Core Viewpoint - The recent performance of the Renminbi (RMB) reflects a strong upward trend, with a 0.64% appreciation since August and over 2% year-to-date, indicating a "steady and strong" market condition [1] External Factors - The weakening of the US dollar and rising expectations for Federal Reserve interest rate cuts have contributed to a declining dollar index, providing a favorable environment for RMB appreciation [1] - The RMB's previous slow appreciation has now accelerated, allowing it to catch up more quickly [1] Internal Factors - Domestic policies and capital flows have positively impacted the stock market, attracting foreign investment back into China [1] - The central bank's steady appreciation of the midpoint rate and issuance of offshore central bank bills have sent clear signals to the market, improving cross-border capital flows and stabilizing market confidence [1] Future Outlook - The Chinese economy is expected to remain stable and improve, supported by consumption upgrades, technological innovation, and green transformation, which will likely keep the RMB exchange rate resilient and stable within a reasonable range [1] - There is potential for the RMB to gradually achieve "three prices in one" as part of its ongoing appreciation [1] - The recent appreciation is seen not as a mere coincidence but as a reflection of the underlying economic strength [1]

纽约商品交易所黄金期货市场交投最活跃的2025年12月黄金期价3日上涨20.2美元，收于每盎司3619.7美 元，涨幅为0.56%。 在市场避险需求和对美联储本月将重启降息的押注之下，金价近期连续刷新历史新高。3日盘中，纽约 金价最高触及3640.1美元。 消息面上，美国劳工部3日发布的美国职位空缺与劳动力流动调查报告显示，美国7月职位空缺降至718 万个，为3月以来最低水平。报告还指出，劳动力市场正在放缓，招聘人数正在下降。报告疲软，利好 美国货币政策鸽派预期以及黄金多头。 世界黄金协会最新数据显示，全球各国央行7月份净购入黄金10吨黄金，与前几个月相比，净配置规模 适中。尽管净购买速度放缓，但即使在当前价格区间，各国央行仍然是黄金的净买家。新兴市场仍然是 稳定的买家。 同时，美元指数下跌也支持金价。衡量美元对六种主要货币的美元指数当天下跌0.24%，在汇市尾市收 于98.142。 总部位于墨尔本的黄金咨询公司Surbiton Associates发布的最新季度报告显示，2025年二季度澳大利亚金 矿产量为76吨，比上一季度增加3吨，增幅为4%。澳大利亚黄金年度产量已升至2022/2023财年以来的 最高水 ...

Core Viewpoint - The Federal Reserve's interest rate cut in September is almost certain, but the path for further cuts within the year remains uncertain, with a focus on the upcoming meeting for future economic forecasts and the dot plot for rate cuts [1] Group 1: Economic Indicators - The core PCE for July met market expectations, indicating stability in inflation metrics [1] - The dollar index has been experiencing fluctuations and a downward trend, reflecting market sentiment [1] Group 2: Market Sentiment and Political Factors - Recent events, including Trump's dismissal of a Federal Reserve board member, have heightened concerns regarding the independence of the Federal Reserve [1] - The ongoing conflict between Russia and Ukraine, with limited progress towards a ceasefire, has shaken external confidence in the dollar's foundation [1]

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is driven by a combination of internal and external factors, with expectations for the RMB to maintain stability at a reasonable equilibrium level in the future [1][4][5]. Exchange Rate Trends - As of September 3, the onshore RMB to USD exchange rate was reported at 7.1468, an increase of 8 basis points from the previous trading day [2][4]. - The offshore RMB to USD exchange rate showed a slight decline, reported at 7.1459, down 74 basis points from the previous close [2]. - The RMB to USD central parity rate was adjusted downwards to 7.1108, a decrease of 19 basis points [2]. - From August 29 to September 3, the onshore and offshore RMB appreciated by 0.64% and 0.88% respectively, while year-to-date increases were 2.08% and 2.61% [2]. Factors Driving Appreciation - The RMB's rapid appreciation is attributed to multiple factors, including a weaker US dollar and improved cross-border capital flows [4][6]. - The decline in the US dollar index has created a favorable external environment, while the RMB's middle price has provided strong expectations for future appreciation [4][6]. - The recent performance of the domestic equity market has attracted foreign capital inflows, further supporting the RMB's strength [4][6]. Economic Outlook - Experts believe that the current positive momentum in China's economy will be further solidified, contributing to the stability of the RMB exchange rate [5][6]. - Continued policy support and structural economic transformation are expected to provide a solid foundation for the RMB's stable performance [5][6]. - The RMB is anticipated to gradually converge in value across onshore, offshore, and central parity rates, with ongoing demand for currency settlement supporting its strength [6].

9月3日，在岸人民币对美元汇率小幅上涨。Wind数据显示，截至当日16时30分，该市场汇率报7.1468 元，较前一交易日收盘价上涨8个基点。 近期，在岸、离岸人民币对美元汇率呈现上涨趋势。专家表示，人民币汇率快速上涨受内外因素共振驱 动，包括美元指数偏弱运行创造了相对温和的外部环境、人民币对美元中间价报价释放较强的汇率预期 引导，以及近期国内权益市场表现亮眼或在一定程度上吸引了外资流入等。展望未来，人民币汇率将在 合理均衡水平上保持基本稳定。 整体走强 9月3日，在岸、离岸人民币对美元汇率走势略有分化。Wind数据显示，截至当日16时30分，在岸人民 币对美元汇率报7.1468元，较前一交易日上涨8个基点，盘中最高报7.1374元。离岸人民币对美元汇率略 有下跌，16时30分报7.1459元，较前一交易日收盘价跌74个基点。 9月3日，人民币对美元中间价也稍有调降。中国货币网数据显示，当日，人民币对美元中间价报7.1108 元，较前一交易日调降19个基点。 ● 本报记者 连润 彭扬 专家分析，本轮人民币汇率快速升值，主要受多重因素推动。 美元偏弱等外部因素推动人民币汇率快速升值。"今年以来美元指数跌幅显著， ...

截至纽约汇市尾市，1欧元兑换1.1662美元，高于前一交易日的1.1645美元；1英镑兑换1.3442美元，高 于前一交易日的1.3386美元。 1美元兑换147.97日元，低于前一交易日的148.28日元；1美元兑换0.8040瑞士法郎，高于前一交易日的 0.8038瑞士法郎；1美元兑换1.3797加元，高于前一交易日的1.3780加元；1美元兑换9.4280瑞典克朗，低 于前一交易日的9.4472瑞典克朗。 （文章来源：新华社） 新华财经纽约9月3日电美元指数3日下跌。 衡量美元对六种主要货币的美元指数当天下跌0.24%，在汇市尾市收于98.142。 ...

8月下旬，人民币对美元汇率结束了两个月的低波运行，而后出现较大幅度升值。今日，人民币急升后出现小幅回调。 每经记者注意到，本次快速升值，时间上始于美联储主席鲍威尔8月22日在杰克逊霍尔全球央行年会上的讲话。 人民币汇率的决定因素十分复杂，既有一些长期的、根本性的因素，又有一些短期的、关键性的因素。对于本轮升值，东方金诚首席宏观分析师王青指 出，最近人民币升值既与美联储降息信号有关，也与国内股市走强、人民币中间价的调控作用有关。 "我们认为，保持人民币汇率在合理均衡水平上的基本稳定，仍是当前稳汇市政策的核心目标。"王青表示，接下来人民币汇率仍将以稳为主，持续升值或 大幅贬值的风险都不大。 在市场看空美元、看多人民币之际，8月25日，人民币汇率中间价由7.1321调整至7.1161，这也是自去年11月以来，人民币汇率中间价首次被设在7.12以 下。 对于8月下旬以来的人民币快速升值，王青对记者表示，主要有三个驱动力：一是鲍威尔在杰克逊霍尔全球央行年会上罕见释放降息信号，美元指数承 压，这为包括人民币在内的非美货币带来被动升值动能。二是近期国内股市走强，外资加速流入。这在带动结汇需求增加的同时，也在改善汇市情绪。最 ...

Group 1 - The US Dollar Index (DXY) experienced a short-term decline, with a drop of nearly 20 points, currently reported at 98.12 [1]

Group 1: Currency Trends - The RMB has appreciated against the USD since August, with a 2.3% increase compared to a 10% depreciation of the USD index in the first eight months of 2025[3] - The CFETS RMB exchange rate index fell by approximately 6% from January to June 2025 but rebounded to 96.57 in June, indicating a recovery[3] - The recent appreciation of the RMB is viewed as a "catch-up" due to a weaker USD environment[3] Group 2: Market Influences - The domestic equity market has warmed up since August, with major indices showing significant gains, attracting foreign capital and increasing RMB demand[4] - The dovish stance of the Federal Reserve, particularly the anticipated 25 basis point rate cut in September, has contributed to a stable external environment for the RMB[4] - Seasonal factors, such as the peak dividend season for Hong Kong stocks, and a slight narrowing of the China-US interest rate differential have also supported the RMB's rise[4] Group 3: Future Outlook - The RMB is expected to continue appreciating but may experience short-term volatility due to uncertainties in global economic policies, particularly in Japan[6] - From January to July 2025, China accumulated a trade surplus of nearly $700 billion, but the average settlement rate was only 52.75%, below the 2018 average[6] - If the domestic equity market continues to perform well, it may lead to an increase in the settlement rate, further supporting RMB demand[6] - Long-term RMB exchange rate trends will depend on the recovery of the domestic economy, and rapid appreciation may prompt the central bank to intervene to maintain stability[7]

1美元兑换148.28日元，高于前一交易日的147.22日元；1美元兑换0.8038瑞士法郎，高于前一交易日的 0.8010瑞士法郎；1美元兑换1.3780加元，高于前一交易日的1.3752加元；1美元兑换9.4472瑞典克朗，高 于前一交易日的9.3916瑞典克朗。 （文章来源：新华社） 衡量美元对六种主要货币的美元指数当天上涨0.69%，在汇市尾市收于98.382。 截至纽约汇市尾市，1欧元兑换1.1645美元，低于前一交易日的1.1708美元；1英镑兑换1.3386美元，低 于前一交易日的1.3544美元。 新华财经纽约9月2日电美元指数2日上涨。 ...