美元兑日元USD/JPY日内下跌0.50%，现报144.19。 ...

美元兑日元跌0.5%报144.20。 ...

[Table_main] 衍生品市场类模板 策_main] 衍生品市场类模板 略 报 告 黄金跨市场价差多维透视之二 ──关税政策增添波动，跨市套利机会上升 商 品 期 报告导读 货 — 专 题 报 告 本篇为黄金跨市价差专题之二，主要研究分析了黄金跨市价差结构、形成 原因，以及未来发展的预期。分析表明，黄金跨市价差结构在上篇专题所 述因素之外，则主要来自于地区金价差异，其次也受到汇率预期变化的影 响。短期地区金价差异波动或仍将带动黄金跨市价差出现明显套利机会， 但是汇率预期当前机会则较小。未来可以继续关注美国关税预期变化对黄 金跨市价差的影响。 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 相关报告 投资要点 形成原因分析 黄金跨市价差主要收到地区影响和汇率影响。地区影 响主要受到地方政策变化，以及地区供求不平衡的影 响。汇率影响则主要是市场对汇率的预期变化。 风险提示 美国政府关税政策方向，市场汇率预期变化 http://www.cnzsqh.hk 1 ...

Group 1: Offshore Renminbi Market - In June, both offshore (CNH) and onshore (CNY) Renminbi appreciated against the US dollar, with CNH closing at 7.1575 and CNY at 7.1656, representing increases of 0.68% and 0.41% respectively compared to the previous month [3][4] - The average daily spread between CNY and CNH increased by 5 basis points to 66 basis points [3] - The CFETS Renminbi exchange rate index and indices based on BIS and SDR currency baskets decreased by 0.64%, 0.86%, and 0.86% respectively [3] Group 2: Offshore Renminbi Bond Market - In June, the offshore Renminbi bond market issued 100 bonds, an increase of 12 bonds from the previous month, with a total issuance amount of 779.71 billion, reflecting a 124.8% increase [5] Group 3: Offshore Renminbi Currency Market - As of the end of June, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year were 1.9454%, 1.8341%, 1.9045%, and 1.9882% respectively, showing a mixed trend with overnight rates decreasing by 10 basis points while the others increased [6] - The average interest rate spread between offshore and onshore borrowing rates increased for overnight, 7-day, and 3-month terms, while the 1-year term remained unchanged [6] Group 4: Cross-Border Trade and Deposits - In May 2025, offshore Renminbi deposits in Hong Kong decreased by 5.4% to 9756.08 billion, while Taiwan saw a 4.2% increase to 1174.34 billion [2] - Cross-border trade settlement in Hong Kong amounted to 11235.7 billion, a decrease of 17.5% from the previous month [2] Group 5: Offshore Derivatives Market - In June, the 1-year CNH swap points rose by 99 basis points to -1746 basis points, while CNY swap points increased by 194 basis points to -1866 basis points [4] - The trading volume for USD/CNH futures contracts on the Hong Kong Stock Exchange increased by 14.68% to 2.527 million contracts, while the open interest decreased by 14.68% to 33,600 contracts [4]

新台币兑美元升至28.792，创2022年4月7日以来最高水平。 ...

人民币兑美元中间价报7.1535，下调12点；上一交易日中间价7.1523，上一交易日官方收盘价7.1611， 上日夜盘报收7.1717。 ...

Exchange Rate Summary - The USD/CNY exchange rate is reported at 7.1535, indicating a depreciation of the RMB by 12 points [1] - The EUR/CNY exchange rate is reported at 8.4228, showing a decrease of 235 points [1] - The HKD/CNY exchange rate is at 0.9115, with an increase of 3.6 points [1] - The GBP/CNY exchange rate stands at 9.7836, reflecting an increase of 140 points [1] - The AUD/CNY exchange rate is reported at 4.7103, indicating a decrease of 16 points [1] - The CAD/CNY exchange rate is at 5.2751, showing an increase of 67 points [1] - The JPY/CNY exchange rate is reported at 4.9468, reflecting a decrease of 393 points [1] - The CNY/RUB exchange rate is at 11.0292, indicating an increase of 62 points [1] - The NZD/CNY exchange rate is reported at 4.3538, showing a decrease of 53 points [1] - The CNY/MYR exchange rate is at 0.59029, with no change [1] - The CHF/CNY exchange rate is reported at 9.0142, reflecting a decrease of 266 points [1] - The SGD/CNY exchange rate stands at 5.6180, indicating a decrease of 49 points [1]

欧元区通胀数据显示出微妙变化。6月年化通胀率从1.9%反弹至2%，恰好触及欧洲央行设定的物价目 标。这一数据与市场预期保持一致，但背后的结构性特征值得关注。服务价格同比上升3.3%，食品和 烟酒价格上升3.1%，而能源价格则下降2.7%。核心通胀率维持在2.3%的水平，表明价格压力仍然存 在。 美国6月ADP就业数据的疲软表现为美联储政策预期带来新的变数。专业和商业服务以及医疗保健和教 育领域的就业岗位下降，成为服务业就业减少的主要原因。ADP首席经济学家理查德森指出，企业在招 聘上的犹豫态度以及不愿意补充离职员工，导致了就业岗位的减少。 这一数据引发了对即将公布的6月非农就业报告的高度关注。瑞银预计6月非农就业人数或仅增加10万 人，失业率或创2021年新高。花旗的预测更为悲观，认为非农就业仅增加8.5万人。如果6月就业数据表 现异常疲软，美联储最早可能在7月份采取降息行动。 美国就业市场的疲软表现与欧元区相对稳定的通胀环境形成对比。这种差异可能为欧元兑美元汇率提供 支撑因素。当前欧元兑美元汇率在1.17-1.18区间波动，市场正在权衡两大央行政策分化的影响。 美股市场的表现也反映出投资者对经济前景的复杂情 ...

Core Viewpoint - The onshore Chinese yuan (CNY) against the US dollar reported a decline, closing at 7.1717 on July 4, 2023, reflecting a drop of 95 basis points from the previous night’s close [1] Summary by Relevant Sections - **Exchange Rate Movement** - The CNY/USD exchange rate decreased by 95 basis points [1] - The closing rate was 7.1717 [1] - **Trading Volume** - The trading volume for the day was reported at 26.294 billion USD [1]

香港金管局日内第二度入市 再买入127.56亿港元 金十数据7月4日讯，港元汇价偏弱，日内再度触发7.85兑每美元的弱方兑换保证，香港金管局在周四纽 约汇市交易时段第二度入市，再买入127.56亿港元，并沽出美元，以捍卫联系汇率。连同稍早时买入的 168.78亿港元，金管局日内合共承接296.34亿港元沽盘，香港银行体系总结余下周一将降至1145.41亿港 元。 ...