Group 1 - The European Central Bank's decision has led to a continued decline in the euro against the US dollar, with a decrease of 0.1%, resulting in an exchange rate of 1.1755 [1]

巴基斯坦外汇协会主席：巴基斯坦情报机构副负责人与外汇公司会面，讨论巴基斯坦卢比贬值问题。 ...

Report Information - Report Date: July 24, 2025 [2] - Report Title: Global Asset Market Performance and Related Trading Data Key Points of Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 23, 2025, yields in the US, UK, France, etc., were 4.383%, 4.634%, 3.299% respectively, with various changes in the latest, weekly, monthly, and yearly periods [3] 2 - Year Treasury Yields of Major Economies - On July 23, 2025, yields in the US, UK, Germany, etc., were 3.850%, 3.876%, 1.839% respectively, with different changes over different time - spans [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - On July 23, 2025, the exchange rate of the dollar against the Brazilian real was 5.520, with a latest change of - 0.81%, and different changes in other time periods [3] Stock Indices of Major Economies - On July 23, 2025, the S&P 500 was at 6358.910, with a latest change of 0.78%, and different changes in weekly, monthly, and yearly periods. Other indices like the Dow Jones Industrial Average, Nasdaq, etc., also had their respective performances [3] Credit Bond Indices - The US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc., had different changes in the latest, weekly, monthly, and yearly periods [3][4] Key Points of Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc., were 3582.30, 4119.77, 2801.20 respectively, with corresponding percentage changes [5] Valuation - The PE (TTM) of CSI 300, SSE 50, and other indices were 13.53, 11.44, etc., with corresponding环比changes [5] Risk Premium - The risk premium of the S&P 500 was - 0.68, with a环比change of - 0.07, and the German DAX had its own values [5] Fund Flows - The latest values of fund flows in A - shares, the main board, etc., were - 1079.62, - 851.71, etc., with different 5 - day average values [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc., were 18646.00, 4703.31, etc., with corresponding环比changes [5] Main Contract Basis - The basis of IF, IH, IC were - 10.57, 1.60, - 76.76 respectively, with corresponding percentage changes [5] Key Points of Treasury Futures Trading Data Treasury Futures - The closing prices of T00, TF00, T01, TF01 were 108.520, 105.790, 108.600, 105.875 respectively, with corresponding percentage changes [6] Funding Rates - The R001, R007, SHIBOR - 3M were 1.4268%, 1.5017%, 1.5510% respectively, with corresponding daily changes in basis points [6]

新华财经北京7月23日电 上半年，非银行部门跨境收支合计7.6万亿美元，创历史同期新高；银行结售汇 合计2.3万亿美元，为历史同期次高；外资净增持境内股票和基金101亿美元，扭转了过去两年总体净减 持态势...... "总的来看，上半年我国外汇市场有力有效应对外部冲击风险；展现出较强的韧性和活力，表现好于市 场预期。"国家外汇管理局副局长李斌说。 往后看，受访人士预计，人民币汇率的扰动和支撑因素相对均衡，年内或呈现震荡偏强运行，加之国际 收支平衡也有望延续"一顺一逆"、整体平衡格局，下半年外汇市场总体将继续稳定运行。 ——外汇市场表现超预期跨境资金持续净流入 展望后续，受访人士预计，外部环境波动对我国出口的影响或在下半年集中显现，银行代客外币收支或 仍有一定幅度顺差。不过稳汇率仍是宏观政策的主要目标之一，加之国际收支也有望延续平衡格局，下 半年外汇市场总体将保持稳定状态。 ——人民币汇率保持稳定人民币资产强势吸金 今年以来，外部环境更趋复杂多变，国际金融市场波动加大。我国加快实施更加积极有为的宏观政策， 外汇市场持续平稳运行。 如从总量的角度看，涉外收支规模稳步增加。上半年，企业、个人等非银行部门跨境收入和支 ...

Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 22, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.346, 4.569, 3.263 respectively. The latest changes were - 0.033, - 0.033, - 0.029; weekly changes were - 0.137, - 0.055, - 0.142; monthly changes were 0.050, 0.097, 0.013; and annual changes were 0.162, 0.461, 0.112 [3]. - For Asian and South American economies like Japan, Brazil, and China, on July 22, 2025, yields were 3.834, 6.558, 1.691. The latest changes were - 0.028, - 0.005, 0.014; weekly changes were - 0.108, - 0.043, 0.033; monthly changes were 0.008, 0.050, 0.043; and annual changes were - 0.618, 0.162, - 0.569 [3]. 2 - Year Treasury Yields of Major Economies - On July 22, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.880, 3.838, 1.808. The latest changes were - 0.030, - 0.027, - 0.013; weekly changes were - 0.020, 0.008, - 0.073; monthly changes were not available for the US, - 0.031, - 0.040; and annual changes were - 0.740, - 0.230, - 1.008 [3]. US Dollar Exchange Rates Against Major Emerging - Market Currencies - On July 22, 2025, the exchange rates against the Brazilian real, South African rand, South Korean won were 5.565, 17.558, 1380.900. The latest changes were - 0.04%, - 0.36%, - 0.13%; weekly changes were 0.15%, - 2.06%, - 0.48%; monthly changes were 0.98%, - 1.15%, 1.59%; and annual changes were 2.50%, - 2.21%, 0.40% [3]. RMB Exchange Rates - On July 22, 2025, the on - shore RMB, offshore RMB, and mid - price were 7.169, 7.171, 7.146. The latest changes were - 0.01%, 0.00%, - 0.09%; weekly changes were - 0.19%, - 0.19%, - 0.05%; and monthly changes were - 1.12%, - 1.39%, 0.20% [3]. Stock Indices of Major Economies - On July 22, 2025, the Dow Jones, S&P 500, and French CAC were 6309.620, 44502.440, 20892.690. The latest changes were 0.06%, 0.40%, - 0.39%; weekly changes were 1.05%, 1.09%, 1.04%; monthly changes were 12.36%, 11.25%, 13.56% [3]. - For Asian and other emerging - market indices like the Nikkei, Hang Seng Index, and Shanghai Composite Index, on July 22, 2025, they were 39774.920, 25130.030, 3581.861. The latest changes were 0.24%, 2.20%, 2.19%; weekly changes were 0.54%, 3.94%, 4.72%; and monthly changes were - 3.44%, 37.37%, 20.55% [3]. Credit Bond Indices - The latest changes of emerging - market investment - grade, high - yield, and US investment - grade credit bond indices were 0.17%, 0.11%, 0.09%. The weekly changes were 0.94%, 0.45%, 0.51%; monthly changes were 0.38%, 0.68%, 1.01%; and annual changes were 4.87%, 6.08%, 9.58% [4]. Stock Index Futures Trading Data Index Performance - On July 22, 2025, the closing prices of A - shares, CSI 300, and SSE 50 were 3581.86, 4118.96, 2792.18. The percentage changes were 0.62%, 0.82%, 0.72% [5]. Valuation - The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.53, 11.44, 30.40. The环比 changes were 0.08, 0.03, 0.28 [5]. Risk Premium - The risk premium (1/PE - 10 - year interest rate) of S&P 500 and German DAX were - 0.61, 2.27. The环比 changes were 0.03, 0.07 [5]. Fund Flows - The latest values of A - shares, the main board, and the SME board were - 645.25, - 337.32, not available. The 5 - day average values were - 233.14, - 142.91, not available [5]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 18930.38, 4508.74, 1293.95. The环比 changes were 1930.58, 729.35, 325.56 [5]. Main Contract Basis - The basis of IF, IH, and IC were - 9.16, 4.62, - 84.01. The basis percentages were - 0.22%, 0.17%, - 1.35% [5]. Treasury Bond Futures Trading Data - On July 22, 2025, the closing prices of T00, TF00, T01, TF01 were 108.635, 105.885, 108.695, 105.970. The percentage changes were - 0.03%, - 0.03%, - 0.06%, - 0.02% [6]. - The money market rates of R001, R007, SHIBOR - 3M were 1.3599%, 1.4846%, 1.5490%. The daily changes were - 14.00 BP, - 2.00 BP, 0.00 BP [6]

Group 1: Foreign Exchange Management - The State Administration of Foreign Exchange (SAFE) is exploring integrated management of domestic and foreign currencies, aiming for "one set of rules, one-stop processing" [1] - SAFE reported that foreign investment in domestic stocks and funds increased by $10.1 billion in the first half of the year, reversing a two-year trend of net selling [2] - The resilience of China's foreign exchange market is improving, with enhanced ability to respond to external shocks and a more flexible exchange rate mechanism [3] Group 2: Foreign Investment Trends - Foreign investors' holdings of domestic bonds exceeded $600 billion, indicating a stable macroeconomic environment for investment [2][4] - The proportion of foreign investors holding domestic bonds and stocks is around 3%-4%, with expectations for gradual increases in allocation to RMB assets [4] - As of June 2025, foreign institutions held 4.23 trillion yuan in the interbank bond market, accounting for 2.5% of the total [8] Group 3: Data and Technology Initiatives - The National Data Bureau is promoting high-quality data set construction and has initiated actions to establish data labeling bases in seven cities [6][7] - The bureau aims to create a closed-loop ecosystem for data elements, focusing on market-oriented reforms and the "Artificial Intelligence +" initiative [10] Group 4: Capital Market Developments - Shenzhen is expected to see reforms including the return of Hong Kong-listed companies to the Shenzhen Stock Exchange [9] - The Science and Technology Innovation Board (STAR Market) has supported over 580 "hard technology" companies, raising more than 1.1 trillion yuan in IPO and refinancing funds [11]

Core Viewpoint - The foreign exchange market in China is showing signs of stability and growth, with a significant increase in cross-border payments and a notable rise in the use of the Renminbi for international transactions [1][4]. Group 1: Foreign Exchange Market Characteristics - The scale of cross-border receipts and payments has steadily increased, reaching a total of $7.6 trillion in the first half of 2025, a year-on-year growth of 10.4%, with the Renminbi accounting for 53% of this total [2][4]. - There has been a continued net inflow of cross-border funds, amounting to $127.3 billion in the first half of 2025, with a 46% increase in net inflow in the second quarter compared to the previous quarter [2][3]. - The foreign exchange market is generally balanced, with a bank settlement deficit of $25.3 billion in the first half, but showing a shift to surplus in May and June [3]. Group 2: Market Activity and Trends - The trading volume in the domestic Renminbi foreign exchange market reached $21 trillion in the first half of 2025, reflecting a 10.2% year-on-year increase [3]. - The foreign exchange reserves stood at $3.3174 trillion by the end of June 2025, an increase of $115.1 billion from the end of 2024, indicating a stable reserve position [3]. - The willingness to settle foreign exchange transactions has increased, with bank settlements in June 2025 amounting to 14.9 billion Renminbi, while the total for the first half reached 82.135 billion Renminbi [5][6]. Group 3: Cross-Border Payment Insights - The data on bank customer foreign exchange receipts and payments indicates a healthy cross-border capital flow, with total receipts of 46.485 billion Renminbi and payments of 44.667 billion Renminbi in June 2025 [5][6]. - The increase in foreign currency income from bank customer transactions suggests a growing inclination to settle in Renminbi, reflecting a shift in market sentiment towards the currency [8]. - The net increase in foreign investment in domestic stocks and bonds reached $10.1 billion in the first half of 2025, reversing a trend of net outflows observed in the previous two years [8].

Core Viewpoint - The foreign exchange market in China has shown resilience and vitality in the first half of 2023, with a steady increase in foreign exchange receipts and a net inflow of cross-border funds, exceeding market expectations [1][2]. Group 1: Foreign Exchange Market Performance - In the first half of 2023, the net inflow of cross-border funds from non-bank sectors reached $127.3 billion, continuing the trend from the second half of the previous year, with a 46% quarter-on-quarter increase in Q2 [1]. - The foreign exchange market maintained a basic balance in supply and demand, with active trading and stable foreign exchange reserves [1][2]. Group 2: Capital and Financial Account Analysis - The increase in the current account surplus corresponds to an expansion of the capital and financial account deficit, which should not be interpreted as increased capital outflow pressure [2]. - The capital and financial account deficit is primarily due to increased outward investment by domestic entities, while foreign investment in China remains net inflow [2]. Group 3: Attractiveness of Renminbi Assets - The Renminbi appreciated by 1.9% against the US dollar in the first half of 2023, with the exchange rate fluctuating between 7.15 and 7.35, indicating stability and serving as an automatic stabilizer for the macroeconomy and international payments [3]. - Foreign investment in Renminbi-denominated bonds has increased, with foreign holdings exceeding $600 billion, and net foreign purchases of domestic stocks and funds reached $10.1 billion in the first half of 2023 [3][4]. Group 4: Future Outlook for Foreign Investment - The foreign investment in Renminbi assets is expected to have stable and sustainable growth, supported by a robust economic environment and improved financial market conditions [3][4]. - Approximately 30% of central banks surveyed indicated plans to increase their allocation to Renminbi assets, reflecting a growing global interest [4]. Group 5: Policy Initiatives for Trade and Investment - The State Administration of Foreign Exchange (SAFE) is implementing measures to enhance trade facilitation, cross-border investment, and financing, including reforms to streamline foreign exchange business processes [6][7]. - SAFE plans to expand innovative policies in free trade zones to promote cross-border trade and investment, including optimizing international trade settlement and enhancing the efficiency of foreign debt registration [7][8].

Core Viewpoint - The Chinese foreign exchange market has demonstrated resilience amid complex external conditions, maintaining stability and showing no significant unilateral appreciation or depreciation expectations for the Renminbi [1][2][4]. Group 1: Foreign Exchange Market Performance - In the first half of the year, the net inflow of cross-border funds from non-bank sectors reached $127.3 billion, continuing the trend from the second half of last year, with a 46% quarter-on-quarter increase in Q2 [2]. - The Renminbi appreciated by 1.9% against the US dollar in the first half, fluctuating within the range of 7.15 to 7.35, indicating its role as a stabilizer for macroeconomic and international balance of payments [2][3]. - The foreign exchange market has shown balanced supply and demand, with active trading and stable foreign exchange reserves [2][4]. Group 2: International Balance of Payments - The current account surplus has been steadily increasing, maintaining a reasonable equilibrium, while the non-reserve financial account has shown a deficit roughly equivalent to the current account surplus [3]. - Direct investment inflows into China reached $31.1 billion from January to May, a 16% year-on-year increase, while securities investment net inflows were approximately $33 billion, reversing the previous year's outflow trend [3][6]. Group 3: Foreign Investment in Renminbi Assets - Foreign investment in Renminbi assets has remained stable, with foreign holdings of domestic Renminbi bonds exceeding $600 billion, a historically high level [6]. - In the first half of the year, foreign investors net increased their holdings of domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions [6]. - The attractiveness of Renminbi assets is expected to grow, with foreign investors currently holding about 3% to 4% of the market value of domestic bonds and stocks, indicating potential for sustainable growth in foreign allocations [6][7].

Core Insights - The foreign exchange market in China has shown resilience amidst complex and volatile external conditions, maintaining stability and demonstrating strong performance in the first half of 2025 [1] Group 1: Foreign Exchange Market Performance - The scale of foreign exchange receipts and payments has steadily increased, with a total of $7.6 trillion in cross-border income and expenditure, marking a 10.4% year-on-year growth, the highest for the same period historically [2] - There has been a net inflow of cross-border funds amounting to $127.3 billion from non-bank sectors, continuing the trend of net inflows since the second half of last year, with a 46% quarter-on-quarter increase in Q2 [2] - The foreign exchange market has maintained a basic balance in supply and demand, with a total deficit of $25.3 billion in bank foreign exchange transactions, showing significant monthly fluctuations [2] Group 2: Currency Stability and Market Expectations - The RMB exchange rate has remained stable, appreciating by 1.9% against the USD in the first half of the year, fluctuating between 7.15 and 7.35, which has helped stabilize the macro economy and international payments [4] - Market expectations for the RMB remain stable, with no significant unilateral appreciation or depreciation anticipated, reflecting rational trading behavior among market participants [4] - The international balance of payments has remained fundamentally balanced, with direct investment inflows into China showing a 16% year-on-year increase [4] Group 3: Attractiveness of RMB Assets - The scale of foreign investment in RMB-denominated bonds has risen, with foreign holdings exceeding $600 billion, indicating a historically high level of interest [5] - Foreign investors have net increased their holdings in domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions, with significant increases noted in May and June [5] - The demand for diversified global asset allocation has created favorable conditions for foreign investment in China, with 30% of surveyed central banks indicating plans to increase their allocation to RMB assets [7]