记者丨叶麦穗 编辑丨肖嘉 11月25日， 离岸人民币、在岸人民币兑美元汇率均升破7.09关口，触及逾一年盘中新高。 同 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7.0826元，相较前一交易日中间价调升 21个基点。今年以来，人民币中间价年内涨幅约1000个基点。 悦 读 · 智能 权威 · 凸》 3 (P 扫 码 点 击 下 载 综合各类影响因素， 王青预计短期内人民币还会处于偏强运行状态，接下来要重点关注美元走势、人民币中间价调控 力度，以及国内稳增长政策的力度和节奏。 其中，伴随美联储未来还可能继续降息，以及特朗普政府关税政策对美国经济冲击逐步显现，美元指数上行空间有 限；不过，年初以来美元跌幅巨大，对包括美联储降息等在内的利空因素有所消化，后期会有较强的抗跌韧性。 国内方面，四季度外部波动对我国出口的影响逐步显现，而10月5000亿元新型政策性金融工具投放完毕，当月进一步 安排5000亿元地方政府债务结存限额，用于化解存量债务及扩大有效投资，逆周期调节政策适时加力将确保四季度经 济运行基本稳定。这方面有充足的政策空间，也意味着经济基本面将为人民币汇率 ...

Core Viewpoint - The offshore and onshore RMB exchange rates against the US dollar have both surpassed the 7.09 mark, reaching a high not seen in over a year, driven by a weak dollar environment and strong domestic equity market performance attracting foreign investment [1] Group 1: RMB Exchange Rate Dynamics - As of November 25, the central parity rate of RMB against the US dollar was set at 7.0826, an increase of 21 basis points from the previous trading day, with a year-to-date increase of approximately 1000 basis points [1] - Analysts attribute the recent appreciation of the RMB to two main factors: the continuous adjustment of the RMB central parity rate towards a stronger direction and the unexpected growth in exports, which has boosted confidence in the RMB [2][1] Group 2: Future Outlook - The RMB is expected to maintain a strong performance in the short term, with key factors to monitor including the US dollar's movements, the adjustment of the RMB central parity rate, and the effectiveness of domestic growth policies [2] - The potential for further interest rate cuts by the Federal Reserve and the impact of US tariff policies are likely to limit the upward movement of the dollar index, while the RMB is expected to remain stable with limited volatility against the dollar [2] Group 3: RMB Exchange Rate Indices - As of November 21, all three major RMB exchange rate indices showed an increase, with the CFETS index at 98.22 (up 0.39), the BIS index at 104.66 (up 0.5), and the SDR index at 92.6 (up 0.34), all reaching their highest levels since April 2025 [3]

【导读】升破 7.09 元关口，人民币汇率创 1 年多新高 中国基金报记者 李智 11 月 25 日，人民币兑美元汇率在岸和离岸市场双双升破 7.09 元关口，创去年 11 月以来 新高。 截至 19 时 40 分，在岸人民币兑美元汇率上涨 0.26% 报 7.0868 元，盘中最高报 7.0851 元。 离 岸 市 场 上 ， 人 民 币 汇 率 同 样 走 强 。 离 岸 人 民 币 兑 美 元 汇 率 上 涨 0.2 8 % 报 7.0 8 6 9 5 元 ， 盘 中 最 高 升 至 7.0 8 2 6 元 。 11 月 25 日，美元指数小幅走低，今年以来美元指数累计下跌 7.67% 。 东方金诚首席宏观分析师王青表示，美联储未来可能继续降息，美元指数上行空间有限。不 过，年初以来美元跌幅巨大，市场对包括美联储降息等在内的利空因素有所消化，后期美元 指数或展现出一定抗跌韧性。 王青表示，经济基本面将为人民币汇率提供重要的内在支撑，预计短期内人民币处于偏强运 行状态。接下来要重点关注美元走势、人民币中间价调控力度，以及国内稳增长政策的力度 和节奏。 南华期货研报表示，近期美元指数两度突破 100 点整数 ...

Group 1 - The Bloomberg Dollar Spot Index fell to a low following the release of news related to Ukraine [1]

格隆汇11月25日｜美元指数DXY短线下挫约15点，回落至100下方，日内跌0.21%。 ...

每经AI快讯，11月25日，美元指数跌0.20%，报100.0点。 ...

来源：滚动播报 今日，人民币汇率刷新逾1年来高位，在岸、离岸人民币对美元汇率双双收复7.09关口。展望来看，业 内认为，后续美元指数上行空间有限，人民币走势则将稳中偏强，四季度的季节性结汇需求将为人民币 走势提供重要支撑。东方金诚首席宏观分析师王青表示，伴随美联储未来还可能继续降息，美元指数上 行空间有限。不过，年初以来美元跌幅巨大，市场对包括美联储降息等在内的利空因素有所消化，后期 美元指数也会展现出一定抗跌韧性。"经济基本面将为人民币汇率提供重要的内在支撑，预计短期内人 民币还会处于偏强运行状态。"王青表示，接下来要重点关注美元走势、人民币中间价调控力度，以及 国内稳增长政策的力度和节奏。 ...

新华财经北京11月25日电 11月24日，多位美联储官员讲话再度强化市场对12月降息的预期，推动美元 指数在100关口上方高位震荡；同日，离岸人民币兑美元一度跌破7.11，但期权市场数据显示，交易员 对人民币的看涨情绪已升至十四年来的最高水平。 消息显示，美联储理事沃勒表示，最新数据显示劳动力市场依然疲软，因此他主张在12月进行降息。12 月会议后将密集发布的延迟经济报告，可能让1月的决定"更棘手"。旧金山联储主席戴利表示支持在12 月降息，因为她认为就业市场突然恶化的可能性比通胀骤然上升更大，也更难以控制。 25日盘中，人民币兑美元中间价上调21点报7.0826，在岸和离岸人民币兑美元双双涨破7.10关口。 上周，美联储因就业数据变差而降息的逻辑线变弱，美元指数表现偏强，人民币汇率展现出较强韧性。 中国外汇交易中心数据显示，11月21日当周，CFETS人民币汇率指数报98.22，环比涨0.39；BIS货币篮 子人民币汇率指数报104.66，环比涨0.5；SDR货币篮子人民币汇率指数报92.6，环比涨0.34。 据华尔街见闻报道，交易员不断下调对人民币的看跌预期，截至周一的期权定价显示，对人民币的看涨 情绪目 ...

Group 1 - The interbank foreign exchange market showed stable trading volume, with the average daily trading volume increasing by 6.72% month-on-month to $205.18 billion, despite a slight year-on-year decline of 0.3% [2] - The average daily trading volume in the RMB foreign exchange market was $152.54 billion, down 5.72% year-on-year but up 6.3% month-on-month, with both spot and swap transactions increasing by over 7% [2] Group 2 - The US dollar index continued to strengthen, reaching around 99.5 before declining to above 98, with a month-end value of 99.804, reflecting a 2.08% appreciation from the previous month [3] - The RMB exchange rate rose to a yearly high of 7.0995 against the US dollar before fluctuating, ending the month at 7.1135, a slight appreciation of 0.07% [4] Group 3 - The domestic foreign exchange spread shifted from negative to positive by the end of the month, with an average daily spread of -29 basis points, which was wider by 25 basis points compared to the previous month [5] - The market saw a shift from net buying to net selling of foreign exchange by institutions, with an average daily net buying of $11.80 million throughout the month [5] Group 4 - The implied volatility of RMB foreign exchange options remained low, with an average daily trading volume of $5.23 billion, down 9.07% month-on-month [6] - The 1-month implied volatility for RMB against the US dollar reached a low of 2.19%, the lowest since June 2017 [6] Group 5 - The long-term swap points reached a new high not seen in nearly three years, with the 1-year swap points ending at -1287 basis points, an increase of 35 basis points from the previous month [7] - The market's buying pressure remained strong, with the 1-year swap points reflecting significant market supply and demand factors [8] Group 6 - The dollar liquidity in the foreign currency interest rate market remained loose, with the overnight dollar interest rate spread maintaining a negative direction, reaching a yearly high of -40 basis points by the end of the month [10] - The SOFR rate fluctuated, ending the month at 4.22% after a drop following the Fed's rate cut [9]

Group 1: Price Performance - London Gold's latest price is 4072.85 with no change [1] - London Silver's latest price is 48.91 with no change [1] - London Platinum's latest price is 1522.00, down 23.00 [1] - London Palladium's latest price is 1388.00, down 16.00 [1] - WTI Crude's latest price is 58.84, up 0.78 [1] - LME Copper's latest price is 10777.00, up 101.50 [1] - US Dollar Index's latest price is 100.20, up 0.05 [1] - Euro to US Dollar's latest price is 1.15 with no change [1] - British Pound to US Dollar's latest price is 1.31 with no change [1] - US Dollar to Japanese Yen's latest price is 156.92, up 0.51 [1] - US 10 - year TIPS's latest price is 1.82 with no change [1] Group 2: Trading Data - COMEX Silver's latest inventory is 14329.69, up 0.24 [2] - SHFE Silver's latest inventory is 532.30, up 13.03 [2] - Gold ETF's latest position is 1040.86, up 0.29 [2] - Silver ETF's latest position is 15257.92 with no change [2] - SGE Silver's latest inventory is 822.42 with no change [2] - SGE Gold's latest deferred fee payment direction is 1 with no change [2] - SGE Silver's latest deferred fee payment direction is 2 with no change [2]