欧洲央行：外汇储备增加了5亿欧元，达到3,423亿欧元。 ...

Economic Indicators - In Q1 2025, China's current account surplus reached $165.6 billion, with a goods trade surplus of $237.6 billion and a services trade deficit of $59.3 billion [1] - Japan's national debt has hit a record high for the ninth consecutive year, totaling ¥132.37155 trillion [3] Trade Policies - U.S. Commerce Secretary stated that tariff negotiations with Japan and South Korea are complex and unlikely to reach an agreement in the short term, with a baseline tariff of at least 10% unless partner countries open their economies [1] - U.S. trade advisor emphasized that the EU is a priority in tariff negotiations due to a significant trade deficit, with the EU's VAT system being a focal point [1] Central Bank Perspectives - European Central Bank's Rehn suggested considering interest rate cuts if economic growth slows and inflation decreases due to uncertainties from U.S. tariffs [2] - New York Fed President Williams noted that U.S. trade policies increase economic downside risks, stressing the importance of maintaining stable inflation expectations [1][2] Market Performance - Dow Jones Industrial Average fell by 0.29% to 41,249.38 points, while S&P 500 decreased by 0.07% to 5,659.91 points [4] - COMEX gold futures rose by 0.70% to $3,329.10 per ounce, and silver futures increased by 0.81% to $32.88 per ounce [4] Commodity Prices - U.S. crude oil main contract rose by 1.92% to $61.06 per barrel, while Brent crude oil main contract increased by 1.65% to $63.88 per barrel [5] Bond Market - 2-year U.S. Treasury yield increased by 0.87 basis points to 3.889%, while 10-year yield decreased by 0.98 basis points to 4.382% [6]

Group 1: Conflict Overview - The India-Pakistan conflict escalated unexpectedly but ended with a comprehensive ceasefire agreement on May 10, 2023, after intense military exchanges [1][3][4] - The ceasefire was announced by both countries' officials, with military communication established to facilitate the agreement [3][4] - Despite the ceasefire, small-scale skirmishes continued in the border regions shortly after the announcement [3][4] Group 2: Military Actions - Prior to the ceasefire, India launched missile strikes on three military bases in Pakistan, marking a rare direct attack near the capital Islamabad [4][6] - In retaliation, Pakistan initiated a military operation targeting over 20 Indian military sites and claimed to disrupt 70% of India's power grid, although this was later contested [6][10] - The military actions and subsequent ceasefire negotiations highlight the precarious balance of power and the potential for escalation between the two nuclear-armed nations [8][10] Group 3: Economic Implications - The ongoing conflict poses significant risks to both countries' economies, with potential negative impacts on Pakistan's growth and fiscal stability, especially after recent IMF support [10][11] - India's economic growth is also at risk, with projections indicating a decline from 8.2% to 6.4% in the upcoming fiscal year due to the conflict and other external factors [11] - The situation underscores the importance of economic stability as a deterrent against further military escalation, as both nations are at critical junctures in their economic development [10][11] Group 4: Diplomatic Efforts - Multiple countries, including China and Saudi Arabia, are involved in diplomatic efforts to mediate the conflict, emphasizing the international community's interest in regional stability [8][10] - The involvement of over 30 countries in diplomatic negotiations indicates a broad recognition of the potential consequences of a prolonged conflict between two nuclear powers [8]

Core Viewpoint - The current trend of the RMB exchange rate, with a slight appreciation in financial rates and a significant depreciation in trade rates, is deemed appropriate for stabilizing cross-border capital flows and promoting exports [2]. Group 1: RMB Exchange Rate Characteristics - The RMB experienced a sudden depreciation shock due to increased tariffs, with the onshore rate touching 7.35 and offshore rate reaching 7.4295 in early April [4]. - Despite a significant depreciation of the USD by over 9% from the beginning of the year to April 21, the RMB only appreciated by 0.8% onshore and 1.3% offshore, indicating unexpected stability [5]. - The onshore and offshore markets have shown good linkage, with a minimal average difference of only 3 basis points, which supports exchange rate stability [5]. - The RMB trade rate has depreciated significantly, with the CFETS index down 5.2% and the BIS currency basket down 4.8%, while the financial rate against the USD only appreciated by 0.5% [5]. Group 2: Factors Influencing RMB Exchange Rate - Key factors affecting the RMB exchange rate include tariffs and trade surplus, with a notable trade surplus of 2.64 trillion yuan in the first four months of the year despite increased tariffs [6]. - The inverted yield curve between China and the US has been significant, with a current inversion of around 260 basis points, which is expected to persist due to differing monetary policies [6][8]. - Cross-border capital flows have remained stable, with a net inflow of 51.7 billion USD in the first quarter, supported by policies aimed at stabilizing asset prices [6]. - The exchange rate pricing mechanism has shown a systematic slight positive bias, which is crucial for stabilizing expectations [7]. - Foreign exchange reserves increased by over 40 billion USD in April, contributing positively to exchange rate stability [8]. - A proactive fiscal policy has been implemented, with a completion rate of 24.5% for the annual budget in the first quarter, which is higher than in previous years [8]. - The financial package announced on May 7 includes interest rate cuts and liquidity releases, which are aimed at stabilizing asset prices and cross-border capital flows [8]. Group 3: Future Outlook and Policy Responses - Future RMB exchange rate movements will be influenced by US tariffs and interest rates, with a focus on economic fundamentals [9]. - If the US economy faces significant pressure and interest rates are cut substantially, the RMB may experience upward pressure [10]. - Maintaining stability in the RMB/USD exchange rate is crucial for managing uncertainties and supporting exports, while also ensuring stable cross-border capital flows [10].

金十数据5月9日讯，乌克兰央行的数据显示，尽管其以欧元计价的国际资产所占比例仍然很低，但自11 月初以来已增长了两倍多，在5月初达到了10%。统计数据显示，同期的美元持有量下降6个百分点，至 82.9%。截至5月1日，乌克兰的外汇储备总额近467亿美元，其中390亿美元为美元。随着俄乌冲突进入 持续，这一趋势在很大程度上反映出美国支持的减弱，而欧盟的援助不断增加。据两位知情人士透露， 这也突显了乌克兰政策制定者与欧盟建立更紧密经济联系的长期努力，以及在贸易战期间对美元资产的 兴趣下降的更广泛的市场趋势。乌克兰央行的一位发言人表示，从欧盟收到的以欧元计价的资金保存在 央行的政府账户中，作为国际储备的一部分，并推动了上升趋势。另外，两位知情人士说，乌克兰央行 已开始与IMF讨论可能用欧元取代美元作为官方参考货币的问题。 乌克兰的欧元现金储备大幅增加 ...

Core Viewpoint - Japan's Finance Minister, Kato Katsunobu, emphasized the importance of holding sufficient foreign exchange reserves to respond to rapid fluctuations in exchange rates [1] Group 1 - The statement highlights the critical role of foreign exchange reserves in stabilizing the economy during periods of currency volatility [1]

Core Viewpoint - Japan's Finance Minister, Kato Katsunobu, emphasizes the importance of holding sufficient foreign exchange reserves to respond to rapid fluctuations in exchange rates [1] Summary by Relevant Categories Foreign Exchange Reserves - Japan's current level of foreign exchange reserves is not excessive [1] - Following foreign exchange interventions, there has been a significant reduction in foreign exchange reserves [1]

智通财经5月9日电，日本4月外汇储备为12982亿美元，前值12725亿美元。 ...

日本4月外汇储备 12982亿美元，前值12725亿美元。 ...

香港4月份外汇储备为4,087亿美元。 ...