Core Viewpoint - The central point of the news is the announcement of the Renminbi (RMB) to US Dollar exchange rate, which is reported at 7.0826, reflecting an increase of 21 basis points from the previous trading day [1]. Exchange Rate Summary - The People's Bank of China has authorized the publication of the interbank foreign exchange market RMB exchange rates as of November 25, 2025, with 1 USD equating to 7.0826 RMB [2]. - Other notable exchange rates include: - 1 Euro to 8.1687 RMB - 100 Japanese Yen to 4.5200 RMB - 1 British Pound to 9.2939 RMB - 1 Australian Dollar to 4.5838 RMB - 1 New Zealand Dollar to 3.9806 RMB - 1 Canadian Dollar to 5.0258 RMB - 1 Swiss Franc to 8.7694 RMB - 1 Singapore Dollar to 5.4352 RMB - 1 South African Rand to 2.4410 RMB - 1 Turkish Lira to 5.98186 RMB [2].

11月25日人民币对美元中间价报7.0826元 上调21个基点 中新网11月25日电 据中国外汇交易中心网站消息，中国人民银行授权中国外汇交易中心公布，2025年11月25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，上调21个基点。 图源：中国外汇交易中心网站截图 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 来源：中国新闻网 编辑：熊思怡 ...

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The dovish signal from New York Fed President Williams last Friday increased the market's expectation of a December interest - rate cut from less than 40% to over 70%, boosting the stock and precious - metal markets. However, there are significant differences within the Fed, which brings uncertainty to the market. Currently, the high - level US dollar index exerts pressure on gold and silver, but due to the potential for interest - rate cuts, the downside space for precious metals is limited. This week, the release of economic data may provide more clues for the Fed's policy path, and gold and silver will seek a breakthrough direction in volatility [9]. 3. Summary by Relevant Catalogs Market Review - Precious metals: London gold traded around $4060, and London silver around $50. Driven by the overseas market, Shanghai gold closed down 0.52% at 930.32 yuan/gram, and Shanghai silver's main contract closed down (the percentage is missing in the text) at 11,808 yuan/kilogram [3]. - US dollar index: It fluctuated slightly at a high level, currently trading around 100.17 [4]. - US Treasury yields: The 10 - year US Treasury yield was horizontally consolidated, currently trading around 4.067% [5]. - RMB exchange rate: The RMB weakened slightly against the US dollar, currently trading around 7.106 [6]. Important Information - US macro data: The preliminary November 2025 S&P Global Manufacturing PMI was 51.9 (4 - month low), the Services PMI was 55 (4 - month high), and the Composite PMI was 54.8 (4 - month high). The final November 2025 University of Michigan Consumer Confidence Index was 51 (expected 50.5, previous 50.3), and the one - year inflation rate expectation was 4.5% (previous 4.70%) [7]. - Fed views: Williams believes the Fed can cut rates "soon" without harming the inflation target; Collins is cautious about a December rate cut but expects further cuts; Milan would support a 25 - basis - point rate cut if his vote is decisive; Logan thinks the Fed should "keep interest rates unchanged for the time being" [7]. - Fed observation: The probability of a 25 - basis - point rate cut in December is 69.4%, and the probability of keeping rates unchanged is 30.6%. By January next year, the probability of a cumulative 25 - basis - point rate cut is 56.9%, the probability of keeping rates unchanged is 20.8%, and the probability of a cumulative 50 - basis - point rate cut is 22.3% [7]. Logical Analysis Williams' dovish remarks raised the market's expectation of a December rate cut, but the internal differences in the Fed still bring uncertainty. The high - level US dollar index pressures gold and silver, but the potential for interest - rate cuts limits their downside. This week's economic data may provide more clues for the Fed's policy, and gold and silver will seek a direction in volatility [9]. Trading Strategies - Single - side: Conservative investors should wait on the sidelines until the market direction is clear. Aggressive investors can cautiously try to go long at lows near the 20 - day moving average [10]. - Arbitrage: Wait and see [11]. - Options: Wait and see [12]. Data Reference The report provides multiple sets of data charts, including the relationship between the US dollar index and precious metals, real yields and precious metals, domestic and foreign futures trends, futures - spot trends, internal - external price differences, ETF holdings, futures trading volume, futures inventory, trading volume, TD data, and Treasury yields and break - even inflation rates, to help analyze the precious - metals market [15][17][18][20][23][26][30][38][43][44][47][50][55].

来源：中国金融信息网 新华财经上海11月24日电（葛佳明） 中国外汇交易中心公布数据显示，11月21日当周三大人民币汇率指数全线上涨，CFETS人民币汇率指数报98.22，按周 涨0.39，创2025年4月以来新高；BIS货币篮子人民币汇率指数报104.66，按周涨0.5，创2025年4月以来新高；SDR货币篮子人民币汇率指数报92.6，按周涨 0.34，创2025年3月以来新高。 | 指数名称 | 当日指数 | | --- | --- | | CFETS人民币汇率指数 | 98.22 | | BIS货币篮子人民币汇率指数 | 104.66 | | SDR货币篮子人民币汇率指数 | 92.60 | 上周（11月17日至21日）美元指数重新站上了100关口 ，全周累计上涨0.87%，一方面上周公布的美国9月的非农就业数据超出市场预期，且10月美联储议息 会议纪要偏"鹰派"，进一步降低了市场对美联储12月再次降息的预期；另一方面日元和英镑持续疲弱，对美元指数亦有一定支撑。 中金公司研究部外汇研究首席分析师李刘阳称，因市场对美联储降息预期摆动和风险情绪的恶化，推动美元走势，但基于对人民币汇率的升值预期以及年末 季节 ...

100美元 708.47人民币 100欧元 816.38人民币 100日元 4.5307人民币 100港元 91.03人民币 100英镑 929.03人民币 100澳元 458.43人民币 100新西兰元 398.35人民币 100新加坡元 542.83人民币 100瑞士法郎 877.13人民币 100加元 503.31人民币 100人民币113.2澳门元 100人民币58.417马来西亚林吉特 100人民币1112.74俄罗斯卢布 100人民币244.93南非兰特 100人民币20711韩元 100人民币51.745阿联酋迪拉姆 100人民币52.841沙特里亚尔 100人民币4701.8匈牙利福林 100人民币51.894波兰兹罗提 100人民币91.5丹麦克朗 100人民币134.58瑞典克朗 100人民币144.4挪威克朗 100人民币597.726土耳其里拉 100人民币260.53墨西哥比索 100人民币456.89泰铢（完） 新华社北京11月24日电 中国外汇交易中心11月24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、澳门元、林吉特、卢布、兰特、 ...

截至最新发稿时间10时14分，在岸、离岸人民币对美元分别报7.1083，7.1099，日内贬值0.05%、 0.07%。 北京商报讯（记者 岳品瑜 董晗萱）11月24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7.0847元，相较前一交易日中间价7.0875元，调升28个基 点。 ...

11月24日人民币对美元中间价报7.0847 上调28个基点 中新网11月24日电 据中国外汇交易中心网站消息，中国人民银行授权中国外汇交易中心公布，2025年11月24日银行间外汇市场人民币汇率中间价为：1美元 对人民币7.0847元，上调28个基点。 图源：中国外汇交易中心网站截图 来源：中国新闻网 编辑：张澍楠 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

（责任编辑：蔡情） 中国经济网北京11月24日讯 来自中国外汇交易中心的数据显示，今日人民币对美元汇率中间价报 7.0847，较前一交易日调升28个基点。前一交易日，人民币对美元中间价报7.0875。 中国人民银行授权中国外汇交易中心公布，2025年11月24日银行间外汇市场人民币汇率中间价为： 1美元对人民币7.0847元，1欧元对人民币8.1638元，100日元对人民币4.5307元，1港元对人民币0.91030 元，1英镑对人民币9.2903元，1澳大利亚元对人民币4.5843元，1新西兰元对人民币3.9835元，1新加坡 元对人民币5.4283元，1瑞士法郎对人民币8.7713元，1加拿大元对人民币5.0331元，人民币1元对1.1320 澳门元，人民币1元对0.58417马来西亚林吉特，人民币1元对11.1274俄罗斯卢布，人民币1元对2.4493南 非兰特，人民币1元对207.11韩元，人民币1元对0.51745阿联酋迪拉姆，人民币1元对0.52841沙特里亚 尔，人民币1元对47.0180匈牙利福林，人民币1元对0.51894波兰兹罗提，人民币1元对0.9150丹麦克朗， 人民币1元对1.345 ...

Core Insights - The market is experiencing significant volatility, with the US dollar index rising sharply while gold prices are plummeting, leading to a turbulent environment for retail investors [1] Group 1: Currency and Market Dynamics - The US dollar index has rebounded to around 106.5, driven by increased demand for dollars as companies convert cash to avoid risks associated with tariffs [3][5] - Emerging market currencies are facing severe depreciation, with the Japanese yen falling below 155 and the Chinese yuan weakening to around 7.28 offshore [5][12] - The Chinese central bank is allowing the yuan to depreciate slightly to stabilize exports amid rising tariffs [15] Group 2: Commodity Market Reactions - Gold prices have seen a drastic decline from a high of 4371 USD to around 3990 USD, primarily due to the strong dollar increasing the opportunity cost of holding gold [7] - The drop in gold prices is also attributed to reduced geopolitical tensions and lower demand during the Indian festival season [7] Group 3: Impact on Investment and Sentiment - Retail investors are suffering significant losses, with many experiencing over 10% declines in their investments, particularly in high-risk assets like Bitcoin, which has halved in value [10][12] - The stock market is also under pressure, with the Nasdaq dropping over 8% in November, reflecting the sensitivity of tech stocks to interest rate changes [12] Group 4: Economic Policy and Future Outlook - The Federal Reserve's stance on interest rates remains cautious, with expectations for only 1-2 rate cuts remaining, which has contributed to rising bond yields and a stronger dollar [12] - The long-term outlook suggests that the current strength of the dollar may not be sustainable given the US's significant debt levels, indicating potential future market corrections [15]

Core Viewpoint - The expectation for a December interest rate cut by the Federal Reserve has significantly diminished, leading to challenges in adjusting investment strategies for dollar-denominated assets as global markets face potential yield shrinkage [2][3][4]. Economic Data Impact - The U.S. Labor Department announced a delay in the release of the November employment report to December 16, which will include some October data, causing the market to largely abandon bets on a December rate cut [2][4]. - The adjusted non-farm payroll data for September showed an increase of 119,000 jobs, far exceeding the expected 50,000, with the unemployment rate remaining stable at 4.3%-4.4% [2]. Market Reactions - Following the announcement of the employment data delay, the yield on U.S. Treasury bonds rose across various maturities, with the 2-year yield increasing by 2.95 basis points to 3.591%, and the 10-year yield rising by 2.52 basis points to 4.137% [4]. - U.S. stock markets experienced declines, with the Dow Jones Industrial Average falling by 386.51 points (0.84%) to 45,752.26, and the S&P 500 dropping by 103.4 points (1.56%) to 6,538.76 [5]. Currency Trends - The offshore RMB/USD exchange rate reached a high of approximately 7.09 on November 14, contributing to the stability of dollar deposits in the offshore interbank market [2][5]. - Analysts predict that the RMB will maintain a strong position against the dollar, with potential fluctuations influenced by various factors, including central bank policies [6][7]. Investment Strategies - The delay in the Fed's rate cut and the strong RMB are expected to have significant effects on the liquidity of dollar-denominated assets, particularly impacting dollar deposits and investments in U.S. stocks and bonds [8]. - There is a growing trend of investment in Hong Kong stocks, with a notable increase in IPO financing, which has reached 250.5 billion HKD, a 172.44% increase compared to the previous year [10]. Emerging Market Outlook - Analysts suggest that the current strong dollar may represent a temporary rebound within a longer-term weak dollar trend, encouraging investors to consider emerging market assets as a favorable entry point [11].