Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 16, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.457, 4.638, 3.379 respectively. The latest changes were - 0.026, 0.014, - 0.026; weekly changes were 0.124, 0.027, 0.019; monthly changes were 0.064, 0.144, 0.167; and annual changes were 0.177, 0.526, 0.215. For Asian and South American countries, such as Japan, Brazil, and China, the yields were 3.894, 6.629, 1.661, with corresponding changes [3]. 2 - Year Treasury Yields of Major Economies - On July 16, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.900, 3.850, 1.853. The latest changes were 0.000, 0.020, - 0.028; weekly changes were 0.000, - 0.025, - 0.002; monthly changes were 0.180, - 0.033, 0.015; and annual changes were not available for the US, - 0.259, - 1.049 for the UK and Germany [3]. Dollar - to - Major Emerging Economies' Currency Exchange Rates - On July 16, 2025, the dollar - to - Brazilian real, South African rand, and South Korean won exchange rates were 5.568, 17.817, 1389.750. The latest changes were 0.21%, - 0.62%, 0.16%; weekly changes were - 0.08%, - 0.08%, 1.08%; monthly changes were 1.37%, - 1.03%, 1.20%; and annual changes were 1.79%, - 1.66%, 0.46% [3]. RMB Exchange Rates - On July 16, 2025, the on - shore RMB, off - shore RMB, and middle - rate were 7.179, 7.180, 7.153. The latest changes were - 0.06%, - 0.06%, 0.04%; weekly changes were - 0.03%, - 0.04%, - 0.02%; monthly changes were - 0.15%, - 0.20%, - 0.33%; and annual changes were - 1.23%, - 1.45%, 0.34% [3]. Major Economies' Stock Indices - On July 16, 2025, the Dow Jones, S&P 500, and NASDAQ were 6263.700, 44254.780, 20730.490. The latest changes were 0.32%, 0.53%, 0.25%; weekly changes were 0.01%, - 0.46%, 0.58%; monthly changes were 4.73%, 4.94%, 6.06%; and annual changes were 12.40%, 12.48%, 12.64%. For Asian indices like the Nikkei, Hang Seng Index, and Shanghai Composite Index, the values were 39663.400, 24517.760, 3503.777, with corresponding changes [3]. Credit Bond Indices - The latest changes of emerging economies' investment - grade, high - yield, and US investment - grade credit bond indices were 0.20%, 0.05%, 0.13%. The weekly changes were - 0.50%, - 0.02%, - 0.17%; monthly changes were 0.33%, 0.33%, 0.70%; and annual changes were 4.87%, 5.86%, 6.20% [3][4]. Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, and SSE 50 were 3503.78, 4007.20, 2740.90, with changes of - 0.03%, - 0.30%, - 0.23% [5]. Valuation - The PE(TTM) of CSI 300, SSE 50, and CSI 500 were 13.29, 11.37, 29.43, with环比 changes of - 0.03, - 0.02, - 0.02 [5]. Risk Premium - The risk premium of S&P 500 and German DAX (1/PE - 10 - year interest rate) were - 0.70, 2.18, with环比 changes of 0.01, 0.03 [5]. Fund Flows - The latest values of A - shares, main board, and SME board fund flows were - 404.37, - 379.86, not available, with 5 - day average values of - 451.61, - 363.84, not available [5]. Trading Volume - The latest trading volumes of Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 14420.38, 3006.57, 681.42, with环比 changes of - 1700.10, - 528.68, - 116.64 [5]. Main Contract Premiums - The basis of IF, IH, and IC were - 36.20, - 10.50, - 10.59, with amplitudes of - 0.90%, - 0.38%, - 0.18% [5]. Treasury Bond Futures Trading Data Closing Prices and Changes - The closing prices of T00, TF00, T01, and TF01 were 108.835, 106.000, 108.915, 106.080, with changes of 0.15%, 0.10%, 0.15%, 0.08% [6]. Fund Interest Rates - The R001, R007, and SHIBOR - 3M were 1.5129%, 1.5311%, 1.5590%, with daily changes of - 8.00, - 6.00, 0.00 BP [6].

Group 1 - The US dollar index has recently shown a strong rebound, reaching a multi-day increase, with a cumulative rise of over 2% as of July 17, supported by higher-than-expected US CPI data, which reduces the likelihood of a Fed rate cut in September [1][5] - The Chinese yuan has shown mixed performance against the dollar, with the central parity rate reaching its strongest level since November at 7.1461, while the offshore yuan depreciated over 200 points recently [1][7] - The expectation of a weaker yuan is influenced by the uncertainty surrounding tariffs set to take effect on August 1, with the People's Bank of China showing a willingness to stabilize the yuan [1][7] Group 2 - The recent strengthening of the dollar is attributed to reduced expectations for a Fed rate cut, with the probability of a cut in September now at 53.5%, down from 59.3% [5][6] - The inflation data for June indicates that tariffs are beginning to have an impact, with significant price increases in categories like home goods and appliances, which are targeted by tariffs [6] - Analysts suggest that the dollar index is likely to continue its upward trend, potentially reaching 99, with a breakthrough at this level indicating a move towards 100 [6][10] Group 3 - The uncertainty surrounding tariffs remains high, with potential implications for the US economy and the dollar's strength, as increased tariff revenues could embolden further tariff actions by the Trump administration [8][9] - Concerns persist regarding the sustainability of fiscal policies, with expectations that the costs of new fiscal stimulus plans may outweigh their economic benefits, potentially impacting the dollar's performance [9][10] - The ongoing increase in tariff revenues is not expected to sufficiently address the worsening fiscal deficit, leading to potential volatility in long-term US Treasury yields [10]

NCE外汇：国际化市场布局与未来战略 摘要: 探索NCE外汇的全球市场布局与未来战略，了解如何在国际化浪潮中抢占先机，引领行业新风向！ 作为一名关注外汇市场的爱好者，我对NCE外汇的国际化发展充满了好奇。多年来，NCE在全球市场的扩展策略令我印象深刻，它们不仅 在技术创新上表现出色，还在平台升级方面持续保持领先地位。我常常思考，这样的布局如何帮助他们在瞬息万变的国际金融环境中立于 不败之地。NCE外汇的多元化客户服务策略也使我相信，他们已经做好了一切准备来应对未来的挑战。通过深入探讨NCE的市场战略规 划，我希望能更好地理解其在全球外汇市场中的独特竞争优势。 ## 关键要点 全球市场扩展策略通过跨国合作和严谨的风险管理实现多样化资源获取。 技术创新提升交易平台速度与安全性，并优化用户体验。 客户服务多元化策略增强国际联系和客户忠诚度。 未来市场战略规划强调市场趋势分析和风险管理以保持竞争优势。 ## NCE外汇的国际化发展历程 我对NCE外汇的国际化发展历程感到非常好奇，尤其是它如何逐步进入不同市场。每一个新市场似乎都有其独特的挑战和机遇。跟随NCE 外汇的脚步，我看到了他们在全球范围内的扩张策略。不断适应和 ...

Core Viewpoint - The foreign exchange market plays a crucial role in the global financial system, serving as a key support for international trade and investment, as well as a platform for investors to diversify their asset allocation and seek profit opportunities [1] Group 1: Basic Concepts of the Foreign Exchange Market - The foreign exchange market is a trading venue for buying and selling foreign currencies, driven by the demand for currency exchange in international economic activities such as trade and investment [2] Group 2: Characteristics of the Foreign Exchange Market - The market operates 24 hours a day, allowing continuous trading from Monday morning in New Zealand to Friday evening in New York, providing convenience for global investors [3] - The foreign exchange market boasts high liquidity, with an average daily trading volume exceeding $6 trillion as of 2023, enabling easy execution of large transactions without significant price impact [4] - A wide variety of trading options are available, including major currency pairs like EUR/USD and USD/JPY, as well as financial derivatives such as forex options and futures [5] - The market is characterized by high transparency, with timely information on economic data, political events, and central bank policies available to investors for informed decision-making [6] - High leverage is common in forex trading, with ratios often reaching up to 100 times, allowing investors to control large positions with relatively small capital [7] - Transaction costs in the forex market are generally low, with typical spreads below 0.1%, enhancing the efficiency of capital use for frequent traders [8] - The market is free from manipulation by any single entity, ensuring fair price determination based on global supply and demand dynamics [9] - Entry barriers are low, allowing a wide range of participants, including individual investors, to engage in forex trading with minimal requirements [10] Group 3: Participants in the Foreign Exchange Market - Central banks play a significant role by intervening in the market to stabilize their currencies and implement monetary policies that impact forex dynamics [11] - Commercial banks provide essential forex services to clients and engage in proprietary trading to profit from market movements [12] - Enterprises participate primarily for international trade and cross-border investment, requiring currency exchange for transactions [13] - Investment institutions, such as hedge funds and pension funds, actively engage in forex trading to manage risks and enhance returns [14] - Individual investors increasingly participate in the forex market, seeking additional income or hedging against risks in other investments [15] Group 4: Functions of the Foreign Exchange Market - The forex market facilitates international trade by providing a mechanism for currency exchange, thus removing monetary barriers in global commerce [16] - It establishes a mechanism for exchange rate formation based on supply and demand, influenced by various economic and political factors [17] - The market offers risk management tools, allowing businesses and investors to hedge against currency fluctuations and stabilize financial outcomes [18] Group 5: Differences Between the Foreign Exchange Market and Other Markets - Compared to the stock market, forex trading involves currency pairs rather than company shares, operates 24/7, and exhibits higher liquidity [20] - In contrast to the bond market, forex investors primarily profit from currency price differences, facing more complex risks influenced by global events [22]

Core Viewpoint - The US dollar experienced fluctuations against the Japanese yen, initially rising but later declining before rebounding again after the release of the US CPI data [1] Currency Movements - The US dollar rose by 0.77% against the Japanese yen, reaching 148.86 yen before the CPI data release [1] - Following the CPI data release, the dollar fell below 147.80 yen but subsequently increased, hitting a high of 149.02 yen [1] - The euro appreciated by 0.23% against the yen, while the British pound increased by 0.44% against the yen [1]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3351.15, 39.00, 1369.00, 1176.00, 66.98, and 9675.50 respectively, with changes of -0.95, 1.50, 12.00, 34.00, -1.47, and -8.00 [2] Group 2: Trading Data - The latest inventory of SHFE Silver is 1223.98, with a change of -79.61; the latest inventory of Gold ETF is 947.64, with no change; the latest inventory of Silver ETF is 14966.24, with a change of 207.72; the latest inventory of SGE Silver is 1319.90, with a change of -3.33; the latest deferred fee payment directions of SGE Silver and SGE Gold are 2 and 1 respectively, with changes of 1.00 and 0.00 [3] Group 3: Information on Ratios, Premiums, Discounts, and Data Sources - The report mentions precious metal ratios [4] - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [7]

Core Viewpoint - China's foreign exchange reserves have shown a steady increase, reaching $33,174 billion by the end of June, reflecting the resilience of the national economy and its ability to manage complex domestic and international economic situations [1][2] Group 1: Foreign Exchange Reserves and Economic Stability - The foreign exchange reserves have increased for six consecutive months and have remained above $3.2 trillion for 19 months, indicating a robust economic growth [1] - In the first half of the year, China's total exports reached 13 trillion yuan, a year-on-year increase of approximately 7.2%, while non-financial foreign direct investment amounted to $61.6 billion, up 2.3% [1] Group 2: Impact on Monetary Policy - The increase in foreign exchange reserves directly influences domestic monetary policy, allowing for adjustments in liquidity in the market [2] - The current foreign exchange reserves cover 14 months of imports and are 3.2 times the short-term external debt, providing a strong foundation for the stability of the RMB exchange rate [2] Group 3: Trade and Investment Implications - Adequate foreign exchange reserves support a stable exchange rate, which helps enterprises manage import and export risks and enhances China's negotiating power in trade disputes [3] - The reserves enable Chinese enterprises to invest abroad, particularly in infrastructure and commodities, while also allowing the Ministry of Finance to issue bonds denominated in euros or yen [3] Group 4: Asset Composition and Strategy - The management of foreign exchange reserves focuses on safety, liquidity, and profitability, with a notable shift away from U.S. Treasury bonds, which have decreased by $54 billion from their peak [4] - As of June, China's gold reserves increased to 7.39 million ounces, indicating a strategic move to diversify reserve assets and enhance the long-term value of the RMB [4]

Group 1 - Current spot platinum price is $1376.740, showing an increase of $9.630 or 0.70% [2] - Current spot palladium price is $1259.000, reflecting a decrease of $21.647 or -1.69% [2] - Gold price on COMEX is $3374.100, with a slight increase of $3.800 or 0.11% [2] - Silver price on COMEX is $39.240, up by $0.155 or 0.40% [2] Group 2 - Euro to USD exchange rate is 1.169, unchanged [3] - GBP to USD exchange rate is 1.349, with a slight increase of 0.01% [3] - USD to JPY exchange rate is 147.029, down by 0.26% [3] - AUD to USD exchange rate is 0.656, down by 0.20% [3] - USD to CHF exchange rate is 0.796, down by 0.07% [3] Group 3 - NZD to USD exchange rate is 0.599, down by 0.35% [4] - GBP to JPY exchange rate is 198.412, down by 0.24% [4] - Bitcoin price is $119028.010, down by $58.630 or -0.05% [4] - Litecoin price is $94.940, up by $0.320 or 0.34% [4] - Ethereum price is $2966.600, down by $5.430 or -0.18% [4] - Ripple price is $2.858, up by $0.022 or 0.77% [4] Group 4 - US 2-year Treasury yield is 3.885% [6] - US 5-year Treasury yield is 3.973%, down by 0.019% or -0.48% [7] - US 10-year Treasury yield is 4.420%, down by 0.005% or -0.11% [7] - US 30-year Treasury yield is 4.966%, up by 0.009% or 0.18% [7] - UK 10-year Treasury yield is 4.630%, up by 0.003% or 0.06% [7] - Germany 10-year Treasury yield is 2.685%, up by 0.024% or 0.90% [7] - France 10-year Treasury yield is 3.415%, up by 0.014% or 0.41% [7] - Italy 10-year Treasury yield is 3.600%, up by 0.011% or 0.31% [7] - Japan 10-year Treasury yield is 1.556%, up by 0.027% or 1.77% [7]

Group 1 - The Euro against the US Dollar (EUR/USD) decreased by 0.2%, trading at 1.1667 [1] - The US Dollar against the Japanese Yen (USD/JPY) fell by 0.14%, currently at 147.18 [1]

Group 1: Impact of Monetary Policy on Forex Market - Interest rate policy influences capital flows; rising rates attract foreign investment, increasing demand for local currency, while falling rates lead to capital outflows [1][2] - The Federal Reserve's aggressive rate hikes in 2022 resulted in a 15% increase in the US Dollar Index [1] - Japan's negative interest rate policy has led to the USD/JPY exchange rate surpassing 150 in 2023 [1] Group 2: Comparison of Major Economies' Policies - The US is the global financial cycle leader, using tools like federal funds rate and quantitative easing, with a projected increase in fiscal deficit by $3.3 trillion in 2025, weakening dollar credit [1][14] - The Eurozone balances trade and financial stability, with a projected increase in defense spending leading to a stronger Euro [1][17] - Japan's negative interest rate and yield curve control policies have mixed effects, with expectations of rate hikes in 2025 leading to a 4.7% appreciation of the Yen against the Dollar [2] Group 3: Emerging Markets Dynamics - Resource-exporting countries like Brazil and Chile benefit from a weaker dollar, with the Chilean Peso expected to appreciate by 3.88% in 2025 [7] - Countries with high external debt, such as Turkey and Argentina, face significant currency depreciation pressures due to US rate hikes [8] Group 4: Policy Spillover and Cross-Border Mechanisms - The US monetary policy significantly influences global financial cycles through risk asset prices and capital flows [9] - The European and Latin American regions show varying sensitivities to these policies, with Europe being more affected than Asia [10] Group 5: New Trends and Strategies - The weakening dollar is expected to accelerate the internationalization of the Renminbi, with offshore Renminbi appreciating by 1.4% in 2025 [6] - Investment strategies include going long on resource-rich currencies and shorting currencies from high-debt countries [18] Group 6: Conclusion and Market Response - Policymakers need to balance exchange rate stability, capital mobility, and monetary policy independence, especially in emerging markets [19] - Investors should focus on central bank policy expectations and consider currencies with strong economic resilience, such as the Renminbi and Swiss Franc [19]