Core Viewpoint - The recent strengthening of the RMB against the USD has raised market concerns regarding the future trajectory of the RMB exchange rate and its impact on the Chinese stock market [1][2][4] Group 1: RMB Exchange Rate Trends - The onshore RMB to USD exchange rate has shown a significant upward trend since early April, recovering the "7.2" level by the end of May, with a 1.01% increase in May alone and a total increase of 1.48% since the beginning of the year [1] - The offshore RMB has mirrored this trend, rising 2.03% year-to-date as of May 28 [1] - The USD index has declined over 8% since the beginning of the year, falling from a high of 109 to below 100 [1] Group 2: Factors Influencing RMB Strength - The recent appreciation of the RMB is primarily driven by two factors: the depreciation of the USD and proactive domestic macroeconomic policies that enhance economic resilience [2] - The People's Bank of China has implemented a series of financial policies, including interest rate cuts and accelerated fiscal spending, which have provided internal support for the RMB exchange rate [2] Group 3: Impact on Chinese Stock Market - The strengthening of the RMB is expected to attract more foreign capital into the Chinese stock market, with Goldman Sachs projecting a potential 3% appreciation of the RMB against the USD over the next 12 months [4] - Historical data suggests that when the RMB appreciates, the Chinese stock market tends to perform well, aligning with trading patterns observed in other Asian emerging markets [4] - A 1% appreciation of the RMB against the USD could lead to an approximate 3% increase in returns for the Chinese stock market, assuming other conditions remain constant [4]

在对话式AI等高潜力领域积极布局。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 声网母公司 Agora, Inc. ( NASDAQ：API ) 于北京时间 5月28日公 布了 2025年第一季度财报。 财报显示， 第一季度 Agora, Inc. 总营收3327万美元，收入同比增长12.1%，相比上一季度的 3.6%提速明显。 在美国通用会计准则（ GAAP）下，Agora, Inc. 第一季度净利润为41万美元，继2024年Q4实现 同比扭亏为盈后，已连续两个季度实现GAAP盈利，且利润额稳步提升。对此，Agora, Inc. 创始人 兼CEO赵斌表示，"我们欣然宣布，得益于双位数的收入同比增长和审慎的成本管控，公司连续两个 季度实现了美国通用会计准则（GAAP）下的盈利。" 在现金储备方面，截至 2025年3月31日，Agora, Inc. 现金、现金等价物、银行存款及银行理财产 品为3.88亿美元。 赵斌表示， "持续的盈利能力与稳健的现金储备，让我们能够在高潜力领域积极 布局，尤其是对话式 AI 领域。自今年3月发布对话式 AI 引 ...

作 者丨林秋彤 编 辑丨曾芳 图 源丨图虫 人民币汇率强劲走势延续。 5月26日，在岸和离岸人民币汇率日内双双升破7.17，创下自2024年11月以来的最高值。 Wind数据显示，截至5月26日16时30分，在岸人民币汇率收报7.1843，较上一交易日上涨52 点，日内最高触及7.1674。离岸人民币日内最高触及7.1616，均价7.17。月线来看，5月在岸 人民币上涨906个基点，离岸人民币月内已上涨超千点。 中间价方面，中国外汇交易中心公布5月26日人民币对美元中间价为7.1833，较上一交易日大 幅提升86点，上调幅度为今年1月以来的最大值。 中国建投投资研究院主任张志前对21世纪经济报道记者表示，人民币汇率中间价大幅调升， 说明做市商报价整体上较前一日更倾向于人民币升值，反映出市场对人民币的预期较为乐 观，在综合因素作用下，做市商认为人民币有更强的购买力和价值。 对于今日人民币汇率走强，东方金诚首席宏观分析师王青分析称， 近期美元贬值趋势延续， 推动包括人民币在内的非美货币普遍升值。可以看到，受美国众议院通过特朗普财政法案等 影响，市场对未来美国政府财政赤字和债务增加的悲观预期加剧，导致近期美元指数再 ...

Core Viewpoint - The strong performance of the Renminbi (RMB) continues, with both onshore and offshore RMB exchange rates surpassing 7.17, marking the highest level since November 2024 [1][2]. Exchange Rate Performance - As of May 26, the onshore RMB closed at 7.1843, up 52 points from the previous trading day, with an intraday high of 7.1674. The offshore RMB reached a high of 7.1616, averaging 7.17. In May, the onshore RMB rose by 906 basis points, while the offshore RMB increased by over 1,000 points [1]. - The People's Bank of China set the RMB to USD central parity rate at 7.1833 on May 26, a significant increase of 86 points, the largest adjustment since January of this year [1]. Factors Influencing RMB Strength - The recent appreciation of the RMB is attributed to the ongoing depreciation of the US dollar, driven by concerns over the US fiscal health and the impact of proposed tariffs by the Trump administration [2][3]. - Domestic macroeconomic policies, including interest rate cuts and accelerated fiscal spending, have bolstered the resilience of the Chinese economy against external fluctuations, providing internal support for the RMB [2]. Market Dynamics - Analysts note that the appreciation of the RMB is influenced by the strengthening of other Asian currencies, such as the Korean won, and the easing of external depreciation pressures due to positive developments in US-China trade talks [3]. - The narrowing of the exchange rate gap between onshore and offshore RMB indicates strong motivation among overseas institutions to support RMB appreciation [3]. Economic Implications - Continuous RMB appreciation can enhance its attractiveness and reflect market confidence in the Chinese economy, potentially benefiting the stock market. However, it may also reduce the competitiveness of export goods, impacting domestic employment [3]. - Maintaining a stable RMB exchange rate is crucial, with a focus on expanding domestic demand and reducing reliance on exports, as excessive appreciation or depreciation could destabilize the Chinese economic fundamentals [3][4]. Future Outlook - The future trajectory of the RMB will largely depend on the progress of US-China trade negotiations and the performance of the US dollar. The complexity of resolving high tariff issues suggests that RMB fluctuations will continue, but the likelihood of sustained unilateral appreciation is low [4]. - The RMB is expected to experience a dual-directional fluctuation process against the dollar, with relatively smaller amplitude compared to other major currencies, indicating a more stable outlook [4].

Group 1 - The core focus of the G7 discussions is to improve dialogue on tariffs and address issues within the global trade system [1]

Group 1 - The core viewpoint is that the G7 is discussing ways to improve dialogue in a tariff environment, as highlighted by the Bank of Canada Governor Macklem [1] Group 2 - The focus of the discussions is on enhancing communication and cooperation among G7 nations regarding trade policies and tariffs [1] - The dialogue aims to address the challenges posed by current tariff situations and seek collaborative solutions [1] - The emphasis is on fostering a more constructive approach to international trade relations within the G7 framework [1]

非遗主题集市汇聚汉服、绒花、丝网花、布料、首饰等商品，吸引了许多年轻人。游园打卡游戏中 融入了非遗技艺，玩家可以体验"清水丝绵"剥茧技艺、缫丝、织布，了解从抽丝剥茧到丝绸织造的过 程。 "国丝汉服月"活动现场。 中国丝绸博物馆供图 中国丝绸博物馆馆长季晓芬介绍，"国丝汉服节"已经连续举办八届，今年升级为"国丝汉服月"。6 月，将在哈萨克斯坦阿斯塔纳举办汉服主题活动。 在"雅士沙龙"环节，多位专家学者围绕"传统纺织技艺的数字化保护、非遗技艺在当代服饰设计中 的应用创新、年轻群体与传统手工艺的对话路径"三大议题展开对话。"银瀚论道"邀请多位国家级非遗 代表性传承人分享经验心得。 "国丝汉服月"配套展览"不负古人不负卿——从《长安的荔枝》影视服饰设计说起"，探讨当下影视 剧如何利用传统文化资源进行守正创新。"汉服之夜"再现了《长安的荔枝》剧中的唐风服饰，并展示了 多家汉服研究团队的作品，观众可以看到宋代"影金绣"复原，还有融合夹缬、绞缬、苏绣等非遗技艺的 服饰。 本报电（博文）近日，2025"国丝汉服月"系列活动在中国丝绸博物馆开幕。本届"国丝汉服 月"以"天工霓裳"为主题，旨在展现汉服文化的深厚底蕴与非遗技艺的独 ...

姜再冬会见巴基斯坦空军参谋长：中方欢迎并支持巴印通过对话妥善处理分歧 智通财经5月21日电，姜再冬大使5月20日应约会见巴基斯坦空军参谋长巴伯尔。巴伯尔介绍了巴印局势 情况，强调巴方将坚决捍卫国家主权、领土完整和民族尊严，表示高度重视巴中全天候战略合作伙伴关 系，希望继续就地区形势加强沟通协调。 姜再冬表示，中方重视发展中巴传统友谊和各领域合作，欢迎并支持巴印通过对话妥善处理分歧，呼吁 双方继续保持冷静克制，实现全面持久停火。这符合巴印双方利益，有利于地区和平稳定，也是国际社 会普遍期待。中方愿继续为此发挥建设性作用。 ...

俄罗斯外交部：乌克兰的欧洲盟友试图阻止与俄罗斯恢复直接对话，但他们失败了。 ...

记者 洪俊杰 用香港故宫文化博物馆（香港故宫）馆长吴志华的话说，今年6月19日来上海举办的"城市脉动—— 中国传统文化再诠释"展览，是香港故宫开馆近3年来首次"出宫"。16位香港艺术家通过绘画、录像、音 乐，装置艺术等多媒体方式，向上海观众演绎"港风"版的中国园林与山水。 发掘出沪港双城所蕴藏的丰富文化内涵，帮助观众进一步思考"中华文化继承者"的身份意涵，是本 次展览的主要目的。对于吴志华本人而言，作为一位学中国历史的香港市民，能与中国最大古代文化艺 术博物馆产生"连接"，是最大的幸运。而这份工作需要的，就如钱穆先生所说，是对中国历史与文 化"怀抱温情与敬意"。 现代与传统对话 吴志华说，此番"出宫"来沪，将假座静安区张园举办，"我们希望把艺术品放在一个公共空间内展 示，让观众在欣赏展品时，也能思考中国传统文化与当代城市生活间的关系。"在他看来，建于1882年 的张园有商业设施、文化活动与市民生活，很适合成为现代艺术与传统文化对话的场所。6月21日，香 港故宫还会与解放日报在此举办文化沙龙，两地策展人与艺术家进行深入交流。 比起办展场地的创新，吴志华更关注内容表达的创新：一方面是通过古今对话与中外对话等方式， ...