Global Asset Market Performance - 10 - year Treasury yields of major economies: US 4.086, UK 4.424, France 3.437, Germany 2.653, Italy 3.399, Spain 3.158, Switzerland 0.087, Greece 3.275, Japan 1.664, Brazil 6.102, China 1.793, South Korea 3.086, Australia 4.350, New Zealand 4.101 [2] - 2 - year Treasury yields of major economies: US 3.577, UK 3.778, Germany 1.994, Japan 0.936, Italy 2.170, South Korea 2.661, Australia 3.616 [2] - USD exchange rates against major emerging - economy currencies: Brazil 5.401, South Africa zar 17.512, South Korean won 1440.400, Thai baht 32.550, Malaysian ringgit 4.197 [2] - RMB exchange rates: on - shore RMB 7.130, off - shore RMB 7.135, RMB central parity rate 7.089, RMB 12 - month NDF 6.983 [2] - Major economy stock indices: S&P 500 6771.550, Dow Jones Industrial Average 47085.240, Nasdaq 23348.640, Mexican stock index 62390.730, UK stock index 9714.960, France CAC 8067.530, Germany DAX 23949.110, Spanish stock index 16036.400, Japanese Nikkei 51497.200, Hang Seng Index 25952.400, Shanghai Composite Index 3960.186, Taiwan stock index 28116.560, South Korean stock index 4121.740, Indian stock index 8241.911, Thai stock index 1298.600, Malaysian stock index 1623.500, Australian stock index 9098.190, emerging - economy stock index 1393.380 [2] Stock Index Futures Trading Data Index Performance - Closing prices: A - shares 3960.19, CSI 300 4618.70, SSE 50 3012.97, ChiNext 3134.09, CSI 500 7210.83 [3] - Percentage changes: A - shares - 0.41%, CSI 300 - 0.75%, SSE 50 - 0.11%, ChiNext - 1.96%, CSI 500 - 1.67% [3] Valuation - PE (TTM): CSI 300 14.17, SSE 50 11.90, CSI 500 32.85, S&P 500 28.15, Germany DAX 19.81 [3] - Month - on - month changes: CSI 300 - 0.03, SSE 50 0.06, CSI 500 - 0.54, S&P 500 - 0.34, Germany DAX - 0.15 [3] Risk Premium - 1/PE - 10 - year interest rate: S&P 500 - 0.53, Germany DAX 2.39 [3] - Month - on - month changes: S&P 500 0.07, Germany DAX 0.05 [3] Fund Flows - Latest values: A - shares - 1494.83, Main board - 996.44, ChiNext - 379.93, CSI 300 - 239.09 [3] - 5 - day averages: A - shares - 667.86, Main board - 481.75, ChiNext - 120.57, CSI 300 - 107.90 [3] Transaction Amount - Latest values: Shanghai and Shenzhen stock markets 19157.58, CSI 300 5051.78, SSE 50 1310.58, Small and medium - sized board 3848.70, ChiNext 4768.17 [4] - Month - on - month changes: Shanghai and Shenzhen stock markets - 1913.73, CSI 300 - 524.25, SSE 50 - 35.79, Small and medium - sized board - 310.45, ChiNext - 589.85 [4] Main Contract Basis - Basis: IF - 29.70, IH - 4.77, IC - 116.23 [4] - Basis spreads: IF - 0.64%, IH - 0.16%, IC - 1.61% [4] Treasury Futures Trading Data - Closing prices: T2303 108.66, TF2303 106.03, T2306 108.40, TF2306 105.99 [4] - Percentage changes: T2303 - 0.02%, TF2303 - 0.02%, T2306 - 0.01%, TF2306 - 0.01% [4] Fund Rates - Rates: R001 1.3621%, R007 1.4584%, SHIBOR - 3M 1.5940% [4] - Daily changes: R001 - 10.00 BP, R007 0.00 BP, SHIBOR - 3M - 1.00 BP [4]

Group 1 - The Australian dollar (AUD) against the US dollar (USD) is currently trading at approximately 0.6534, showing a slight decline of 0.02% [1] - The AUD/USD has experienced a downward trend for four consecutive days, with a total decline of about 0.08% [1] - A bearish candlestick pattern indicates that the downward momentum for the AUD is weakening, with initial support observed above the September low of 0.6483 [1] Group 2 - The correlation between Australian government bond yields and options market positions suggests that the potential for AUD retracement may be limited [2] - The 2-year Australian government bond yield has been rising, and the AUD/USD 2-year interest rate differential has widened significantly [2] - Despite a temporary increase in implied volatility for 1-day AUD/USD options, the 1-week and 1-month implied volatilities remain at moderate levels [2]

Core Insights - The State Administration of Foreign Exchange of China reported that the total turnover in the foreign exchange market (excluding foreign currency pairs) reached 26.87 trillion RMB (approximately 3.78 trillion USD) in September 2025 [1] Market Performance - The customer market turnover was 4.43 trillion RMB (approximately 0.62 trillion USD) [1] - The interbank market turnover was 22.44 trillion RMB (approximately 3.16 trillion USD) [1] - The spot market cumulative turnover was 9.87 trillion RMB (approximately 1.39 trillion USD) [1] - The derivatives market cumulative turnover was 17.00 trillion RMB (approximately 2.39 trillion USD) [1] Year-to-Date Performance - From January to September 2025, the cumulative turnover in the foreign exchange market was 230.10 trillion RMB (approximately 32.11 trillion USD) [1]

Core Viewpoint - The USD/JPY exchange rate is experiencing fluctuations, currently trading around 153.8000, with a slight decline of 0.19% as the market digests previous gains and awaits further signals regarding interest rate changes in Japan [1][2]. Group 1: Market Dynamics - The USD/JPY opened at 154.1100 and closed the previous trading day at 154.1200, indicating a slight downward movement after reaching an eight-month high due to increased demand for safe-haven assets [1]. - The Bank of Japan's decision to maintain its current policy has created uncertainty regarding the timing of future interest rate hikes, which may limit the appreciation of the yen [1]. - The market is currently cautious, preferring to wait for more information about potential interest rate hikes in December or early next year, especially in light of the new Prime Minister's expected aggressive fiscal spending plans [1]. Group 2: Technical Analysis - The USD/JPY remains below the monthly high resistance zone of 153.25-153.30, with a potential for bearish trading if it breaks below the 152.00 level [2]. - A significant drop below 152.00 could lead to further declines towards the key support levels of 151.10-151.00, confirming a bearish trend [2]. - Conversely, if the USD/JPY can break through the 153.25-153.30 resistance zone, it may attempt to reclaim the 154.00 level, with potential extensions towards 154.50 and 154.75-154.80 [2].

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3994.15, 48.18, 1604.00, 1421.00, 60.57, and 11042.00 respectively, with changes of -12.55, 0.00, 13.00, 28.00, 0.09, and -73.00 [1] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.15, 1.16, 1.32, 152.74, and 1.78 respectively, with no changes [1] Trading Data - The latest COMEX silver inventory is 15027.13, with a change of -76.32; the latest SHFE silver inventory is 662.84, with a change of 9.01; the latest gold ETF持仓 is 1040.35, with a change of 4.30; the latest silver ETF持仓 is 15189.82, with a change of -19.75; the latest SGE silver inventory is 1108.07, with no change; the latest SGE gold deferred - fee payment direction is 1, with a change of -1.00; the latest SGE silver deferred - fee payment direction is 2, with no change [1] Other Information - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [8]

Core Viewpoint - The speech by Federal Reserve Chairman Jerome Powell regarding the prospects of a rate cut in December led to significant currency fluctuations, particularly affecting the euro and the pound against the dollar [1]. Currency Movements - The euro declined by 0.44% against the dollar, trading at 1.1601 [1]. - The British pound fell by 0.57% against the dollar, reaching 1.3195, with a rapid increase in the decline during Powell's remarks [1]. - The US dollar appreciated by 0.83% against the Swiss franc, trading at 0.8001, showing a consistent upward trend throughout the day, particularly during Powell's press conference [1].

期货日报网讯（记者 杨美）10月28日，国家外汇管理局管理检查司副司长黄卉在2025金融街论坛年会 金融法治论坛上介绍，国家外汇管理局坚决贯彻落实全面加强金融监管要求，不断提升开放条件下的外 汇监管能力和风险防控水平，严格依法行政，严厉打击外汇领域违法犯罪活动，有力维护国家金融安 全。 在强化执法协同，严厉打击外汇领域违法犯罪活动方面，黄卉表示，国家外汇局深入研判当前非法跨境 金融活动形势，聚焦非法汇兑型地下钱庄、出口骗税、跨境赌博资金链等重点领域的违法犯罪活动，加 强科技赋能，提升风险监测和线索发现能力。持续强化与公安部、人民银行等多部门监管协同，推动信 息共享、联合研判、联合行动，严厉打击职业化地下钱庄、新型外汇违法犯罪活动。切实落实党的二十 届三中全会"完善行政处罚和刑事处罚双向衔接"要求。今年5月，国家外汇局联合最高人民检察院发布6 件外汇领域行刑反向衔接典型案例，推动外汇领域违法犯罪活动刑事与行政闭环打击惩处。"十四五"以 来，外汇管理部门行政查处外汇违规案件6100件，有力维护外汇市场良性秩序。 ...

Core Insights - The Beijing People's Procuratorate released a report on typical cases of high-quality financial prosecution, highlighting 13 cases across major financial sectors, including banking, insurance, credit, securities, and foreign exchange [1][5] - A significant case involved illegal foreign exchange operations using virtual currencies, showcasing the prosecutorial authority's capability to combat new types of financial crimes effectively [2][3] Financial Crime Case Summary - A criminal group utilized virtual currencies to facilitate illegal foreign exchange transactions, amassing over 1.18 billion RMB in illicit operations from January to August 2023 [2] - The group converted received RMB into Tether (USDT) through multiple accounts, enabling cross-border fund transfers while profiting from the transactions [2] - The Beijing Haidian District People's Procuratorate prosecuted the group for illegal business operations, resulting in prison sentences ranging from two to four years for the defendants [2] Evidence Collection and Legal Strategy - The Beijing procuratorial authority optimized its approach to tackle the challenges posed by the covert nature of virtual currency transactions and cross-border data collection difficulties [3][4] - A comprehensive evidence collection strategy was implemented, including technical collaboration to ensure the legality and authenticity of data from overseas virtual currency platforms [4] - The strategy involved a full-chain data verification process to accurately determine each defendant's criminal amount, establishing a solid evidence framework for sentencing [4] Ongoing Efforts in Financial Crime Prevention - The Beijing People's Procuratorate has been enhancing its efforts to address the complexities and evolving tactics of financial crimes, focusing on high-quality case handling and legal supervision [5] - Continuous research into new financial regulations and issues is being conducted to strengthen the collaborative enforcement of financial crime laws, contributing to the stability and security of the capital's economy [5]

Core Points - The onshore and offshore RMB/USD exchange rates both surpassed the 7.10 mark on October 28, with the onshore rate opening at 7.1070 and reaching a low of 7.0995, reflecting an increase of 75 basis points from the opening price [2] - The offshore RMB/USD exchange rate opened at 7.1087 and hit a low of 7.0994, showing an increase of 93 basis points from the opening price [2] - The People's Bank of China announced a mid-point exchange rate of 7.0856 for the RMB against the USD, which is an increase of 25 basis points from the previous day's mid-point of 7.0881, marking a new high since October 15, 2024 [2] Industry Analysis - Analysts suggest that the recent adjustments in the RMB mid-point rate towards a stronger direction are influenced by the robust domestic economic performance and the significant decline of the USD [2][3] - The focus on stabilizing the RMB exchange rate is shifting towards maintaining the CFETS index, which may help alleviate trade frictions and provide a stable external environment for Chinese foreign trade enterprises [3] - The Governor of the People's Bank of China emphasized the importance of market forces in determining the exchange rate and maintaining stability at a reasonable level to prevent significant fluctuations [3]

Group 1: Financial Market Developments - The People's Bank of China (PBOC) will resume open market operations for government bonds, indicating a positive outlook for the bond market and a supportive monetary policy stance to foster economic recovery and financial stability [4] - The PBOC aims to implement a moderately loose monetary policy while enhancing the macro-prudential management system to monitor and assess systemic financial risks [4] Group 2: Digital Currency and Virtual Currency Regulation - The PBOC plans to optimize the management system for digital currency and support more commercial banks to operate digital currency services, while continuing to combat domestic virtual currency trading and speculation [5] - Policies to prevent and address risks associated with virtual currency trading remain effective, with ongoing collaboration with law enforcement to maintain economic and financial order [5] Group 3: Financial Reform and Opening Up - The National Financial Regulatory Administration emphasizes enhancing the adaptability of financial services to better support sustainable economic development and promote reform and opening up in the financial sector [6] - The administration will focus on strengthening funding support for major projects to boost domestic demand and improve financial services for various sectors, including education and healthcare [7] Group 4: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) is committed to deepening capital market reforms to enhance the inclusiveness and coverage of the multi-tiered market system [8] - The CSRC will promote pilot policies in Beijing, encouraging high-quality financial resources to gather in the capital and support the development of the capital market [9] Group 5: Internationalization of the Renminbi - The State Administration of Foreign Exchange (SAFE) will coordinate the internationalization of the Renminbi with high-quality capital account opening, ensuring systemic risk prevention while enhancing the foreign exchange policy framework [10]