与此同时，北京却上演了一出截然相反的"反转剧"。中国炼油商几乎在同一时间收到风控部门的通知："所有额度放开，有多少收多少！"山东地方炼油厂的 采购经理连夜飞往莫斯科，中石油甚至重启了尘封十年的西伯利亚输油管道调度协议。数据不会说谎：8月份中国装运的乌拉尔原油日均突破7.5万桶，比年 初暴涨两倍多！更令人震撼的是预订量——十月到十一月还有整整15船原油正在穿越北极航线！ 然而，平静之下暗流涌动。美国制裁的靴子最终落下，对印度能源命脉造成沉重打击。印度四大国营炼油厂（IOCL、HPCL、BPCL、MRPL）连夜召开紧 急会议，气氛凝重。印度斯坦石油公司的采购总监脸色铁青，当即宣布停止采购乌拉尔原油，转而紧急采购沙特原油作为替代。要知道，仅仅两个月前，他 们还沉浸在以折扣价购买俄罗斯石油带来的喜悦中，每日节省高达800万美元的成本。 制裁令一下，俄罗斯对印度的石油日出口量从118万桶断崖式下跌至不足40万桶，瞬间撕开了170万桶的巨大缺口，震动全球能源市场。 能源棋局：制裁下的弃子与赢家 2025年，一幕由美国制裁引发的能源格局巨变正在上演。起初，美国政府宣布对部分印度进口商品加征关税，市场随即对此保持高度警惕。尽 ...

Group 1 - The core viewpoint is that the recent appreciation of the RMB against the USD is a result of the ongoing policy competition between China and the US, particularly in the context of interest rate adjustments and currency stabilization efforts [1][3][4] - The Federal Reserve has raised interest rates 11 times in 2023, reaching a 22-year high of 5.25%-5.5%, which has caused significant fluctuations in global currency markets. However, the RMB has shown remarkable resilience due to targeted interventions by the People's Bank of China (PBOC) [3][4] - China has implemented measures such as lowering foreign exchange reserve requirements, restarting counter-cyclical factors, and issuing offshore central bank bills to stabilize the RMB, while maintaining an independent monetary policy that supports the real economy [3][4] Group 2 - The ongoing trade tensions have led to the RMB exchange rate becoming a focal point of contention, with the US pressuring for RMB appreciation under the guise of promoting "fair trade," aiming to weaken China's export competitiveness [4][5] - In the context of the technology war, the depreciation of the RMB has reduced the cost of chip imports for China, alleviating some of the pressure from sanctions, showcasing a strategic response to external challenges [7] - The emergence of China's digital currency (DCEP) and its cross-border payment system is reshaping the financial landscape, potentially allowing transactions to bypass the USD settlement system, which could challenge US financial dominance [7]