美元，再遭抛售！ 最近几天，美元持续下挫。5月21日，衡量美元对六种主要货币的美元指数再次跌破100，这也是美元连续第三 天下跌。5月22日盘中，美元指数继续弱势震荡，盘中最低触及99.43。其中，美元兑日元一度下跌0.6%至 142.81，创两周新低。 自今年1月高点以来，美元指数的累计跌幅已接近10%。彭博社指出，一项指标表明，货币期权交易员对美元 今后一年间走势的看空情绪达到历史顶峰。 此外，22日晚间消息，在特朗普税收法案勉强通过众议院后，美国30年期国债收益率短线拉升，日内上升逾2 个基点，报5.123%，为2023年10月以来的最高日内水平，距离2007年以来的最高点越来越近。这表明投资者 对特朗普的减税计划表示反对，对财政赤字的担忧也开始对股市产生越来越大的压力。 值得关注的是，在美元被抛售的同时，比特币却受到资金追捧。22日，比特币大涨超4%并突破11万美元大 关，创出历史新高。有分析指出，比特币升至历史新高，原因之一是投资者寻求美国资产的替代品。此外，美 国监管利好，也提振了加密货币市场。 22日，美股加密货币概念股盘前集体上涨，CleanSpark涨超5.6%， MARA Holdings ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the performance data of global asset markets on May 21, 2025, including 10 - year and 2 - year government bond yields of major economies, exchange rates of the US dollar against major emerging - economy currencies, major economies' stock indices, credit bond indices, as well as trading data of stock index futures and government bond futures [3][4][5] 3. Summary According to Related Catalogs Global Asset Market Performance Government Bond Yields - **10 - year Government Bond Yields**: On May 21, 2025, the 10 - year government bond yields of the US, UK, France, etc. were 4.601, 4.756, 3.310 respectively. There were different changes in the latest, weekly, monthly, and yearly data. For example, the latest change in the US was 0.112, and the one - year change was 0.114 [3] - **2 - year Government Bond Yields**: The 2 - year government bond yields of the US, UK, Germany, etc. on May 21, 2025, were 3.970, 4.078, 1.868 respectively. Similar to the 10 - year bonds, there were various changes over different time periods. For instance, the latest change in the US was - 0.010, and the one - year change was - 0.830 [3] Exchange Rates - **US Dollar against Major Emerging - Economy Currencies**: On May 21, 2025, the exchange rate of the US dollar against the Brazilian real was 5.646. There were different percentage changes in the latest, weekly, monthly, and yearly data. For example, the latest change was - 0.39%, and the one - year change was 9.61% [3] - **Renminbi**: The on - shore, off - shore, and middle - price of the renminbi on May 21, 2025, were 7.202, 7.204, and 7.194 respectively. There were also different percentage changes over different time periods [3] Stock Indices - **Major Economies' Stock Indices**: On May 21, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 5844.610, 41860.440, and 18872.640 respectively. The latest, weekly, and yearly changes varied. For example, the latest change in the S&P 500 was - 1.61%, and the one - year change was 11.94% [3] - **Other Stock Indices**: Including the Russian, Japanese, and Hong Kong stock indices, with their respective values on May 21, 2025, and different changes over different time periods [3] Credit Bond Indices - There were different percentage changes in the latest, weekly, monthly, and yearly data for US investment - grade, euro - zone investment - grade, and emerging - economy investment - grade credit bond indices, as well as high - yield credit bond indices [3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3387.57, 3916.38, 2728.43, 2065.39, and 5757.92 respectively, with corresponding percentage changes [4] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 12.65, 10.98, 29.04, 25.00, and 39.60 respectively, with corresponding环比 changes [4] - **Risk Premium**: The 1/PE - 10 - year interest rate and its环比 change were provided for S&P 500 and German DAX [4] - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext were 11734.45, 2170.38, 597.88, 2684.11, and 3160.19 respectively, with corresponding环比 changes [4] - **Main Contract Basis**: The basis and basis percentage of IF, IH, and IC were - 35.18 (- 0.90%), - 15.83 (- 0.58%), and - 102.32 (- 1.78%) respectively [4] Government Bond Futures Trading Data - The closing prices of government bond futures T00, TF00, T01, and TF01 were 108.570, 105.725, 108.835, and 106.010 respectively, with corresponding percentage changes [5] - The R001, R007, and SHIBOR - 3M of the money market were 1.5426%, 1.5884%, and 1.6400% respectively, with corresponding daily changes in basis points [5]

| | 欧元/美元 EURUSD | 1.133 | +0.03% | | --- | --- | --- | --- | | | 英镑/美元 GBPUSD | 1.343 | +0.04% | | =75 | 美元/日元 USDJPY | 143.346 | -0.22% | | | 澳元/美元 AUDUSD | 0.643 | -0.06% | | | 美元/瑞郎 USDCHF | 0.825 | -0.06% | | | 纽元/美元 NZDUSD | 0.593 | -0.12% | | --- | --- | --- | --- | | M | 英镑/日元 GBPJPY | 192.438 | -0.17% | | | | 虚拟货币 VIRTUAL CURRENCY | | | 13 | 比特币 11 BTC | 109791.110 +147.110 | +0.13% | | f | 菜特币 LTC | 97.830 +0.740 | +0.76% | | | 以太坊 ETH | 2575.990 +25.090 | +0.98% | | | 瑞波币 XRP | 2.397 +0.001 | +0. ...

Report Summary Core Views - In April, both sides of foreign exchange settlement and sales volume increased, with the scale of settlement and sales rising simultaneously, and the overall deficit slightly expanding. The significant growth of forward net settlement reflects the improvement of enterprises' settlement expectations and more proactive hedging behavior [3]. - The US dollar index fluctuated weakly, and the Federal Reserve maintained a wait - and - see stance. After the withdrawal of the counter - cyclical factor, the fluctuation range of the RMB exchange rate increased [3]. Data Core Highlights Foreign Exchange Market Supply - Demand Structure - In April 2025, the bank foreign exchange settlement and sales deficit was $4.257 billion, slightly expanding from the previous value of - $1.967 billion. The scale of both settlement and sales increased, indicating higher activity in enterprises' foreign exchange transactions. The surplus of bank customer - related foreign exchange settlement and sales expanded from $96 million to $589.3 million, while the deficit of banks' own foreign exchange settlement and sales expanded from - $2.063 billion to - $10.15 billion [4]. - The spot exchange rate of the US dollar against the RMB rose 0.34% month - on - month, and the market trading activity declined slightly, with the average spot inquiry trading volume falling to $42.234 billion [4]. Forward Transaction Structure - In April, the forward market continued to recover. The forward settlement signing amount increased by $4.358 billion month - on - month, and the forward sales signing amount decreased by $2.193 billion, driving the cumulative outstanding forward net settlement amount to expand from $903 million to $5.231 billion. The forward purchase performance amount increased by $7.519 billion, much higher than the increase in settlement performance [5]. - The forward settlement hedging ratio rose to 8.59%, the highest point this year, while the forward purchase hedging ratio dropped to 4.3% [5]. Securities Investment - In April, the foreign - related receipts and payments under securities investment changed from a surplus of $7.37 billion to a deficit of $12.493 billion. The trading volumes of both the Shanghai - Hong Kong Stock Connect and the Shenzhen - Hong Kong Stock Connect decreased, and the two - way difference narrowed. However, the bond custody volume of overseas investors in RMB bonds rose to 29,781.5 billion yuan [6]. Goods Trade - In April, the goods trade surplus narrowed, dragging down the foreign exchange settlement and sales surplus. The global manufacturing PMI fell from 52 in March to 50.8 in April, and China's manufacturing PMI dropped to 49, returning to the contraction range. The US manufacturing PMI remained at 51.2, while Japan and the Eurozone were still in the contraction range [6]. Exchange Rate Views - The US inflation shows an initial slowdown trend, but the Fed maintains a cautious policy stance. The US core CPI in April fell to 2.8% year - on - year, and the PPI also declined month - on - month. However, the Fed did not adjust its policy, and the US dollar index fell to around 100 [8]. - The easing of tariffs boosted expectations, and the exchange rate fluctuated more after the withdrawal of the counter - cyclical factor. In May, the RMB exchange rate fluctuated around 7.20. After the withdrawal of the counter - cyclical factor, the exchange rate was more driven by market supply and demand, and the short - term fluctuation range increased. The 1 - year USDCNY swap point dropped to - 2160, and the RMB exchange rate may show a two - way shock pattern in the short term [8].

Global Asset Market Performance - The 10-year treasury bond yields of major economies on May 20, 2025, were 4.489% in the US, 4.702% in the UK, etc. The latest, weekly, monthly, and annual changes varied across countries [3]. - The 2-year treasury bond yields of major economies on May 20, 2025, were 3.980% in the US, 4.003% in the UK, etc. Changes also differed in different time - spans [3]. - The US dollar exchange rates against major emerging - economy currencies on May 20, 2025, were 5.652 against the Brazilian real, 108.000 against the Russian ruble, etc. Weekly, monthly, and annual changes were presented [3]. - Major economy stock indices on May 20, 2025, included 5940.460 for the S&P 500, 42677.240 for the Dow Jones Industrial Average, etc. Their latest, weekly, monthly, and annual changes were provided [3]. - Credit bond indices: for the latest change, all investment - grade and high - yield credit bond indices in the US, eurozone, and emerging economies were 0.00%. Weekly, monthly, and annual changes were also shown [3]. Stock Index Futures Trading Data - Closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3380.48, 3898.17, 2716.63, 2048.46, and 5747.37 respectively, with corresponding percentage changes [4]. - PE (TTM) values of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 12.59, 10.94, 29.00, 25.51, and 39.29 respectively, along with their环比changes [4]. - Risk premiums of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 3.70, 5.77, - 0.38, - 0.53, and - 0.04 respectively, with no环比changes [4]. - The latest values and 5 - day average values of capital flows in A - shares, main board, SME board, ChiNext, and CSI 300 were presented [4]. - The latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were 11696.81, 2016.37, 566.74, 2657.66, and 3242.13 respectively, with环比changes [4]. - The basis and amplitude of IF, IH, and IC in stock index futures were - 32.77, - 17.23, - 96.57 and - 0.84%, - 0.63%, - 1.68% respectively [4]. Treasury Bond Futures Trading Data - Closing prices of T00, TF00, T01, and TF01 treasury bond futures were 108.565, 105.705, 108.840, and 105.955 respectively, with corresponding percentage changes [5]. - R001, R007, and SHIBOR - 3M in the money market were 1.5556%, 1.5986%, and 1.6420% respectively, with daily changes in basis points [5]. Domestic and Foreign Markets - There are domestic and foreign currency markets, bond markets, stock markets, and exchange - rate markets [6][7]

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2025年5月20日银行间外汇市场人民币汇率中间价 美元/人民币报7.1931，上调（人民币贬值）15点； 欧元/人民币报8.0810，上调260点； 港元/人民币报0.91941，下调4.4点； 英镑/人民币报9.6113，上调337点； 澳元/人民币报4.6456，上调293点； 加元/人民币报5.1570，下调39点； 100日元/人民币报4.9691，上调98点； 人民币/俄罗斯卢布报11.1787，下调625点； 新西兰元/人民币报4.2699，上调277点； 人民币/林吉特报0.59637，下调1.8点； 瑞士法郎/人民币报8.6144，下调101点； 新加坡元/人民币报5.5583，上调110点。 ...

Currency Exchange Rates - The three major RMB exchange rate indices all rose in the week of May 16, with the CFETS RMB index at 96.7, up 0.17% week-on-week; the BIS currency basket RMB index at 102.36, up 0.2%; and the SDR currency basket RMB index at 91.42, up 0.31% [1][2] - The onshore RMB against the USD closed at 7.2103, appreciating by 358 points or 0.49% for the week, while the offshore RMB closed at 7.2098, appreciating by 304 points or 0.42% [5] - The RMB's middle rate against the USD was reported at 7.1938, with a cumulative increase of 157 points or 0.22% for the week [5] Market Analysis - Analysts noted that the recent US-China trade talks led to significant consensus, providing support for the RMB exchange rate, while the middle rate remained relatively stable [5] - The RMB's depreciation pressure has significantly eased, and further appreciation will depend on future policy guidance [6] - Changes in exporters' foreign exchange settlement behavior will be crucial for the RMB exchange rate, as companies have retained substantial high-interest USD deposits [6] International Credit Ratings - Moody's downgraded the US sovereign credit rating from Aaa to Aa1 due to increased government debt and interest payment ratios, marking a loss of the highest rating across all three major international credit rating agencies [7] Economic Indicators - The US consumer confidence index for May was reported at 50.8, below expectations of 53.4 [7] - The US April PPI year-on-year rate was 2.4%, slightly below the expected 2.5% [7] Financial Policies - The Chinese government has introduced new policies to accelerate the construction of a technology finance system, focusing on venture capital, monetary credit, capital markets, and technology insurance [9] - The China Securities Regulatory Commission has revised the major asset restructuring management measures for listed companies, introducing several new regulatory frameworks [10]

2025年5月19日银行间外汇市场人民币汇率中间价 美元/人民币报7.1916，下调（人民币升值）22点； 欧元/人民币报8.0550，下调23点； 港元/人民币报0.91985，下调16.1点； 英镑/人民币报9.5776，下调9点； 澳元/人民币报4.6163，上调49点； 加元/人民币报5.1609，上调13点； 100日元/人民币报4.9593，上调99点； 人民币/俄罗斯卢布报11.2412，上调1352点； 新西兰元/人民币报4.2422，上调100点； 人民币/林吉特报0.59655，上调26.6点； 瑞士法郎/人民币报8.6245，上调56点； 新加坡元/人民币报5.5473，下调69点。 最值 最值 人民币兑美元中间价较上日调升22点至7.1916，中间价升值至2025年4月3日以来最高。 最值 ...

| | 欧元/美元 | 1.120 | +0.20% | | --- | --- | --- | --- | | | EURUSD | | | | | 英镑/美元 GBPUSD | 1.331 | +0.08% | | | 美元/日元 | | -0.33% | | | USDJPY | 145.202 | | | | 澳元/美元 | 0.640 | 0% | | | AUDUSD | | | | 11 | 美元/瑞郎 | 0.833 | -0.28% | | | USDCHF | | | | | 纽元/美元 NZDUSD | 0.587 | -0.07% | | --- | --- | --- | --- | | M | 英镑/日元 GBPJPY | 193.308 | -0.26% | | | | 影 拟货币 VIRTUAL CURRENCY | | | 15 | 比特币 11 BTC | 104072.520 +308.810 | +0.30% | | f | 菜特币 LTC | 100.040 +0.780 | +0.79% | | | 以太坊 ETH | 2567.390 +18.700 | +0.7 ...