分析人士指出，随着汇率约束的缓解，货币市场以及短端利率的补降可能刚刚开启，且中长期债券利率 后续有望继续下行，使得收益率曲线呈"牛市变陡"格局，目前仍建议投资者积极配置债券，包括适度延 长久期以获得更高净价回报。 "长多"心态依旧坚定 新华财经上海5月19日电（记者杨溢仁）近期，债市在多空力量博弈的背景下，呈现出"上有顶、下有 底"的震荡走势。 "毕竟，眼下想要看到资金利率的大幅下行是'不切实际'的。从今年的资金面运行情况来看，很难出现 资金利率（DR007）贴近政策利率（7天OMO）的情况，央行前期表态与操作的影响正逐步体现——例 如，今年一季度银行减少融出，叠加央行对降准和降息的表态偏'鸽'、多次提及'稳汇率+防空转'，使得 利率整体上行。"华安证券研究所固收首席分析师颜子琦表示。 针对"如何看待未来一个月资金面"的问题，根据前述调查，有46%的受访者判断，未来一个月的资金面 将"维持现状"；29%的投资者表示将"小幅转紧"；22%的受访者选择了"小幅转松"；仅有3%的投资者选 择了"明显转松"。 可以看到，在货币政策"双降"利好兑现、关税调整超预期、内外部不确定性上升、4月信贷数据回落等 多空因素交织博 ...

12 May 2025 15:57:32 ET │ 13 pages A c t i o n | Global Macro Strategy Tariff gamechanger – trade adjustments CITI'S TAKE The US dropping China tariffs from 145% to 30% represents an effective tariff rate change from 25% to 12%. This is a gamechanger for tactical risk. We cut our long standing EURUSD longs in GAA and GMS. We also take off our USDCNH call spread as the economic backdrop in China looks more benign now. We pay US rates to hedge our receivers in CA, NO, MX, and BR and add an UST UW to hedge our ...

11 May 2025 | 7:49PM HKT China eCommerce: Cross-border expert session takeaways: Focusing on post-tariff pricing adjustments, supply-chain responses and Temu We hosted an expert session on cross-border eCommerce with investors on May 9, where we invited Mr. Zuozhou Zhang, an entrepreneur with extensive experience in cross-border e-commerce and cross-border logistics. Key topics discussed include 1) Pricing dynamics amongst cross-border ecommerce platforms post-tariff implementation, where the expert notes T ...