Core Viewpoint - The offshore RMB surged against the USD, reaching a high of 7.1182, the first time breaking 7.12 since November 6, 2024, driven by stable exchange rate policies, strong domestic equity market performance, and rising expectations for Fed rate cuts [2][3][4]. Group 1: RMB Exchange Rate Movement - On August 28, the offshore RMB/USD exchange rate rose sharply, with a daily increase of over 340 points, peaking at 7.1182 [2][3]. - As of August 29, the offshore RMB was reported at 7.12045, up 320 points from the previous New York close, trading within a range of 7.1551 to 7.1182 [3]. Group 2: Factors Supporting RMB Strength - Analysts attribute the RMB's strength to a balanced exchange rate policy, good performance in domestic equity markets attracting foreign capital, and expectations of Fed rate cuts [4][5]. - If the Fed proceeds with rate cuts, it may weaken the USD, further alleviating external pressures on the RMB and potentially benefiting capital inflows into Chinese securities [4]. Group 3: Fed Rate Cut Expectations - Fed Governor Waller expressed support for a 25 basis point rate cut in September, with further cuts expected in the next 3-6 months, influenced by economic data [6][7]. - Market expectations for a 25 basis point cut in September have risen to 89%, with a cumulative cut of 55 basis points anticipated by year-end [7].

每经AI快讯，8月20日，离岸人民币(CNH)兑美元报7.1871元，较周一纽约尾盘涨4点，日内整体交投于 7.1919-7.1822元区间。 ...

Group 1 - The "Big and Beautiful" tax and spending bill proposed by President Trump faces delays in the Senate, with a vote postponed to June 30, and is estimated to increase U.S. national debt by $3.3 trillion over the next decade according to the Congressional Budget Office [1] - The U.S. Treasury Secretary stated that there is no reason to increase the issuance of long-term national debt given current yield levels, but hopes for a decline in yields as inflation slows [1] - The European Central Bank maintains a 2% inflation target and considers the harmonized consumer price index (HICP) as an appropriate measure, while also suggesting the inclusion of owner-occupied housing costs in inflation statistics [3] Group 2 - Germany's June CPI rose by 2% year-on-year, reaching the European Central Bank's target level for the first time in nearly a year [4] - The U.S. Federal Reserve official reiterated expectations for a rate cut this year, with three rate cuts anticipated next year [2] - The U.S. White House announced the resumption of trade negotiations with Canada following the cancellation of the digital services tax [1]

Core Viewpoint - The offshore Chinese yuan (CNH) has strengthened against the US dollar, closing at 7.1791, marking a rise of 69 points from the previous New York session, indicating a positive trend over the last two trading days [1] Summary by Category - **Currency Performance** - The offshore yuan (CNH) traded at 7.1791 against the US dollar, reflecting a gain of 69 points from the previous close [1] - The currency has shown a strengthening trend for two consecutive trading days [1] - The trading range for the day was between 7.1876 and 7.1742 [1]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.7% at 42,215.8 points, the S&P 500 down 0.84% at 5,982.72 points, and the Nasdaq down 0.91% at 19,521.09 points [1] - Major tech stocks experienced declines, with Tesla down nearly 4%, Apple down over 1%, and Microsoft, Nvidia, Google, Netflix, Amazon, and Meta showing slight decreases; Intel saw a slight increase [1] - Most popular Chinese concept stocks fell, with Hesai down over 6%, WeRide down over 5%, Li Auto down over 4%, Tencent Music down over 3%, and Bilibili down over 2% [1] - European stock indices also closed lower, with Germany's DAX down 1.12% at 23,434.65 points, France's CAC40 down 0.76% at 7,683.73 points, and the UK's FTSE 100 down 0.46% at 8,834.03 points [1] Commodity Prices - International oil prices surged, with U.S. crude oil main contract up 4.97% at $73.74 per barrel and Brent crude oil main contract up 4.96% at $76.86 per barrel [1] - International precious metal futures closed mixed, with COMEX gold futures down 0.32% at $3,406.50 per ounce and COMEX silver futures up 2.01% at $37.18 per ounce [1] - Most London base metals declined, with LME aluminum up 1.25% at $2,545.00 per ton, LME copper down 0.34% at $9,670.00 per ton, LME zinc down 0.81% at $2,636.50 per ton, LME nickel down 0.89% at $14,935.00 per ton, LME tin down 1.13% at $32,250.00 per ton, and LME lead down 1.57% at $1,976.00 per ton [1] Bond Market - U.S. Treasury yields collectively fell, with the 2-year yield down 2.51 basis points at 3.939%, the 3-year yield down 3.91 basis points at 3.886%, the 5-year yield down 5.27 basis points at 3.977%, the 10-year yield down 6.92 basis points at 4.377%, and the 30-year yield down 7.36 basis points at 4.883% [1] - European bond yields generally rose, with the UK 10-year yield up 1.7 basis points at 4.548%, France's 10-year yield up 1.5 basis points at 3.246%, Germany's 10-year yield up 0.8 basis points at 2.531%, Italy's 10-year yield up 3.3 basis points at 3.484%, and Spain's 10-year yield up 2.3 basis points at 3.162% [1]

Market Performance - The three major U.S. stock indices all closed lower, with the Dow Jones down 1.79% at 42,197.79 points, the S&P 500 down 1.13% at 5,976.97 points, and the Nasdaq down 1.3% at 19,406.83 points [1] - Major tech stocks mostly declined, with Intel down over 3%, Nvidia down over 2%, and Apple, Meta down more than 1%. Microsoft, Netflix, Google, and Amazon saw slight declines, while Tesla rose about 2% [1] - Popular Chinese concept stocks mostly fell, with Xpeng Motors down over 5%, Alibaba, Bilibili, and Li Auto down over 3%, and JD.com, Pinduoduo, and Baidu down over 2% [1] - European stock indices also fell across the board, with Germany's DAX down 1.07% at 23,516.23 points, France's CAC40 down 1.04% at 7,684.68 points, and the UK's FTSE 100 down 0.39% at 8,850.63 points [1] Commodity Prices - International oil prices surged, with U.S. oil main contract up 7.55% at $73.18 per barrel and Brent oil main contract up 7.5% at $74.56 per barrel [1] - International precious metal futures generally rose, with COMEX gold futures up 1.48% at $3,452.60 per ounce and COMEX silver futures up 0.21% at $36.37 per ounce [1] Currency and Bond Markets - The U.S. dollar index rose 0.29% to 98.15, while the offshore RMB fell 164.1 basis points against the dollar to 7.18955 [1] - U.S. Treasury yields collectively increased, with the 2-year yield up 4.81 basis points at 3.945%, the 3-year yield up 4.17 basis points at 3.900%, the 5-year yield up 4.20 basis points at 4.003%, the 10-year yield up 4.54 basis points at 4.405%, and the 30-year yield up 5.36 basis points at 4.896% [1] - European bond yields also rose, with the UK 10-year yield up 7.4 basis points at 4.548%, France's 10-year yield up 7.2 basis points at 3.250%, Germany's 10-year yield up 5.9 basis points at 2.531%, Italy's 10-year yield up 7.9 basis points at 3.481%, and Spain's 10-year yield up 8.1 basis points at 3.154% [1]

Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones remaining flat at 42,761.76 points, the S&P 500 rising by 0.09% to 6,005.88 points, and the Nasdaq increasing by 0.31% to 19,591.24 points [1] - Major tech stocks mostly rose, with Tesla up over 4%, Intel up over 2%, and Google and Amazon both rising over 1%. Apple and Netflix fell over 1%, while Meta experienced a slight decline [1] - Popular Chinese concept stocks mostly gained, with Kingsoft Cloud rising nearly 10%, iQIYI up over 4%, and Bilibili, Xpeng Motors, and Baidu all increasing over 3%. JD.com and NetEase rose over 2% [1] European Market - European stock indices closed slightly lower, with the German DAX down 0.54% to 24,174.32 points, the French CAC40 down 0.17% to 7,791.47 points, and the UK FTSE 100 down 0.06% to 8,832.28 points [1] Commodity Prices - International oil prices strengthened, with the main U.S. oil contract rising by 1.24% to $65.38 per barrel and the Brent crude oil contract increasing by 0.96% to $67.11 per barrel [1] - International precious metal futures closed mixed, with COMEX gold futures flat at $3,346.70 per ounce and COMEX silver futures rising by 2.12% to $36.91 per ounce [1] Currency and Bond Market - The U.S. dollar index fell by 0.19% to 99.01, while the offshore RMB appreciated by 57.1 basis points against the dollar to 7.1828 [1] - U.S. Treasury yields fell across the board, with the 2-year yield down 4.15 basis points to 3.993%, the 3-year yield down 4.27 basis points to 3.980%, the 5-year yield down 4.39 basis points to 4.079%, the 10-year yield down 3.18 basis points to 4.474%, and the 30-year yield down 2.99 basis points to 4.939% [1] - European bond yields generally declined, with the UK 10-year yield down 1.2 basis points to 4.630%, the French 10-year yield down 0.5 basis points to 3.238%, the German 10-year yield down 0.9 basis points to 2.562%, the Italian 10-year yield down 1.3 basis points to 3.485%, and the Spanish 10-year yield down 0.7 basis points to 3.142% [1]

Market Performance - The three major US stock indices closed lower, with the Dow Jones down 0.61% at 41,603.07 points, the S&P 500 down 0.67% at 5,802.82 points, and the Nasdaq down 1% at 18,737.21 points [1] - Popular tech stocks experienced declines, with Apple dropping over 3%, and Nvidia, Microsoft, Google, and Meta each falling over 1% [1] - European stock indices also closed lower, with the German DAX down 1.54% at 23,629.58 points, the French CAC40 down 1.65% at 7,734.4 points, and the UK FTSE 100 down 0.24% at 8,717.97 points [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 1.90% at $3,357.70 per ounce and COMEX silver futures up 1.27% at $33.64 per ounce [1] - International oil prices strengthened, with the main US oil contract rising 0.92% to $61.76 per barrel and Brent crude rising 0.92% to $65.03 per barrel [1] - London base metals saw an overall increase, with LME lead up 1.22% at $1,994.00 per ton, LME copper up 1.19% at $9,614.00 per ton, and LME aluminum up 0.41% at $2,466.00 per ton [1] Bond Market - US Treasury yields fell across the board, with the 2-year yield down 0.43 basis points at 3.982%, the 10-year yield down 2.26 basis points at 4.506%, and the 30-year yield down 0.29 basis points at 5.038% [1] - European bond yields also declined, with the UK 10-year yield down 6.8 basis points at 4.679%, the French 10-year yield down 6 basis points at 3.258%, and the German 10-year yield down 7.6 basis points at 2.565% [1]

Market Performance - The three major US stock indices all closed higher, with the Dow Jones up 0.78% at 42654.74 points, the S&P 500 up 0.7% at 5958.38 points, and the Nasdaq up 0.52% at 19211.1 points [1] - Major tech stocks mostly rose, with Tesla increasing over 2%, Netflix and Google up over 1%, while Apple and Meta saw slight declines [1] - Popular Chinese concept stocks mostly rose, with Niu Technologies up 12%, Bilibili up nearly 7%, and NIO up nearly 3%, while NetEase and JD.com fell over 2% [1] - European stock indices also closed higher, with the UK FTSE 100 up 0.59%, Germany's DAX up 0.3%, and France's CAC 40 up 0.42% [1] Commodity Prices - International oil prices strengthened, with the main US oil contract up 1.28% at $61.93 per barrel, and Brent crude up 1.24% at $65.33 per barrel [1] - International precious metal futures generally fell, with COMEX gold futures down 0.66% at $3205.30 per ounce, and COMEX silver futures down 0.76% at $32.43 per ounce [1] Currency and Bond Markets - The US dollar index rose 0.15% to 100.9828, while the offshore RMB fell 53 basis points to 7.2098 against the US dollar [1] - US Treasury yields collectively rose, with the 2-year yield up 3.23 basis points at 3.995%, the 10-year yield up 4.35 basis points at 4.477%, and the 30-year yield up 4.69 basis points at 4.937% [1] - European bond yields also rose, with the UK 10-year yield up 1.4 basis points at 4.077%, France's 10-year yield up 3.4 basis points at 2.936%, and Germany's 10-year yield up 3.7 basis points at 2.458% [1]

Market Performance - The three major US stock indices saw significant gains, with the Dow Jones up 2.81% at 42,410.1 points, the S&P 500 up 3.26% at 5,844.19 points, and the Nasdaq up 4.35% at 18,708.34 points [1] - Major tech stocks mostly rose, with Amazon increasing over 8%, Meta over 7%, Apple and Tesla over 6%, Nvidia over 5%, Google and Intel over 3%, and Microsoft over 2%, while Netflix fell over 2% [1] - Popular Chinese concept stocks experienced broad gains, with WeRide up over 27%, Pony.ai nearly 12%, Xiaopeng Motors and Bilibili nearly 8%, JD.com, Pinduoduo, and Li Auto over 6%, and NIO, Alibaba, and Baidu over 5% [1] - European stock indices closed higher across the board, with Germany's DAX up 0.29% at 23,566.54 points, France's CAC40 up 1.37% at 7,850.1 points, and the UK's FTSE 100 up 0.59% at 8,604.98 points [1] Commodity Prices - International oil prices strengthened, with the main US oil contract rising 1.54% to $61.96 per barrel and the Brent crude oil main contract up 1.63% to $64.95 per barrel [1] - International precious metal futures generally declined, with COMEX gold futures down 3.06% at $3,241.80 per ounce and COMEX silver futures down 0.36% at $32.80 per ounce [1] - London base metals showed mixed results, with LME aluminum up 2.15% at $2,470.00 per ton, LME tin up 2.00% at $32,425.00 per ton, and LME copper up 0.67% at $9,502.00 per ton, while LME lead fell 1.01% to $1,965.50 per ton and LME nickel dropped 1.89% to $15,550.00 per ton [1] Bond Market - US Treasury yields rose across the board, with the 2-year yield up 11.93 basis points at 4.0082%, the 3-year yield up 12.59 basis points at 4.0067%, the 5-year yield up 10.92 basis points at 4.1117%, the 10-year yield up 9.05 basis points at 4.4729%, and the 30-year yield up 6.87 basis points at 4.906% [1] - European bond yields also increased, with the UK 10-year yield up 7.6 basis points at 4.640%, France's 10-year yield up 6.1 basis points at 3.324%, Germany's 10-year yield up 8.6 basis points at 2.645%, Italy's 10-year yield up 6.8 basis points at 3.675%, and Spain's 10-year yield up 6.8 basis points at 3.271% [1]