。然而，随 着全球化进程的推进，每个国家都有自己的货币。面对这种情况，当我们需要购买其他国家的商品时，如何衡量不同货币之间的价值呢？通常， 国际上会通过"国际结算货币"和"汇率"来进行换算。 货币的重要性在任何国家都不可忽视。 就像在动画片《瑞克与莫蒂》中，天才科学家瑞克想要摧毁一个社会体系时，他仅仅做了一件事——将这个国家的货币价值设定为"0"。这一改变 立即导致整个国家陷入混乱，社会秩序瞬间崩塌，人民的行为和思想发生了彻底的变化。这一情节让人不禁好奇，究竟是什么原因使得货币如此 重要？货币对于一个国家来说，到底意味着什么？它是如何发挥作用的？它在不同国家，甚至在国内外之间是否存在相同的价值和作用？ 首先，我们需要理解，货币，通常我们所说的"金钱"，它的最基本功能是用于商品和服务的交换。货币的产生是从物物交换的时代逐渐演变而来 的。货币作为一种广泛接受的等价物，逐渐从社会中形成并固定下来。在中国古代，货币种类繁多，例如"交子"、"元宝"、"金银"和"铜钱"，甚至 一度使用"贝壳"作为货币。 ...

Group 1 - The Singapore dollar has risen to a nearly eight-month high, with the USD/SGD exchange rate reported at 1.2825 [1] - The USD/Malaysian ringgit exchange rate has declined by over 0.6%, currently at 4.20 [1]

Report Summary 1. Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - **Equity Index**: The Trump tax - cut bill barely passed in the House of Representatives and still faces challenges in the Senate. Fed理事沃勒 said the tax - cut bill triggered the selling of US Treasuries, and if tariffs stabilize, there may be an interest rate cut in the second half of the year. US May Markit manufacturing and services PMIs exceeded expectations and expanded, with the price index rising again. The Eurozone's May PMI unexpectedly contracted, and the service sector had its worst performance in 16 months. After the US - Japan finance ministers' meeting, the US said "no exchange - rate discussion, the current exchange rate reflects fundamentals", and Japan said "no discussion on US Treasuries". In the domestic market, the rotation is fast, the main driving force of the market is weak, and the equity index may fluctuate [1]. - **Treasury Bonds**: Recently, the market has entered a data vacuum zone, lacking new positive or negative factors, and oscillation has become the consensus. From the futures trend, the long - and short - side forces are evenly matched. During the oscillation period, when it touches the upper or lower limit of the range, there will be short - term confrontations between the long and short sides. Without incremental information or fundamental data guidance in the short term, the oscillation pattern is expected to continue, and the market may continue to focus on spread mining [3]. 3. Strategy Recommendations - **Equity Index**: Adopt a defensive and wait - and - see strategy [2]. - **Treasury Bonds**: Bullish in the short term [4]. 4. Market Review - **Equity Index**: The main contract futures of the CSI 300 index fell 0.05%, the main contract futures of the SSE 50 index rose 0.1%, the main contract futures of the CSI 500 index fell 0.7%, and the main contract futures of the CSI 1000 index fell 0.81% [6]. - **Treasury Bonds**: The 10 - year main contract rose 0.01%, the 5 - year main contract rose 0.0%, the 30 - year main contract fell 0.04%, and the 2 - year main contract rose 0.0% [9]. 5. Technical Analysis - **Equity Index**: The KDJ indicator of the Shanghai Composite Index shows a possible oscillating operation with adjustment risks [7]. - **Treasury Bonds**: The KDJ indicator of the T main contract shows an oscillating operation and may rebound [10]. 6. Futures Data | Date | Futures Variety | Closing Price (Yuan/Zhang) | Increase/Decrease (%) | Trading Volume (Lots) | Open Interest (Lots) | | --- | --- | --- | --- | --- | --- | | 2025 - 05 - 22 | CSI 300 Main Continuous | 3879.60 | - 0.05 | 52835 | 143884 | | 2025 - 05 - 22 | SSE 50 Main Continuous | 2715.40 | 0.10 | 28918 | 51342 | | 2025 - 05 - 22 | CSI 500 Main Continuous | 5614.80 | - 0.70 | 53832 | 116140 | | 2025 - 05 - 22 | CSI 1000 Main Continuous | 5950.00 | - 0.81 | 148619 | 195203 | | 2025 - 05 - 22 | 10 - Year Treasury Bond Main Continuous | 108.81 | 0.01 | 65126 | 156071 | | 2025 - 05 - 22 | 5 - Year Treasury Bond Main Continuous | 105.98 | - 0.00 | 47004 | 116615 | | 2025 - 05 - 22 | 30 - Year Treasury Bond Main Continuous | 119.52 | - 0.04 | 67554 | 82843 | | 2025 - 05 - 22 | 2 - Year Treasury Bond Main Continuous | 102.37 | - 0.00 | 34274 | 100554 | [12]

汇率应该由市场决定。 美国和日本认同，汇率的突然波动是不可取的。 日本财务省外汇事务最高官员三村淳：日本和美国并未讨论具体的汇率水平。 ...

智通财经5月22日电，日本财务官三村淳称，日美财长会谈未讨论汇率水平，重申汇率应由市场决定。 ...

根据美国财政部的一份声明，美国财长贝森特和日本财务大臣加藤胜信在加拿大举行的一次会议中，没有讨论外汇水平。这一消息导致日元周四开盘走弱， 但随后重回强势。 这份声明有助于加藤胜信降低日元快速波动的风险，此前日本财务省在过去几年一直努力阻止日元贬值。 此次会议的结果表明，美国对日元升值没有重大异议，此前美国总统特朗普曾指责日本通过压低货币价值来获取不公平优势。 然而，日元的任何大幅升值都可能增加日本陷入经济衰退的可能性，尤其是在两国继续贸易协议谈判之际，关税继续打击日本汽车制造商。 强势货币将挤压企业利润和工资增长势头，因为贸易担忧已经损害了消费者信心。日本经济上季度出现萎缩，最新的贸易数据显示，出口可能继续拖累经济 增长。 美国财政部于周三表示，贝森特和加藤胜信"重申了他们的共同信念，即汇率应由市场决定，并且目前美元兑日的汇率反映了基本面。" 两位官员在加拿大班夫举行的七国集团（G7）财长和央行行长会议期间举行了会晤。 财政部表示，贝森特和加藤胜信讨论了与美日经济关系相关的问题，包括全球安全以及两国正在进行的双边贸易谈判。 加藤胜信在双边会谈后在加拿大告诉记者："我们得以深化关于货币政策基本思路的讨论。"他补 ...

美元/日元短线拉升40多点，升破144关口。此前美国和日本财长讨论了汇率问题。 ...

双方讨论了汇率和贸易问题，都认为汇率应该由市场决定。 美国财政部：财政部长贝森特会见日本财务大臣。 ...