Report Investment Rating - No investment rating information provided in the report Core View - On September 24, treasury bond futures prices generally declined, with the T2512 contract down 0.24% and a decrease in open interest. The IRR of CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, with no arbitrage opportunities. Short - term market interest rates generally rose, and key - term treasury bond yields showed mixed trends. The long - short (10 - 2) treasury bond yield spread was 41.3bp. Overseas, the 10Y US treasury bond yield rose 4bp, the 10Y German treasury bond yield rose 0bp, and the 10Y Japanese treasury bond yield fell 1.4bp. The central bank's monetary policy showed a moderately loose orientation, with a net MLF injection of 3000 billion yuan in September. With the Fed entering the interest - rate cut cycle, the central bank's policy space has increased, but the next policy adjustment needs central unified deployment. It is recommended to remain bearish on the long - end and stay on the sidelines for the short - end [2][3] Summary by Relevant Content Treasury Futures Market - **Price and Volume**: On September 24, prices of various treasury bond futures contracts generally fell, such as the TS2512 contract down 0.05%, the TF2512 contract down 0.14%, and the T2512 contract down 0.24%. Open interest of most contracts decreased, except for some with an increase. Trading volume varied among contracts [2] - **IRR and Arbitrage**: The IRR of CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, indicating no arbitrage opportunities [2] Short - term Market Interest Rates - Rates of SHIBOR overnight, SHIBOR7 days, DR001, DR007, GC001, GC007, FR001, and FR007 generally rose on September 24. For example, SHIBOR7 days rose 12.8bp, DR007 rose 18.48bp, and GC007 rose 14.2bp [2] Spot Market - Chinese Treasury Bonds - **Yield Changes**: Yields of key - term treasury bonds showed mixed trends on September 24. The 10Y treasury bond yield rose 1.98bp to 1.9%, and the long - short (10 - 2) treasury bond yield spread was 41.3bp [2] Overseas Market - Treasury Bonds - **Yield Changes**: On September 24, the 10Y US treasury bond yield rose 4bp, the 10Y German treasury bond yield rose 0bp, and the 10Y Japanese treasury bond yield fell 1.4bp [2] Macro News - **Monetary Policy**: On September 24, the central bank conducted 4015 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 170 billion yuan. It also announced a 6000 - billion - yuan MLF operation on September 25, with a net injection of 3000 billion yuan in September, continuing the moderately loose monetary policy [3] - **Trade Policy**: China stated at the WTO that it would not seek new special and differential treatment, while emphasizing its status as the largest developing country. The US and the EU finalized a tariff agreement, with certain EU products on the tariff - exemption list [3] - **Financial Policy**: Commercial banks can use certain bonds as collateral for treasury cash time deposits, with specific collateral requirements [3] - **US Fiscal Policy**: The US Treasury Secretary criticized the Fed Chairman and urged a 100 - 150 - basis - point interest - rate cut by the end of the year. The Treasury is considering a 20 - billion - dollar currency swap with Argentina [3] Industry Information - **Interest Rate Changes**: On September 24, most money - market interest rates rose, and US treasury bond yields collectively increased [3] Comment and Strategy - The market situation showed that treasury bond futures prices generally declined, the central bank's open - market operations had a net withdrawal, and short - end Shibor rates rose. Although the MLF continued to inject medium - term liquidity, considering factors such as economic data and the Fed's policy, it is recommended to remain bearish on the long - end and stay on the sidelines for the short - end [3]

Group 1: Economic Overview - The latest GDP data for Q2 2025 shows significant economic performance among the world's major economies: the US, EU, and China [1][2][4] - GDP is a crucial indicator of economic health, reflecting the total market value of all final products and services produced in a region [1] Group 2: United States Economic Performance - In Q2 2025, the US GDP reached $7.18 trillion, with a quarter-on-quarter growth of 2.7%, up from 2.3% in Q1 [2][4] - The growth was primarily driven by a 3.1% increase in personal consumption expenditures and a 5.2% rise in business investment [4] - Challenges include inflation remaining above the Federal Reserve's 2% target, with a CPI increase of 2.7% year-on-year in June 2025, and a 1.2% decline in residential investment due to high mortgage costs [4] Group 3: European Union Economic Performance - The EU's GDP for Q2 2025 was approximately €4.92 trillion (about $5.38 trillion), with a quarter-on-quarter growth of 0.3% and a year-on-year growth of 1.2% [4][5] - Economic growth varied among member states, with Germany's GDP growing only 0.1%, while Spain showed stronger growth at 0.6% [5] - The European Central Bank has lowered interest rates to support economic activity, indicating a cautious recovery [5] Group 4: China's Economic Performance - China's GDP for Q2 2025 was ¥33.81 trillion (approximately $4.66 trillion), with a year-on-year growth of 5.3%, up from 5.0% in Q1 [6] - Key growth drivers included a 4.8% increase in retail sales, stable industrial production growth of 5.7%, and a 5.6% increase in the service sector [6] - Challenges include a 10.1% decline in real estate investment and ongoing employment pressures, with an urban unemployment rate of 5.0% [6] Group 5: Comparative Analysis - The absolute GDP figures show the US as the largest economy at $7.18 trillion, followed by the EU at $5.38 trillion and China at $4.66 trillion [7] - In terms of growth rates, China's 5.3% year-on-year growth outpaces the US's 2.7% and the EU's 1.2% [9] - Each economy faces unique challenges: the US contends with inflation and a weak housing market, the EU grapples with structural reforms and geopolitical risks, while China deals with real estate adjustments and employment issues [9]

Core Viewpoint - The article discusses the varying market expectations and bond price fluctuations influenced by data, policies, and funding conditions at different stages [1]. Group 1: Market Conditions - The central bank conducted a 401.5 billion yuan reverse repurchase operation, with 418.5 billion yuan maturing, resulting in a net withdrawal of 17 billion yuan [3]. - The funding environment shifted from tight to loose, with long-term bond yields slightly rising [3]. - The overnight funding rate (DR001) was around 1.44%, while the 7-day rate (DR007) increased to approximately 1.59% due to month-end factors [3]. Group 2: Bond Market Performance - The bond market showed a stable sentiment in the morning, with the 10-year government bond yield starting at 1.7975% and slightly decreasing to around 1.795% [5]. - The afternoon saw a peak in yields, with the 10-year bond rate reaching up to 1.82% before closing at 1.815% after the central bank injected an additional 300 billion yuan into the Medium-term Lending Facility (MLF) [5][6]. - The article reflects on the bond market's struggles, contrasting the current situation with the previous year when the 30-year government bond yield was around 2.2% [6]. Group 3: Interest Rates Overview - The weighted rates for various repo codes were reported, with RO01 at 1.50%, R007 at 1.71%, and R014 at 1.84%, indicating changes in the market dynamics [4]. - The government bond yields for different maturities were detailed, with the 1-year yield at 1.3650%, 2-year at 1.5150%, and 10-year at 1.8150% [10].

Group 1 - The Chicago Fed President Austan Goolsbee emphasizes a cautious approach to further rate cuts due to persistent inflation above the Fed's target and an upward trajectory [1][2] - Fed Governor Michelle Bowman highlights the risk of falling behind economic conditions due to a rapidly weakening labor market, advocating for decisive action to lower rates [1][4] - The recent FOMC meeting resulted in a 25 basis point rate cut, marking the first reduction since December 2024, with expectations for two more cuts this year [2][3] Group 2 - The FOMC dot plot indicates significant divergence among Fed officials regarding future rate cuts, with 7 officials predicting no further cuts this year and 2 supporting only one more cut [3] - Powell describes the recent rate cut as a "risk management" move aimed at adjusting monetary policy from a "moderately tight" stance to a more neutral position [3][4] - Bowman warns that the FOMC needs to act more swiftly in response to the deteriorating labor market conditions, suggesting a need for faster and larger adjustments to monetary policy [4][5]

Report Summary 1. Overall Information - Report Title: Galaxies Non - ferrous Metals R & D Report - Non - ferrous and Precious Metals Daily Morning Observation - Date: September 23, 2025 2. Industry Investment Rating No industry investment rating is provided in the report. 3. Core Views - The precious metals market shows strong upward momentum, with gold hitting a new high and silver reaching its highest level since May 2011. The market is influenced by factors such as Fed interest rate expectations, geopolitical conflicts, and inflation concerns [2]. - The copper market is affected by macro - factors and supply - demand fundamentals. Although there is potential for further interest rate cuts, there are differences among policymakers. Supply is tight, and consumption shows a "peak season is not prosperous" situation [6][8]. - The alumina market has a weak fundamental trend, with domestic and foreign spot prices falling in resonance, and the import window opening slightly [11][13]. - The casting aluminum alloy market has a positive market expectation, with alloy ingot spot prices remaining stable and slightly strong [16][18]. - The electrolytic aluminum market is affected by Fed interest rate policies and domestic downstream demand. After the price correction, attention should be paid to the downstream stocking sentiment before the holidays [21][23]. - The zinc market has support at the bottom in the short term, and the price is expected to fluctuate within a range, mainly due to the potential reduction in domestic supply and the downstream pre - holiday stocking demand [25][26]. - The lead market has a situation where long and short factors are intertwined, and the price is expected to remain volatile at a high level [29][31]. - The nickel market maintains a wide - range oscillatory trend, with supply increasing faster than demand, and the price is affected by factors such as news from Indonesia and the Philippines [33][36]. - The stainless steel market is expected to remain oscillatory, with supply pressure above and support below due to factors such as production scheduling, inventory, and cost [39][42]. - The industrial silicon market may continue to correct in the short term, and the impact of polysilicon production scheduling and market sentiment on the price is greater [44][46]. - The polysilicon market has a long - term upward trend in spot prices, and the best strategy is to wait for the price to correct sufficiently before going long [48][50]. - The lithium carbonate market is expected to be oscillatory and slightly strong in the short term, with supply and demand both being strong [52][55]. - The tin market is expected to remain oscillatory at a high level, with tight supply at the mine end and weak demand [57][60]. 4. Summary by Metal Precious Metals - **Market Review** - Gold: London gold rose by over $60 during the day, hitting a new high of over $3740, and finally closed up 1.67% at $3746.63 per ounce. Shanghai gold futures rose 1.46% to 850.98 yuan per gram [2]. - Silver: London silver reached its highest level since May 2011, closing up 2.38% at $44.02 per ounce. Shanghai silver futures rose 1.77% to 10348 yuan per kilogram [2]. - Dollar Index: It first rose and then fell, ending a three - day winning streak, closing down 0.38% at 97.30 [2]. - US Treasury Yield: The 10 - year US Treasury yield continued to rebound, closing at 4.151% [2]. - RMB Exchange Rate: It fluctuated within a narrow range, closing down 0.07% at 7.1138 [2]. - **Important Information** - Fed officials' views are divided on further interest rate cuts. The probability of the Fed maintaining the interest rate unchanged in October is 10.2%, and the probability of a 25 - basis - point cut is 89.8%. In December, the probability of maintaining the interest rate unchanged is 1.7%, the probability of a cumulative 25 - basis - point cut is 23.1%, and the probability of a cumulative 50 - basis - point cut is 75.3% [2]. - **Logic Analysis** - After the Fed cut interest rates by 25 bps last week, the expectation of two more cuts this year remains high. The risk of stagflation in the US still exists, and geopolitical conflicts occasionally emerge, driving gold prices higher. Silver shows greater upward elasticity [2]. - **Trading Strategy** - Unilateral: Continue the low - buying idea. - Arbitrage: Wait and see. - Options: Collar call options [4]. Copper - **Market Review** - Futures: The night - session Shanghai copper 2511 contract closed at 80100 yuan per ton, down 0.02%. The Shanghai copper index decreased by 6971 lots to 470,600 lots. LME copper closed at $10002 per ton, up 0.06% [6]. - Spot: LME inventory decreased by 2275 tons to 145,300 tons, and COMEX inventory increased by 1511 tons to 318,200 tons [6]. - **Important Information** - Sino - US leaders' phone call improved market sentiment. Fed officials have different views on further interest rate cuts. Argentina plans to develop copper resources [6][8]. - **Logic Analysis** - Macro - factors are positive, but there are differences among policymakers on interest rate cuts. Supply is tight due to production accidents and other reasons, and consumption is weak [8]. - **Trading Strategy** - Unilateral: The copper price may consolidate at a high level in the short term. - Arbitrage: Continue to hold cross - market positive arbitrage positions. - Options: Wait and see [9]. Alumina - **Market Review** - Futures: The night - session alumina 2601 contract decreased by 28 yuan to 2906 yuan per ton [11]. - Spot: The spot prices in various regions decreased, with the national weighted index down 1.2 yuan to 3009 yuan [11]. - **Important Information** - Xinjiang's alumina spot tender price decreased. The operating capacity increased slightly. Australian alumina prices decreased, and China's alumina import and export data changed [11][13]. - **Logic Analysis** - Domestic and foreign spot prices are falling, the import window is slightly open, and the fundamentals are weak [13]. - **Trading Strategy** - Unilateral: The alumina price is expected to be weak. - Arbitrage: Wait and see. - Options: Wait and see [14]. Casting Aluminum Alloy - **Market Review** - Futures: The night - session casting aluminum alloy 2511 contract decreased by 50 yuan to 20265 yuan per ton [16]. - Spot: The spot prices in various regions decreased by 100 yuan per ton [16]. - **Important Information** - Policies affect the recycled aluminum industry. The social inventory of recycled aluminum alloy ingots in some regions changed, and the Shanghai Futures Exchange launched the standard warehouse receipt generation business for casting aluminum alloy [18]. - **Logic Analysis** - Some enterprises are stocking up for the National Day holiday. The downstream production rate is rising, and the market expectation is positive [18]. - **Trading Strategy** - Unilateral: After the aluminum alloy futures price pulls back from a high level, pay attention to the rebound opportunity supported by fundamentals. - Arbitrage: Wait and see. - Options: Wait and see [19]. Electrolytic Aluminum - **Market Review** - Futures: The night - session Shanghai aluminum 2511 contract decreased by 55 yuan to 20715 yuan per ton [21]. - Spot: The spot prices in various regions decreased [21]. - **Important Information** - Sino - US leaders' phone call. The inventory of aluminum ingots increased slightly. An Indonesian electrolytic aluminum project is progressing as planned, and China's aluminum export data changed [21][23]. - **Logic Analysis** - The Fed is cautious about further interest rate cuts. Attention should be paid to downstream stocking sentiment before the holidays [23]. - **Trading Strategy** - Unilateral: After the aluminum price pulls back, pay attention to the opportunity of stabilizing and rebounding. - Arbitrage: Wait and see. - Options: Wait and see [23]. Zinc - **Market Review** - Futures: LME zinc rose 0.05% to $2900 per ton, and Shanghai zinc 2511 rose 0.18% to 22035 yuan per ton. The Shanghai zinc index decreased by 1558 lots to 238,500 lots [25]. - Spot: The spot price in Shanghai increased slightly, and the downstream buying sentiment was strong [25]. - **Important Information** - The domestic zinc ingot inventory decreased, and the import data of zinc concentrate and refined zinc changed [25][26]. - **Logic Analysis** - Domestic supply may decrease slightly, and downstream pre - holiday stocking demand exists. The LME zinc price is supported by inventory reduction [26]. - **Trading Strategy** - Unilateral: The zinc price may fluctuate within a range in the short term. - Arbitrage: Wait and see. - Options: Wait and see [27]. Lead - **Market Review** - Futures: LME lead fell 0.17% to $1999.5 per ton, and Shanghai lead 2511 rose 0.03% to 17165 yuan per ton. The Shanghai lead index increased by 862 lots to 101,800 lots [29]. - Spot: The average price of SMM1 lead was flat. The trading volume was limited due to limited supply and high prices of recycled refined lead [29]. - **Important Information** - The domestic lead ingot inventory decreased, and the import data of lead concentrate and lead - acid batteries changed [29][31]. - **Logic Analysis** - Supply may increase as some smelters plan to resume production, and downstream enterprises may stock up before the holiday. The price is expected to remain volatile at a high level [31]. - **Trading Strategy** - Unilateral: The lead price may remain volatile at a high level in the short term. - Arbitrage: Wait and see. - Options: Wait and see [34][32]. Nickel - **Market Review** - Futures: LME nickel fell $70 to $15200 per ton, and Shanghai nickel NI2511 fell 220 yuan to 121410 yuan per ton. The index position increased by 1326 lots [33]. - Spot: The premiums of different nickel products were flat [33]. - **Important Information** - Rumors about an Indonesian mining company were refuted. The Democratic Republic of the Congo may extend the cobalt export ban [33][36]. - **Logic Analysis** - The nickel price pulled back with the weak commodity market. Supply is increasing faster than demand, and the price is affected by news from Indonesia and the Philippines [36]. - **Trading Strategy** - Unilateral: Wide - range oscillation. - Arbitrage: Wait and see. - Options: Wait and see [37]. Stainless Steel - **Market Review** - Futures: The main SS2511 contract rose 25 yuan to 12935 yuan per ton, and the index position decreased by 1804 lots [39]. - Spot: The spot prices of cold - rolled and hot - rolled stainless steel were in a certain range [41]. - **Important Information** - US import tariffs affect the stainless steel market. Taiwan's imports from Vietnam decreased. China's stainless steel consumption increased [41]. - **Logic Analysis** - Production scheduling has increased, but demand has not shown seasonal strength. The price is expected to remain oscillatory [42]. - **Trading Strategy** - Unilateral: Wide - range oscillation. - Arbitrage: Wait and see [42]. Industrial Silicon - **Market Review** - Futures: The main industrial silicon futures contract decreased by 0.83% to 8950 yuan per ton, with significant position reduction [44]. - Spot: The spot price increased by 100 - 150 yuan per ton [44]. - **Important Information** - Yunnan silicon plants plan to reduce production due to electricity price increases. The inventory structure is "low at both ends and high in the middle" [46]. - **Logic Analysis** - The inventory structure is prone to positive feedback between futures and spot. The impact of polysilicon production scheduling and market sentiment on the price is greater [46]. - **Trading Strategy** - Unilateral: Participate after the price stabilizes from the correction. - Options: Look for opportunities to sell out - of - the - money put options. - Arbitrage: None [46]. Polysilicon - **Market Review** - Futures: The main polysilicon futures contract decreased by 3.63% to 50990 yuan per ton, with position increase [48]. - Spot: The spot price was stable [48]. - **Important Information** - Spain's self - use photovoltaic installation capacity has declined for three consecutive years [48]. - **Logic Analysis** - The spot price is likely to rise in the long term. There are short - term negative factors for futures, and the best strategy is to go long after the price correction [50]. - **Trading Strategy** - Unilateral: Go long after the price corrects sufficiently. - Arbitrage: Reverse arbitrage between 2511 and 2512 contracts. - Options: None [50]. Lithium Carbonate - **Market Review** - Futures: The main 2511 contract decreased by 140 yuan to 73480 yuan per ton. The position and warehouse receipts decreased [52]. - Spot: The spot prices of electric and industrial lithium carbonate increased [52]. - **Important Information** - Canada's renewable energy market has great potential, and China's lithium - ion battery export data increased [52][55]. - **Logic Analysis** - The price pulled back due to the weak commodity market. Supply growth is limited, and demand is strong. The price is expected to be oscillatory and slightly strong [55]. - **Trading Strategy** - Unilateral: Oscillatory and slightly strong. - Arbitrage: Wait and see. - Options: Sell out - of - the - money put options [55]. Tin - **Market Review** - Futures: The main Shanghai tin 2510 contract decreased by 0.28% to 270610 yuan per ton, and the position increased by 263 lots [57]. - Spot: The spot price rose, and the inventory decreased [57]. - **Important Information** - Sino - US relations and Fed officials' views. An Indonesian tin company expects to achieve its production target [57][59]. - **Logic Analysis** - Supply at the mine end is tight, and demand is weak. Attention should be paid to Myanmar's复产 and electronic consumption recovery [60]. - **Trading Strategy** - Unilateral: Remain oscillatory at a high level. - Options: Wait and see [61].

Core Viewpoint - The Atlanta Fed President Bostic expresses concerns about inflation and indicates he does not plan to support another rate cut in October, despite rising employment risks [2][3]. Summary by Sections Economic Outlook - Bostic has only planned one rate cut for the entire year of 2025, suggesting no further cuts are needed in the remaining meetings of 2023 [2]. - He acknowledges that the balance of risks has shifted, with employment concerns and inflation being more equal than three months ago [3]. Inflation Concerns - Bostic worries that inflation remains persistently above the Fed's 2% target, with core inflation projected to rise from 2.9% in July to 3.1% by year-end [5]. - He anticipates that inflation may not return to the 2% target until 2028 [5]. Labor Market Dynamics - Bostic believes the current labor market is not in crisis, but the extent of its weakness is still uncertain [5]. - He estimates that limited labor supply accounts for about one-third of the recent slowdown in hiring, with immigration policies potentially exacerbating these challenges [6][7]. Tariff Impact - The impact of tariffs on consumer prices is still unclear, as companies have adopted various strategies to mitigate cost increases [5]. - Bostic notes that the cost increases from tariffs have been more moderate than initially expected, but these buffers may deplete in the coming months, leading to prolonged moderate price pressures [5].

Group 1: Gold Price Trends - Gold futures opened at $3,768.30 per ounce on Thursday, reflecting a 1% increase from Wednesday's close of $3,732.10 [1] - The current price of gold is up 3.1% from the opening price of $3,654.60 one week ago and has increased 12% from the opening price of $3,366 on August 25, 2025 [4] - Over the past year, gold has risen 41.9% from the opening price of $2,656.30 on September 25, 2024 [4] Group 2: Economic Indicators and Federal Reserve - Investors are focusing on new economic data for insights into the Federal Reserve's next policy moves, particularly the upcoming weekly initial jobless claims data and the August PCE index [2] - The expectation for initial jobless claims is an increase to 235,000 from 231,000, while analysts predict the monthly PCE will rise to 0.3% from 0.2% in July [2] Group 3: Investment Outlook for Gold - Gold is expected to strengthen in scenarios where interest rates decline or the economic outlook becomes uncertain [3] - Analysts are bullish on gold, with Goldman Sachs Research predicting a price of $3,700 per troy ounce by year-end 2025, representing a 40% increase from its January 2 opening price of $2,633 [12] - Rising demand from central banks and uncertainty related to U.S. tariff policy are key factors driving the increase in gold prices [12]

Core Viewpoint - Stocks experienced an increase on Friday, continuing a trend that has led to record highs for indexes, driven by the Federal Reserve's interest rate cut which has enhanced investor confidence [1] Group 1 - The Dow Jones Industrial Average rose by 98 points, equivalent to a 0.2 percent increase [1]

Group 1 - The US dollar continues to rebound, with the AUD/USD exchange rate slightly declining to 0.6609, down 0.05%, indicating low trading activity ahead of significant upcoming events [1] - US Treasury yields have collectively risen, with the 10-year yield increasing by 3.2 basis points to 4.108%, marking the first consecutive rise since early September and the largest two-day increase in a month [1] - A report from the US Labor Department showed that initial jobless claims fell by 33,000 to 231,000, significantly below economists' expectations of 240,000, reversing the previous week's surge [1] - The Philadelphia Fed manufacturing index for September rose to 23.2, well above the expected 2.5 and the previous value of -0.3, indicating a strong recovery in factory output despite a decline in price indicators [1] Group 2 - The Reserve Bank of Australia (RBA) Chairman will speak in the House of Representatives on Monday, and the August CPI data will be released on Wednesday, which is the last CPI data before the RBA's interest rate decision on September 30 [2] - The short-term support area for the AUD/USD exchange rate is near the lower Bollinger Band around 0.6590-95, with resistance levels at 0.69435 [2]

Core Viewpoint - The Bank of England has decided to maintain interest rates at 4% due to heightened concerns over inflation, signaling a cautious approach towards future rate cuts [1][2]. Group 1: Monetary Policy Decisions - The Monetary Policy Committee voted 7 to 2 to keep rates unchanged, with some members advocating for a 25 basis point cut [1]. - The Bank warned that any future rate cuts will be gradual and dependent on the easing of underlying inflationary pressures [1]. - The decision to slow down the reduction of government bond holdings was made, with plans to reduce the balance sheet by £70 billion annually starting in October [2]. Group 2: Inflation and Economic Indicators - Current inflation is nearly double the Bank's target of 2%, with recent data showing signs of stabilization in the labor market [2]. - The Bank expects inflation to reach 4% this month, with particular concern over rising food prices [3]. - Economic growth in the UK has outperformed other G7 countries, with a revised GDP growth forecast of 0.4% for Q3 [3]. Group 3: Market Reactions - Following the rate decision, UK bond prices rose slightly, and the yield on 10-year UK government bonds fell by 1 basis point to 4.62% [1]. - The GBP/USD exchange rate continued to rise, increasing by 0.1% to 1.364 [1].