Group 1 - International gold prices experienced significant volatility this week, with fluctuations of nearly $100 during trading sessions, driven by heightened risk aversion amid trade tensions, pushing prices above $3500 at one point [1] - As of Friday, April 25, gold closed at $3318.62 per ounce, reflecting a decline of 0.93% [1] - The U.S. dollar faced pressure, dropping to a new low of 97.92, following criticism from Trump towards Federal Reserve Chairman Powell, but later rebounded above 99, struggling to break the 100 mark [1] Group 2 - The Federal Reserve indicated that commercial real estate prices, a concern post-COVID-19, are showing signs of stabilization despite low liquidity in the stock and bond markets in early April [2] - The U.S. banking system remains robust and resilient, with strong capital adequacy ratios across institutions, although there is an increase in credit commitments to less-regulated non-bank entities [2] - The Federal Reserve warned that hedge fund leverage, particularly among large institutions, has reached or is near historical highs, but noted a decrease in leverage as funds began to unwind positions in early April [2]

Core Viewpoint - The G20 meeting highlighted the need for enhanced multilateral cooperation to address global economic challenges, including trade tensions and financial stability, while emphasizing support for Africa's development and the importance of a stable international financial architecture [1][6]. Group 1: G20 Meeting Overview - The G20 finance ministers and central bank governors meeting took place in Washington, D.C. on April 23-24, 2025, focusing on global macroeconomic conditions, financial stability, and development in Africa [1][6]. - The meeting underscored the insufficient momentum in global economic growth, exacerbated by trade and tariff wars, which threaten economic and financial stability [1][6]. Group 2: China's Position and Contributions - China's Finance Minister, Liu He, emphasized the importance of maintaining a multilateral trade system centered around the WTO and resolving trade disputes through dialogue [1]. - The Chinese government is committed to supporting Africa's development by mobilizing resources and enhancing institutional capacity, leveraging digital and green transitions to stimulate economic growth [1]. Group 3: Bilateral Meetings - During the G20 meeting, Liu He held discussions with finance ministers from various countries, including South Africa, the EU, Pakistan, Germany, South Korea, Indonesia, the UK, Japan, and the World Bank, focusing on macroeconomic conditions and bilateral cooperation [2].

潘功胜强调，经济碎片化与贸易紧张局势持续扰乱产业链供应链、削弱全球经济增长动能，贸易战、 关税战没有赢家，主要经济体应加强参与国际宏观经济金融政策协调，采取实质行动推动国际合作， 维护全球经济和金融稳定。当前中国经济开局良好，延续回升向好态势，金融市场运行平稳。中国人 民银行将实施好适度宽松的货币政策，推动中国经济高质量发展。 据央行网站，2025年4月23日-24日，二十国集团(G20)在美国华盛顿召开今年第二次G20财长和央行 行长会。会议讨论了全球经济展望、完善国际金融架构、应对非洲发展和增长困境等议题。中国人民 银行行长潘功胜出席会议并发言，中国人民银行副行长宣昌能参加会议。 与会各方表示，全球经济持续复苏，但下行风险显著上升，贸易紧张局势、融资条件收紧、长期结构 性挑战交织叠加。各方对贸易摩擦升级的负面影响表示担忧，呼吁加强对话和政策协调，完善多边贸 易体系，寻求符合各方利益的解决方案。各方支持构建更稳定、更高效、更有韧性的国际金融架构， 强化多边开发银行融资能力，继续提供发展融资。 ...

IMF总裁：各国必须迅速解决贸易紧张局势。 ...

IMF总裁格奥尔基耶娃：各国必须迅速解决贸易紧张局势。 ...

以下文章来源于财经杂志 ，作者成孟琦 黄慧玲 财经杂志 . 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 机构认为，贸易紧张局势最糟糕阶段可能已过去，市场焦点将集中在中美谈判及中国自身政策上。 文｜《财经》特约撰稿人 成孟琦 记者 黄慧玲 编辑｜杨秀红 美国总统特朗普，又一次因为"改口"，而使全球资产出现风险偏好的转换，还带动中国资产上涨。 受特朗普对中国关税"松口"的影响，4月22日，避险情绪消退下，传统避险资产黄金、日元和瑞士 法郎出现不同程度回落，美国股市则出现回升，美股三大股指均上涨超2.5%。 4月23日，美股三大 股指数续升，纳指收涨2.5%，道指收涨1.1%，标普500指数收涨升1.7%。 外交部、商务部否认中美就关税问题进行磋商谈判 现货黄金在回调后反弹，4月22日-23日，现货黄金连续走低，伦敦金现一度跌至3291美元/盎司， 4月23日下跌2.71%。不过，4月24日，金价开始反弹，截至上午11时，伦敦金现反弹至3350美 元/盎司左右，涨 ...

Group 1 - The core viewpoint emphasizes the current global economic uncertainty, highlighting issues such as economic fragmentation and escalating trade tensions that disrupt global supply chains and financial markets, ultimately weakening global economic growth momentum [1] - The article stresses the importance of international cooperation to avoid a trajectory of "high friction, low trust" in the global economy, indicating that trade wars and unilateralism do not benefit any party involved [1] - China reaffirms its commitment to openness, support for free trade rules, and a multilateral trading system, aiming to promote inclusive economic globalization and maintain global economic and financial stability [1]

Core Viewpoint - The global economy is currently facing significant uncertainty, characterized by fragmentation and escalating trade tensions, which disrupts global supply chains and financial markets, ultimately weakening economic growth momentum [1] Group 1: Global Economic Situation - The global economy is experiencing increased fragmentation and trade tensions, leading to disruptions in supply chains and financial market volatility [1] - There is a call for enhanced cooperation among nations to prevent the global economy from descending into a state of "high friction, low trust" [1] Group 2: Trade and Economic Policy - Trade wars and tariff conflicts yield no winners, and unilateralism and protectionism are deemed ineffective and contrary to the interests of all parties involved [1] - China reaffirms its commitment to openness, supporting free trade rules and a multilateral trading system, while promoting inclusive economic globalization [1]

Group 1 - The global economy is currently filled with uncertainties, with increasing economic fragmentation and trade tensions disrupting global supply chains and financial markets, weakening global economic growth momentum [1] - There are no winners in trade wars and tariff conflicts; unilateralism and protectionism do not serve the interests of any party [1] - China will continue to uphold openness, firmly support free trade rules and multilateral trade systems, and promote inclusive economic globalization to maintain global economic and financial stability [1] Group 2 - The central bank has released several positive signals, indicating a stable monetary policy [2] - Key data has been announced by the central bank, which is expected to have favorable implications for the market [2]

Core Viewpoint - The global economy is currently facing significant uncertainty, characterized by fragmentation and escalating trade tensions, which disrupt global supply chains and financial markets, ultimately weakening economic growth momentum [1] Group 1: Economic Conditions - The current global economic environment is marked by increased fragmentation and trade tensions, leading to disruptions in supply chains and financial market volatility [1] - There is a call for enhanced cooperation among nations to prevent the global economy from descending into a state of "high friction, low trust" [1] Group 2: Trade and Economic Policy - The ongoing trade and tariff wars are highlighted as having no winners, with unilateralism and protectionism deemed ineffective and contrary to the interests of all parties involved [1] - China reaffirms its commitment to openness, supporting free trade rules and a multilateral trading system, while promoting inclusive economic globalization [1] Group 3: Global Economic Stability - The emphasis is placed on the need to maintain global economic and financial stability amidst the prevailing uncertainties [1]