Core Viewpoint - The People's Bank of China emphasizes the need to enhance the resilience of the foreign exchange market and stabilize market expectations to prevent excessive fluctuations in the exchange rate, aiming to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [1] Group 1 - The monetary policy committee of the People's Bank of China held its second quarter meeting for 2025 on June 23 [1] - The meeting highlighted the importance of preventing risks associated with exchange rate overshooting [1] - The focus is on maintaining the RMB exchange rate stability within a reasonable and balanced range [1]

Group 1: International Gold Market - On Friday, international gold prices fluctuated and closed higher, opening at $3304.12 per ounce, reaching a high of $3347.59 and a low of $3274.30, ultimately closing at $3326.46 per ounce [1][10] - COMEX gold futures closed at $3329.10 per ounce [10] - The SPDR gold ETF holdings stood at 937.94 tons [12] Group 2: Currency and Monetary Policy - The onshore RMB against the USD closed at 7.2461, down 106 basis points from the previous trading day, with a weekly increase of 171 basis points [1][18] - The People's Bank of China conducted a 770 billion yuan 7-day reverse repurchase operation, resulting in a net injection of 770 billion yuan for the day [1][13] - The US dollar index decreased by 0.21%, closing at 100.4218 [1][18] Group 3: Macroeconomic Events - High-level economic talks between China and the US took place in Geneva, which alleviated some investor concerns and supported a rebound in US stocks and the dollar, putting pressure on international gold prices [1][20] - US Commerce Secretary warned that tariff negotiations with Japan and South Korea would take considerable time, and President Trump stated he would impose at least a 10% tariff on trade partners [1][20] - Several Federal Reserve policymakers expressed hawkish views, emphasizing the importance of maintaining stable long-term inflation expectations [1][20] Group 4: Domestic Gold Market - The Shanghai Gold Exchange's AU99.99 spot gold contract closed at 785.50 yuan per gram, while the main futures contract AU.SHF closed at 788.42 yuan per gram [11]