just now, the rmb rose to "break through 7"
2024-09-25
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the rmb has risen sharply. as of press time on september 25, the offshore rmb has regained the 7.0 mark against the us dollar, reaching a high of 6.9993, the first time since may last year.
according to the securities times, at the "one bank, one commission, and one bureau" press conference on september 24, pan gongsheng, governor of the people's bank of china, said that the monetary policies of major economies have been adjusted recently, the pressure on the depreciation of the rmb exchange rate has been significantly alleviated, and it has turned to appreciation.
pan gongsheng announced a number of incremental monetary policies at a press conference held by the state council information office, including: lowering the reserve requirement ratio and the policy interest rate, and driving the market benchmark interest rate downward; lowering the interest rate on existing mortgage loans and unifying the minimum down payment ratio for mortgage loans; and creating new monetary policy tools to support the stable development of the stock market.
according to securities daily, on september 19, the federal reserve cut interest rates by 50 basis points, exceeding market expectations, and officially shifted its monetary policy. under this influence, the rmb exchange rate strengthened again. as the federal reserve has substantially turned to cutting interest rates in september and expects to cut interest rates twice more this year, the appreciation channel of the rmb exchange rate against the us dollar has also been opened.
on september 24, local time, the three major u.s. stock indexes closed higher, with the dow jones industrial average setting a record closing high for the fourth consecutive day, and the s&p 500 setting a record closing high for the second consecutive day. it is worth noting that chinese stocks soared, with the nasdaq china golden dragon index (hxc) closing up 9.13%, the largest single-day increase since 2022.
bilibili rose more than 17%, tencent music rose more than 16%, iqiyi rose more than 14%, jd.com rose more than 13%, xpeng motors, weibo, nio, li auto, futu holdings, and pinduoduo rose more than 11%, manbang rose more than 10%, vipshop and netease rose more than 8%, and alibaba and baidu rose more than 7%.
the 3x long ftse china etf-direxion closed up nearly 30%, the 2x long sse china internet stock etf-direxion rose more than 20%, the kraneshares china overseas internet etf rose more than 10%, and the china large cap etf-ishares rose more than 9%.
according to china securities journal, soochow securities stated that with the federal reserve's interest rate cut now in place and a combination of domestic financial policies being implemented, market risk appetite has been significantly repaired, and hong kong stocks and a-shares will gradually move out of the bottom area.
source: national business daily, china securities journal, securities times, securities daily, public information
review | hao junshi
editor | wu jin
proofreading | yu zemiao
