美国周二起对多数商品加征10%关税，特朗普在演讲中称拟提至15%，加剧对全球供应链及经济冲击的 担忧，进一步压制美元，为金价提供支撑。市场后续将关注美国宏观数据及美联储官员讲话，以寻找金 价新动力。 【最新现货黄金行情解析】 黄金已显露出持续上行的强劲势头，其突破5100美元关键阻力位的趋势仍在稳步推进。 当前金价动能虽从超买区间有所缓和，不过相对强弱指数(RSI，14)稳稳维持在中线之上，这意味着上 行动力依旧强劲，并非意味着行情将出现大幅回调。指数平滑异同移动平均线(MACD)自近期峰值回落 后趋于平缓，负柱状体持续缩减，这反映出市场处于整体看涨格局下的整理阶段，而非顶部反转形态。 摘要今日周三(2月25日)亚欧时段，现货黄金震荡走高，一度涨1.3%逼近5210美元。周四美伊第三轮核 谈判前夕，美军在中东持续增兵，地缘风险升温重燃避险需求，资金加速流入金市。同时，特朗普国情 咨文引发美元卖盘，为金价再添助力。尽管美联储维持鹰派立场，但市场担忧关税与地缘局势，避险情 绪主导盘面，短期金价仍获支撑。 今日周三(2月25日)亚欧时段，现货黄金震荡走高，一度涨1.3%逼近5210美元。周四美伊第三轮核谈判 前夕， ...

Core Viewpoint - The offshore RMB has strengthened against the USD, breaking the 7.20 mark for the first time since November 2024, driven by reduced risk sentiment and market optimism regarding US-China trade negotiations [2][5]. Exchange Rate Movement - Since reaching a low of 7.4, the offshore RMB has appreciated nearly 2.7% from April 8 to the present [2]. - On May 5, the offshore RMB/USD rate peaked at 7.1892 before slightly retreating to around 7.2041 by the end of the day [2]. - The recent surge began on April 30, with the offshore RMB rising from 7.27 to below 7.20, marking a 1% increase [2]. Market Sentiment and Influences - Market expectations of progress in US-China trade talks and reduced tensions have contributed to the RMB's strength [5]. - The Chinese Ministry of Commerce noted the US's willingness to negotiate on tariffs, which has been positively received by the market [5]. - A crowded long position in the USD and changing market dynamics regarding US economic conditions have triggered a new wave of USD selling [5]. Regional Currency Trends - The RMB's rise coincides with appreciation in other Asia-Pacific currencies, such as the Malaysian Ringgit, South Korean Won, and Thai Baht, all gaining over 1% against the USD [6]. - The Hong Kong Dollar has also strengthened, reaching its trading limit, influenced by the strong performance of the RMB and capital inflows from mainland China [6][7]. Capital Flows and Market Dynamics - Significant capital inflows from mainland China into Hong Kong have been observed, with net purchases through the Stock Connect channels reaching 570.9 billion CNY in 2025 [7]. - The upcoming dividend payments from Chinese companies listed in Hong Kong, totaling 36.1 billion USD, are expected to increase demand for the Hong Kong Dollar [7]. Future Outlook - The RMB exchange rate is expected to remain volatile in the second quarter but may stabilize over the year due to potential macroeconomic stimulus measures from the Chinese government [8]. - The People's Bank of China is anticipated to implement further monetary easing, including possible reserve requirement ratio cuts and interest rate reductions [8]. - The future trajectory of the RMB will depend on the progress of US-China negotiations and the potential recovery of Chinese exports [8][9].