欧洲央行行长拉加德表示，央行当前利率水平处于合适位置，并重申对2%通胀目标的坚定承诺。她4日 在接受媒体采访时强调，欧洲央行将采取一切必要措施确保通胀维持在目标水平： 她还重申了近期关于利率路径的表态，称"我们现在处于良好状态"。市场预期欧洲央行将在本月晚些时 候的货币政策会议上维持当前利率水平不变。 谈及欧元取代美元成为全球主要储备货币的前景时，拉加德强调了"欧洲拥有令人难以置信的潜力"，但 同时呼吁政策制定者加强经济建设。 "我们的决心、承诺和职责是维持价格稳定——价格稳定意味着通胀率在2%左右。" 市场预期显示，欧洲央行可能在本月晚些时候举行的下次货币政策会议上维持当前利率水平。随着通胀 率已达到目标水平，经济学家预测今年内可能还会有一次降息。 在讨论欧元替代美元成为全球主要储备货币的可能性时，拉加德将焦点转向欧洲自身的经济实力建设。 她强调"欧洲在国内拥有令人难以置信的潜力"，并呼吁政策制定者加大力度推动经济发展。 拉加德指出，货币价值很大程度上取决于经济实力： "欧元等货币的价值将在很大程度上取决于我们经济的实力，我们必须让我们的经济变得更 强大。" 风险提示及免责条款 市场有风险，投资需谨慎。本文 ...

Core Viewpoint - The annualized yield of government bond reverse repos has been rising steadily as the end of the first half of 2025 approaches, with significant increases observed in both Shanghai and Shenzhen markets [3]. Group 1: Market Trends - The annualized yield for the 1-day government bond reverse repo in the Shanghai market rose sharply by 13.17% on June 25, reaching 2% during intraday trading on June 26, with an intraday increase exceeding 10% [3]. - Similarly, the Shenzhen market's 1-day government bond reverse repo yield also saw a significant increase of 13.02% on June 25, with yields reaching 2% and intraday gains surpassing 12% [3]. - Other maturities of government bond reverse repos in both markets have also experienced varying degrees of yield increases recently [4]. Group 2: Interest Rate Environment - The overall interest rate level in the market has been on a downward trend in recent years, with the loan market quoted interest rates (LPR) remaining unchanged at 3.0% for 1-year and 3.5% for 5-year and above as of June 20 [5][6]. - Deposit rates have also been declining, with major banks recently lowering their RMB deposit rates, including a 5 basis point reduction in the current deposit rate to 0.05% and a 15 basis point reduction for various fixed-term deposits [6][7]. Group 3: Reverse Repo Operation Guidelines - Investors can choose between Shanghai and Shenzhen markets for government bond reverse repos, with a minimum investment threshold of 1,000 yuan [8]. - There are various maturities available for reverse repos, including 1-day, 2-day, 3-day, 4-day, 7-day, 14-day, 28-day, 91-day, and 182-day, allowing investors to select based on their cash flow needs and yield preferences [9]. - The process for placing orders involves selecting a sell option, and many brokerage platforms now offer user-friendly interfaces for executing reverse repo transactions [10][11].

又到年中节点。 | | | | 上交所回购 | | | | | --- | --- | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅▼ 成交量 | | 持仓 年初至今 | 时间 | | GC002 | 1.950 | 0.175 | 9.86% 227.74亿 | | 10.48% | 11:29 | | GC004 | 1.960 | 0.115 | 6.23% 59.01亿 | l | 21.36% | 11:29 | | GC001 | 1.895 | 0.090 | 4.99% 5355.421 | | 5.87% | 11:29 | | GC003 | 1.950 | 0.065 | 3.45% 57.41亿 | . | 16.07% | 11:29 | | GC007 | 2.000 | 0.030 | 1.52% 893.58亿 | - | 13.96% | 11:29 | | GC014 | 1.800 | 0.010 | 0.56% 90.92亿 | | 3.75% | 11:29 | | | | | 深交所回购 | | | | | 名 ...

美联储主席鲍威尔：鉴于我们获得更多信息，我们认为维持当前利率水平是适当的。 ...

美国总统特朗普：我们的利率水平应比目前低两个百分点。 ...

没人知道美国7月9日会做什么决定。 在利率上按兵不动很重要。 欧洲央行管委Simkus：欧洲央行已经达到中性利率水平。 ...

欧洲央行管委西姆库斯：欧洲央行已经达到了中性利率水平。 ...

文/《清华金融评论》 王茅 数据显示，截至2025年5月末，我国央行已连续第7个月增持黄金储 备，这在历史上比较罕见，究竟增持的逻辑是什么？影响金价走势 的因素有哪些？今明两年金价前景如何？ 6月7日，国家外汇管理局发布的数据显示，截至2025年5月末，我国央行的黄金储备规模报7383 万盎司（约2296.37吨），环比增加6万盎司。这已经是央行连续第7个月增加黄金储备，累计增持 103万盎司。若以国际现货黄金的最新价格计算，累计增持金额约为34.1亿美元（约合人民币245 亿元）。 我国央行为何连续7个月增持黄金 我国央行连续7个月增持黄金至少释放了以下三个信号：一是优化储备结构。截至2025年5月，我 国黄金储备占外汇储备比重仅7%，远低于全球15%的平均水平。增持黄金可降低对美元资产的依 赖，分散外汇风险。 二是推进人民币国际化步伐。黄金作为"硬通货"能增强主权货币信用，为人民币跨境支付系统 （CIPS）覆盖109个国家提供信用支撑。 三是应对国际复杂多变的局面。中美关税波动、地缘政治风险加剧（如俄乌冲突、中东局势）促 使我国央行提前布局避险资产。2025年一季度，全球黄金需求达1206吨，创近十年新高 ...

欧洲央行管委维勒鲁瓦：我们不会再次看到几年前的低利率水平。 ...

智通财经6月6日电，欧洲央行管委维勒鲁瓦表示，不会再次看到几年前的低利率水平。 ...