Core Viewpoint - Recent discussions around gold prices indicate a strong upward trend, with concerns about whether gold has reached a high point. Factors such as the Federal Reserve's interest rate cuts, declining real interest rates, and global central bank purchases of gold support a bullish outlook for gold [3]. Group 1: Historical Valuation and Real Interest Rates - From June 1995 to September 2025, COMEX gold prices have shown an overall upward trend, particularly accelerating after 2020. However, when adjusted for inflation, the real price of gold has not significantly deviated from historical peaks in 1980, 2011, and 2020. This suggests that gold's purchasing power has not fully kept pace with nominal price increases due to inflation [5]. - The current decline in real interest rates, driven by the Federal Reserve's easing policies, supports an upward adjustment in gold's valuation [5]. Group 2: Gold as a Long-Term Asset - Gold is characterized as a "long-term upward-trending asset" when adjusted for inflation. The relationship between gold prices and real interest rates indicates that lower rates enhance gold's attractiveness as an investment [7][9]. Group 3: Currency Dynamics and Gold Prices - The inverse relationship between the US dollar index and gold prices has been noted, with a weakening dollar since 2025 enhancing gold's appeal. For domestic investors, fluctuations in the RMB exchange rate also play a crucial role in gold price movements, particularly during periods of RMB depreciation [10][11]. Group 4: Geopolitical Factors and Central Bank Purchases - Gold serves as a hedge during periods of geopolitical uncertainty, with historical events such as Middle Eastern conflicts and US-China trade tensions driving increased demand for gold as a safe-haven asset. Central banks in emerging markets, including China, India, and Turkey, have been increasing their gold reserves, providing a significant support for gold prices [13][14]. Group 5: Fund Products and Investment Outlook - Various public funds invest in gold-related assets, including spot gold ETFs and funds tracking gold industry stocks. Despite gold prices being near historical highs at approximately $3,800 per ounce, the real price remains elevated compared to the past decade. While short-term risks may exist, the long-term investment rationale for gold remains strong due to declining real interest rates and ongoing demand for safe-haven assets [16].

Core Viewpoint - The People's Bank of China has authorized the China Foreign Exchange Trade System to announce the central parity rate of the Renminbi against the US dollar, which is set at 7.1055 yuan per dollar, an increase of 34 basis points from the previous day's rate of 7.1089 yuan [1] Exchange Rate Summary - As of the latest update at 9:45 AM, the onshore Renminbi is quoted at 7.1240 against the US dollar, reflecting a slight depreciation of 0.02% for the day [1] - The offshore Renminbi is reported at 7.1280 against the US dollar, showing a slight appreciation of 0.02% for the day [1]

Core Viewpoint - The article discusses the recent fluctuations in the onshore and offshore RMB exchange rates against the USD, highlighting the potential for RMB appreciation towards the end of the year due to various economic factors [1]. Exchange Rate Summary - On September 30, the onshore RMB opened at 7.1200 against the USD, slightly up from the previous day's close of 7.1204 [1]. - The offshore RMB was reported at 7.1256 against the USD as of 9:30 AM on the same day [1]. - The central parity rate for RMB against the USD was set at 7.1055, an increase of 34 basis points [1]. Economic Factors - According to a report by China International Capital Corporation (CICC), the key drivers for the RMB exchange rate in October will be the direction of the USD and the stability of exchange rate policies [1]. - There is uncertainty regarding short-term RMB appreciation, but the outlook for RMB appreciation remains strong towards the end of the year [1]. - The expectation of further interest rate cuts by the Federal Reserve may weaken the USD, while seasonal factors could lead the RMB to potentially break below 7.10 and approach 7.0 [1].

Core Points - The central exchange rate of the Chinese yuan against the US dollar is reported at 7.1055, which is an increase of 34 basis points from the previous trading day [1] Exchange Rate Summary - As of September 30, 2025, the exchange rates are as follows: - 1 USD = 7.1055 CNY - 1 EUR = 8.3351 CNY - 100 JPY = 4.7858 CNY - 1 HKD = 0.91298 CNY - 1 GBP = 9.5514 CNY - 1 AUD = 4.6761 CNY - 1 NZD = 4.1087 CNY - 1 SGD = 5.5131 CNY - 1 CHF = 8.9132 CNY - 1 CAD = 5.1094 CNY - 1 MOP = 1.1287 CNY - 1 MYR = 0.59246 CNY - 1 RUB = 11.6602 CNY - 1 ZAR = 2.4291 CNY - 1 KRW = 196.92 CNY - 1 AED = 0.51652 CNY - 1 SAR = 0.52747 CNY - 1 HUF = 46.8758 CNY - 1 PLN = 0.51170 CNY - 1 DKK = 0.8955 CNY - 1 SEK = 1.3252 CNY - 1 NOK = 1.4051 CNY - 1 TRY = 5.84673 CNY - 1 MXN = 2.5822 CNY - 1 THB = 4.5304 CNY [2]

Core Viewpoint - The recent fluctuations in the RMB/USD exchange rate are primarily influenced by the rebound of the US dollar index, with a general trend of "first suppressed, then rising" observed in the RMB exchange rate this year, indicating a stable long-term outlook despite short-term volatility [1][4][5]. Exchange Rate Fluctuations - On September 29, the RMB/USD central parity rate was reported at 7.1089, an increase of 63 basis points from the previous trading day [1]. - The RMB experienced slight depreciation in the third week of September, with the onshore RMB closing at 7.1219 on September 24, down 86 points from the previous day [2]. - The dollar index saw a significant rise, reaching a two-week high of 98.6044, contributing to the RMB's depreciation [2]. Influencing Factors - The depreciation of the RMB is attributed to the strong performance of the US dollar, driven by Federal Reserve Chairman Powell's comments on inflation and employment risks, which have tempered market expectations for aggressive rate cuts [2][3]. - Seasonal demand for foreign exchange, particularly for cross-border payments and personal expenses related to studying and traveling abroad, has increased the demand for USD [3]. - The RMB's strength is supported by China's economic recovery and improved prospects for technological innovation, alongside a reduction in trade tensions with the US [4][5]. Market Outlook - Analysts predict that the short-term fluctuations in the RMB will not alter its long-term stability at a reasonable equilibrium level, despite the presence of both positive and negative factors affecting the exchange rate [4][5]. - The People's Bank of China emphasizes the need to enhance market resilience and stabilize expectations to prevent excessive fluctuations in the RMB exchange rate [5].

Core Viewpoint - The recent fluctuations in the RMB exchange rate against the USD are primarily driven by a temporary rebound in the USD index, with a general trend of appreciation observed throughout the year, despite short-term volatility [3][4][7]. Exchange Rate Trends - As of September 29, the RMB to USD central parity rate was reported at 7.1089, an increase of 63 basis points from the previous trading day [3]. - In the third week of September, the RMB showed slight depreciation, closing at 7.1219 against the USD on September 24, down 86 points from the previous day [4]. - The RMB's depreciation is attributed to a significant rise in the USD index, which reached a two-week high of 98.6044 on September 25 [4]. Influencing Factors - The current "strong dollar, weak RMB" scenario is a result of multiple factors, including the Federal Reserve's cautious stance on interest rate cuts and seasonal demand for USD due to upcoming holidays and corporate needs [5][6]. - The RMB's appreciation earlier in the year was supported by favorable internal and external factors, with experts predicting that short-term fluctuations will not alter the RMB's long-term stability at a reasonable equilibrium level [7][8]. Economic Context - The depreciation of the USD by 10% over the first nine months of the year reflects a significant decline in its credibility, influenced by various economic pressures [7]. - China's economic recovery and improved prospects for technological innovation have contributed to a reassessment of Chinese assets, further supporting the RMB [8]. - The People's Bank of China has emphasized the need to maintain the RMB's stability in the foreign exchange market, aiming to prevent excessive fluctuations [8].

Core Viewpoint - The recent fluctuations in the RMB exchange rate are influenced by multiple factors, including the Federal Reserve's interest rate decisions, the dynamics of China-U.S. trade negotiations, and the resilience of the Chinese economy under tariff pressures [1][5]. Exchange Rate Fluctuations - As of September 29, the RMB to USD central parity rate was reported at 7.1089, an increase of 63 basis points from the previous trading day [1]. - The RMB has shown a pattern of narrow fluctuations, with the offshore RMB reaching around 7.08 in early September before dropping below 7.14 the following week [1]. - The recent depreciation of the RMB is attributed to a temporary rebound in the U.S. dollar index, which rose to a two-week high of 98.6044 on September 25 [2]. Internal and External Factors - The "strong dollar, weak RMB" trend is a result of multiple converging factors, including the Federal Reserve's cautious stance on interest rate cuts and seasonal demand for foreign currency [3][4]. - The Federal Reserve's recent comments on inflation and employment risks have tempered market expectations for significant rate cuts, providing temporary support for the dollar [2][3]. Economic Recovery and Trade Relations - The RMB's overall trend this year has been one of appreciation, driven by both internal recovery and external factors, with experts predicting that short-term fluctuations will not alter the long-term stability of the RMB [4][5]. - Positive developments in China-U.S. trade negotiations have contributed to a more stable outlook for the RMB, as the People's Bank of China emphasizes maintaining the currency's stability at a reasonable equilibrium level [5].

Exchange Rate Indices - The three major RMB exchange rate indices all rose in the week of September 26, with the CFETS RMB index at 96.97, up 0.61, marking the highest level since April 2025 [1] - The BIS currency basket RMB index reached 102.87, up 0.73, also a new high since April 2025 [1] - The SDR currency basket RMB index was reported at 91.34, increasing by 0.44 [1] USD Performance and Impact on RMB - The USD index showed a "weak then strong" trend over the week, with a cumulative increase of 0.55% [5] - The onshore RMB closed at 7.1349 against the USD, down 161 basis points for the week, while the offshore RMB closed at 7.1413, down 217 basis points [5] - The RMB's middle rate against the USD was reported at 7.1152, with a weekly adjustment down of 24 basis points [5] Future Outlook on RMB - Short-term RMB appreciation remains uncertain due to internal and external pressures, with the USD's performance being a key variable [6] - Analysts expect the RMB middle rate to stabilize between 7.10 and 7.11 in the short term, with a potential for the RMB to strengthen against a basket of currencies if the middle rate remains stable [6] - By year-end, the RMB is anticipated to break below 7.10 and possibly reach 7.0, supported by factors such as increased foreign exchange settlement by enterprises and a strong middle rate signal from the central bank [7]

Core Viewpoint - The central point of the news is the increase in the Chinese yuan's exchange rate against the US dollar, with the midpoint rate reported at 7.1089, reflecting an appreciation of 63 basis points from the previous trading day [1]. Group 1: Exchange Rate Data - The People's Bank of China authorized the announcement of the interbank foreign exchange market's midpoint rate for the yuan against various currencies, including 1 USD to 7.1089 CNY, 1 EUR to 8.3316 CNY, and 100 JPY to 4.7649 CNY [2]. - The exchange rates for other currencies include 1 HKD to 0.91368 CNY, 1 GBP to 9.5411 CNY, and 1 AUD to 4.6616 CNY, among others [2].

9月29日人民币汇率中间价如下： 100美元 710.89人民币 100欧元 833.16人民币 100日元 4.7649人民币 100港元 91.368人民币 100英镑 954.11人民币 100澳元 466.16人民币 100新西兰元 411.19人民币 100新加坡元 551.08人民币 100瑞士法郎 892.25人民币 100加元 510.53人民币 100人民币112.79澳门元 100人民币59.225马来西亚林吉特 100人民币1170.59俄罗斯卢布 100人民币243.97南非兰特 100人民币19767韩元 100人民币51.609阿联酋迪拉姆 100人民币52.703沙特里亚尔 100人民币4695.19匈牙利福林 100人民币51.203波兰兹罗提 100人民币89.59丹麦克朗 100人民币132.23瑞典克朗 100人民币140.1挪威克朗 100人民币584.03土耳其里拉 100人民币258.01墨西哥比索 100人民币452.65泰铢 新华社北京9月29日电 中国外汇交易中心9月29日受权公布人民币对美元、欧元、日元、港元、英 镑、澳元、新西兰元、新加坡元、瑞士法郎、加元 ...