Core Viewpoint - The People's Bank of China announced an increase in the central parity rate of the RMB against the USD, reaching a new high since May 2023, indicating a strengthening of the Chinese currency [1]. Group 1: Exchange Rate Changes - On January 23, the central parity rate of the RMB against the USD was set at 6.9929, an increase of 90 basis points from the previous day's rate of 7.0019 [1]. - This adjustment marks the RMB's return below the "7" threshold, which had been breached at the end of 2025 [1]. Group 2: Market Implications - The recent strengthening of the RMB suggests a potential recovery in the currency's value, following a period of depreciation [1]. - The movement in the exchange rate may influence investor sentiment and market dynamics, particularly in foreign exchange trading [1].

中新社北京1月23日电 (陶思阅)中国人民银行授权中国外汇交易中心公布，23日银行间外汇市场人民币 汇率中间价为1美元对人民币6.9929元，调升90个基点。时隔约32个月，人民币对美元汇率中间价再次 突破7.0。 当日，在岸人民币、离岸人民币对美元汇率双双升值，离岸人民币短线快速拉升。申万宏源证券首席经 济学家赵伟分析，人民币已进入升值通道，未来几年内，人民币可能每年至少保持两到三个百分点的升 值幅度。 "2026年影响人民币汇率涨跌的因素同时存在，在看多人民币汇率的同时，不要忽视潜在逆风。"中银证 券全球首席经济学家管涛说。 在人民币汇率走强的背景下，其国际化进程也迎来机遇。中金公司研究部首席策略分析师缪延亮认为， 当前人民币在全球外汇储备中占比还比较小，仍有很大提升空间，进一步提升人民币国际化和储备地位 存在历史机遇。(完) 此前，中国人民银行副行长邹澜在新闻发布会上表示，中国的汇率政策是清晰的，一贯坚持市场在汇率 形成中发挥决定性作用，保持人民币汇率在合理均衡水平上的基本稳定。中国是负责任大国，没有必要 也无意通过汇率贬值来获取国际贸易的竞争优势。 ...

Core Viewpoint - The recent trends in the RMB exchange rate are influenced by multiple internal and external factors, and it is expected that the RMB will not experience significant appreciation in 2026 [2][9]. Group 1: Economic Indicators - The current account balance of China is expected to reach a historical high in 2025, with a trade surplus exceeding $1 trillion for the first time and a current account surplus of $492.8 billion in the first three quarters of 2025, a significant increase from $241.3 billion in the same period of 2024 [3][11]. - The Chinese government has implemented various measures to boost the economy, including allocating 500 billion yuan for local government financial support and investing another 500 billion yuan in new policy financial tools for project construction [3][11]. - The manufacturing PMI in December 2025 reached 50.1, exceeding market expectations, which has improved market confidence in the Chinese economy [3][11]. Group 2: Currency Dynamics - The recent depreciation of the US dollar has positively impacted the RMB exchange rate, with the dollar index declining since late November 2025 due to weak non-farm employment data and concerns over high valuations in the US stock market [3][11]. - The Balassa-Samuelson effect suggests that long-term factors do not support significant appreciation of the RMB, as the growth of labor productivity in China has slowed down in recent years [4][12]. - The average annual growth rate of overall labor productivity in China dropped from 9.5% (2005-2014) to 5.8% (2015-2024), indicating a change in the long-term trend of the RMB exchange rate [5][13]. Group 3: External Factors - Geopolitical changes have negatively impacted China's external demand, with the share of the US market in China's exports declining from 18.8% in 2017 to 11.8% in the first eleven months of 2025 [6][14]. - The importance of non-US markets has increased, with Latin America’s share in China's exports rising from 5.8% in 2017 to 7.9% in 2025 [6][14]. - Maintaining the price competitiveness of Chinese export products in international markets is crucial, as excessive appreciation of the RMB could hinder exports [6][14]. Group 4: Future Outlook - Overall, the RMB is not expected to appreciate significantly in 2026, with the central bank aiming to maintain the exchange rate at a reasonable and balanced level [7][14].

市场汇率方面，在岸离岸人民币对美元汇率走势不一。Wind数据显示，截至10:15，在岸人民币对美元 汇率报6.9640元，较前一交易日下跌12个基点；离岸人民币对美元汇率报6.9610元，较前一交易日上涨 31个基点。 1月23日，人民币对美元汇率中间价大幅调升。中国人民银行授权中国外汇交易中心公布的数据显示， 当日，人民币对美元汇率中间价报6.9929元，较前一交易日调升90个基点。 ...

1月23日人民币对美元中间价报6.9929元 上调90个基点 中新网1月23日电 据中国外汇交易中心网站消息，中国人民银行授权中国外汇交易中心公布，2026年1 月23日银行间外汇市场人民币汇率中间价为：1美元对人民币6.9929元，上调90个基点。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 图片来源：中国外汇交易中心网站截图 ...

同日，在岸人民币、离岸人民币对美元汇率双双升值。截至当日9时35分，在岸人民币对美元报 6.9619，日内升值幅度为0.15%；离岸人民币对美元报6.9579，日内升值幅度为0.09%。 北京商报讯（记者 廖蒙）1月23日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人 民币汇率中间价为1美元对人民币6.9929元，相较前一交易日中间价7.0019，调升90基点，人民币汇率中 间价升值至7.0关口上方。 中银证券全球首席经济学家管涛表示，2026年，影响人民币汇率涨跌的因素同时存在，看多人民币汇率 的同时不要忽视了潜在的逆风。在防范人民币汇率过度升值或贬值的政策目标下，预计人民币汇率有望 保持双向波动。 ...

2026 年 01 月 23 日 锌：具备向上弹性 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 24400 | 0.21% | 伦锌 3M 电子盘收 | 3175 | 0.00% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 131273 | -14813 | 伦锌成交量（手） | 10031 | -1448 | | （手） | | | | | | | 沪锌主力持仓量 | 118558 | -3135 | 伦锌持仓量（手） | 228807 | -649 | | （手） | | | | | | | 上海 0# 锌升贴水 | 55 | 0 | LME CASH-3M 升 | -40.12 | 3.45 | | （元/吨） | | | 贴水（美 ...

(责任编辑：蔡情) 中国经济网北京1月23日讯 来自中国外汇交易中心的数据显示，今日人民币对美元汇率中间价报 6.9929，较前一交易日调升90个基点。 中国人民银行授权中国外汇交易中心公布，2026年1月23日银行间外汇市场人民币汇率中间价为：1 美元对人民币6.9929元，1欧元对人民币8.1900元，100日元对人民币4.4010元，1港元对人民币0.89676 元，1英镑对人民币9.3981元，1澳大利亚元对人民币4.7529元，1新西兰元对人民币4.1078元，1新加坡 元对人民币5.4419元，1瑞士法郎对人民币8.8266元，1加拿大元对人民币5.0470元，人民币1元对1.1491 澳门元，人民币1元对0.57780马来西亚林吉特，人民币1元对10.9025俄罗斯卢布，人民币1元对2.3169南 非兰特，人民币1元对210.59韩元，人民币1元对0.52761阿联酋迪拉姆，人民币1元对0.53870沙特里亚 尔，人民币1元对46.6263匈牙利福林，人民币1元对0.51251波兰兹罗提，人民币1元对0.9130丹麦克朗， 人民币1元对1.2946瑞典克朗，人民币1元对1.4174挪威克朗，人民 ...

Group 1 - The A-share market has been performing strongly in 2026, with the Shanghai Composite Index approaching 4200 points [1] - In contrast, the Hong Kong stock market has not returned to previous highs, although there was a notable increase on January 12, with the China Securities Hong Kong Stock Connect Internet Index and the Hang Seng Technology Index rising by 5.33% and 3.10% respectively [2] - The article explores whether this marks the beginning of a resurgence for the Hong Kong stock market [3] Group 2 - The investor structure is a key difference between the Hong Kong and A-share markets, with foreign investors accounting for 41% of trading in the Hong Kong market as of the end of 2020, making it more sensitive to U.S. dollar liquidity [4] - The sector composition also differs, with A-shares focusing on technology hardware, high-end manufacturing, and traditional consumption, while Hong Kong stocks are characterized by sectors such as dividends (finance, insurance), internet, innovative pharmaceuticals, and new consumption [7] Group 3 - Three reasons are identified for the weaker performance of the Hong Kong market compared to A-shares: 1. The strong sectors in the A-share market, such as commercial aerospace and AI computing, have not been the focus of the Hong Kong market [11] 2. Limited U.S. dollar liquidity and high U.S. Treasury yields have slowed foreign capital inflow into Hong Kong, despite a vibrant IPO market that raised 286 billion yuan in 2025 [13] 3. The macroeconomic environment has a more pronounced impact on Hong Kong stocks, with expectations for improvement in the real estate sector and consumer policies [14] Group 4 - Three potential catalysts for a stronger Hong Kong market are discussed: 1. The expansion of AI trading into downstream applications, supported by advancements in technology and the need for companies to monetize their investments [16] 2. The relationship between currency fluctuations and corporate profitability, with a strong renminbi historically correlating with higher returns in the Hong Kong market [21] 3. The trend of loose U.S. dollar liquidity, despite short-term market fluctuations, with expectations for two interest rate cuts by the Federal Reserve within the year [25] Group 5 - Investment strategies are suggested based on market conditions: - For aggressive strategies, focus on Hong Kong internet stocks due to their valuation advantages and the shift towards AI applications [30] - For allocation strategies, consider innovative pharmaceuticals, which are expected to see earnings realization [30] - For defensive strategies, dividend stocks are recommended as a hedge against market volatility [30]

1月22日人民币对美元中间价报7.0019元 下调5个基点 中新网1月22日电 据中国外汇交易中心网站消息，中国人民银行授权中国外汇交易中心公布，2026年1月22日银行间外汇市场人民 币汇率中间价为：1美元对人民币7.0019元，下调5个基点。 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 图片来源：中国外汇交易中心网站截图 来源：中国新闻网 ...