节后首个交易日，在岸人民币对美元再创阶段性新高。24日，在岸人民币对美元汇率小幅高开，午后强 势拉升，带动离岸人民币对美元汇率走势由贬值转为升值。 24日，在岸人民币对美元汇率盘中最高升值至6.8804，离岸人民币对美元汇率盘中最高升值至6.8760， 双双续创2023年4月28日以来升值高点。 东方金诚首席宏观分析师王青分析认为，首先，外部环境改善是人民币走强的重要背景。2025年11月以 来，中美经贸关系回稳，我国整体外部环境趋于缓和。 其次，美元弱势为非美货币打开升值空间。"近期美国司法部对美联储主席鲍威尔发起刑事调查，美联 储独立性受到更大冲击，美元承压；美联储新主席人选的'降息+缩表'主张尚未扭转美元颓势。"王青表 示。 第三，企业结汇需求集中释放形成季节性支撑。王青认为，随着人民币持续走强，此前出口高增累积的 结汇需求正加速释放，叠加年底年初传统结汇旺季，共同推升汇价。 此外，王青还表示，以离岸人民币领涨为标志，这段时间汇市情绪偏高，也在成为助推人民币走势偏强 的一个重要因素。 华泰期货研报指出，近期人民币表现相对稳健，并非单纯受美元波动牵引，内生定价因素占据主导。从 供需结构看，外汇供给端保持平 ...

（文章来源：每日经济新闻） 每经AI快讯，2月9日，在岸人民币兑美元升穿6.93关口。 ...

Core Market Trends - Major global stock markets are in a narrow consolidation phase as investors await the Federal Reserve's December monetary policy meeting minutes [1] - US stock index futures are mostly flat, with the Dow and S&P 500 up by 0.01% and the Nasdaq down by 0.02% [2] - European indices show mixed results, with the Euro Stoxx 50 and DAX down by 0.1%, while the UK FTSE 100 is up by 0.1% [2] Metal Market Performance - The metal market shows a mixed trend, with gold, silver, platinum, copper, and nickel rising, while palladium hit a limit down [1] - Silver rebounded by nearly 4% to $75.14 per ounce, recovering from a previous drop of 9% [3][12] - Gold increased by approximately 1% to $4365.33 per ounce, following a drop of over 4% in the previous trading session [3][15] - Copper prices rose nearly 3%, supported by expectations of increased supply chain pressures [3][18] Currency and Bond Market - The onshore RMB has surpassed the 7.0 mark against the USD, reaching its highest level since May 17, 2023, driven by capital inflows and economic recovery expectations [3][9] - The 10-year US Treasury yield remains stable at 4.11% [3] Oil and Cryptocurrency - WTI crude oil prices are stable at $58 per barrel, as traders assess geopolitical risks and supply-demand fundamentals [3][21] - Bitcoin and Ethereum saw slight increases, with Bitcoin up by 0.1% to $87319.51 and Ethereum up by 0.3% to $2943.17 [3]

上证报中国证券网讯（记者 陈佳怡）12月16日，Wind数据显示，在岸人民币对美元开盘上涨，报 7.0471，前一交易日16时30分收盘报7.0505。截至9时30分，离岸人民币对美元报7.0439。 同日，人民币对美元中间价上调54个基点，报7.0602。 中金公司研究部外汇组发布报告称，美国就业市场进一步显示疲软迹象，市场可能会无视上周美联储对 于1月份的预期指引，进一步交易宽松。在此背景下，美元的弱势可能会持续到年底。 与此同时，截至9时30分，美元指数报98.3184。 ...

Core Viewpoint - The onshore RMB against the USD opened higher, reflecting a shift in market dynamics influenced by recent Federal Reserve actions and global economic conditions [1] Currency Exchange Rates - On November 6, the onshore RMB opened at 7.1218 against the USD, up from the previous closing of 7.1246 [1] - The offshore RMB was reported at 7.1267 as of 9:30 AM [1] - The RMB's central parity against the USD was adjusted up by 36 basis points to 7.0865 [1] Dollar Index and Economic Context - As of 9:30 AM, the dollar index stood at 100.0394, indicating a recent increase [1] - The dollar index has strengthened due to a rise in U.S. Treasury yields following a hawkish stance from Federal Reserve Chairman Jerome Powell, despite a 25 basis point rate cut in October [1] - Weak economic fundamentals in major economies like the Eurozone and Japan have contributed to the overall poor performance of non-USD currencies, further supporting the dollar's strength [1] - The U.S. government shutdown has enhanced the dollar's safe-haven appeal [1]

Core Insights - In September, the offshore (CNH) RMB depreciated against the USD while the onshore (CNY) RMB appreciated, with a daily average price difference of 67 basis points (BP), a decrease of 13 BP from the previous month [1][3]. Group 1: Offshore RMB Deposits in Hong Kong and Taiwan - As of August 2025, offshore RMB deposits in Hong Kong increased to 967.96 billion yuan, up 3.2% from the previous month, while Taiwan's deposits decreased to 120.59 billion yuan, down 3.0% [2]. Group 2: Offshore RMB Foreign Exchange Market - On September 30, the CNH/USD exchange rate closed at 7.1287, a depreciation of 0.09% from the previous month, while the CNY/USD exchange rate closed at 7.1186, an appreciation of 0.20% [3]. - The CFETS RMB exchange rate index rose by 0.21%, the BIS currency basket index rose by 0.20%, and the SDR currency basket index remained unchanged [3]. Group 3: Offshore RMB Bond Market - In September, the offshore RMB bond market issued 121 bonds, an increase of 11 bonds from the previous month, with a total issuance amount of 291.004 billion yuan, up 77.4% [5]. Group 4: Offshore RMB Money Market - By the end of September, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods were 1.8127%, 1.6218%, 1.7100%, and 1.9688%, respectively, with changes of +22 BP, +5 BP, -3 BP, and +5 BP compared to the previous month [6]. - The average interest rate differentials between offshore and onshore borrowing rates showed mixed trends, with some periods experiencing declines and others increases [6]. Group 5: Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of September, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 237, an increase of 1 from the previous month [7]. - The total number of foreign institutions and their products in the domestic interbank currency market reached 5775, an increase of 20 from the previous month [7]. Group 6: Trading Volume of Foreign Institutions - In the domestic interbank foreign exchange market, the total trading volume for foreign institutions was 33,086.45 billion yuan, a decrease of 11.4% compared to the previous month [8]. - The trading volume in the domestic interbank bond market for foreign institutions totaled 9,648.90 billion yuan, a decrease of 16.6% [8].

Group 1 - The core theme of the global foreign exchange market is centered around the weakening U.S. economic data and the resulting increased expectations for Federal Reserve interest rate cuts [1] - A series of weak economic indicators, including a significantly lower-than-expected non-farm payroll increase, a four-year high in initial jobless claims, and a decline in the consumer confidence index for the second consecutive month, depict a cooling labor market and weakening overall economic momentum [1] - Despite the CPI inflation data for August being slightly above expectations, market confidence in the Federal Reserve adopting a dovish policy remains strong, with a general expectation of at least a 25 basis point rate cut in the upcoming meeting [1] Group 2 - The Euro and British Pound have benefited from the general weakness of the U.S. dollar, with the Euro rising above the 1.1700 mark and the Pound testing the 1.3600 level [2] - The Australian Dollar has emerged as a standout currency, reaching a nearly 10-month high and surpassing 0.6600, driven by strong commodity prices and domestic inflation data that reduced the likelihood of interest rate cuts by the Reserve Bank of Australia [2] - The Chinese Yuan has shown steady appreciation against the U.S. dollar, supported by the PBOC's proactive guidance on the midpoint [2] Group 3 - Market attention is focused on the upcoming meetings of the Federal Open Market Committee (FOMC) and the Bank of Japan (BOJ), with expectations of cautious market sentiment ahead of these significant risk events [3]

Core Insights - The offshore (CNH) and onshore (CNY) RMB appreciated against the USD in August, with the average daily price difference increasing by 18 basis points (BP) to 80 BP compared to the previous month [1][3] - The CFETS RMB exchange rate index and indices referencing the BIS and SDR currency baskets decreased by 0.20%, 0.13%, and 0.28% respectively from the end of the previous month [1][3] Offshore RMB Foreign Exchange Market - On August 29, the CNH/USD exchange rate closed at 7.1221, appreciating by 1.23% from the end of the previous month, while the CNY/USD exchange rate closed at 7.1330, appreciating by 0.84% [3] - The average daily swap point difference between CNH and CNY increased by 24 BP to 89 BP [4] Offshore RMB Bond Market - In August, 110 offshore RMB bonds were issued, with a total issuance amount of 1640.87 billion, representing an increase of 178.2% from the previous month [5] Offshore RMB Money Market - As of the end of August, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods rose by 51 BP, 29 BP, 2 BP, and 10 BP respectively compared to the end of the previous month [6] - The average interest rate spread between offshore and onshore borrowing rates remained stable for overnight and 7-day periods, while the 3-month and 1-year periods saw an increase of 1 BP [6] Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of August, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 236, an increase of 3 from the previous month [7] - The number of foreign institutions and their products in the domestic interbank currency market increased by 15 to a total of 5755 [7] Trading Volume in Domestic Interbank Market - In August, the total trading volume of foreign institutions in the domestic interbank foreign exchange market was 37336.51 billion, a decrease of 6.9% [8] - The trading volume in the domestic interbank bond market for foreign institutions totaled 11573.91 billion, a decrease of 21.2% [8]

Group 1 - The offshore RMB to USD exchange rate has shown strong performance this year, with a cumulative increase of over 2%, reflecting multiple factors including a positive domestic economic outlook and a weaker USD index, which fell approximately 0.43% over the week [1] - The three major RMB exchange rate indices released by the China Foreign Exchange Trading Center all rose during the week of August 15, indicating a strong overall performance of the RMB against a basket of currencies [3] - The People's Bank of China has outlined future exchange rate policy directions in its report, emphasizing the importance of market forces in exchange rate formation and the need for a managed floating exchange rate system [4] Group 2 - The CFETS RMB exchange rate index reported 96.17, up 0.13% week-on-week, while the BIS and SDR currency basket indices also showed increases, indicating a synchronized rise in RMB indices [3] - The RMB's implied volatility has decreased to a near one-year low, reflecting a stable exchange rate environment, with the onshore RMB against the USD reported at 7.1831 and the offshore RMB at 7.1886 [3] - The PBOC's policy measures aim to enhance the resilience of the foreign exchange market and maintain the RMB exchange rate at a reasonable and balanced level, supporting a healthy dual fluctuation pattern [4]

Core Viewpoint - The article discusses the recent fluctuations in the RMB to USD exchange rate and highlights concerns regarding the structural changes in demand for USD assets as a safe haven, influenced by rising political risks and uncertainties in fiscal outlooks [1]. Exchange Rate Summary - On August 14, the onshore RMB opened at 7.1722 against the USD, up from the previous day's closing of 7.1755 [1] - As of 9:30 AM, the offshore RMB was reported at 7.1760 against the USD [1] - The RMB's central parity rate against the USD was set at 7.1337, an increase of 13 points from the previous trading day [1] Dollar Index and Economic Insights - The USD index showed a downward trend, reported at 97.6432 as of 9:30 AM [1] - Gabriela Chimienti, an economist at the Asian Development Bank, noted that changes in monetary policy expectations are the main drivers of short-term fluctuations in the USD [1] - There is a concerning structural shift indicating a weakening demand for USD assets as a safe haven, attributed to rising political risks and doubts about institutional independence [1] - If this trend continues, it may reduce global demand for USD assets, exerting downward pressure on the USD and potentially increasing long-term borrowing costs in the U.S. [1]