报告导读： 墨西哥债券市场是拉美地区最为成熟的市场之一，央行实施独立货币政策，汇 率自由浮动，外汇管制程度较低。 墨西哥宏观经济与债务环境演变：债务高速扩张酿成危机，后改革逐步改善债务结构与管理。 20世纪70年代，墨西哥依靠石油出口和外资流入实现经济快速 扩张，债务规模激增，外债占比超过60%。随着石油危机和美国利率飙升，墨西哥于1982年爆发债务危机。进入21世纪后，墨政府通过稳健财政和结构性改 革逐步化解历史债务风险，债务结构趋于合理。截至2025年，墨西哥政府债券总额达14.5万亿比索，其中固定利率债和通胀挂钩债占比提升，反映出政府倾 向于长期、低利率融资和对冲通胀的战略安排。当前经济增速温和，外部融资需求持续，墨西哥央行降息减轻债务负担，整体债务可持续性有所改善。 墨西哥债券市场是拉美地区最成熟和国际化程度较高的固定收益市场之一。央行独立实施货币政策，依托丰沛外汇储备与稳健资产负债表，在近年通胀波动背 景下灵活调整利率，维护金融稳定。墨西哥采纳灵活汇率制度，汇率自由浮动，具备作为外部冲击缓冲器的功能，且外汇管制程度较低。 债券发行、交易、 结算等基础设施完善，集中交易平台（BMV）和场外市场互补，结 ...

本文来自：华尔街见闻，作者：鲍奕龙，原文标题：《米莱危机愈演愈烈，3天抛售10亿美元"保汇率"，阿根廷外储要耗尽了？》，题图来自：视 觉中国 阿根廷央行在三天内抛售超10亿美元外汇储备捍卫比索汇率，阿根廷总统哈维尔·米莱的经济实验正面临严峻的考验。 9月19日，阿根廷央行抛售了6.78亿美元来支撑阿根廷比索汇率，这是本周第三次干预汇市。此前央行已在9月18日和17日分别卖出了3.79亿美元和 5300万美元。 美国外交关系协会（CFR）高级研究员Brad Setser点评称，阿根廷央行连续三天的护盘意味着阿根廷比索正面临挤兑。 尽管阿根廷经济部长Luis Caputo誓言将"动用最后一美元"来捍卫汇率区间，但Setser直言不讳地指出，目前阿根廷的外汇储备，根本不足以支撑其 持续每日向市场抛售5亿美元。 过去一个月，阿根廷比索兑美元已累计贬值近12%。随着美元储备加速消耗，市场愈发怀疑米莱政府是否有能力维持现行的汇率政策。 Outlier金融咨询公司的经济学家Gabriel认为，阿根廷问题不仅在于美元储备是否会耗尽，更在于为卖出美元而从市场抽走的巨量比索，将对经济 活动产生"非常强烈"的冲击，可能导致信贷紧缩 ...

阿根廷央行三天内抛售超10亿美元外汇储备捍卫比索汇率，阿根廷总统哈维尔·米莱的经济实验正面临严峻的考验。 周五，阿根廷央行抛售了6.78亿美元来支撑阿根廷比索汇率，这是本周第三次干预汇市。此前央行已在周四和周三分别卖出了3.79亿美元和5300万 美元。 美国外交关系协会（CFR）高级研究员Brad Setser点评称，阿根廷央行连续三天的护盘意味着阿根廷比索正面临挤兑。 尽管阿根廷经济部长Luis Caputo誓言将"动用最后一美元"来捍卫汇率区间，但Setser直言不讳指出，目前阿根廷的外汇储备，根本不足以支撑其持 续每日向市场抛售5亿美元。 过去一个月，阿根廷比索兑美元已累计贬值近12%。随着美元储备加速消耗，市场愈发怀疑米莱政府是否有能力维持现行的汇率政策。 Outlier金融咨询公司的经济学家Gabriel认为，阿根廷问题不仅在于美元储备是否会耗尽，更在于为卖出美元而从市场抽走的巨量比索，将对经济 活动产生"非常强烈"的冲击，可能导致信贷紧缩与经济收缩。 Gabriel表示，米莱政府需要通过展示政治实力来安抚市场，或者寻找新的美元来源，以阻止对比索的挤兑。他警告称： 否则他们将被迫提前改变汇率制度， ...

Group 1 - The offshore RMB appreciated significantly against the USD, rising over 500 points and exceeding 0.7% on May 2, 2025, closing at 7.226 [1] - The Hong Kong stock market showed strong performance, with the Hang Seng Index up 1.74% and the Hang Seng Tech Index up 3.08%, driven by gains in tech stocks such as Xiaomi (+6%), Alibaba (+3.8%), Tencent (+2.56%), and Kingsoft Cloud (+4%) [1] - U.S. Treasury Secretary Scott Bessenet indicated that the bond market signals the Federal Reserve should lower interest rates, noting that the two-year Treasury yield was 3.717%, below the federal funds rate of 4.33% [1] Group 2 - President Trump has publicly criticized Federal Reserve Chairman Powell for slow rate cuts, threatening to dismiss him, while emphasizing that the economy may slow without immediate rate reductions [2] - The 10-year Treasury yield has decreased significantly since Trump's inauguration, dropping from approximately 4.63% on January 20 to around 4.15% recently, which has saved the federal government substantial interest costs [2] - The People's Bank of China (PBOC) plans to maintain a moderately loose monetary policy to support the real economy, while also managing the exchange rate based on market supply and demand [2]

Monetary Policy and Economic Outlook - The People's Bank of China will continue to implement a moderately loose monetary policy to support the real economy while maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level [1] - A report from the UK economic forecasting agency EY has downgraded the economic growth expectations for the UK in 2025 and 2026, predicting growth rates of 0.8% and 0.9% respectively, lower than previous forecasts [2] Market Dynamics - The three major US stock indices closed mixed, with the Dow Jones up 0.28% at 40,227.59 points and the S&P 500 up 0.06% at 5,528.75 points, while the Nasdaq fell 0.1% to 17,366.13 points [4] - International gold futures rose by 1.71% to $3,354.80 per ounce, while silver futures increased by 0.20% to $33.40 per ounce [4] - US oil prices weakened, with the main contract for West Texas Intermediate crude oil down 1.79% to $61.89 per barrel, and Brent crude down 1.87% to $64.57 per barrel [4] - US Treasury yields fell across the board, with the 2-year yield down 4.7 basis points to 3.6907% and the 10-year yield down 3.09 basis points to 4.2063% [4] - The US dollar index decreased by 0.65% to 98.94, while non-US currencies generally appreciated against the dollar [4]