Core Point - The central point of the article is the announcement of the RMB to USD exchange rate, which is set at 7.0901 yuan per dollar, reflecting a decrease of 16 basis points on November 5, 2025 [1]. Group 1 - The People's Bank of China authorized the China Foreign Exchange Trade System to publish the exchange rate [1]. - The interbank foreign exchange market's middle rate for RMB against USD is reported as 7.0901 yuan per dollar [1]. - The adjustment of 16 basis points indicates a slight depreciation of the yuan against the dollar [1].

Core Points - The central exchange rate of the Chinese yuan against the US dollar is reported at 7.0901, which represents a depreciation of 16 basis points compared to the previous trading day [1] Exchange Rate Summary - The exchange rate for 1 US dollar is 7.0901 yuan, 1 euro is 8.1586 yuan, and 100 Japanese yen is 4.6254 yuan [2] - Other notable exchange rates include: - 1 British pound to 9.2554 yuan - 1 Australian dollar to 4.6116 yuan - 1 Canadian dollar to 5.0407 yuan - 1 Swiss franc to 8.7693 yuan - 1 Singapore dollar to 5.4330 yuan - 1 New Zealand dollar to 4.0154 yuan - 1 Hong Kong dollar to 0.91197 yuan [2]

Market Overview - In October 2025, the RMB exchange rate fluctuated between 7.0843 and 7.1503, showing an overall appreciation trend[2] - The onshore RMB rate ranged from 7.0991 to 7.1411, while the offshore RMB rate fluctuated between 7.0959 and 7.1503[2] - The U.S. government shutdown and rising U.S. debt levels contributed to a bearish outlook for the USD[3] Influencing Factors - The U.S. national debt exceeded $38 trillion as of October 21, 2025, raising concerns about sustainability[3] - The Federal Reserve cut rates by 25 basis points on October 30, 2025, while the ECB and BoJ maintained their rates[3] - Frequent high-level interactions between China and the U.S. are expected to stabilize the RMB exchange rate[3] Future Outlook - The RMB is projected to continue appreciating, with an expected range of 7.00 to 7.20 in November 2025[1] - Factors supporting this trend include China's rising international status and increased attractiveness of Chinese assets[6] - Potential downward pressures include a focus on high-quality economic development in China and increased global market volatility[6]

Group 1 - The core view of the report indicates a shift in the bond market from headwinds to tailwinds, with a continued bullish outlook for November [1] - In 2025, the bond market is expected to rely heavily on increased allocations from bank proprietary trading, with a total bond market balance increasing by 16.4 trillion yuan in the first three quarters [2] - Government bonds accounted for a significant portion of this increase, with an increment of 11.4 trillion yuan, while financial bonds increased by 3.0 trillion yuan [2] Group 2 - The report highlights that the growth rate of bond investments by banks has significantly increased, with a year-on-year growth of 21.1% for the four major banks and 17.5% for smaller banks as of September [2] - The report notes that the demand for credit remains weak, leading banks to focus on bond investments as a primary driver for asset scale expansion [2] - The report anticipates that conditions for a further reduction in policy interest rates may be in place, supported by a decline in the cost of interest-bearing liabilities for banks [2] Group 3 - Non-bank institutions are reported to have low bond positions and shorter durations, with a potential increase in bond market sentiment as the central bank resumes government bond trading [2] - The report suggests that there is potential for significant allocation of credit bonds by wealth management products, estimating a potential increase of several trillion yuan [2] - The report predicts that the 10-year government bond yield may return to around 1.65% by the end of the year, with a bullish outlook for the bond market continuing into November [2][3]

同日，在岸人民币、离岸人民币对美元汇率盘中小幅贬值。截至当日9时40分，在岸人民币对美元报 7.1238，日内贬值幅度为0.02%；离岸人民币对美元报7.1276，日内贬值幅度为0.03%。 北京商报讯（记者 廖蒙）11月4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7.0885元，相较前一交易日中间价7.0867元，调贬18基点。 ...

中国人民银行授权中国外汇交易中心公布，2025年11月4日银行间外汇市场人民币汇率中间价为：1美元 对人民币7.0885元，1欧元对人民币8.1759元，100日元对人民币4.6072元，1港元对人民币0.91181元，1 英镑对人民币9.3277元，1澳大利亚元对人民币4.6436元，1新西兰元对人民币4.0531元，1新加坡元对人 民币5.4417元，1瑞士法郎对人民币8.7848元，1加拿大元对人民币5.0526元，人民币1元对1.1302澳门 元，人民币1元对0.59148马来西亚林吉特，人民币1元对11.3706俄罗斯卢布，人民币1元对2.4397南非兰 特，人民币1元对201.52韩元，人民币1元对0.51707阿联酋迪拉姆，人民币1元对0.52803沙特里亚尔，人 民币1元对47.3559匈牙利福林，人民币1元对0.52011波兰兹罗提，人民币1元对0.9131丹麦克朗，人民币 1元对1.3353瑞典克朗，人民币1元对1.4253挪威克朗，人民币1元对5.92073土耳其里拉，人民币1元对 2.6057墨西哥比索，人民币1元对4.5695泰铢。 中国经济网北京11月4日讯 今日，人民币对美元汇率 ...

11月4日人民币对美元中间价报7.0885元 下调18个基点 中新网11月4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4日银行间外汇市场人民 币汇率中间价为：1美元对人民币7.0885元，下调18个基点。 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。 图源：中国外汇交易中心网站截图 来源：中国新闻网 编辑：付健青 广告等商务合作，请点击这里 ...

Group 1: Key Insights on Selected Stocks - The report highlights a selection of stocks for November, including China Eastern Airlines (600115.SH), COSCO Shipping Specialized Carriers (600428.SH), and Ningde Times (300750.SZ) among others, indicating potential investment opportunities in these companies [1]. Group 2: Macroeconomic Analysis - In September, the Federal Reserve initiated its first interest rate cut of the year, leading to fluctuations in the US dollar index and mixed movements in the domestic and foreign exchange rates of the Renminbi. The actual effective exchange rate index of the Renminbi has rebounded for three consecutive months, impacting the financial conditions of export enterprises [2][4]. - The report notes that the cross-border capital flow maintained a balanced state, with a slight shift from net inflow to net outflow, primarily driven by securities investments. Foreign capital has slowed its reduction of Renminbi-denominated bonds while increasing its holdings in Renminbi stocks, indicating a cautiously optimistic attitude towards A-shares [4]. Group 3: Real Estate Sector Insights - The "15th Five-Year Plan" emphasizes high-quality development in real estate, shifting from the previous "housing is for living, not for speculation" stance to a focus on improving systems, optimizing supply, and enhancing quality. This reflects the central government's increased attention to real estate as a matter of public welfare [6][15]. - The plan outlines five key directions for promoting high-quality development in real estate, including constructing a new development model, optimizing the supply of affordable housing, increasing the supply of improved housing, building "good houses," and establishing a safety management system for houses throughout their lifecycle [7][10][11][12][13]. Group 4: Power Equipment Sector Insights - The report on Dajin Heavy Industry indicates that the company achieved a revenue of 4.595 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 99.25%, with a net profit of 0.887 billion yuan, up 214.63% year-on-year. In Q3 alone, the revenue was 1.754 billion yuan, marking an 84.64% increase [17][18]. - The company has significantly increased its export revenue, which now accounts for nearly 80% of its total income, benefiting from high-margin offshore products. The gross profit margin reached 31.12%, and the net profit margin was 19.31%, reflecting a strong improvement in profitability [18][19].

Report Industry Investment Rating - The report does not provide an industry investment rating [1][2] Core Viewpoints - In September, the Fed initiated its first rate cut of the year, the US dollar index fluctuated, onshore and offshore RMB exchange rates showed mixed trends, and the "three - price" unification trend intensified with stable market expectations [2] - The recent RMB appreciation has increased the negative impact on export enterprises' financial conditions, but China's foreign trade growth remains resilient [2] - Cross - border capital flows continued to be balanced in September, shifting from a small net inflow to a small net outflow, with securities investment being the main contributor [2] - The enhanced willingness to settle foreign exchange led to a continuous surplus in bank foreign exchange settlement and sales for the seventh consecutive month in September, and the surplus reached a record high [2] Summary by Related Catalogs Fed's Rate Cut and RMB Exchange Rate - In September, the Fed started its first rate cut of the year due to increased employment downside risks in the US. The US dollar index first declined and then rebounded, and the RMB exchange rate appreciation slowed down [3] - The RMB central parity rate fluctuated slightly in a narrow range; the onshore and offshore spot exchange rates first rose and then fell. The "three - price" unification trend of the RMB exchange rate intensified, and market expectations were basically stable [4] - The RMB's nominal and real effective exchange rate indices continued to rise, but China's goods export volume still increased year - on - year, indicating that exchange rate changes are not the main factor for China's foreign trade resilience [6] Cross - border Capital Flows - Cross - border capital flows continued to be balanced in September, shifting from a small net inflow to a small net outflow. Securities investment was the main contributor [2] - Foreign investors slowed down their reduction of RMB bonds, and the balance of their RMB stocks continued to increase, but different types of foreign capital flow data showed differentiation, indicating a cautious and optimistic attitude towards participating in the A - share market [2] Bank Foreign Exchange Settlement and Sales - The willingness to settle foreign exchange increased, driving the bank's foreign exchange settlement and sales to have a continuous surplus for the seventh consecutive month in September, and the surplus reached a record high [2] - The change in the domestic foreign exchange supply - demand relationship since March was mainly due to the weakening of market participants' motivation to purchase foreign exchange [2] - In the future, if the exchange rate expectation turns to the appreciation direction, it may trigger a concentrated release of foreign exchange settlement demand [2]

Core Viewpoint - The recent data from the China Foreign Exchange Trading Center indicates a significant appreciation of the Renminbi (RMB) against various currency indices, marking a trend of independent appreciation that is not solely reliant on the depreciation of the US dollar [1][5][6]. Currency Indices Summary - The CFETS RMB Index reached 97.61, up 0.06 week-on-week, the highest since April 2025 [1][2]. - The BIS currency basket RMB Index reported 103.87, increasing by 0.23 week-on-week, also a peak since April 2025 [1][2]. - The SDR currency basket RMB Index stood at 92.26, with a week-on-week rise of 0.35, marking a new high since April 2025 [1][2]. RMB Exchange Rate Trends - The RMB exchange rate exhibited a mixed trend, with a slight increase of 0.04% for onshore RMB and 0.05% for offshore RMB over the week [5]. - The onshore RMB reached a peak of 7.0955 against the US dollar, the highest since November 2024 [5]. - The RMB's appreciation trend is becoming clearer, with a year-to-date depreciation of the US dollar by 8% and a 2.9% appreciation of the offshore RMB against the US dollar [5][6]. Catalysts for RMB Appreciation - Key factors driving the recent RMB appreciation include positive developments in US-China trade negotiations, narrowing interest rate differentials, and stronger-than-expected export performance [6]. - The effective RMB exchange rate is seen as returning to a "reasonable" range, supported by low inflation and strong nominal exchange rate competitiveness [6]. Future Outlook - Analysts predict that the RMB may continue to appreciate, with potential targets for the USD/RMB exchange rate at around 7.0 under baseline scenarios and 6.7 in optimistic scenarios [6][8]. - The People's Bank of China is expected to maintain a flexible approach to exchange rate policies, which could further support the RMB's strength [8].