Core Point - The Taiwanese dollar has appreciated by 2% against the US dollar, reaching a rate of 29.3050 TWD per USD [1] Group 1 - The appreciation of the Taiwanese dollar indicates a strengthening of the currency in the foreign exchange market [1]

新台币兑美元涨2%，报29.3050，上日大跌2.5%。 ...

智通财经7月1日电，马来西亚林吉特兑美元升至去年10月以来最高水平。 ...

智通财经7月1日电，台币兑美元涨2%报29.3050元。 ...

Summary of Key Points from Conference Call Industry Overview - The current economic situation shows marginal improvement, but external uncertainties persist, with prices remaining low, posing challenges [1][2] - The monetary policy has shifted from aggressive easing to an observation period, focusing on the transmission of institutional liabilities and financing support [2] Core Insights and Arguments - As of the end of June, institutions have significantly increased their positions, leading to a low volatility in bond yields, with a notable stock-bond effect [1][5] - Market expectations for the third quarter and the second half of the year are optimistic, with opportunities in July likely stemming from previous trading strategies [6][7] - The yield curve for government bonds has steepened, indicating a more relaxed liquidity environment, with potential for funding costs to fall below policy rates [7][8] - The main trading theme for the second half of the year will focus on institutional liabilities and yield recovery, which will take time to digest [9] Important but Overlooked Content - The performance of credit bonds has been weaker compared to interest rate bonds, particularly high-grade 3A credit bonds, which have seen significant adjustments [3][11] - The impact of ETF products on the ultra-long credit bond market is significant, improving liquidity and expected to continue expanding due to policy support [16] - The current yield on 10-year government bonds is approximately 1.6%, with a need for time to digest the decline in funding costs [9] - The performance of ultra-long credit strategies in June was strong, but sustainability is in question due to the unstable liability side of public funds [10][14] - The market for perpetual bonds (二勇) performed poorly in June, with a lack of expected gains despite market synchronization [13] Future Outlook - The trading rhythm for July 2025 is challenging to predict, with key dates being early July and the end of July, which may influence market sentiment [8] - The anticipated issuance of bonds in the second half of the year is expected to be lower, alleviating supply pressure [8] - The ultra-long credit strategy is expected to face challenges due to insufficient yield protection and poor volatility resistance, necessitating careful timing in operations [19]

美元兑日元一度跌至143.60，为6月13日以来最低。 ...

Group 1 - The Bank of Japan's Tankan survey indicates that major Japanese companies expect the average exchange rate of USD/JPY to be 145.72 for the fiscal year 2025/26 [1]

Group 1 - The Hang Seng Index has shown signs of a double top divergence, indicating potential market weakness, which is noteworthy for investors in the A-share market [1] - Historically, the Hang Seng Index tends to lead the A-share market in terms of market peaks and troughs, suggesting that monitoring its performance can provide insights into A-share trends [1] - The recent approval of a full license for virtual asset business by Guotai Junan International in Hong Kong may signal a shift in the market, potentially leading to more brokerages obtaining similar licenses and attracting foreign investment [1] Group 2 - The unique currency system in Hong Kong, where the Hong Kong dollar and US dollar can be freely exchanged, contrasts with China's managed floating exchange rate, making Hong Kong an attractive destination for foreign capital [1] - The expectation is that once the current market adjustment concludes, the Hang Seng Index may outperform the A-share market, particularly if the A-share market reaches 6000 points by 2026 [1]

在岸人民币兑美元（CNY）北京时间03:00收报7.1636，较上周五夜盘收盘涨104个基点。成交量360.27 亿美元。 ...

金十图示：2025年07月01日（周二）各大货币对表现 | | | | | | | 兑 美元 | 兑 瑞郎 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | +0.05% | +0.07% | | | | | 兑 纽元 | 兑 澳元 | 兑 欧元 | 兑 日元 | 兑 澳元 | | | | | +0.02% | +0.01% | +0.02% | +0.02% | +0.02% | | | 兑 瑞郎 | 兑 澳元 | 兑 澳元 | 兑 美元 | 兑 澳元 | 兑 欧元 | 兑 欧元 | | | +0.04% | +0.01% | +0.01% | +0.01% | +0.01% | +0.02% | +0.02% | | 党 纽元 | 兑 英镑 | 党 加元 | 兑 英镑 | 党 加元 | 兑 纽元 | 党 组元 | 兑 英镑 | | 0% | +0.01% | +0.01% | +0.01% | 0% | 0% | +0.01% | +0.02% | | | | 免 加元 兑 美元 兑 欧元 兑 日元 克 电 美元 | | | ...