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Group 1 - South Korea will continue discussions with the United States regarding its foreign exchange policy to promote mutual understanding [1] - The U.S. Treasury Department previously placed South Korea on a monitoring list and urged it to restrain from intervening in the exchange rate [1] - South Korea's Ministry of Finance stated that it will seek to enhance "mutual understanding and trust" through regular communication and current foreign exchange consultations with the U.S. [1] Group 2 - Officials from the U.S. and South Korea held exchange rate consultations in Milan last month [1] - There is speculation that the Trump administration may be willing to accept a depreciation of the dollar, with exchange rates potentially becoming a topic in trade negotiations [1]

金十图示：2025年06月05日（周四）美盘市场行情一览 美国2年期国债收益率 3.873 -0.004 -0.10% | 现货铂金 XPTUSD | 1142.540 | +53.000 | +4.86% | | --- | --- | --- | --- | | 现货钮金 XPDUSD | 1012.650 | +20.400 | +2.06% | | 黄金(COMEX) GC | 3408.800 | +11.400 | +0.34% | | 白银(COMEX) SI | 36.170 | +1.515 | +4.37% | FOREIGN EXCHANGE 欧元/美元 +0.59% 1.148 EURUSD 英镑/美元 +0.41% 1.361 GBPUSD 美元/日元 In +0.18% 142.979 USDJPY 澳元/美元 +0.69% 0.654 AUDUSD 美元/瑞郎 -0.07% 0.818 USDCHF | | 纽元/美元 NZDUSD | 0.608 | | +0.91% | | --- | --- | --- | --- | --- | | n | 英镑/日元 GBPJPY | ...

英镑兑美元短线波动不大，现报1.3525。英国首相斯塔默称，致力于将美国对英国钢铁的关税降至零。 以色列最近在加沙的行动令人发指且并无成效。 ...

2025年6月4日银行间外汇市场人民币汇率中间价 美元/人民币报7.1886，上调（人民币贬值）17点； 欧元/人民币报8.1853，下调316点； 港元/人民币报0.91635，上调1.8点； 英镑/人民币报9.7324，上调74点； 澳元/人民币报4.6513，下调79点； 加元/人民币报5.2461，上调142点； 100日元/人民币报4.9977，下调375点； 人民币/俄罗斯卢布报10.9896，下调267点； 新西兰元/人民币报4.3203，下调139点； 人民币/林吉特报0.59019，下调16点； 瑞士法郎/人民币报8.7392，下调497点； 新加坡元/人民币报5.5788，下调72点。 ...

2025年6月3日银行间外汇市场人民币汇率中间价 美元/人民币报7.1869，上调（人民币贬值）21点； 欧元/人民币报8.2169，上调549点； 港元/人民币报0.91617，下调2.5点； 英镑/人民币报9.7250，上调406点； 澳元/人民币报4.6592，上调368点； 加元/人民币报5.2319，上调360点； 100日元/人民币报5.0352，上调491点； 人民币/俄罗斯卢布报11.0163，上调2726点； 新西兰元/人民币报4.3342，上调476点； 人民币/林吉特报0.59179，上调12.9点； 瑞士法郎/人民币报8.7889，上调646点； 新加坡元/人民币报5.5860，上调77点。 ...

Group 1: Real Estate Market Outlook - A recent poll of real estate experts indicates that the outlook for UK house prices has remained stable over the past three months due to expectations of declining borrowing costs [1] - Nationwide, house prices are expected to rise by 3.5% this year, consistent with predictions made in February [1] - In London, house prices are projected to increase by 3.0% this year, 4.0% next year, and 3.8% by 2027 [1] Group 2: Rental Market Dynamics - Urban rental prices are rising faster than house prices, making it more difficult for new buyers to save for necessary mortgages [3] - Nationwide, urban rents are expected to increase by 4.3% this year, while London rents are projected to rise by 3.7% [3] - The upcoming "Renters' Rights Bill" will impose additional conditions and tax changes on landlords, potentially driving some out of the market and contributing to a supply shortage in the rental sector [3] Group 3: Currency and Trade Implications - The British pound has strengthened against the US dollar, rising by 0.12% to 1.347, although it remains slightly below the peak of 1.359 reached earlier [5] - The pound's recent performance is attributed to investor reactions to uncertain US trade policies and expectations that the Bank of England will reduce the pace of interest rate cuts [8] - A recent court ruling has blocked certain tariffs imposed by former President Trump, which has positively impacted market sentiment and may alleviate ongoing tariff volatility [12] Group 4: Pension Fund Reforms - The UK government aims to merge multiple pension plans into a "super fund" with assets of at least £250 billion ($340 billion) by 2030, as part of a broader initiative to boost domestic investment [10] - The consolidation of pension plans is expected to facilitate investments in a wider range of assets, including private markets such as infrastructure and real estate [10] - The government is also implementing reforms to ensure that pension plans meet established allocation targets for non-liquid assets, similar to pension systems in Australia and Canada [10]

Group 1 - The article discusses the emergence of various acronyms in financial markets that reflect the volatility and uncertainty since Donald Trump's return to the presidency, with strategies linked to his economic and trade policies [1][2][3] - Acronyms like MAGA (Make America Great Again) and YOLO (You Only Live Once) were popular during the initial phase of Trump's presidency, driving significant market movements, but have since lost favor due to concerns over economic policies and market stability [2][3] - The TACO (Trump Always Chickens Out) strategy has gained traction among traders, betting on Trump's tendency to backtrack on aggressive policies, leading to market rebounds after initial declines [3][4] Group 2 - MEGA (Make Europe Great Again) has resurfaced as European markets outperform U.S. markets, driven by increased interest in European equities and military spending in response to U.S. policies [5][6] - The MAGA variant, "Make America Go Away," reflects a growing sentiment among foreign investors to avoid U.S. markets due to concerns over inflation and the erosion of confidence in U.S. assets [6][7] - FAFO (Fuck Around and Find Out) describes the chaotic market conditions resulting from Trump's policy decisions, highlighting the risks of frequent trading in response to market volatility [7]

Core Viewpoint - The trend of de-dollarization is gaining momentum among various countries, particularly in Asia, driven by factors such as trade agreements and increased investment in alternative assets like gold and digital currencies [1][3]. Group 1: Indicators of De-dollarization - A recent study by Forex Complex identified three main indicators of de-dollarization: the decreasing share of the dollar in national reserves, the increasing share of gold, and the growing use of alternative currencies in bilateral trade [3]. - Countries like Singapore, Indonesia, and Japan are leading the efforts in de-dollarization, indicating a systematic shift away from reliance on the dollar [3]. Group 2: Regional Developments - ASEAN has established an agreement prioritizing local currency transactions to mitigate risks associated with U.S. monetary policy changes and trade restrictions [3]. - Indonesia has reported that approximately 15% of its trade with China and Japan is conducted using alternative currencies, including the use of the Indonesian rupiah for transactions with Japan [3]. Group 3: Impact of the Pandemic - The trend towards reducing dependence on the dollar has become particularly pronounced following the COVID-19 pandemic, as many Asian countries seek to lessen their reliance on a dollar-denominated financial system [5]. - The rise of the Chinese yuan is notable, with China establishing closer ties with ASEAN and Middle Eastern countries through yuan-denominated trade [5]. Group 4: Current Currency Shares - As of March, the yuan accounted for approximately 4.1% of global payment shares, significantly lower than the dollar's 49%, but its growth potential is considerable given China's economic size and growth prospects [5].

研究中心宏观团队 2025/05/30 | | 全 球 资 产 市 场 表 现 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/05/29 | 4.420 | 4.647 | 3.176 | 2.506 | 3.488 | 3.109 | - | 3.230 | | 最新变化 | -0.060 | -0.079 | -0.047 | -0.047 | -0.046 | -0.045 | - | -0.047 | | 一周变化 | -0.110 | -0.102 | -0.144 | -0.136 | -0.163 | -0.148 | - | -0.148 | | 一月变化 | 0.210 | 0.139 | -0.060 | -0.013 | -0.139 | -0.071 | - | -0.117 | | 一年变化 | 0.007 | 0 ...