新加坡5月外汇储备 4017亿美元，前值3892亿美元。 ...

从汇率折算因素来看，美元汇率的波动对外汇储备规模产生了影响。5月，美元指数出现一定程度的下跌，而非美元货币相对美元升值。5月美元指数由4月 底的99.64下行0.20%至 99.43，英镑兑美元升值0.92%至1.345，欧元兑美元升值0.2%至1.13。我国外汇储备中包含了一定比例的非美元货币资产，当这些非美 元货币兑换成美元时，由于汇率的变化，其价值相应增加，从而推动了外汇储备规模的上升。 资产价格变化也是重要原因之一。全球金融市场在5月出现了一定的波动，但整体上，债券、股票等资产价格有所上涨。我国外汇储备投资于多种资产，资 产价格的上涨使得外汇储备的账面价值增加，进而导致外汇储备规模上升。 浙商证券分析师测算：资产价格对本月储备是负向拖累，主要国家国债利率全面上行，5月末5年期美债收益率较4月末上行24BP至3.96%，5年期英债收益率 上升24BP至4.05%，5 年期德债收益率上升7BP至2.08%，债券收益率波动对外储的综合影响约-231.79亿美元。 近日，国家外汇管理局最新发布的统计数据显示，截至5月末，我国外汇储备规模为32853亿美元，较4月末上升36亿美元，升幅为0.11%。 业内人士指 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The upcoming first meeting of the China-US economic and trade consultation mechanism will boost market risk appetite and help the stock index futures oscillate upward in the short term. However, the decline in import and export growth rates in May, the year-on-year and month-on-month decline in CPI, and the larger decline in PPI compared to the previous period will, to some extent, suppress the short-term upward movement of stock index futures [2]. Summary by Relevant Catalogs Market Outlook Points - On June 9, the main contracts of stock index futures IF2506, IH2506, IC2506, and IM2506 opened slightly higher. IF2506 encountered resistance after rising and oscillated slightly stronger; IH2506 rebounded and then fell back, slightly declining; IC2506 and IM2506 also encountered resistance after rising and slightly increased [2]. - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year; the PPI decreased by 0.4% month-on-month, the same as last month, and 3.3% year-on-year, with the decline expanding by 0.6 percentage points compared to last month. In May, exports (in US dollars) increased by 4.8% year-on-year, down from 8.1% previously; imports decreased by 3.4%, compared to a 0.2% decline previously [2]. Macro and Stock Market News - Politburo member and Vice Premier He Lifeng will visit the UK from June 8 - 13 and hold the first meeting of the China-US economic and trade consultation mechanism with the US [4]. - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, and the core CPI excluding food and energy prices increased by 0.6% year-on-year, with the growth rate expanding by 0.1 percentage points compared to last month. The PPI decreased by 0.4% month-on-month, the same as last month, and 3.3% year-on-year, with the decline expanding by 0.6 percentage points compared to last month [4]. - In the first five months of 2025, China's total goods trade import and export value was 17.94 trillion yuan, a year-on-year increase of 2.5%. Exports were 10.67 trillion yuan, an increase of 7.2%; imports were 7.27 trillion yuan, a decrease of 3.8%. In May, exports (in RMB) increased by 6.3% year-on-year, down from 9.3% previously; imports decreased by 2.1%, compared to a 0.8% increase previously; the trade surplus was 743.56 billion yuan. Exports (in US dollars) increased by 4.8% year-on-year, down from 8.1% previously; imports decreased by 3.4%, compared to a 0.2% decline previously; the trade surplus was 103.22 billion US dollars [6]. - China approves a certain number of compliant applications for rare earth exports and will continue to strengthen the review of compliant applications, and is willing to strengthen communication and dialogue on export control with relevant countries [6]. - At the end of May, China's foreign exchange reserve scale was 3285.3 billion US dollars, an increase of 3.6 billion US dollars from the end of April. The gold reserve was 73.83 million ounces, an increase of 60,000 ounces from the previous month, marking the seventh consecutive month of increase [7]. - Minister Wang Wentao and EU Commissioner Valdis Dombrovskis held talks in Paris, discussing issues such as the EU's anti - subsidy case on Chinese electric vehicles, China's anti - dumping case on EU brandy, and export control. The price commitment negotiation for the China - EU electric vehicle case is in the final stage [7]. - US President Trump called on the Fed to cut interest rates by one percentage point. Recently, global central banks have started a wave of interest rate cuts. The European Central Bank cut interest rates on June 5, the Indian central bank cut the benchmark interest rate by 50 basis points to 5.5% on June 6, and the Russian central bank cut the key interest rate by 100 basis points to 20% on the same day [8]. - In May, the number of non - farm payrolls in the US increased by 139,000 (the previous value was revised down to 147,000), higher than the market expectation of 130,000. The unemployment rate remained at 4.2% for the third consecutive month [8]. - The US resumed visa processing for international students at Harvard University. Four major overseas giants, including Morgan Stanley, JPMorgan Chase, Goldman Sachs, and HSBC, are bullish on China [8][9]. - On June 9, the A - share market oscillated and climbed. The ChiNext Index was strong, and innovative drug concept stocks led the gains. The Shanghai Composite Index rose 0.23% at the mid - day session to 3393.26 points, the Shenzhen Component Index rose 0.62%, the ChiNext Index rose 1.22%, the North Star 50 rose 1.08%, the Science and Technology Innovation 50 rose 0.55%, the Wind All - A rose 0.63%, the Wind A500 rose 0.31%, the CSI A500 rose 0.32%, and the half - day trading volume of A - shares was 838.618 billion yuan [9]. Technical Analysis and Market Outlook - It is expected that IF2506 will likely oscillate stronger during the day, attacking resistance levels at 3879 and 3890 points, with 3890 points being a strong resistance. The support levels are at 3855 and 3848 points, with 3848 points being a strong short - term support [3][10]. - It is expected that IH2506 will likely oscillate and consolidate during the day, with resistance levels at 2689 and 2699 points, and 2699 points being a relatively strong resistance. The support levels are at 2664 and 2653 points, with 2653 points being a relatively strong support [3][12]. - It is expected that IC2506 will likely oscillate stronger during the day, attacking resistance levels at 5817 and 5850 points, with 5850 points being a strong short - term resistance. The support levels are at 5725 and 5708 points, with 5708 points being a strong support [3][12]. - It is expected that IM2506 will likely oscillate stronger during the day, attacking resistance levels at 6200 and 6250 points, with 6250 points being a relatively strong short - term resistance. The support levels are at 6100 and 6077 points, with 6077 points being a strong support [3][13]. - It is expected that the main contract of stock index futures IF in June 2025 will likely oscillate stronger, with resistance levels at 3933 and 3983 points, and support levels at 3750 and 3675 points. - It is expected that the main contract of stock index futures IH in June 2025 will likely oscillate stronger, with resistance levels at 2750 and 2766 points, and support levels at 2600 and 2572 points. - It is expected that the main contract of stock index futures IC in June 2025 will likely oscillate strongly and widely, with resistance levels at 5853 and 5962 points, and support levels at 5508 and 5434 points. - It is expected that the main contract of stock index futures IM in June 2025 will likely oscillate strongly and widely, with resistance levels at 6332 and 6505 points, and support levels at 5844 and 5757 points [13][14].

Group 1 - China's CPI and PPI data for May 2025 will be released on June 9 [1] - China has implemented a visa exemption policy for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, effective from June 9, 2025, to June 8, 2026, allowing stays of up to 30 days without a visa [2] - A total of 4.19 billion shares worth 17.922 billion yuan will be unlocked today from 13 companies, with significant unlocks from Zeyu Intelligent, Yueneng Technology, and Huahai Qingke [3] - Three companies have disclosed stock repurchase progress, with two companies completing repurchases exceeding 10 million yuan [4] - Upcoming data releases include the U.S. wholesale inventory month-on-month rate and Singapore's May foreign exchange reserves [5]

Core Viewpoint - As of May 2025, China's foreign exchange reserves reached $328.53 billion, marking a $3.6 billion increase from April, maintaining stability above $3.2 trillion for 18 consecutive months [1][3][4] Foreign Exchange Reserves - In the first five months of 2025, China's foreign exchange reserves increased by $66.79 billion, $182 billion, $134.41 billion, $410 billion, and $36 billion respectively [3] - The foreign exchange reserves as of January to April 2025 were $32090.36 billion, $32272.24 billion, $32406.65 billion, and $32816.62 billion respectively [2] Gold Reserves - As of May 2025, China's gold reserves stood at 7.383 million ounces, with a month-on-month increase of 60,000 ounces, marking the seventh consecutive month of gold accumulation by the central bank [1][7] - The international gold price experienced fluctuations, with a peak of $3,365 per ounce and a drop to around $3,100 per ounce during May [7][8] Economic Context - The increase in foreign exchange reserves is attributed to the recovery of the Chinese economy and the stability of the economic development quality, which supports the maintenance of reserves [4][6] - Global economic factors, including U.S. fiscal and monetary policies, influenced the dollar index and the prices of financial assets, contributing to the changes in foreign exchange reserves [4][5] Central Bank Behavior - The central bank's continued accumulation of gold is seen as a response to the changing global political and economic landscape, with a focus on diversifying reserve assets [9][10] - The trend of central banks globally increasing gold purchases is expected to continue, driven by concerns over the weakening credit of the U.S. dollar and geopolitical uncertainties [9][10]

Valuation Effects - As of the end of May, China's foreign exchange reserves reached $3,285.255 billion, an increase of $3.59 billion month-on-month[6] - The valuation effect from rising bond yields in major economies is expected to negatively impact foreign reserves, estimated to decrease by around $20 billion[6] - The overall valuation and interest effects are estimated to reduce foreign exchange reserves by approximately $19 billion[6] Trading Factors - Excluding foreign capital flows, the net settlement and other currency demand are expected to contribute to an increase in foreign reserves of about $13 billion[7] - The trading factors are projected to lead to an increase in foreign reserves of approximately $23 billion[7] - The anticipated inflow of foreign capital into RMB assets is estimated to be around $10 billion due to improved market sentiment and easing trade tensions[7] Currency Outlook - The RMB exchange rate is expected to stabilize within the range of 7.1 to 7.2 as the impact of trade tensions dissipates[8] - The dollar index decreased by 0.2% from the end of April, contributing to a more favorable exchange rate environment for the RMB[6] Monetary Policy - The central bank's monetary policy is expected to maintain a supportive stance, with potential for further easing in the second half of the year[9] - Structural monetary policy tools are likely to focus on enhancing existing measures to support consumption and trade[9] Risk Factors - Risks include potential unexpected changes in the Federal Reserve's monetary policy and geopolitical developments affecting exchange rates[9]

·国家外汇管理局披露，中国5月末外汇储备规模为32853亿美元，较4月末上升36亿美元。外汇局称，5月受主要经济体财政政策、货币政策和经济增长前景 等因素影响，美元指数小幅震荡，全球金融资产价格涨跌互现，汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升；我国经济持续回升向 好，经济发展质量稳步提升，为外汇储备规模保持基本稳定提供支撑。（新华财经） ·人民银行数据显示，5月末黄金储备报7383万盎司（约2296.37吨），环比增加6万盎司（约1.86吨），为连续第7个月增持黄金。（新华财经） ·2025年度长三角地区主要领导座谈会在南京举行。会议指出，要巩固经济回升向好态势，增强高质量发展动能。共同实施一批跨区域"两重"项目，加速释 放长三角投资潜力。深入实施"满意消费长三角"提升行动，持续增强消费发展动能。推动内外贸一体化发展，共建共享新型贸易基础设施，不断增强企业应 对风险挑战的底气和信心。（新华财经） ·《深圳市提振消费专项行动实施方案》已正式印发，方案提出39条具体措施，提及支持消费及文旅项目发行基础设施领域不动产投资信托基金（REITs）； 引导金融机构增加对批发零售、住宿餐饮、文化旅游、教 ...

Group 1 - As of May 2025, China's foreign exchange reserves reached 32853 billion USD, an increase of 36 billion USD from April, representing a growth rate of 0.11% [2][3] - The continuous growth of foreign exchange reserves in 2025 is supported by the recovery of the economy and improved economic quality, with reserves increasing each month from January to May [2][3] - Recent policies such as interest rate cuts and reserve requirement ratio reductions are expected to further support the real economy and stabilize the foreign exchange market [3] Group 2 - As of May 2025, China's gold reserves stood at 7383 million ounces, with an increase of 6 million ounces, marking the seventh consecutive month of gold accumulation by the central bank [4][5] - The price of gold has experienced volatility, with a notable decline followed by a rebound, closing at 3331 USD per ounce on June 7, 2025, reflecting a decrease of 1.31% [5][8] - The World Gold Council indicates that despite recent outflows from gold ETFs, there remains potential for gold price increases due to economic uncertainties and inflation concerns [8]

Group 1 - The service industry is experiencing robust growth, stimulating new economic momentum [1] - The western region of China shows strong momentum for high-quality development [2] - Small and medium-sized enterprises in China are seeing a recovery in production and operations [3] - Foreign enterprises continue to invest in China [4] Group 2 - As of the end of May, China's foreign exchange reserves stood at 32,853 billion USD [10] - By 2024, the water consumption per ten thousand yuan of GDP in China is expected to decrease by 4.4% year-on-year [11] - The minimum purchase price for wheat will be initiated in 2025 [12] - Two departments have allocated 580 million yuan for water conservancy disaster relief funds to ensure safety during flood season [13] - The reservoir group in the upper reaches of the Yangtze River has cumulatively replenished 38 billion cubic meters of water this year [14]

6月7日，国家外汇管理局发布数据显示，截至2025年5月末，我国外汇储备规模为32853亿美元，较4月末上升0.11%。 民生银行首席经济学家温彬接受《每日经济新闻》记者微信采访时表示，受资产价格变化与汇率波动综合影响，5月外汇储备 较上月末上升36亿美元。 记者注意到，今年以来，外汇储备规模已连续5个月上升。此外，官方黄金储备5月末环比增加6万盎司，至7383万盎司，也是 连续第七个月增持。 外汇储备是央行外汇资产的主要部分，但并非全部，外汇储备包括债券、证券等外币资产，但不包括黄金和特别提款权，这两 项数据在外汇储备数据之外单独公布。2024年末，我国对外金融资产中，国际储备资产34556亿美元，规模继续位居全球首 位，占我国对外金融资产总额的34%。 廖博告诉记者，外汇储备是按市场价值计量，外汇储备的主要组成是美元、欧元、英镑、日元四种货币表示的资产，而外汇储 备常以美元标价，当美元走软时，欧元、英镑、日元相对升值，就造成了外汇储备的增加。从美元指数来看，5月美元指数连 续第四个月下降，最低降至99下方，月内下降幅度为0.2%。因此，美元指数小幅震荡使得汇率折算后当月外汇储备规模上升。 从另一方面看，廖 ...