Group 1 - The core viewpoint of the article emphasizes China's monetary policy independence and the beginning of a revaluation of RMB assets, as indicated by the response of the central bank to the Federal Reserve's interest rate decisions [1][5] - The People's Bank of China (PBOC) has maintained the Loan Prime Rate (LPR) unchanged, signaling that China's interest rate policy is anchored to domestic economic data rather than external influences [2][3] - The PBOC's recent operations, including a net injection of 540 billion yuan through 14-day reverse repos, are viewed as a form of "invisible rate cut," aimed at stabilizing liquidity without signaling excessive easing [3][4] Group 2 - The stability of the RMB exchange rate reflects the effectiveness of the "self-directed" policy, with the RMB appreciating by 1.3% from its August low, and foreign capital inflows into A-shares reaching 22 billion USD in August [4][6] - Analysts expect a potential reserve requirement ratio (RRR) cut of 25 basis points before December, primarily to offset maturing Medium-term Lending Facility (MLF) and reduce bank funding costs, rather than a broad monetary easing [4][5] - The shift in China's monetary policy from a follower to a price setter is highlighted, as the RMB's stability and high real interest rates provide intrinsic support for RMB assets, making them increasingly important in global asset allocation [5][6]

美联储年内第4次加息"靴子落地"。当地时间7月27日，美国联邦储备委员会宣布加息75个基点，将 联邦基金利率目标区间上调到2.25%至2.5%之间。这也是美联储连续第二次加息75个基点。 专家表示，要珍惜当前通胀相对温和及发达国家紧缩政策掣肘较小的时间窗口，推动前期稳增长政 策加快落地见效。货币政策要继续发挥总量和结构双重功能，落实好稳企业保就业各项金融政策措施， 聚焦支持小微企业和困难行业。同时，还要兼顾内外平衡，密切关注主要发达经济体货币政策调整，关 注物价走势变化，支持粮食、能源生产保供，防范输入性通胀风险，保持物价总体稳定。 在近日举行的2022年上半年外汇收支数据新闻发布会上，国家外汇管理局副局长、新闻发言人王春 英强调，更有信心也更有条件有效化解美联储货币政策调整对中国跨境资金流动的影响，中国外汇市场 有望延续平稳运行态势。我国综合实力更雄厚，可以更好发挥吸收外部冲击的能力。随着各项稳增长政 策的落地见效，未来中国经济会逐步恢复，保持平稳增长。我国国际收支结构更加稳健，可以更好保障 跨境资金流动的稳定性和安全性。我国推进更高水平的对外开放，可以更好地拓展外汇市场的深度和广 度。更有能力吸纳或平滑跨 ...