印度卢比兑美元刷新纪录低位，因本地资产遭遇资金持续外流，且与美国的贸易协议迟迟未能敲定，令 市场情绪承压。 美元/印度卢比周二一度上涨近0.4%，报91.0837，刷新纪录高位。 注：年迄今，外国投资者已卖出了近180亿美元的印度股票。根据清算所数据，他们还在12月抛售了10 亿美元符合该国指数纳入标准的债券，有望终结连续五个月的买入态势。 责任编辑：陈钰嘉 印度卢比兑美元刷新纪录低位，因本地资产遭遇资金持续外流，且与美国的贸易协议迟迟未能敲定，令 市场情绪承压。 美元/印度卢比周二一度上涨近0.4%，报91.0837，刷新纪录高位。 注：年迄今，外国投资者已卖出了近180亿美元的印度股票。根据清算所数据，他们还在12月抛售了10 亿美元符合该国指数纳入标准的债券，有望终结连续五个月的买入态势。 责任编辑：陈钰嘉 ...

美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 12月16日，印度卢比兑美元一度跌至纪录新低，因本地资产遭遇资金持续外流，且与美国的贸易协议迟 迟未能敲定，令市场情绪承压。美元/印度卢比周二一度上涨0.1%，报90.8250，触及纪录新高。 今年迄今，外国投资者已卖出了近180亿美元的印度股票。根据清算所数据，他们还在12月抛售了10亿 美元符合该国指数纳入标准的债券，有望终结连续五个月的买入态势。 ...

印度卢比兑美元一度跌至纪录新低，因本地资产遭遇资金持续外流，且与美国的贸易协议迟迟未能敲 定，令市场情绪承压。美元/印度卢比周二一度上涨0.1%，报90.8250，触及纪录新高。今年迄今，外国 投资者已卖出了近180亿美元的印度股票。根据清算所数据，他们还在12月抛售了10亿美元符合该国指 数纳入标准的债券，有望终结连续五个月的买入态势。 印度卢比兑美元一度跌至纪录新低，因本地资产遭遇资金持续外流，且与美国的贸易协议迟迟未能敲 定，令市场情绪承压。美元/印度卢比周二一度上涨0.1%，报90.8250，触及纪录新高。今年迄今，外国 投资者已卖出了近180亿美元的印度股票。根据清算所数据，他们还在12月抛售了10亿美元符合该国指 数纳入标准的债券，有望终结连续五个月的买入态势。 责任编辑：王永生 责任编辑：王永生 ...

印度卢比周一跌至历史新低，因美印贸易谈判持续陷入僵局，加之外资持续抛售印度股票和债券，继续 对卢比构成压力。 卢比兑美元跌至 90.5550，突破12月12日创下的前纪录低点90.55。 责任编辑：刘明亮 印度卢比周一跌至历史新低，因美印贸易谈判持续陷入僵局，加之外资持续抛售印度股票和债券，继续 对卢比构成压力。 卢比兑美元跌至 90.5550，突破12月12日创下的前纪录低点90.55。 责任编辑：刘明亮 ...

Core Insights - The U.S. experienced significant outflows from Bitcoin spot ETFs, totaling $869.86 million on Thursday, marking the second-largest single-day outflow on record for this category [1] - Over the past three weeks, investors have withdrawn a cumulative total of $2.64 billion, indicating a growing cautious sentiment in the market [1] - The outflow coincided with Bitcoin dropping below the critical support level of $100,000 and a notable deterioration in Wall Street's risk appetite [1] - Ethereum ETFs also faced substantial outflows, with $259.72 million leaving on the same day, the highest since October 13 [1]

Core Viewpoint - The Indonesian Rupiah is expected to remain under pressure until the end of the year due to a narrowing trade surplus and increased domestic demand leading to higher imports [1] Group 1: Trade and Economic Factors - Indonesia's trade surplus is projected to narrow as a result of declining commodity prices, which are causing a slowdown in exports [1] - Increased domestic demand is contributing to a rise in imports, further impacting the trade balance [1] Group 2: Financial Market Dynamics - There is an ongoing outflow of funds from the financial sector as policy uncertainty drives investors to sell Indonesian bonds [1] - The divergence in monetary policy between the Indonesian central bank and the Federal Reserve is widening, adding pressure to the Rupiah [1] Group 3: Central Bank Policies - The Federal Reserve's stance has shifted away from being accommodative due to the U.S. government shutdown, while the Indonesian central bank maintains a relatively accommodative position [1]

Core Insights - The cryptocurrency market experienced an outflow of $300 million in the past week, marking the first outflow in 10 weeks [1] Group 1 - The outflow of funds indicates a potential shift in investor sentiment towards cryptocurrencies [1] - This is the first time in 10 weeks that the cryptocurrency market has seen a decline in inflows [1]

Core Insights - The trend of Chinese companies "going global" is driven by the need to avoid tariffs in markets like the U.S. and to seek new growth opportunities outside of China [4][6] - The release of the "White Paper on Financial Services for Enterprises Going Global" highlights both opportunities and challenges in the context of Sino-Thai cooperation [3][4] Group 1: Investment Trends - ASEAN countries have become the preferred destination for many Chinese enterprises, with ASEAN now being China's largest trading partner [4] - From 2020 to 2024, China's cumulative greenfield investment in ASEAN's manufacturing sector is projected to reach $65.91 billion, with $42.26 billion (64.1%) allocated to the "new three types" of industries: new energy vehicles, lithium batteries, and photovoltaics [4][6] Group 2: Local Concerns - The presence of Chinese companies in Thailand has raised concerns among local businesses, particularly regarding competitive pricing that threatens the survival of Thai SMEs [5][6] - Chinese enterprises often rely on domestic supply chains and do not sufficiently engage with local suppliers, which has led to criticism from the Thai business community [6] Group 3: Recommendations for Chinese Companies - Chinese companies are advised to avoid treating foreign markets merely as a "springboard" for tax evasion or re-exporting, and instead, they should develop long-term strategies that align their growth with local development [6][9] - Experts suggest that both Chinese and Thai entities need to adapt to each other to foster better business relations and mutual understanding [6][9] Group 4: Financial Ecosystem - The financial ecosystem supporting Chinese enterprises in Thailand is characterized by fragmentation and high costs, with 73% of surveyed large enterprises indicating that financing costs in Thailand are higher than in China [9] - Recommendations include modernizing regulations, improving cross-border payment infrastructure, and enhancing collaboration with Chinese financial institutions to create a resilient and efficient investment ecosystem [9]

Core Insights - Investors are rapidly channeling funds into U.S. ETFs, with inflows surpassing $1 trillion this year, indicating a significant shift from traditional mutual funds to lower-cost, more liquid ETFs [1] - This trend is expected to continue, potentially reaching an annual record of $1.4 trillion by the end of 2025, driven by a broad range of ETF categories benefiting from this influx [1] - The U.S. ETF industry has seen a consistent net inflow for 41 consecutive months, with assets reaching $12.7 trillion as of the end of September [1] Fund Flows and Market Dynamics - The momentum of ETF inflows has accelerated this year, with a nearly 23% increase in asset inflows year-to-date [1] - The outflow of funds from mutual funds, totaling $481 billion in the first nine months of 2025, is expected to continue driving higher ETF inflows [1] - The historical milestone of $1 trillion in ETF inflows was first achieved on December 11 of the previous year, marking a significant moment in the industry [1] Industry Perspectives - Industry experts emphasize the need for accelerated innovation, expanded market access, and enhanced investor education in light of the growing ETF market [1] - Discussions among asset managers about launching new ETFs or converting existing mutual funds into ETFs are becoming increasingly common, reflecting the industry's adaptive strategies amid market uncertainties [2]

Core Viewpoint - The article discusses the unexpected weakening of the US dollar since the implementation of Trump's tariffs on April 2, while the Chinese yuan remains under pressure. It analyzes the reasons behind the dollar's decline and the potential future trends for both the dollar and yuan [1]. Group 1: Recent Weakness of the US Dollar - Since January 10, the US dollar has been continuously weakening, with the dollar index dropping to 99.4 by April 17, a decline of 9.3%. The dollar's performance has shown a clear divergence against developed and emerging market currencies, with declines of 7.6% and 1.4% respectively [2][7]. - Prior to April 7, the primary reason for the dollar's weakness was the rising expectations of a US recession, as indicated by a drop in the Citigroup Economic Surprise Index from 14.5 to -19.5. This led to an increase in market expectations for interest rate cuts, which rose from 1.2 to 4.2 times by April 4, causing a significant drop of 62 basis points in the 10-year US Treasury yield [2][17]. - After April 7, despite a rebound in Treasury yields, the dollar continued to weaken, possibly due to overseas capital fleeing the US. This shift in market sentiment transitioned from "flight to safety" to "flight to non-US" assets [2][28]. Group 2: Future Outlook for the US Dollar - The uncertainty surrounding tariffs and other policies may continue to exert downward pressure on the US economy, potentially leading to further dollar weakness. The tariffs are expected to increase economic and trade uncertainties, impacting corporate activities and consumer confidence [3][39]. - The GTAP model suggests that the tariffs could reduce US GDP by approximately 3 percentage points. Historical patterns indicate that during recessions, the dollar typically strengthens; however, current concerns about US debt sustainability and Trump's isolationist policies may weaken the dollar's safe-haven status [3][52]. - The outflow of funds from US assets could diminish the likelihood of the dollar's typical "smile curve" behavior during a recession, as capital flows towards non-US assets increase [3][52]. Group 3: Implications for the Chinese Yuan - Despite the weakening dollar, the Chinese yuan has also depreciated, primarily due to the direct impact of tariff policies. Since April 2, while the dollar index fell by 4.1%, the onshore yuan depreciated by 0.4%, reaching a new low since the 2015 reform [4][61]. - Looking ahead, the depreciation pressure on the yuan may ease as external shocks diminish. The ongoing US economic downturn and capital outflows from the US could alleviate external pressures on the yuan [4][92]. - The People's Bank of China (PBOC) has tools to counter cyclical behaviors in the market, and the accumulation of approximately $123.9 billion in pending foreign exchange settlements since 2023 may provide a buffer for the yuan's stability [4][77].