来源：上海证券报·中国证券网 上证报中国证券网讯 8月21日，人民币兑美元中间价上调97个基点，报7.1287。 中国人民银行授权中国外汇交易中心公布，2025年8月21日银行间外汇市场人民币汇率中间价为：1美元 对人民币7.1287元，1欧元对人民币8.3287元，100日元对人民币4.8535元，1港元对人民币0.91254元，1 英镑对人民币9.6237元，1澳大利亚元对人民币4.6004元，1新西兰元对人民币4.1686元，1新加坡元对人 民币5.5638元，1瑞士法郎对人民币8.8884元，1加拿大元对人民币5.1547元，人民币1元对1.1293澳门 元，人民币1元对0.59088马来西亚林吉特，人民币1元对11.2229俄罗斯卢布，人民币1元对2.4743南非兰 特，人民币1元对195.05韩元，人民币1元对0.51341阿联酋迪拉姆，人民币1元对0.52463沙特里亚尔，人 民币1元对47.3496匈牙利福林，人民币1元对0.50977波兰兹罗提，人民币1元对0.8963丹麦克朗，人民币 1元对1.3409瑞典克朗，人民币1元对1.4315挪威克朗，人民币1元对5.71813土耳其里拉，人民币 ...

Core Points - The central exchange rate of the Chinese yuan against the US dollar is reported at 7.1287, which is an increase of 97 basis points from the previous trading day [1] - The People's Bank of China has authorized the publication of various exchange rates for the yuan against other currencies, including 1 euro at 8.3287 yuan, 100 Japanese yen at 4.8535 yuan, and 1 British pound at 9.6237 yuan [2] Summary by Category - **Exchange Rate Changes** - The yuan's exchange rate against the US dollar has increased by 97 basis points to 7.1287 [1] - **Currency Exchange Rates** - 1 USD = 7.1287 CNY - 1 EUR = 8.3287 CNY - 100 JPY = 4.8535 CNY - 1 HKD = 0.91254 CNY - 1 GBP = 9.6237 CNY - 1 AUD = 4.6004 CNY - 1 NZD = 4.1686 CNY - 1 SGD = 5.5638 CNY - 1 CHF = 8.8884 CNY - 1 CAD = 5.1547 CNY - 1 MOP = 1.1293 CNY - 1 MYR = 0.59088 CNY - 1 RUB = 11.2229 CNY - 1 ZAR = 2.4743 CNY - 1 KRW = 195.05 CNY - 1 AED = 0.51341 CNY - 1 SAR = 0.52463 CNY - 1 HUF = 47.3496 CNY - 1 PLN = 0.50977 CNY - 1 DKK = 0.8963 CNY - 1 SEK = 1.3409 CNY - 1 NOK = 1.4315 CNY - 1 TRY = 5.71813 CNY - 1 MXN = 2.6264 CNY - 1 THB = 4.5455 CNY [2]

Core Viewpoint - The RMB to USD exchange rate exhibited a subtle balance on August 19, 2025, reflecting the maturity of the RMB exchange rate formation mechanism and the rationalization of market participants' expectations [2]. Market Performance: Subtle Differences Between Onshore and Offshore - The onshore RMB (CNY) market experienced slight fluctuations, with a low of 7.1870 and a closing rate of 7.1854, alongside a significant trading volume of 34.061 billion USD, indicating high market attention [3]. - The offshore RMB (CNH) showed a stronger performance, peaking at 7.1791 and closing at 7.1875, with a narrowing spread of only 3.2 basis points between onshore and offshore rates, reflecting balanced cross-border capital flows and increasing recognition of the RMB exchange rate mechanism [3]. Subtle Adjustments in the Central Parity Rate: Reflection of Policy Intent - The central parity rate for the RMB against the USD was set at 7.1359, down 37 basis points from the previous trading day, indicating a policy intention to allow moderate depreciation of the RMB amidst a strong USD index [5]. - The adjustment strategy of alternating between increases and decreases in the central parity rate aims to enhance exchange rate flexibility and prevent excessive volatility that could impact the real economy [5]. External Pressures and Internal Support: Interwoven Factors - The strong USD index is primarily influenced by expectations of the Federal Reserve's monetary policy, which is expected to maintain high interest rates, putting pressure on non-USD currencies, including the RMB [6]. - However, the robust fundamentals of the Chinese economy, including recovering industrial production and consumption, provide internal support for the RMB exchange rate [6]. Future Outlook and Risk Management - In the short term, the RMB to USD exchange rate is likely to maintain a two-way fluctuation pattern, with the strong USD exerting pressure while the Chinese economic fundamentals and policy intentions limit depreciation [7]. - In the medium term, a clearer path for the Federal Reserve's monetary policy and continued recovery of the Chinese economy may lead to a strengthening of the RMB [7]. - Long-term factors such as the internationalization of the RMB and its increasing weight in the SDR will provide solid support for the exchange rate [7]. Summary: Steady Progress, Promising Future - Overall, the RMB to USD exchange rate on August 19, 2025, demonstrated characteristics of "central parity micro-adjustment and narrow market fluctuations," indicating a mature exchange rate formation mechanism and rational market expectations [8].

新华财经北京8月20日电（马萌伟）继18日脱离逾两周低位后，19日，美元指数再次脱离逾两周低位， 且盘中一度转跌。境内外人民币持稳，延续近期窄幅波动，隐含波动率降至2024年3月以来的最低水 平。 中信证券首席经济学家明明认为，后续美元指数的变化以及国内政策或成为人民币汇率的重要影响因 素。若美联储如期降息，美元指数或因此走弱，对于我国证券账户的资本流入有望形成一定利好。央行 稳汇率政策张弛有度，将为人民币汇率的韧性提供有力支撑。 在岸人民币兑美元基本持平于7.1830，连续六个交易日波幅不到0.1%；离岸人民币兑美元持平于 7.1880，连续第五个交易日波幅不到0.1%；离岸人民币兑美元1个月隐含波动率跌至2.77%，创2024年3 月以来的最低水平。 中银证券全球首席经济学家管涛表示，人民币兑美元存在进一步升值突破7元的可能性。推动人民币走 升的情形包括美国经济疲软、美联储减息以及市场对美元信心普遍下降（美元信誉受损）。另外，还有 一种可能推升人民币的情形，就是中美能够像美国总统特朗普第一个任期那样达成一个第二阶段经贸协 议，这可能提升市场信心。 具体数据显示，美元指数围绕98关口来回震荡，最终收涨0.1 ...

Core Viewpoint - The People's Bank of China announced a depreciation of the Renminbi against the US dollar, with the central parity rate set at 7.1384 RMB per USD, a decrease of 25 basis points from the previous trading day [1] Exchange Rate Summary - As of 9:40 AM, the onshore Renminbi was quoted at 7.1865 against the US dollar, reflecting a depreciation of 0.05% - The offshore Renminbi was reported at 7.1903 against the US dollar, showing a depreciation of 0.03% [1] Bond Issuance Summary - Guangdong Province plans to issue offshore Renminbi local government bonds in Macau in late August, with an expected issuance scale of 2.5 billion RMB - The bond issuance will include various types such as bonds themed around the Hengqin Guangdong-Macao Deep Cooperation Zone, green bonds, and for the first time, special bonds supporting the 15th National Games and blue bonds, all aimed at professional investors - This marks the fifth consecutive year since 2021 that Guangdong Province has issued offshore Renminbi local government bonds in Macau, with a continuous expansion of bond varieties [1]

中国人民银行授权中国外汇交易中心公布，2025年8月20日银行间外汇市场人民币汇率中间价为：1美元 对人民币7.1384元，1欧元对人民币8.3243元，100日元对人民币4.8473元，1港元对人民币0.91477元，1 英镑对人民币9.6509元，1澳大利亚元对人民币4.6145元，1新西兰元对人民币4.2188元，1新加坡元对人 民币5.5672元，1瑞士法郎对人民币8.8522元，1加拿大元对人民币5.1615元，人民币1元对1.1265澳门 元，人民币1元对0.59047马来西亚林吉特，人民币1元对11.2361俄罗斯卢布，人民币1元对2.4756南非兰 特，人民币1元对194.33韩元，人民币1元对0.51298阿联酋迪拉姆，人民币1元对0.52419沙特里亚尔，人 民币1元对47.2649匈牙利福林，人民币1元对0.50958波兰兹罗提，人民币1元对0.8976丹麦克朗，人民币 1元对1.3425瑞典克朗，人民币1元对1.4387挪威克朗，人民币1元对5.70820土耳其里拉，人民币1元对 2.6325墨西哥比索，人民币1元对4.5426泰铢。 8月20日，人民币兑美元中间价下调25个基点，报7 ...

Core Viewpoint - The central point of the news is the depreciation of the Chinese yuan against the US dollar, with the exchange rate reported at 7.1384 yuan per dollar, reflecting a decrease of 25 basis points from the previous trading day [1]. Exchange Rate Summary - The People's Bank of China announced the mid-point exchange rates for various currencies, with 1 US dollar equating to 7.1384 yuan, 1 euro to 8.3243 yuan, and 100 Japanese yen to 4.8473 yuan [2]. - Additional exchange rates include: - 1 Hong Kong dollar to 0.91477 yuan - 1 British pound to 9.6509 yuan - 1 Australian dollar to 4.6145 yuan - 1 New Zealand dollar to 4.2188 yuan - 1 Singapore dollar to 5.5672 yuan - 1 Swiss franc to 8.8522 yuan - 1 Canadian dollar to 5.1615 yuan - 1 Malaysian ringgit to 0.59047 yuan - 1 Russian ruble to 11.2361 yuan - 1 South African rand to 2.4756 yuan - 1 South Korean won to 194.33 yuan - 1 UAE dirham to 0.51298 yuan - 1 Saudi riyal to 0.52419 yuan - 1 Hungarian forint to 47.2649 yuan - 1 Polish zloty to 0.50958 yuan - 1 Danish krone to 0.8976 yuan - 1 Swedish krona to 1.3425 yuan - 1 Norwegian krone to 1.4387 yuan - 1 Turkish lira to 5.70820 yuan - 1 Mexican peso to 2.6325 yuan - 1 Thai baht to 4.5426 yuan [2].

Group 1 - The core viewpoint of the article highlights the ongoing bullish trend in the A-share market, with major indices reaching new highs and overall market capitalization surpassing 100 trillion yuan [1][2][3] - The current market rally is characterized by a preference for emerging industries, with significant gains in sectors such as defense, telecommunications, and pharmaceuticals, indicating a shift in investor focus compared to previous market cycles [4][5] - Notable individual stocks have seen extraordinary performance, with some achieving over tenfold increases, reflecting a broader trend of high returns in the current market environment [5][6] Group 2 - Factors contributing to the market surge include a recovering investor confidence, successful capital market reforms by the central bank, and a positive economic outlook, which are all seen as critical for sustaining the current bullish sentiment [7][8] - The future trajectory of the A-share market may be influenced by regulatory attitudes, economic recovery indicators, and external market conditions, particularly regarding U.S. monetary policy [8][9] - The performance of major financial stocks is crucial for the market's upward momentum, with analysts suggesting that the sustainability of the rally depends on whether these stocks can deliver solid earnings [10][11] Group 3 - Historical context is provided, indicating that past market peaks were often driven by emotional and liquidity factors, suggesting that a stable and healthy market requires strong underlying fundamentals rather than just speculative enthusiasm [12] - The article discusses the importance of institutional changes in the Chinese market, which have historically played a significant role in driving market performance, alongside the current favorable conditions for foreign investment [13][14] - Analysts predict that the A-share market will continue to attract foreign capital due to its relative undervaluation compared to global markets, especially as global monetary conditions evolve [14]

Summary of Key Points from the Conference Call Industry or Company Involved - The analysis focuses on the **Chinese Yuan (RMB) exchange rate** and its relationship with **cross-border capital flows** and macroeconomic factors, particularly between **China and the United States**. Core Insights and Arguments 1. **Factors Influencing RMB Exchange Rate**: The RMB exchange rate is influenced by four main factors: value, supply and demand, expectations, and institutional factors. These include the economic fundamentals of China and the US, cross-border capital flows, and policy interventions [1][4][18]. 2. **Predicted Exchange Rate Trends**: The RMB is expected to experience a pattern of appreciation followed by depreciation in the second half of the year, with overall two-way fluctuations. Short-term appreciation is anticipated, peaking around 7.1, before potentially falling to 7.25 by the fourth quarter [1][5][14]. 3. **US and China Economic Synchronization**: Both countries are expected to experience a similar economic rhythm, with the US showing resilience despite recession fears, while China may see a slowdown followed by stabilization due to potential policy stimuli [6][14]. 4. **Inflation Trends**: US inflation is projected to rise, with the Consumer Price Index (CPI) possibly exceeding 3% in the latter half of the year, while China's inflation is not expected to rise significantly in the short term. This widening inflation gap may exert depreciation pressure on the RMB [7][8][14]. 5. **Impact of Exports on RMB**: There is a strong correlation between China's exports and the RMB exchange rate. If US-China tariff negotiations reach an agreement, it may reduce the urgency of exports, leading to potential depreciation of the RMB [9][14]. 6. **US and Chinese Bond Yields**: US Treasury yields are expected to rise to a range of 4.5% to 5.0%, while Chinese bond yields are anticipated to fluctuate less. The widening interest rate differential will likely put depreciation pressure on the RMB [10][14]. 7. **Dollar Index Influence**: The dollar index has shown significant fluctuations, and its expected rise may indirectly affect the RMB, leading to depreciation pressure [11][12][14]. 8. **Institutional Adjustments**: When the RMB approaches critical levels, China may implement measures such as foreign exchange reserve requirements and macro-prudential adjustments to stabilize the currency [13][14]. 9. **Cross-Border Capital Flow Changes**: There is a structural shift in cross-border capital flows from Foreign Direct Investment (FDI) to short-term securities and credit, with a decline in US capital attractiveness and an increase in emerging markets' appeal [2][15][16]. 10. **Stablecoin Development**: The growth of stablecoins, currently valued at approximately $270 billion and expected to reach $3.7 trillion by 2030, is reshaping global cross-border investment dynamics [17]. Other Important but Potentially Overlooked Content - The RMB exchange rate's fluctuations are closely tied to the broader economic and geopolitical landscape, including trade negotiations and monetary policy decisions in both the US and China [1][4][18]. - The analysis emphasizes the importance of monitoring inflation trends and cross-border capital flows as they can significantly impact the RMB's value and the overall economic environment [2][15][18].

来源：上海证券报·中国证券网 同日，人民币对美元中间价7.1359，较上一交易日下调37个基点。 国泰海通宏观团队表示，2025年二季度货币政策报告对人民币汇率的表述较一季度货币政策执行报告明 显缓和，表明汇率在合理均衡水平上基本稳定，货币政策的执行节奏将"以我为主"。 美元指数在98关口上方震荡，截至9时30分，报98.2848。 上证报中国证券网讯（记者 黄冰玉 陈佳怡）8月19日，Wind数据显示，在岸人民币对美元开盘跌68 点，报7.1860，上一交易日16时30分收盘报7.1792。截至9时30分，离岸人民币对美元报7.18872。 ...