Core Viewpoint - The People's Bank of China (PBOC) has released new regulations for the interbank foreign exchange market to standardize and develop the market, enhance high-level openness, protect legal rights, prevent risks, and better serve the real economy, effective from February 1, 2026 [1][3]. Group 1: Regulatory Framework - The new regulations aim to strengthen supervision of the interbank foreign exchange market by clarifying requirements across various areas such as trading venues, qualification conditions, pricing norms, transaction clearing rules, information management, data services, and self-regulation, achieving comprehensive business oversight [1][3]. - The regulations emphasize that transactions in the interbank foreign exchange market must adhere to principles of openness, fairness, justice, and good faith, prohibiting fraud, market manipulation, and insider trading that could disrupt market order and harm participants' legal rights [1][3]. Group 2: Market Stability - The regulations are designed to maintain the stable operation of the foreign exchange market by standardizing the rights and obligations of market infrastructure, domestic and foreign financial institutions, currency brokers, and financial information service providers, while also requiring adherence to principles of openness, fairness, justice, and good faith to protect participants' legal rights [2][4]. Group 3: High-Quality Development - The regulations promote high-quality development of the interbank foreign exchange market by supporting the infrastructure to continuously enrich trading and clearing varieties, currencies, and methods based on market demand, facilitating financial institutions in providing foreign exchange services to clients [5]. - The PBOC and the State Administration of Foreign Exchange (SAFE) plan to continuously improve the management of the interbank foreign exchange market and deepen its development to maintain stable operations [5].

Core Order Types (Fundamental Essentials) - The four types of orders are universally applicable in the global forex market, corresponding to different market judgments and trading strategies [1] - Limit Buy Order: Set to buy at a price below the current market price, automatically buying when the price drops to that level, suitable for capturing rebound opportunities at support levels [2][3] - Limit Sell Order: Set to sell at a price above the current market price, automatically selling when the price rises to that level, suitable for capturing pullback opportunities at resistance levels [4][5] - Buy Stop Order: Set to buy at a price above the current market price, automatically buying when the price breaks above that level, suitable for chasing upward trends after a breakout [6][7][8] - Sell Stop Order: Set to sell at a price below the current market price, automatically selling when the price breaks below that level, suitable for chasing downward trends after a breakdown [9][10][11] Combination Order Types (Advanced Strategies) - Some forex trading platforms support combination orders, integrating core orders with stop-loss and take-profit, or placing two opposite orders simultaneously to adapt to complex market conditions [12] - OCO Order (One Cancels the Other): A "choose one" order that places two opposite orders simultaneously, where one triggers the other is automatically canceled [12][13] - OTO Order (One Triggers the Other): A "trigger then automatically place" order, where the second order is automatically triggered after the first order is executed, typically for stop-loss or take-profit [14][15]

12月25日，在本周黄金市场经历了一场波澜壮阔的破纪录行情后，金价目前在历史高位附近展现出一定 的疲态。CWG Markets外汇表示，随着金价在周三早盘冲至4526美元的历史新高，市场累积了大量的获 利盘，多头在此时选择部分平仓结利属于正常的市场修正行为，这导致金价在欧洲时段回落至4500美元 整数关口下方。 从宏观政策面来看，美联储的货币政策导向依然是决定黄金去向的核心锚点。尽管美元指数近期试图从 10月初以来的低位反弹，但在市场普遍预期美联储将维持鸽派立场的背景下，美元的任何上行尝试都显 得动力不足。CWG Markets外汇认为，由于黄金与美元的反向相关性，这种环境将持续为非营利性资产 黄金提供重要的"避风港"溢价。 此外，全球范围内不稳定的地缘环境也为金价提供了坚实支撑。CWG Markets外汇表示，当前避险情绪 并未完全消退，这使得金价即使在面临技术性抛压时，也能在低位迅速吸引支撑盘介入。对于那些试图 通过做空来捕捉回调的激进交易者而言，目前的市场底座依然稳固，任何盲目的看空尝试都可能面临趋 势反扑的风险。 12月25日，在本周黄金市场经历了一场波澜壮阔的破纪录行情后，金价目前在历史高位附近展现 ...

Core Insights - The article emphasizes the importance of having a trading plan in forex trading, likening it to a business plan that must be clear and precise [1][3] Group 1: Characteristics of a Trading Plan - A trading plan must have foresight, requiring traders to have a clear understanding of potential scenarios and correct assumptions about trading goals and methods [3] - The plan should also be procedural, with a well-structured timeline and prioritization of tasks to ensure effective execution [3] - Top traders on the anzocapital platform utilize comprehensive trading plans to better achieve their trading objectives, which serves as a valuable learning point for all traders [3]

Core Viewpoint - The case of illegal foreign exchange operations involving individuals identified as Tong and Chen has been successfully investigated by the Shenyang police, highlighting the complexities of cross-border financial crimes and the importance of international cooperation in law enforcement [1][2][3]. Group 1: Case Development - In April 2024, a tip-off from the U.S. regarding Tong's involvement in money laundering for drug traffickers prompted the Chinese police to initiate an investigation [1]. - The Shenyang police established a task force to investigate the fragmented leads and difficulties in obtaining evidence from abroad, leading to the collection of significant evidence against the suspects [1][2]. - By May 20, 2024, Tong and Chen were apprehended in Wuhan while attempting to flee the country, following extensive evidence collection efforts across multiple provinces and cities [2]. Group 2: Criminal Activities - Since 2017, Tong and associates operated a car dealership in the U.S. and provided currency exchange services, later shifting to illegal foreign exchange operations [2]. - From January 2020 to June 2021, Tong directed Chen and others in China to facilitate illegal currency exchanges, amassing over 16 million RMB through domestic bank accounts [2]. - Tong also engaged in virtual currency transactions, purchasing Bitcoin and Tether to facilitate cash exchanges, primarily serving students and gamblers in the U.S. [3]. Group 3: Legal Proceedings - The case was transferred to the prosecutorial authority on November 26, 2024, and by September 2025, both Tong and Chen were sentenced to prison terms of 1 year and 7 months, and 1 year and 4 months respectively, for illegal foreign exchange operations [3].

外汇交易中的杠杆机制是外汇市场中一种重要的交易工具，其核心逻辑是通过缴纳少量保证金来撬动更 大规模的交易头寸，是外汇交易区别于其他部分金融交易的显著特征之一。它的存在让投资者能够以有 限的资金参与更大体量的外汇交易，同时也对投资者的风险认知提出了更高要求。 杠杆机制的核心在于保证金与交易规模的比例关系。投资者在进行外汇交易时，无需全额支付交易标的 的总价值，仅需按照交易平台规定的保证金比例缴纳部分资金作为担保，即可获得数倍于保证金金额的 交易权限。例如，若保证金比例为1%，则杠杆倍数为100倍，即1万元保证金可支持100万元的外汇交易 头寸。这里的保证金是投资者履行交易义务的保障，用于覆盖交易过程中可能产生的风险损失。 杠杆机制的运作需遵循严格的流程规则。投资者确定交易标的与方向后，向平台提交约定比例的保证 金，平台根据杠杆倍数为其匹配相应的交易资金，形成实际交易头寸。在交易存续期间，平台会实时追 踪头寸的盈亏情况及保证金余额。若市场波动导致头寸亏损，保证金余额将同步减少；当保证金余额低 于平台设定的维持保证金标准时，投资者需追加保证金以维持头寸，否则平台有权执行强制平仓操作， 以控制风险扩散。 投资者在使用 ...

Core Viewpoint - The case of illegal foreign exchange operations involving individuals identified as Tong and Chen has been successfully investigated by the Shenyang Public Security Bureau, highlighting the complexities of cross-border financial crimes and the importance of international cooperation in law enforcement [1][2][3]. Group 1: Case Development - In April 2024, a tip-off from the U.S. regarding Tong's involvement in money laundering for drug traffickers prompted a thorough investigation by Chinese authorities [1]. - The Shenyang police established a specialized task force to address challenges such as fragmented leads and differences in legal systems between China and the U.S., leading to the collection of crucial evidence [1][2]. - By May 20, 2024, Tong and Chen were apprehended in Wuhan while attempting to flee the country, following extensive evidence collection involving 25 teams across 16 provinces and 43 cities [2]. Group 2: Criminal Activities - Since 2017, Tong and associates operated a car dealership in the U.S., initially providing currency exchange services before shifting to illegal foreign exchange operations [2]. - From January 2020 to June 2021, Tong utilized a "matched transaction" method, directing Chen and others in China to handle currency exchanges, resulting in over 16 million RMB in illegal foreign exchange transactions [2][3]. - Tong also engaged in virtual currency transactions, purchasing Bitcoin and Tether to facilitate cash exchanges, primarily serving students and gamblers in the U.S. [3]. Group 3: Legal Proceedings - The case was transferred to the prosecutorial authority on November 26, 2024, and by September 2025, both Tong and Chen were sentenced to prison terms of 1 year and 7 months, and 1 year and 4 months respectively, along with fines for their illegal foreign exchange activities [3].

周五亚洲时段早盘，纽元/美元货币对迎来小幅上行，汇价触及0.5775附近。 对汇市而言，这种预期直接转化为美元的抛售压力，美元兑纽元的走软，客观上为纽元/美元货币对的上行提供了助力。当前，交易员普遍在等待周五晚些 时候密歇根大学12月消费者信心指数的公布，这份数据将为后续美元走势和美联储政策预期提供更多参考依据。 新西兰本土经济的积极表现，也为纽元提供了短期支撑。 最新数据显示，新西兰经济在第三季度（Q3）实现1.1%的国内生产总值（GDP）增长，这一表现远超市场预期，且扭转了第二季度（Q2）修订后1.0%的萎 缩态势。经济复苏势头的显现，让市场对新西兰经济前景的信心有所提振，这种信心传导至汇市，对纽元兑美元的汇率形成了阶段性支撑。 从历史数据来看，新西兰经济基本面的强弱往往直接影响纽元的市场表现，此次强劲的GDP数据无疑是近期纽元的重要利好因素。 但纽元的上行势头并非毫无阻碍，中国经济的疲软迹象正在形成潜在压制。作为新西兰最大的贸易伙伴，中国经济的波动对新西兰出口贸易乃至纽元汇率有 着直接影响。本周早些时候国家统计局发布的数据显示，11月份中国零售额同比增长1.3%，较10月份的2.9%大幅回落，且显著低于 ...

Market Dynamics - The Federal Reserve's next policy direction remains uncertain following the release of non-farm payroll data, with the market initially leaning towards a dovish interpretation, but IC Forex platform suggests that this expectation lacks sufficient support to fully validate market bets on a rate cut in Q1 2024 (currently, the market estimates a 25% probability of a rate cut in January and 55% in March) [1] - The U.S. two-year Treasury yield tested a low of 3.45% but did not break below this level, while the yield curve showed a bull steepening pattern with yields across different maturities declining between 1.4 basis points (two-year) and 3.3 basis points (30-year) [1] - U.S. stock markets returned to calm, with major indices closing mixed; the Dow Jones Industrial Average fell by 0.6%, while the Nasdaq Composite rose by 0.25% [1] Employment Data - In November, the U.S. non-farm payrolls added 64,000 jobs, failing to reverse the weak trend from October, which saw a decrease of 105,000 jobs primarily due to adjustments in government statistical methods [3] - The unemployment rate rose from 4.4% in September to 4.6% in November, marking a four-year high and exceeding market expectations of 4.5%. This increase has raised concerns as the unemployment rate has been on an upward trend since June [3] - If the missing October unemployment data is assumed to be 4.5%, the current unemployment rate is close to the critical threshold of 0.5 percentage points above the lowest three-month moving average, indicating a potential early recession [3] Economic Indicators - The risk of the unemployment rate breaching the threshold remains high as it is currently elevated, and with the exit of December 2024 data from the statistical window, the lowest three-month moving average will rise to 4.1% [4] - The market is believed to be underestimating the likelihood of the Federal Reserve continuing its monetary policy normalization cycle early next year, supported by strong retail sales data and PMI results [4] - Retail control group sales increased by 0.8% month-on-month, surpassing the market expectation of 0.4%, while the composite PMI index fell to 53, a six-month low, indicating a weakening economic growth momentum [4] Inflation and Monetary Policy - The UK’s November Consumer Price Index (CPI) data significantly underperformed expectations, reinforcing the necessity for the Bank of England to consider further rate cuts [5] - The Hungarian National Bank maintained its benchmark interest rate at 6.5% but adopted a more dovish stance, prompting discussions about potential rate cuts next year, as overall inflation and core inflation rates have declined [6] - The Hungarian central bank revised down its inflation forecasts for this year and next, with the current inflation rate expected to be 4.4% and next year's at 3.2%, while emphasizing the importance of maintaining positive real interest rates [7]

12月16日，在全球资产配置逻辑不断演变的背景下，Moneta Markets外汇认为，黄金在中长期内具备持 续跑赢美元资产和美国国债的潜力。随着市场对利率周期和货币环境的重新定价，黄金作为非收益型资 产的配置价值正在被重新审视，尤其在价格回调阶段，更容易吸引中长期资金布局。 从资产配置结构来看，维持较高比例的黄金配置，反映出机构投资者对传统固定收益资产吸引力下降的 判断。在通胀挂钩债券与公司债配置被明显削减的情况下，黄金仍保持稳定权重，显示其在多资产组合 中兼具防御与进攻属性。Moneta Markets外汇表示，同时，资产表现"扩散化"的趋势正在形成，不同市 场与不同资产类别轮动加快，黄金在其中扮演了重要角色。 展望未来，市场对金价的长期预期依然偏乐观。相关机构预计，随着利率逐步下行、货币政策趋于温 和，黄金价格有望在未来一年至数年内继续上探。围绕2026年的周期判断中，金价冲击更高水平被视为 基于宏观环境变化的合理推演。 综合来看，在美联储政策逐步向中性甚至偏宽松方向调整、实际利率仍处于高位但存在回落空间的环境 下，黄金的风险对冲与资产分散价值更加突出。Moneta Markets外汇表示，尤其是在股票 ...