Core Viewpoint - The People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) have revised the interim regulations on the interbank foreign exchange market to enhance regulation and support the real economy, with a draft open for public consultation until September 21, 2025 [1][2]. Group 1: Regulatory Enhancements - Strengthening regulation of the interbank foreign exchange market, with comprehensive oversight by the PBOC and SAFE over various participating institutions [1]. - Establishing a full-chain market regulation system that includes requirements for operational management, trader management, legal agreements, market maker management, information exchange, disclosure, data services, and self-regulation [1]. Group 2: Infrastructure and Service Improvements - Improving the management and service capabilities of foreign exchange market infrastructure, detailing responsibilities, collaboration mechanisms, abnormal handling, and information reporting requirements [1]. - Specifying that infrastructure is responsible for managing trading and clearing qualifications and fulfilling supervisory duties [1]. Group 3: Clarification of Institutional Roles - Clarifying the business boundaries for participating institutions, including the entry scope, basic conditions, and business principles for financial institutions [2]. - Emphasizing that financial institutions can independently decide on risk mitigation services such as trade offsetting and synchronous settlement [2]. Group 4: Forward-looking Management - Enhancing the forward-looking nature of foreign exchange market management by continuously enriching trading varieties and currencies based on market demand [2]. - Providing data services according to market principles and regulating the data distribution behavior of financial information service providers [2].

Key Points - The report highlights a selection of stocks for July, including companies such as 滨江集团 (Binjiang Group) and 顺丰控股 (SF Holding) as part of the recommended investment portfolio [1] - The macroeconomic analysis indicates a gradual appreciation of the RMB against the backdrop of easing trade policy uncertainties between the US and China, which enhances the competitiveness of Chinese exports [2][6] - The report notes a slight decrease in the overall activity of mergers and acquisitions in the A-share market, with a total of 66 disclosed transactions amounting to 5233.44 billion RMB, indicating a trend towards structural reorganization despite a decrease in the number of major deals [12] - In the nuclear fusion sector, significant advancements have been made in China's nuclear fusion technology, which is expected to benefit from ongoing investments and the development of related industrial chains [13][15] - The report discusses the emergence of a new market for AI Infra catalyzed quartz fiber cloth, with the company 菲利华 (Philips) leveraging its full industry chain advantages to gain a first-mover advantage in the electronics fabric sector [17][18]

Group 1 - The South Korean Ministry of Finance is closely monitoring the financial and foreign exchange markets, indicating a proactive approach to market stability [1] - The overall assessment of the market is stable at present, suggesting no immediate concerns regarding volatility or significant fluctuations [1]

韩国称将密切关注金融和外汇市场的波动。 贸易谈判和政策风险带来很多不确定性。 ...

美国总统特朗普3月3日点名批评日元和人民币贬值，导致日元汇率一度升值。事实上，最近外汇市场上 出现了特朗普为纠正美元升值而着手构建新国际框架的猜测。市场警惕的最大的风险情景是"第二次广 场协议"，但要实现存在很高的障碍。 话题的中心是《重构全球贸易体系的用户指南》(A User's Guide to Restructuring the Global Trading System)。这是美国对冲基金哈德逊湾资本管理公司(Hudson Bay Capital Management)于2024年11月发布 的41页报告。报告中提到的"海湖庄园协议（Mar-a-Lago Accord）"一词如今已成为世界外汇市场的流行 语。 在外汇市场引发热议 撰写者是高级策略师斯蒂芬・米兰，是被提名为特朗普政府白宫经济顾问委员会(CEA)主席的人物。米 兰在其中指出，"美元由于作为世界外汇储备的需求而变得高估，而美国国内的制造业和可贸易商品的 生产商正在承担这一成本"。 这一观点与特朗普总统的主张相一致。特朗普3月3日指出"无论是日本的日元，还是中国货币，如果使 之兑美元贬值，对美国来说都会带来非常不公平和不利的局面"。在此基础上 ...