Precious Metals Futures - Spot gold prices experienced significant volatility, briefly surpassing $4,210 per ounce with an increase of 2.03%, while New York futures also rose, reaching $4,210 per ounce with a daily gain of 2.28% [1][2] - However, gold prices retreated, falling below $4,190 per ounce by 07:39, reflecting a daily decline of 0.15% [3] - Silver futures showed strong performance, with New York silver exceeding $53 per ounce, marking a daily increase of 4.46%, while domestic silver contracts rose by 4%, currently priced at 12,449.00 yuan per ton [4][5] Base Metals Futures - LME copper prices expanded their gains, currently reported at $10,935.5 per ton, with a daily increase of 1.0% [6] Energy and Shipping Futures - The U.S. Department of Energy announced contracts for the procurement of approximately 1 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) [7] Macro and Market Impact - Recent statements from Federal Reserve officials indicate a lack of enthusiasm for a rate cut in December, with several voting regional Fed presidents expressing caution, including those from Boston, St. Louis, Chicago, and Kansas [9] - However, White House economic advisor Hassett stated that if nominated to replace Powell as Fed Chair, he would advocate for a more substantial rate cut of 50 basis points in the December policy meeting [10] - Fed official Perli noted strong evidence suggesting that bank reserves are no longer sufficient [11] - Atlanta Fed President Bostic announced plans to retire at the end of his term in February next year [12]

美联储Perli：强有力的证据表明，银行储备金不再充足。 来源：滚动播报 ...

Core Insights - The core point of the article is that the reserves of American banks have decreased to $2.8 trillion, marking the lowest level since 2020 [1] Group 1 - American bank reserves have fallen to $2.8 trillion [1] - This decline represents a significant drop in reserves since 2020 [1]

Core Insights - The Federal Open Market Committee's meeting minutes from July 29-30 indicate a significant increase in the Treasury General Account, leading to a sustained decline in bank reserves for the first time since the balance sheet reduction began in June 2022 [1] - Participants noted potential for a "further sharp decline" in reserves during key reporting and payment processes, which could exert pressure on the money market [1] - The existing tools of the Federal Reserve can provide additional reserves to maintain the effective federal funds rate within the target range, especially highlighted by the increased usage of the standing repo facility at the end of Q2 [1] Summary by Categories Bank Reserves - A sustained decline in bank reserves is anticipated due to the expected increase in the Treasury General Account and the depletion of overnight reverse repurchase agreement tools [1] - This marks the first continuous decrease in reserves since the balance sheet reduction commenced in June 2022 [1] Money Market Implications - There is a risk of a "further sharp decline" in reserves during critical reporting and payment periods, which could create stress in the money market [1] Federal Reserve Tools - The Federal Reserve has tools available to provide additional reserves and maintain the effective federal funds rate within the target range [1] - The role of the standing repo facility in monetary policy execution has been emphasized, particularly with its increased usage noted at the end of Q2 [1]

Core Insights - The banking sector in Cameroon is criticized for insufficient credit support to small and medium-sized enterprises (SMEs), despite reporting strong financial performance [1][2] - As of March 2025, the CEMAC banking system holds a substantial liquidity reserve of 2.472 trillion Central African Francs (approximately $42.6 billion), which is 2.25 times the regulatory requirement, indicating potential for credit expansion [1] - Government credit constitutes only 32.5% of total credit to the real economy, while private sector credit has increased by 22.4%, highlighting a shift in lending dynamics [1][2] Banking Performance - BGFI Group's Cameroon subsidiary projects a net profit of 11 billion Central African Francs (approximately $0.2 million) for 2024, reflecting a 9% increase from 2023 [1] - Société Générale's local subsidiary reported a net profit of 2.98 billion Central African Francs (approximately $513.8 million) [1] SME Financing Challenges - SMEs in the CEMAC region face significant financing challenges, including limited access to credit and high effective borrowing rates of 15%-17% [2] - A large portion of private sector credit flows to a few large enterprises, often subsidiaries of multinational companies, rather than to SMEs [2] Risk Factors for SMEs - SMEs struggle with weak risk resilience, making them vulnerable during economic shocks, compounded by political uncertainty in election years [2] - The cost of credit assessment for SMEs is high due to information asymmetry, leading banks to invest substantial resources in lending decisions [2] - The total amount of non-performing loans in the banking sector reached 840 billion Central African Francs (approximately $14.5 million) as of March 31, indicating potential asset quality concerns [2]

美联储理事沃勒上周表示，美联储可将银行储备金从当前约3.34万亿美元降至2.7万亿美元左右，从而继续缩 减资产负债表，即"量化紧缩"。 "考虑到2023年3月区域银行业危机（当时显示存款流失风险达到顶峰），以及当前监管框架对流动性的高度 强调，'充足储备金'的阈值可能需要更高，"摩根大通策略师特雷莎·何（Teresa Ho）牵头在7月11日给客户的 报告中称。 纽约联储6月开展的"市场预期调查"显示，量化紧缩结束时，储备金余额的中位数预期为2.875万亿美元。 美联储自2022年6月起开始缩减资产负债表。今年4月，政策制定者放缓了缩表节奏：将每月允许到期不续作 的国债上限从250亿美元降至50亿美元，抵押贷款支持证券（MBS）的上限保持350亿美元不变。 政策制定者的核心目标是避免2019年9月的回购市场动荡重演。在当时的美联储缩表期间，储备金短缺导致 关键贷款利率飙升，联邦基金利率异动，最终迫使美联储出手干预以稳定融资市场。 沃勒上周在达拉斯联储的讲话中提到，2019年9月储备金占GDP比重降至7%以下，而2019年1月占比8%时， 银行体系"无明显压力"。如今，沃勒认为需保留缓冲，将储备金占GDP比重的" ...

Core Viewpoint - The Federal Reserve data indicates that bank reserves have decreased to $3 trillion, marking the lowest level since January 1 [1] Group 1 - The decline in bank reserves reflects a significant reduction in liquidity within the banking system [1] - This decrease may impact banks' lending capabilities and overall economic activity [1] - The current reserve level is a critical indicator of the financial health of the banking sector [1]