钱被按下了暂停键 很多人对"央行在印钱"的焦虑，来自日常感受的错位：商场里标签没怎么变、菜市场的秤还是那副脾气，工资每月按时到账，似乎并没有"钱泛滥"的迹象。 他注意到，在现代货币体系里，新钱常常先卡在金融机构的账面，像水库闸门背后的水，尚未冲进街巷。资产市场对资金最敏感——股票、房子、债券会先 被托起来，肉蛋菜的CPI却不一定马上动，这种传导差异，让"印钱"看起来像悄无声息的暗流。 这背后不是随意摁下印钞按钮的任性，而是有章法的资产交换。现代央行"造钱"的每一步，都有对应的资产做托底，不同渠道带来不同的力度与侧影，像三 条并行的水渠，既能灌田，也能就地蓄水。 三条"有抵押"的造币路 比较这三条渠道，能看清"钱从哪来"。 第一条是外汇进来的钱。假设一家做奶茶的小公司收到10万美元的海外订单，老板去银行换成人民币，按7:1的汇率，账户上多了70万元。商业银行攒下的 美元不是躺着，它会流向银行间市场，央行在那儿当接盘者，买入这笔外汇，变成国家的外汇储备，同时投放等额的基础货币。这一投一收是一体的：央行 的资产端多了外汇储备，负债端多了商业银行的准备金。长期卖出的东西比买得多、外汇净流入时，央行的基础货币也就被动多 ...

| 大类资产早报 | | | --- | --- | | | 研究中心宏观团队 2025/10/09 | | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/09/30 | 4.151 | 4.698 | 3.533 | 2.710 | 3.532 | 3.256 | 0.180 | 3.380 | | 最新变化 | 0.011 | -0.002 | 0.002 | 0.003 | 0.001 | -0.006 | 0.036 | -0.001 | | 一周变化 | 0.044 | 0.019 | -0.030 | -0.038 | -0.010 | -0.039 | 0.009 | -0.022 | | 一月变化 | -0.111 | -0.101 | -0.049 | -0.074 | -0.143 | ...

10月8日 22:30 美联储理事迈克尔·巴尔讲话 10月9日 02:00 美联储公布9月FOMC会议纪要 本周市场事件密集，重点关注美联储的言论与9月会议纪要，同时中国的金融数据和央行流动性操作也 将对大宗商品及人民币资产产生直接影响。短线交易环境以事件驱动为主，建议适度控制仓位，依据市 场确认的信号再进行操作。 关键时间节点（北京时间） 10月9日 20:30 美联储主席鲍威尔致辞 加密货币：加密市场对宏观流动性与风险偏好非常敏感。如果美联储纪要表明降息路径更加明确，风险 资产通常会受益；若纪要倾向于紧缩或保持观望，行情可能会出现回撤。建议采用严格的仓位管理与止 损规则，避免在新闻发布后的初期大幅建仓。 交易提醒 风险窗口从10月8日晚至10月10日晚，期间美联储会议纪要（10月9日凌晨）为核心事件。建议在纪要发 布前后降低杠杆并设置止损。 10月10日 20:30 加拿大公布9月失业率及就业数据 10月10日 22:00 美国公布10月密歇根大学消费者信心指数初值 10月11日 01:00 Baker Hughes每周美国石油钻井总数公布 10月11日 03:30 CFTC周度持仓报告发布 各资产关注要 ...

Core Insights - Axi's Chief Commercial Officer, Louis Cooper, will retire at the end of September 2025 but will remain a shareholder in the company [1][3] - Since joining Axi in 2016, Cooper has played a crucial role in transforming the company into a globally recognized broker serving clients in over 100 countries [1][3] - Axi is known for its customer support, leading technology, and a wide range of trading tools including forex, CFDs, cryptocurrencies, indices, and commodities [3] Company Overview - Axi is a global online trading company trusted by thousands of traders across more than 100 countries [3] - The company aims to provide clients and partners with a competitive edge through advanced technology, transparent pricing, robust tools, and reliable service [3] - Axi operates under principles of transparency, integrity, and value creation [3]

The UK cemented its position as the global epicenter for FX and OTC interest rate derivatives in April 2025, posting $4.745 trillion and $4.32 trillion in average daily turnover, respectively. Despite intense competition, London’s share of global trading remained near historic highs, supported by deep liquidity, electronic infrastructure, and overlapping time zones.Headline Numbers Signal MomentumThe Bank for International Settlements’ Triennial Survey, coordinated across 52 jurisdictions and compiled local ...

| Un An Selli | | --- | | ABUBAP BALIP SOUNCE POINT | | Company of Children College of Children College of Children College of Children College of Children College of Children College of Children College of Children and Children a | 研究中心宏观团队 2025/09/30 | | 全 球 资 产 市 场 表 现 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/09/29 | 4.140 | 4.700 | 3.531 | 2.707 | 3.531 | 3.262 | 0.144 | 3.381 | | 最新变化 ...

Core Viewpoints - The article discusses the macroeconomic outlook for commodities during the upcoming National Day holiday in China, highlighting the impact of recent Federal Reserve interest rate cuts and geopolitical tensions on market dynamics [2][3]. Group 1: Global Economic Context - The Federal Reserve has restarted a new round of interest rate cuts, leading to a shift in market strategies and increased volatility in asset prices [2]. - The easing of U.S.-China tensions and the gradual reduction of tariffs are contributing to a more optimistic economic recovery outlook, reflected in rising U.S. stock prices and strengthening silver and copper prices [2]. - Ongoing geopolitical conflicts, particularly the intensifying Russia-Ukraine war and tensions in the Middle East, pose significant risks to energy prices and shipping rates, which are likely to experience sharp fluctuations during the holiday [2]. Group 2: Domestic Economic Trends - In China, there has been a trend of strong expectations but weak realities, particularly following the Fed's interest rate cut, leading to a focus on economic fundamentals and a decline in optimistic sentiment [3]. - The "anti-involution" policy is seen as a necessary response to external pressures and a move towards a high-quality development model, with the market closely monitoring its implementation and effects on economic recovery [3]. Group 3: Sector-Specific Insights - Goldman Sachs reports that the current rebound in the Chinese stock market is driven by "re-inflation" expectations and themes related to artificial intelligence, with institutional investors playing a crucial role [5]. - The temporary cancellation of export taxes on agricultural products in Argentina is expected to increase soybean exports, potentially alleviating supply concerns in China for the upcoming quarter [6]. - A field survey in Xinjiang indicates a significant reduction in red date production, with an estimated yield drop of approximately 39.2% compared to the previous year, raising concerns about quality and overall supply [8]. Group 4: Market Dynamics and Trading Opportunities - The article identifies high liquidity commodities and suggests potential trading opportunities in various sectors, including palm oil and construction materials, while cautioning against investments in government bonds due to tightening monetary policy [9][10]. - The glass market has seen a recent price increase driven by supply-side policies and seasonal demand, indicating a potential upward trend in the sector [24][26].

Report Overview - Report Title: Global Asset Market Performance - Major Asset Morning Report - Report Date: September 24, 2025 - Research Team: Macro Team of the Research Center 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report presents the performance data of various global asset markets on September 23, 2025, including 10 - year and 2 - year government bond yields of major economies, exchange rates of the US dollar against major emerging - economy currencies, major economy stock indices, credit bond indices, stock index futures trading data, and government bond futures trading data. 3. Summary by Relevant Catalogs 3.1 Global Asset Market Performance - Bond Yields - **10 - Year Government Bond Yields**: On September 23, 2025, the 10 - year government bond yields of the US, UK, France, etc. were 4.107%, 4.679%, 3.563% respectively. The latest changes ranged from - 0.041 (US) to 0.004 (France), with weekly changes from - 0.030 (Switzerland) to 0.078 (US), monthly changes from - 0.155 (US) to 0.065 (France), and annual changes from - 0.220 (Switzerland) to 0.912 (UK) [2]. - **2 - Year Government Bond Yields**: On September 23, 2025, the 2 - year government bond yields of the US, UK, Germany, etc. were 3.570%, 3.950%, 2.019% respectively. The latest changes ranged from 0.000 (US, Japan) to 0.011 (South Korea), with weekly changes from - 0.014 (China 1Y) to 0.058 (Japan), monthly changes from - 0.012 (UK) to 0.084 (Germany), and annual changes from - 0.432 (South Korea) to 0.544 (Japan) [2]. 3.2 Global Asset Market Performance - Exchange Rates - **US Dollar against Major Emerging - Economy Currencies**: On September 23, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.282, 17.245 respectively. The latest changes ranged from - 0.99% (Brazil) to 0.24% (South Korean won), with weekly changes from - 0.54% (South African rand) to 1.09% (South Korean won), monthly changes from - 2.75% (Brazil) to 0.05% (South Korean won), and annual changes from - 5.07% (Brazil) to 4.58% (South Korean won) [2]. - **Renminbi**: On September 23, 2025, the on - shore RMB, off - shore RMB, and the central parity rate were 7.113, 7.113, 7.106 respectively. The latest changes were - 0.02%, - 0.03%, - 0.07% respectively, with weekly changes of - 0.02%, 0.12%, 0.04% respectively, monthly changes of - 0.55%, - 0.56%, - 0.18% respectively, and annual changes of 0.23%, 0.18%, 0.04% respectively [2]. 3.3 Global Asset Market Performance - Stock Indices - **Major Economy Stock Indices**: On September 23, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6656.920, 46292.780, 22573.470 respectively. The latest changes ranged from - 0.95% (NASDAQ) to 0.59% (Mexican stock index), with weekly changes from - 0.03% (Spanish stock index) to 1.21% (German DAX), monthly changes from - 2.24% (German DAX) to 7.29% (Mexican stock index), and annual changes from 5.45% (French CAC) to 31.35% (Spanish stock index) [2]. 3.4 Global Asset Market Performance - Credit Bond Indices - **Credit Bond Indices**: The latest changes of the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. ranged from - 0.03% (euro - zone investment - grade credit bond index) to 0.40% (emerging - economy high - yield credit bond index), with weekly changes from - 0.39% (US investment - grade credit bond index) to 0.27% (euro - zone high - yield credit bond index), monthly changes from 0.26% (euro - zone investment - grade credit bond index) to 1.61% (US investment - grade credit bond index), and annual changes from 3.66% (US investment - grade credit bond index) to 13.30% (emerging - economy high - yield credit bond index) [2][3]. 3.5 Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, etc. were 3821.83, 4519.78, 2919.51 respectively, with changes of - 0.18%, - 0.06%, - 0.09% respectively [4]. - **Valuation**: The PE (TTM) of the CSI 300, SSE 50, and CSI 500 were 14.01, 11.64, 34.17 respectively, with环比 changes of 0.04, 0.07, - 0.25 respectively [4]. - **Fund Flow**: The latest values of the fund flow of A - shares, the main board, and small - and medium - sized enterprise boards were - 1566.78, - 1050.60, etc., with 5 - day average values of - 1037.14, - 806.14, etc. respectively [4]. - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 24943.82, 6805.14, 1689.87 respectively, with环比 changes of 3728.99, 1173.65, 125.86 respectively [4]. - **Main Contract Premium/Discount**: The basis of IF, IH, and IC were - 35.98, 5.49, - 240.11 respectively, with premiums/discounts of - 0.80%, 0.19%, - 3.34% respectively [4]. 3.6 Government Bond Futures Trading Data - **Government Bond Futures**: The closing prices of T00, TF00, T01, and TF01 were 107.715, 105.625, 107.385, 105.505 respectively, with changes of 0.13%, 0.09%, 0.12%, 0.09% respectively [5]. - **Funding Rates**: The funding rates of R001, R007, and SHIBOR - 3M were 1.4619%, 1.5218%, 1.5620% respectively, with daily changes of - 7.00 BP, - 1.00 BP, 0.00 BP respectively [5].

Core Insights - Following the recent interest rate cut by the Federal Reserve, there is an increasing demand for risk assets in the market [1] - Investors are showing heightened interest in stocks and foreign exchange, viewing recent pullbacks as opportunities [1] - Demand for safe-haven assets like gold is declining [1]

Core Insights - AUS GLOBAL will be a diamond sponsor at the Forex Expo Dubai, taking place on October 6-7, 2025, at the Dubai World Trade Center, showcasing its diverse products and innovative solutions [2][5] Company Overview - AUS GLOBAL has established itself with a core philosophy of "stability, safety, and innovation," gaining significant trust from clients through exceptional financial services and a strong global presence [2] - The company is recognized as a leading financial service provider, steadily expanding in global markets while continuously innovating through technology and professional services [2] Product and Service Highlights - AUS GLOBAL will showcase a diverse range of trading products, including forex, precious metals, energy, commodities, US stocks, and European stocks, offering a rich selection for investors [5] - The company provides competitive trading conditions with low spreads and fast execution, creating a superior trading environment for clients [5] - Advanced trading tools utilizing cutting-edge financial technology will be presented, ensuring a more convenient and intelligent trading experience [5] - A dedicated global customer service team will be available 24/7, offering comprehensive support to investors [5] Event Engagement - Attendees at the Forex Expo Dubai will have the opportunity to learn about AUS GLOBAL's latest strategies and market positioning, experience innovative fintech products, engage in face-to-face discussions with company executives and professionals, and explore industry trends and collaboration opportunities [5] - The event serves as a significant platform for AUS GLOBAL to demonstrate its capabilities and vision while continuing to prioritize customer-centric service and drive innovation for global investors [5]