Group 1: Price Performance - London Gold latest price is $3302.50, down $78.05 [1] - London Silver latest price is $36.07, down $0.06 [1] - London Platinum latest price is $1295.00, up $31.00 [1] - London Palladium latest price is $1069.00, up $24.00 [1] - WTI Crude latest price is $64.37, down $4.14 [1] - LME Copper latest price is $9718.00, up $79.00 [1] - US Dollar Index latest is 97.97, down 0.41 [1] - Euro to US Dollar latest is 1.16, unchanged [1] - British Pound to US Dollar latest is 1.36, up 0.01 [1] - US Dollar to Japanese Yen latest is 144.89, down 1.25 [1] Group 2: Trading Data - SHFE Silver inventory is 1256.83, up 9.73 [2] - Gold ETF holdings are 955.68, down 1.72 [2] - Silver ETF holdings are 14877.49, down 73.50 [2] - SGE Silver inventory is 1378.88, unchanged [2] - SGE Gold deferred fee payment direction latest is 2, up 1.00 [2] - SGE Silver deferred fee payment direction latest is 1, unchanged [2]

Core Viewpoint - The interbank foreign exchange market shows a depreciation of the Renminbi against various currencies, with specific exchange rates reflecting significant adjustments on June 25, 2025 [1] Currency Exchange Rates Summary - The USD/CNY rate is reported at 7.1668, an increase of 12 points, indicating a depreciation of the Renminbi [1] - The EUR/CNY rate stands at 8.3224, up by 118 points, reflecting a stronger Euro against the Renminbi [1] - The HKD/CNY rate is at 0.91298, with an increase of 1.5 points [1] - The GBP/CNY rate is reported at 9.7545, up by 527 points, indicating a significant appreciation of the British Pound [1] - The AUD/CNY rate is at 4.6510, with an increase of 84 points [1] - The CAD/CNY rate is reported at 5.2206, up by 12 points [1] - The JPY/CNY rate stands at 4.9481, with an increase of 344 points [1] - The CNY/RUB rate is at 10.9172, down by 270 points, indicating a depreciation of the Renminbi against the Russian Ruble [1] - The NZD/CNY rate is reported at 4.3073, up by 135 points [1] - The CNY/MYR rate is at 0.59162, down by 59.9 points [1] - The CHF/CNY rate stands at 8.9014, with an increase of 840 points [1] - The SGD/CNY rate is reported at 5.6009, up by 132 points [1]

Group 1: Price Performance - The latest price of London Gold is 3380.55 with a change of 12.30 [1] - The latest price of London Silver is 36.13 with no change [1] - The latest price of London Platinum is 1264.00 with a change of -12.00 [1] - The latest price of London Palladium is 1045.00 with a change of 4.00 [1] - The latest price of WTI Crude is 68.51 with a change of -5.33 [1] - The latest price of LME Copper is 9639.00 with a change of 68.00 [1] - The latest value of the US Dollar Index is 98.38 with a change of -0.38 [1] - The latest exchange rate of Euro to US Dollar is 1.16 with a change of 0.01 [1] - The latest exchange rate of British Pound to US Dollar is 1.35 with a change of 0.01 [1] - The latest exchange rate of US Dollar to Japanese Yen is 146.14 with a change of 0.03 [1] Group 2: Trading Data - The latest COMEX silver inventory is 15501.65 with a change of 90.90 [1] - The latest SHFE silver inventory is 1247.10 with a change of 16.87 [1] - The latest gold ETF持仓 is 957.40 with a change of 7.16 [1] - The latest silver ETF持仓 is 14950.99 with a change of 200.71 [1] - The latest SGE gold deferred fee payment direction is 1 with no change [1] - The latest SGE silver deferred fee payment direction is 1 with no change [1] Group 3: Others - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [3]

Core Points - The central bank's foreign exchange market has reported the RMB exchange rate against various currencies, indicating fluctuations in the value of the RMB [1] Group 1: Exchange Rate Changes - The USD/RMB rate is reported at 7.1656, showing a depreciation of 54 points, indicating an appreciation of the RMB [1] - The EUR/RMB rate is at 8.3106, reflecting an increase of 597 points [1] - The HKD/RMB rate is at 0.91283, down by 6.9 points [1] - The GBP/RMB rate is at 9.7018, up by 585 points [1] - The AUD/RMB rate is at 4.6426, increasing by 150 points [1] - The CAD/RMB rate is at 5.2194, down by 56 points [1] - The JPY/RMB rate is at 4.9137, up by 24 points [1] - The RMB/RUB rate is at 10.9442, increasing by 151 points [1] - The NZD/RMB rate is at 4.2938, up by 111 points [1] - The RMB/MYR rate is at 0.59761, increasing by 47.6 points [1] - The CHF/RMB rate is at 8.8174, up by 392 points [1] - The SGD/RMB rate is at 5.5877, increasing by 150 points [1]

Group 1 - The US dollar against the Japanese yen rose by 0.05%, closing at 146.17 yen, with a trading range of 148.03 to 146.00 yen throughout the day [1] - The euro against the Japanese yen increased by 0.52% [1] - The British pound against the Japanese yen saw a rise of 0.62% [1]

Group 1: Investment Strategy Overview - The report emphasizes that the stock market is at a technical support level, but volatility has reached a new low since 2024, indicating that a trend change may be imminent [5][21]. - The A-share market's trading volume reached 1.12 trillion, an increase of 54.9 billion compared to the previous trading day, with market focus on stablecoins, port shipping, and solid-state batteries [21]. - The report suggests that the probability of an upward trend in the index is low, and managing positions is the best strategy [21]. Group 2: Bond Market Insights - The bond market is expected to benefit from inflows of risk-averse capital, as the overall market remains volatile with a lack of positive news [18][8]. - The report notes that the bond market may regain upward momentum due to increased demand for safe-haven assets [8]. Group 3: Foreign Exchange Market Analysis - The onshore RMB against the USD was reported at 7.1876, an increase of 91 basis points from the previous close, indicating a potential strengthening of the RMB [33]. - Despite short-term fluctuations, the long-term trend for the USD remains bearish [33]. Group 4: Commodity Market Trends - The Wenhua Commodity Index fell by 0.13%, with strong performance in the energy sector but poor performance in agricultural and chemical products [38]. - The report advises caution for investors who have not participated at lower levels, suggesting a wait-and-see approach due to high volatility in oil and related products [38].

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - From June 16th to June 20th, the Fed's June FOMC meeting kept rates unchanged, the Middle - East geopolitical situation further escalated, the US dollar index rose weekly, stocks and bonds were weak, and commodities continued to rise. In general, commodities > bonds > stocks in terms of USD - denominated assets [3][6]. - In China, from June 16th to June 20th, the year - on - year growth rate of industrial added value of large - scale industries in May was lower than expected, the year - on - year growth rate of total retail sales of consumer goods in May was higher than expected, and the year - on - year growth rate of urban fixed - asset investment from January to May was 3.7%, lower than expected. The year - on - year decline of national real estate development investment from January to May was 10.7%. The stock market declined, and the bond market and commodities rose. Generally, commodities > bonds > stocks [3]. - The market will focus on the Middle - East situation in the short term. The price fluctuations of related large - scale assets, especially energy prices, may increase. It is necessary to closely monitor the situation [3][23]. 3. Summary by Relevant Catalogs 3.1 Global Large - scale Asset Overall Performance - **Global Stock Market**: From June 16th to June 20th, the Middle - East situation increased market risk - aversion, and most global stock markets declined. European stocks performed poorly, and emerging markets were slightly more resilient than developed markets. The VIX index fluctuated weekly [8]. - **Global Bond Market**: From June 16th to June 20th, the Fed's June FOMC meeting maintained the target range of the federal funds rate at 4.25% - 4.5%, in line with market expectations. The divergence of Fed officials' monetary policy expectations increased. Medium - and long - term US bond yields declined, and the 10 - year US bond yield fell 3BP to 4.38% weekly. The bond market fluctuated weekly. Globally, high - yield bonds > credit bonds > government bonds [13]. - **Global Foreign Exchange Market**: From June 16th to June 20th, the US macro data was generally stable, market risk - aversion increased, and the US dollar index rose weekly. Most major non - US currencies depreciated against the US dollar, and the RMB exchange rate fluctuated narrowly. The US dollar index rose 0.63% weekly [14]. - **Global Commodity Market**: The escalation of the geopolitical situation supported the high - level operation of international oil prices. Precious metal prices declined, and the prices of major agricultural products and non - ferrous metals showed mixed trends [16]. 3.2 Domestic Large - scale Asset Performance - **Domestic Stock Market**: From June 16th to June 20th, the geopolitical situation continued to affect equity assets, and most major broad - based A - share indexes declined. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, large - cap blue - chips were relatively more resilient. Among sectors, banks had the highest gains, while pharmaceuticals and textile and apparel underperformed. The Shanghai Composite Index fell 0.51% weekly [18]. - **Domestic Bond Market**: From June 16th to June 20th, the central bank's open - market operations had a net withdrawal of 799 billion yuan. The capital market remained stable overall. The bond market fluctuated strongly weekly. Generally, government bonds > credit bonds > corporate bonds [21]. - **Domestic Commodity Market**: The domestic commodity market rose overall. Among major commodity sectors, energy had the highest gains, while precious metals underperformed [22]. 3.3 Large - scale Asset Price Outlook - The market will continue to focus on the Middle - East situation in the short term. The price fluctuations of related large - scale assets, especially energy prices, may increase. It is necessary to closely monitor the situation [23].

Commodity Prices - Spot platinum (XPTUSD) is priced at 1279.934, up by 10.304 or 0.81% [2] - Spot palladium (XPDUSD) is priced at 1064.157, up by 20.048 or 1.92% [2] - Gold (COMEX GC) is priced at 3383.300, down by 1.100 or 0.03% [2] - Silver (COMEX SI) is priced at 36.080, up by 0.130 or 0.36% [2] Foreign Exchange Rates - EUR/USD is down by 0.51% at 1.146 [3] - GBP/USD is down by 0.49% at 1.338 [3] - USD/JPY is up by 1.29% at 147.982 [3] - AUD/USD is down by 1.11% at 0.638 [3] - USD/CHF is up by 0.06% at 0.819 [3] Virtual Currencies - Bitcoin (BTC) is priced at 101463.210, up by 499.340 or 0.49% [4] - Litecoin (LTC) is up by 0.700 at 80.910 or 0.87% [4] - Ethereum (ETH) is priced at 2247.010, up by 19.310 or 0.87% [4] - Ripple (XRP) is priced at 1.994, down by 0.023 or 1.14% [4] Treasury Bonds - The yield on the US 2-year Treasury bond is 3.923, up by 0.014 or 0.36% [5] - The yield on the US 5-year Treasury bond is 3.975, up by 0.014 or 0.35% [5] - The yield on the US 10-year Treasury bond is 4.384, up by 0.009 or 0.21% [5] - The yield on the US 30-year Treasury bond is 4.904, up by 0.015 or 0.31% [5] - The yield on the UK 10-year Treasury bond is 4.541, unchanged [5] - The yield on the German 10-year Treasury bond is 2.532, up by 0.017 or 0.68% [5] - The yield on the French 10-year Treasury bond is 3.266, up by 0.021 or 0.65% [5] - The yield on the Italian 10-year Treasury bond is 3.542, up by 0.015 or 0.43% [5] - The yield on the Japanese 10-year Treasury bond is 1.421, up by 0.028 or 2.01% [5]

Market Reaction - Asian markets opened in a typical risk-averse mode following the U.S. airstrikes on Iranian nuclear facilities, but there was no panic selling [1] - U.S. stock futures initially opened down about 1% but narrowed the decline to around 0.4% [1] - Oil prices surged initially, with WTI crude reaching $79 per barrel before retreating to $76, reflecting a 2.95% increase [5] - The dollar strengthened against the euro and most major currencies, with the dollar index rising 0.22% to 98.99 [7] - Gold prices initially spiked but then fell back, currently reported at $3,369 per ounce [9] Geopolitical Context - President Trump announced the completion of airstrikes on three Iranian nuclear facilities, suggesting a potential regime change in Iran [1] - Israeli Prime Minister Netanyahu stated that Iran's nuclear and missile programs have been significantly damaged, with military actions nearing completion [1] - Despite the escalating geopolitical tensions, Iran has not shown clear signs of retaliation, leading to a relatively restrained market response [2] Oil Market Implications - Analysts warn that if Iran were to block the Strait of Hormuz, oil prices could spike to $120-$150 per barrel, significantly impacting the global economy [2][7] - The market is closely monitoring Iran's potential actions, with a 35% probability estimated for the closure of the Strait of Hormuz [7] Cryptocurrency Market - Bitcoin experienced a significant drop, falling below the $100,000 mark for the first time since May, while Ethereum also saw substantial declines [10]

2025年6月23日银行间外汇市场人民币汇率中间价 美元/人民币报7.1710，上调（人民币贬值）15点； 欧元/人民币报8.2509，下调94点； 港元/人民币报0.91352，上调1.9点； 英镑/人民币报9.6433，下调268点； 澳元/人民币报4.6276，下调253点； 加元/人民币报5.2250，下调142点； 100日元/人民币报4.9113，下调289点； 人民币/俄罗斯卢布报10.9291，上调186点； 新西兰元/人民币报4.2827，下调227点； 人民币/林吉特报0.59285，下调2.1点； 瑞士法郎/人民币报8.7782，下调105点； 新加坡元/人民币报5.5727，下调108点。 ...