更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha J P M O R G A N Asia Pacific Emerging Markets Research 19 May 2025 Correction (first published 16 May 2025) China Local Markets Weekly Implications of a US-China tariff ceasefire Executive summary Emerging Markets Strategy Tiffany Wang AC (852) 2800-1726 tiffany.r.wang@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Arindam Sandilya (65) 6882-7759 arindam.x.sandilya@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Gr ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific securities [1]. Core Insights - The model projection for USD/CNY fix is 7.2967, which is 912 pips higher than the previous projection of 7.2055, and 87 pips higher from the previous official spot close [1]. - The model projection with the counter-cyclical factor is 7.2484, indicating a 429 pips increase from the previous fix [1]. Summary by Sections - **Model Projections**: The USD/CNY fix model indicates a significant increase in projections, reflecting market expectations and potential currency fluctuations [1]. - **Analyst Contributions**: The report includes contributions from multiple analysts, indicating a collaborative approach to the analysis of the Asia FX strategy [2]. - **Event Calendar**: Key upcoming events involving China include the G-24 Finance Ministers and Central Bank Governors' Meeting on April 22, 2025, and a Politburo meeting for economic work at the end of April 2025 [9].