在交易员等待新的宏观催化因素之际，彭博美元指数下跌，贵金属上涨，多数G-10货币窄幅波动。澳 元领涨，此前澳大利亚央行加息。 随着金价和银价上涨、结束此前连续两日的大幅下挫，彭博美元指数下跌0.3%。 在美国众议院周二下午通过立法、以结束政府部分停摆后，美元保持稳定。 美国10年期国债收益率基本持平，报4.27%。 澳元/美元上涨0.9%，至0.7008，此前澳大利亚央行加息25个基点，符合市场预期。 早些时候，澳元兑美元一度涨1.5%，至0.7050，随后回吐部分涨幅。 澳大利亚央行在政策声明中表示，通胀一段时间内可能仍会高于目标水平，这一表态推升澳元和债券收 益率。 不过，央行行长Michele Bullock在新闻发布会上表示，委员会在加息问题上会像此前在放松政策时一样 保持谨慎，上述升势随之收窄。 美元/日元收复失地，上涨0.1%，至155.754。 日本财务大臣片山皋月表示，首相高市早苗周末的讲话并没有过分强调日元疲软的好处。 新西兰元/美元上涨0.7%，至0.643。 渣打在欧元/新西兰元一度触及其1.95的目标位后，修正了做空欧元/新西兰元的交易建议。分析师Bader Al Sarraf表示，新 ...

Core Viewpoint - The Chinese stock market has shown significant improvement since August, with the Shanghai Composite Index rising by 6.39% and a year-to-date increase of 13.42%. However, a recent drop of 1.8% on August 27 indicates potential volatility ahead, driven by liquidity factors and regulatory control over market rebounds [1]. Group 1: Market Performance - The Shanghai Composite Index experienced a notable increase of 6.39% in August and a cumulative rise of 13.42% year-to-date [1]. - On August 27, the index faced a significant decline of 1.8%, marking the largest single-day drop in nearly five months [1]. Group 2: Liquidity Factors - Citi suggests that the recent stock market rally is primarily driven by liquidity factors, with the "relocation" of household deposits still in its early stages [1]. - Regulatory authorities are not in a hurry to tighten liquidity but will manage the pace of market rebounds [1]. Group 3: Future Catalysts - The report identifies three macro-level catalysts for the market: further implementation of supportive measures for the real estate sector, continued favorable liquidity conditions, and major upcoming events such as the military parade, National Day Golden Week, APEC summit, and China-U.S. trade negotiations [1]. - The potential reallocation of funds from maturing fixed deposits, estimated at approximately 5.5 trillion yuan by 2025, may become more certain in the short term as deposit rates trend downward [1]. Group 4: Monetary Policy Implications - The significant rise in the stock market may delay the need for a reserve requirement ratio (RRR) cut in China [1]. - If necessary, support from the "national team" and the People's Bank of China through swap facilities and stock buybacks may become more targeted [1].