1. Report's Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - Despite Trump threatening to impose 100% tariffs on Chinese goods and then signaling willingness to reach an agreement, the RMB exchange - rate implied volatility remained low, and the impact of this trade friction on the exchange - rate market was far lower than during the April reciprocal tariff period [2] 3. Summary by Related Content Reasons for the Stable Performance of the RMB - After the holiday, the domestic central parity rate was continuously raised, and the adjustment range of the counter - cyclical factor increased, sending a "stable exchange - rate" signal to support the RMB [2] - The US faces risks such as government shutdown and a weakening labor market, which may increase the US demand for an agreement, and the market has pre - digested this round of tariff friction [2] - The Sino - US swap points have further narrowed, reducing the impact of Carry on the RMB spot exchange rate [2]