Core Viewpoint - The Chinese yuan (RMB) has depreciated against the US dollar, with the central parity rate reported at 7.1152 on September 26, 2025, a decrease of 34 basis points from the previous trading day [1]. Exchange Rate Summary - The central parity rate for the RMB against various currencies on September 26, 2025, includes: - 1 USD = 7.1152 RMB - 1 EUR = 8.3117 RMB - 100 JPY = 4.7524 RMB - 1 HKD = 0.91430 RMB - 1 GBP = 9.5062 RMB - 1 AUD = 4.6599 RMB - 1 NZD = 4.1117 RMB - 1 SGD = 5.5052 RMB - 1 CHF = 8.9085 RMB - 1 CAD = 5.1128 RMB - 1 MOP = 1.1270 RMB - 1 MYR = 0.59209 RMB - 1 RUB = 11.7721 RMB - 1 ZAR = 2.4457 RMB - 1 KRW = 197.79 RMB - 1 AED = 0.51519 RMB - 1 SAR = 0.52614 RMB - 1 HUF = 47.1643 RMB - 1 PLN = 0.51407 RMB - 1 DKK = 0.8982 RMB - 1 SEK = 1.3277 RMB - 1 NOK = 1.4076 RMB - 1 TRY = 5.83128 RMB - 1 MXN = 2.5957 RMB - 1 THB = 4.5190 RMB [2]

Exchange Rate and Market Dynamics - Recent fluctuations in the offshore RMB have seen it appreciate to around 7.08 in mid-September before dropping below 7.14[3] - The RMB's recent depreciation is more pronounced compared to the USD's movements, indicating a shift in the RMB's elasticity[4] - The RMB has shown a "pro-cyclical" behavior, appreciating when the USD is under pressure and depreciating when the USD rebounds[4] Policy and Market Analysis - The People's Bank of China (PBOC) has shifted its stance on the RMB, moving from a focus on stability to allowing greater elasticity post the May negotiations with the US[5] - Recent policy adjustments by the PBOC aim to stabilize the currency while managing economic pressures, avoiding excessive appreciation of the RMB[5] - The influx of southbound capital has increased RMB liquidity, contributing to a lower offshore RMB interest rate compared to the Hong Kong Interbank Offered Rate (HIBOR)[6] Risk Factors - Potential risks include significant changes in US trade policies and unexpected tariff expansions that could lead to a global economic slowdown[6]

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25%, marking the first rate cut of 2025 and following three cuts in 2024 [4][5] - The reasons for the rate cut include slowing economic growth expectations, a low job market, and long-term inflation expectations aligning with the Fed's target [5][6] - Political pressure from the White House, particularly from former President Trump, has been cited as a significant factor influencing the Fed's decision to lower rates [6] Group 2 - The Fed's decision to cut rates raises questions about the potential for a new cycle of monetary easing, with projections indicating a possible further reduction of 50 basis points in 2025 [7] - Despite the rate cut, uncertainties remain regarding the continuity of rate reductions, as inflationary pressures from tariffs could influence future decisions [8] - The stock market is expected to rise due to the Fed's easing policies, while the dollar's exchange rate may decline, complicating trade deficit goals [9][10] Group 3 - The reduction in interest rates could lower the U.S. government's financing costs, but the impact on Treasury yields may be limited due to ongoing debt burdens and political disputes [10] - The Fed's rate cut may benefit developing countries by reducing their dollar debt burdens, but it could also lead to capital inflow challenges and potential financial instability [11] - The global economic landscape may see expanded monetary policy options for other economies, but caution is advised to prevent asset bubbles and financial crises [11]

Core Viewpoint - Danske Bank analysts suggest that the US dollar may experience a short-term rebound due to the Federal Reserve's unlikely aggressive rate cuts, although it is expected to weaken in the long term [1] Summary by Relevant Sections - **Short-term Outlook**: Analysts believe that the dollar has room for a short-term rebound as the Federal Reserve is not expected to implement aggressive rate cuts as the market anticipates [1] - **Long-term Outlook**: Despite the short-term potential, the dollar is projected to remain weak in the long run [1] - **Interest Rate Expectations**: The market expects consecutive rate cuts in October and December, but analysts advocate for a "gradual rate cut" approach, predicting another cut in December [1] - **Euro to Dollar Forecast**: Danske Bank forecasts that the euro will rise to 1.23 against the dollar over the next 12 months, supported by factors such as the interest rate differential between Europe and the US and a recovery in the European market [1]

Core Points - The central viewpoint of the articles is the recent depreciation of the Chinese yuan against the US dollar, with the exchange rate reported at 7.1128 yuan per dollar, a decrease of 43 basis points from the previous trading day [1]. Group 1 - The People's Bank of China authorized the publication of the central exchange rates for various currencies against the yuan, indicating a comprehensive overview of the yuan's value against multiple foreign currencies [2]. - The exchange rate for 1 euro is reported at 8.3834 yuan, while 100 Japanese yen is valued at 4.8076 yuan, showcasing the yuan's relative strength against these currencies [2]. - The report includes a wide range of exchange rates, such as 1 British pound at 9.6413 yuan and 1 Australian dollar at 4.7059 yuan, reflecting the yuan's performance in the global currency market [2].

Core Viewpoint - The offshore RMB against the USD has risen above 7.1 for the first time since November 7, 2024, indicating a strengthening trend in the currency market [1]. Group 1: Exchange Rate Movement - As of September 17, the offshore RMB reached a peak of 7.0999 against the USD, marking a new high since November 7 of the previous year [1]. - The RMB has appreciated by 0.26% against the USD since the beginning of September [1]. Group 2: Influencing Factors - The rise in the RMB's value is attributed to the market's expectation of significant interest rate cuts by the Federal Reserve, which has led to a notable decline in the USD [1]. - Strong performance in the domestic stock market has resulted in increased foreign capital inflow, enhancing demand for currency exchange and improving market sentiment [1]. - The recent adjustments in the RMB's central parity have also been oriented towards a stronger direction [1]. Group 3: Future Outlook - Analysts predict that the RMB will continue to operate in a relatively strong state in the short term due to various influencing factors [1].

东方金诚首席宏观分析师王青认为，近日人民币对美元汇率走高，主要是美联储9月份降息已是"板上钉钉"，且市场对年 底前美联储还可能有进一步较大幅度降息的预期升温，美元显著下行，这给包括人民币在内的非美货币带来较强的被动升值动 能。另外，近期国内股市保持强势，外资加速流入。在带动结汇需求增加的同时，也在改善汇市情绪。同时，近期人民币中间 价继续在偏强方向调控。 "综合各类影响因素，我们判断短期内人民币还会处于偏强运行状态。"王青说。 （编辑 才山丹） 本报记者 刘琪 9月17日，离岸人民币对美元汇率盘中升破7.1，为2024年11月7日以来首次。Wind数据显示，截至《证券日报》记者发稿 时，离岸人民币对美元汇率盘中最高升至7.0999，亦创去年11月7日以来新高；9月份以来，离岸人民币对美元汇率涨幅达 0.26%。 ...

Core Viewpoint - The market widely anticipates a 25 basis point rate cut by the Federal Reserve, with the subsequent reaction of the US dollar depending on any signals regarding future policy from the Fed [1] Group 1: Federal Reserve Expectations - Analysts from UBS indicate that the guidance on future interest rate paths will be crucial, especially amid concerns that the Fed may increasingly be influenced by political factors [1] - President Trump has repeatedly called for rate cuts, exerting pressure on the Federal Reserve [1] Group 2: Currency Forecasts - UBS forecasts a weakening of the US dollar, predicting that the EUR/USD exchange rate could rise to 1.20 by Q4 2025 and further to 1.23 by Q4 2026 [1]

Group 1 - The core viewpoint of the articles emphasizes the impact of economic indicators and Federal Reserve monetary policy on gold prices, highlighting a strong consensus on an imminent interest rate cut [1][2] - Gold prices have shown significant volatility, with a recent peak at $3674.36 per ounce, reflecting a 38% increase year-to-date, driven by geopolitical risks and inflation pressures [1][2] - The latest U.S. economic data indicates a mixed picture, with a consumer price index (CPI) increase of 2.9% year-on-year, the highest in seven months, alongside a rise in initial jobless claims to 263,000, suggesting a weakening labor market [1][2] Group 2 - The market anticipates a 100% probability of a rate cut by the Federal Reserve in the upcoming meeting, with a 91% chance of a 25 basis point cut, reinforcing expectations for a looser monetary policy [2] - The low interest rate environment is expected to enhance the attractiveness of gold as a non-yielding asset, despite some signs of buyer fatigue in recent price movements [2] - Technical analysis indicates a bearish sentiment in the gold market, with a potential resistance level at $3650 and support around $3610, suggesting a cautious trading approach [3][5]

中国人民银行授权中国外汇交易中心公布，2025年9月12日银行间外汇市场人民币汇率中间价为：1 美元对人民币7.1019元，1欧元对人民币8.3326元，100日元对人民币4.8263元，1港元对人民币0.91193 元，1英镑对人民币9.6415元，1澳大利亚元对人民币4.7320元，1新西兰元对人民币4.2445元，1新加坡 元对人民币5.5417元，1瑞士法郎对人民币8.9238元，1加拿大元对人民币5.1341元，人民币1元对1.1295 澳门元，人民币1元对0.59351马来西亚林吉特，人民币1元对11.9189俄罗斯卢布，人民币1元对2.4446南 非兰特，人民币1元对195.54韩元，人民币1元对0.51715阿联酋迪拉姆，人民币1元对0.52820沙特里亚 尔，人民币1元对46.9633匈牙利福林，人民币1元对0.51047波兰兹罗提，人民币1元对0.8958丹麦克朗， 人民币1元对1.3111瑞典克朗，人民币1元对1.3880挪威克朗，人民币1元对5.82043土耳其里拉，人民币1 元对2.6007墨西哥比索，人民币1元对4.4641泰铢。 （责任编辑：关婧） 中国经济网北京9月12日讯 今 ...