1月，离岸（CNH）人民币兑美元即期汇率升值，在岸（CNY）人民币兑美元即期汇率升值。 即期市场：1月30日，CNH兑美元即期汇率收于6.9589，较上月末升值0.24%；CNY兑美元即期汇率收于6.9486，较上月末升值0.58%；日均平均价差（CNY- CNH的绝对值）为56BP，较上月减少3BP。CFETS人民币汇率指数和参考BIS货币篮子、参考SDR货币篮子的人民币汇率指数分别为96.99、104.06、92.52， 分别较上月末下降1.02%、下降0.58%、下降0.2%。 汇率衍生品市场：价格方面，CNH 1年期掉期点收于-1285BP，较上月末下降8BP；CNY 1年期掉期点收于-1222BP，较上月末下降97BP。在岸和离岸日均掉 期点差（CNH-CNY）的绝对值为70BP，较上月下降15BP。成交量方面，2026年1月，港交所USD/CNH期货标准合约成交量为158.24万张，较上月减少 11.3%，月末未平仓合约2.97万张，较上月减少8.1%。港交所USD/CNH期权合约成交71张，较上月增加29.1%，月末未平仓合约325张，较上月增加5.2%。 2025年12月，新交所USD/CNH ...

Core Insights - The offshore (CNH) and onshore (CNY) RMB exchange rates appreciated in October, with the average daily price difference (absolute value of CNY-CNH) decreasing by 16 basis points to 51 basis points [1][3] - The CFETS RMB exchange rate index, referencing the BIS currency basket and SDR currency basket, increased by 0.87%, 1.19%, and 1.13% respectively compared to the end of the previous month [1][3] Offshore RMB Deposits - As of September 2025, offshore RMB deposits in Hong Kong increased by 3.5% to 1,001.77 billion yuan, while Taiwan's deposits decreased by 0.6% to 119.91 billion yuan [2] Offshore RMB Foreign Exchange Market - On October 31, the CNH/USD exchange rate closed at 7.1224, appreciating by 0.09%, while the CNY/USD exchange rate closed at 7.1135, appreciating by 0.07% [3] - The average daily price difference (absolute value of CNY-CNH) was 51 basis points, a decrease of 16 basis points from the previous month [3] Offshore RMB Bond Market - In October, 77 offshore RMB bonds were issued, a decrease of 44 bonds from the previous month, with a total issuance amount of 73.43 billion yuan, down 74.8% [5] Offshore RMB Money Market - By the end of October, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year were 1.2421%, 1.4988%, 1.7085%, and 1.9183% respectively, with decreases of 57 basis points, 12 basis points, and 5 basis points [6] - The average interest rate spread (HIBOR-SHIBOR) for various tenors increased for overnight and 7-day periods, while remaining stable for 1-year [6] Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of October, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 239, an increase of 2 from the previous month [7] Trading Volume in Domestic Interbank Market - In October, the total trading volume of foreign institutions in the domestic interbank foreign exchange market was 27,746.55 billion yuan, a decrease of 16.1% [8] - The trading volume in the domestic interbank bond market totaled 9,411.06 billion yuan, a decrease of 2.5% [8]