曾经被全球当"香饽饽"的美国国债，如今却被中国接连"甩卖"，这操作可真是"反转王"！从几年前的头号买家，到现在持仓量创下十几年新低，中国这波动 作直接让国际金融圈炸了锅。更牛的是，这不光是钱的事儿，背后还牵动着全球经济的大棋盘，连美国的老铁们都开始动摇态度了。 再瞧亚洲这帮盟友，态度更是耐人寻味。韩国总统李在明直接撂话，台海的事儿"跟咱没啥关系"，新防长安圭伯7月15日还提要重新算美军驻韩的费用账， 摆明不想当小跟班。印度也挺会玩，2024年中印贸易额冲到千亿，同比增长8.7%，还跟俄罗斯买石油，压根不鸟美国的反对。这俩国家，嘴上不说，心里 门儿清：美国是"合作伙伴"，不是"老大"。 不光是这几个国家，全球都在"醒脑"。沙特美债持有量从2016年的1160亿降到2024年的800亿，5月还在北京跟中国聊人民币结算原油。德国财政部长克里斯 蒂安·林德纳7月在柏林直言，要少买美债，2024年第一季度就减了200亿。澳大利亚8月也宣布，未来两年美债占比从60%降到50%，多囤黄金和人民币资 产。这波操作，简直是"美元不香了，大家散了吧"。 说起中国抛售美债，那数字可不是小打小闹。从2022年开始，中国的美债持有量就 ...

Group 1 - The foreign exchange market in China showed strong resilience and vitality in the first half of 2025, with cross-border income and expenditure reaching a historical high of 7.6 trillion USD, a year-on-year increase of 10.4% [1] - There was a net inflow of 127.3 billion USD in cross-border funds, with a significant quarter-on-quarter growth of 46% in the second quarter [1] - The foreign exchange reserves remained stable at 33,174 billion USD by the end of June, with the RMB accounting for 53% of cross-border receipts and payments [1] Group 2 - Foreign investment in RMB-denominated bonds has increased, with foreign holdings exceeding 600 billion USD, indicating strong international interest in the RMB bond market [3] - In the stock market, foreign net purchases of domestic stocks and funds reached 10.1 billion USD in the first half of the year, reversing a two-year trend of net selling [3] - Notably, the net increase in foreign holdings in May and June alone was 18.8 billion USD, reflecting a renewed confidence among international investors in the Chinese stock market [3] Group 3 - The stable development of the economic fundamentals has created a favorable macro environment for foreign investment, with several international investment banks upgrading China's asset ratings from neutral to overweight [4] - High-quality development of the financial market has provided a conducive policy environment for foreign investment, enhancing the convenience of foreign participation in China's financial markets [4] - China's financial market system is comprehensive and deep, with both bond and stock market capitalizations ranking second globally, offering diverse investment options for foreign investors [4]

Group 1 - The core viewpoint of the articles is that China's foreign exchange market performed better than expected in the first half of the year, with stable foreign capital allocation in RMB assets and a positive outlook for future investment [1][3][6] - The foreign exchange market showed strong resilience and vitality, with five key features: steady increase in foreign-related income and expenditure, continued net inflow of cross-border funds, basic balance in supply and demand, active market trading, and stable foreign exchange reserves [1][6] - The RMB exchange rate remained stable, appreciating by 1.9% against the USD in the first half of the year, fluctuating between 7.15 and 7.35, which helped stabilize the macro economy and international payments [1][6] Group 2 - Foreign capital's allocation in RMB assets is expected to have sustainable growth potential, with foreign holdings of domestic RMB bonds exceeding $600 billion, and a net increase of $10.1 billion in domestic stocks and funds in the first half of the year [3][4] - The international balance of payments is maintaining basic equilibrium, with a steady increase in the current account surplus and a corresponding financial account deficit, indicating a self-balancing pattern [2][6] - Three factors are expected to support the continued stable operation of the foreign exchange market: robust economic fundamentals, steady progress in opening up to the outside world, and enhanced resilience of the foreign exchange market [6][7]

Core Viewpoint - The foreign exchange market in China has shown resilience amid complex external conditions, with stable expectations for the RMB exchange rate and continued net inflows of cross-border capital [1][5][11]. Summary by Sections Foreign Exchange Market Overview - In the first half of 2025, the total cross-border income and expenditure of non-bank sectors reached $7.6 trillion, a year-on-year increase of 10.4%, marking a historical high for the same period [3]. - The combined settlement and sale of foreign exchange by banks amounted to $2.3 trillion, up 3% year-on-year, the second-highest level for the same period [3]. - The RMB accounted for 53% of cross-border transactions, indicating its growing importance in international trade [3]. Capital Inflows and Market Stability - There was a net inflow of $127.3 billion in cross-border capital from non-bank sectors, continuing the trend from the second half of the previous year, with a 46% increase in the second quarter [3]. - The RMB exchange rate remained stable, appreciating by 1.9% against the USD in the first half of the year, fluctuating between 7.15 and 7.35 [5][11]. - The foreign exchange market showed balanced supply and demand, with a total trading volume of $21 trillion, a 10.2% increase year-on-year [3]. Foreign Investment Trends - Foreign investment in RMB-denominated assets has remained stable, with foreign holdings of domestic RMB bonds exceeding $600 billion [8]. - In the first half of 2025, foreign investors net purchased $10.1 billion in domestic stocks and funds, reversing a two-year trend of net selling [8]. - The proportion of foreign investors holding domestic bonds and stocks is approximately 3% to 4%, indicating potential for further growth in foreign investment in RMB assets [8][9]. Economic and Policy Environment - The macroeconomic environment remains stable, supported by policies aimed at expanding domestic demand and enhancing the financial market [9]. - The foreign exchange market has accumulated experience in counter-cyclical adjustments, with improved regulatory effectiveness to mitigate external shocks [11]. - The overall balance of payments is expected to maintain a pattern of current account surpluses and capital account deficits, contributing to market stability [11].

Core Insights - Foreign investment in RMB-denominated assets has shown stability and growth, with foreign holdings of domestic RMB bonds exceeding $600 billion and net inflows into domestic stocks and funds reaching $10.1 billion in the first half of the year, particularly increasing to $18.8 billion in May and June [1][3] - The overall foreign investment in RMB assets is expected to continue its stable and sustainable growth, supported by a robust macroeconomic environment and improved financial market conditions in China [3][5] Group 1 - The GDP of China grew by 5.3% year-on-year in the first half of the year, with domestic demand contributing 77% to economic growth in the second quarter, an increase of 17 percentage points [4] - The implementation of policies to expand domestic demand is expected to further consolidate the positive economic trend, with several international investment banks upgrading their ratings on Chinese assets from neutral to overweight [5] - China's financial market has developed a comprehensive and deep system, with both bond and stock markets ranking second globally, providing diverse options for foreign investors [5] Group 2 - The demand for diversified global asset allocation has created favorable opportunities for foreign investment in China, as RMB assets are seen as important for risk diversification and yield enhancement [5] - In the first five months of the year, net inflows of equity investment into China reached $31.1 billion, a 16% year-on-year increase, while outbound direct investment remained stable at $51.9 billion [6] - As of March 2025, China's external liabilities are projected to be $7.1 trillion, with external assets at $10.7 trillion, reflecting the effectiveness of attracting foreign investment and holding RMB assets [6]

1. Market Index and Commodity Price Tracking - The Dow Jones Industrial Average closed at 44,323.07 on July 22, 2025, down 19.12 points or 0.043% from the previous trading day [2]. - The NASDAQ Composite Index closed at 20,974.17, up 78.51 points or 0.376% [2]. - The S&P 500 Index closed at 6,305.60, up 8.81 points or 0.140% [2]. - The Hang Seng Index closed at 24,994.14, up 168.48 points or 0.679% [2]. - COMEX gold futures rose 1.633% to $3,410.30 per ounce, and COMEX silver futures rose 2.121% to $39.24 per ounce [2]. - LME copper futures rose 0.740% to $9,867.00 per ton, and LME aluminum futures rose 0.114% to $2,641.00 per ton [2]. 2. Macroeconomic News - European Council President Charles Michel and European Commission President Ursula von der Leyen will visit China on July 24, 2025 [7]. - The State Council of China has announced the "Housing Rental Regulations," which will come into effect on September 15, 2025 [7]. - China's LPR remained unchanged in July 2025, with the 1 - year LPR at 3.0% and the 5 - year LPR at 3.5% [7]. - Hainan Free Trade Port has released detailed rules for cross - border asset management pilot projects, with an initial pilot scale limit of 10 billion yuan [8]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - Peanut prices are expected to fluctuate slightly stronger in the short term but maintain a downward trend, with a continued weak supply - demand pattern [10]. - The oil market is expected to be volatile, with Brazil's soybean exports in July expected to increase by 24% year - on - year, and Malaysia's palm oil exports from July 1 - 10 up 5.31% month - on - month [10]. - Sugar futures rose slightly on July 21, with a narrow - range volatile trend. The market is in a weak supply - demand pattern, and the decline of US sugar prices restricts the rebound space of domestic sugar prices [10]. - Corn futures rose on July 21. The price has broken through the key resistance level of 2,300 yuan. It is recommended to go long at low levels, but beware of callback risks [10]. - Pig prices have been falling, and the supply in the next 2 - 3 months is expected to remain abundant, with futures prices remaining volatile [13]. - Egg prices are rising, with short - term upward adjustment space due to factors such as reduced production rates in high - temperature weather and increased demand from food factories [12]. 3.2 Energy and Chemicals - Caustic soda prices rose on Monday. Although the supply is increasing, the cost support is strong. Attention should be paid to the upper pressure range of 2,600 - 2,700 yuan/ton [13]. - Urea prices are expected to fluctuate strongly in the range of 1,720 - 1,850 yuan/ton. The supply is expected to increase, but there is still support from autumn fertilizer demand and export expectations [13]. 3.3 Industrial Metals - Copper prices are expected to consolidate in a high - level range. The US - EU agreement and the upcoming stable - growth plan for non - ferrous metals provide support, but demand has weakened [15]. - Aluminum prices are expected to fluctuate at high levels. Although relevant domestic policies have boosted prices, the inventory accumulation expectation is still strong [15]. - Alumina prices rebounded strongly on Monday and are expected to continue to operate strongly in the short term [15]. - Steel prices are expected to continue to fluctuate strongly in the short term, with the release of stable - growth work plans for key industries and positive macro - atmosphere [15]. - Ferroalloy prices are expected to have upward space in the short term, but in the long term, the over - capacity pattern remains unchanged [15]. 3.4 Options and Finance - The A - share market showed a strong upward trend on July 21. The ChiNext Index is approaching last year's high, small - cap stock indices are hitting new highs, and the Shanghai Composite Index is expected to break through the previous high [16]. - The "anti - involution" sector is fermenting, and the future cycle stock market is worth paying attention to. It is recommended to focus on IF, IM, and IC low - buying opportunities [17]. - For option investors, trend investors can focus on the strength - weakness arbitrage opportunities between varieties, and volatility investors can sell wide - straddle options to short volatility [19].

Group 1 - The Brazilian stock index rose by 0.59%, while the Brazilian real appreciated by 0.22% against the US dollar, closing at 5.5673 reais [1] - Brazilian President Lula stated that there is currently no tariff war between Brazil and the United States [1] - The potential for a trade war exists if US President Trump does not change his attitude towards Brazil [1]

Group 1 - The release of US retail data for June led to an increase in US Treasury yields, with the 2-year Treasury yield rising over 3 basis points to 3.934% [1] - Spot gold experienced a short-term decline, with a daily drop of 1%, currently priced at $3313.02 per ounce [1]

Core Viewpoint - The latest data indicates a slowdown in wage growth in the UK, but the employment situation is not as concerning as previously thought, alleviating immediate pressure on the Bank of England to accelerate interest rate cuts [1] Group 1: Wage Growth and Employment - Official data shows that wage growth in the UK slowed in May, with a further decline in employee numbers in June [1] - The significant revision of employed individuals in May suggests that the labor market conditions are not as dire as earlier data indicated [1] Group 2: Market Reactions - Following the data release, financial markets have slightly reduced expectations for an interest rate cut in August [1]

Core Viewpoint - The financial markets are showing a divergence in signals regarding the potential dismissal of Federal Reserve Chairman Jerome Powell, with prediction markets indicating a higher likelihood of his removal compared to the rates market, which remains more stable and focused on economic fundamentals [1][3][4]. Group 1: Market Signals - Prediction markets, particularly Polymarket, have seen increased betting odds on Powell being dismissed by 2025 following Trump's public demand for his resignation [1][3]. - In contrast, the rates market, particularly the federal funds futures market, has reduced its expectations for interest rate cuts, now predicting a decrease of 43 basis points by year-end, down from 67 basis points at the end of June [1][4]. Group 2: Economic Data Influence - Stronger-than-expected employment data has led the rates market to reassess the likelihood of significant rate cuts, indicating that economic resilience and inflation risks are influencing market sentiment [4]. - Treasury Secretary Mnuchin's more moderate stance on the Federal Reserve has provided a stabilizing effect on the rates market, contrasting with Trump's more aggressive rhetoric [1][4]. Group 3: Divergence Analysis - The divergence between prediction markets and rates markets began in early July, with the rates market focusing more on economic signals rather than political noise [3][4]. - Analysts suggest that while prediction markets may react to political statements, the rates market prioritizes economic fundamentals and policy signals, indicating a more cautious approach among traders [3][4].