<p>中国人民币在周四从对美元的 32 个月高点回落，因为北京在美元从四年低点反弹后设定了较弱的汇率中间价。</p>
<p>截至格林威治标准时间 0333，人民币对美元的交易价格为 6.9476，比前一个交易日的收盘价低了一个点，早盘交易时一直处于狭窄区间。</p>
<p>离岸人民币对美元的交易价格为 6.9442，亚洲交易中下跌约 0.01%。</p>
<p>这种疲软是由于美元在隔夜从四年低点反弹，因美联储维持利率不变，并暗示在进一步降低借贷成本之前将有较长的等待期。</p>
<p>中国招商银行的分析师在一份报告中表示，由于美元指数已经接近 96 水平，且没有新的基本面负面因素，市场将采取 “观望” 态度。</p>
<p>他们补充道：“然而，美元的下跌远未结束，美国的 ‘不可预测性’ 仍然笼罩在市场之上。”</p>
<p>“利率削减的暂时暂停可能会帮助市场小幅反弹，但这可能只会为市场提供做空的机会。”</p>
<p>本月人民币对美元上涨 0.7%，继 2025 年上涨 4.5% 之后，受到美元走弱和出口商年末需求增加等积极因素的推动。</p>
<p>在美元走强的背景下，中国人民银行在市场开盘前设定了 6.9771 的中间价。这使得人民币汇率从 32 个月高点回落，较路透社的预估低 250 个点。</p>
<p>即期人民币每天允许在固定中间价的上下 2% 范围内交易。</p>
<p>中央银行逐渐加强了每日人民币官方指导，但水平低于市场预期，表明其允许一定程度的升值，并抑制对人民币快速升值的单边押注，交易员和分析师表示。</p>
<p>中国银河证券的分析师在一份报告中表示：“我们预计人民币将继续表现出稳定和适度的升值，预计到年底美元/人民币汇率将达到 6.7。”</p>
<p>在岸与离岸的关键水平：</p>
<ul>
<li>隔夜美元/人民币掉期在岸-4.90 点，离岸-4.90 点</li>
<li>三个月 SHIBOR（SHIBOR=）1.6% vs. 三个月 CNH HIBOR 1.8%</li>
</ul>
<p>03:32 GMT 的水平</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>工具</td>
<td>当前对美元</td>
<td>与前一收盘的涨跌幅%</td>
<td>年初至今的变化%</td>
<td>当天最高</td>
<td>当天最低</td>
</tr>
<tr>
<td>即期人民币</td>
<td>6.9476</td>
<td>-0.02</td>
<td>0.67</td>
<td>6.9465</td>
<td>6.952</td>
</tr>
<tr>
<td>离岸人民币即期</td>
<td>6.9441</td>
<td>-0.01</td>
<td>0.47</td>
<td>6.9388</td>
<td>6.9475</td>
</tr>
</tbody>
</table>

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A博时人民币

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<p>人民币兑美元从 32 个月来的高点回落，交易价为 6.9476，因美元在美联储暂停降息后反弹。分析师建议采取 “观望” 态度，预计人民币将继续适度升值，可能在年底前达到 6.7。中国人民银行将中间价设定为 6.9771，表明其定价低于市场预期。本月人民币上涨了 0.7%，受到美元走弱和出口商需求增加的支持</p>

<p>China's yuan eased on Thursday from a 32-month peak against the dollar, as Beijing set the currency fixing weaker after the greenback's rebound from a four-year low.</p>
<div class="lb-trans"><p>中国人民币在周四从对美元的 32 个月高点回落，因为北京在美元从四年低点反弹后设定了较弱的汇率中间价。</p>
</div><p>The yuan  was trading at 6.9476 to the dollar by 0333 GMT, a pip lower than the previous late session close, after being stuck in a tight range in early trade.</p>
<div class="lb-trans"><p>截至格林威治标准时间 0333，人民币对美元的交易价格为 6.9476，比前一个交易日的收盘价低了一个点，早盘交易时一直处于狭窄区间。</p>
</div><p>The offshore yuan traded at 6.9442 yuan per dollar , down about 0.01% in Asian trade.</p>
<div class="lb-trans"><p>离岸人民币对美元的交易价格为 6.9442，亚洲交易中下跌约 0.01%。</p>
</div><p>The weakness followed the greenback's rebound from a four-year low overnight, after the Federal Reserve held interest rates steady and signalled a lengthy wait before further reductions in borrowing costs.</p>
<div class="lb-trans"><p>这种疲软是由于美元在隔夜从四年低点反弹，因美联储维持利率不变，并暗示在进一步降低借贷成本之前将有较长的等待期。</p>
</div><p>As the dollar index  has already fallen near the 96 level and there are no new fundamental negatives, the market will adopt a &#34;wait-and-see&#34; approach for now, analysts at China Merchants Bank said in a note.</p>
<div class="lb-trans"><p>中国招商银行的分析师在一份报告中表示，由于美元指数已经接近 96 水平，且没有新的基本面负面因素，市场将采取 “观望” 态度。</p>
</div><p>&#34;However, the decline of the dollar is far from over, with U.S. 'unpredictability' still hanging over the market,&#34; they added.</p>
<div class="lb-trans"><p>他们补充道：“然而，美元的下跌远未结束，美国的 ‘不可预测性’ 仍然笼罩在市场之上。”</p>
</div><p>&#34;A temporary pause in rate cuts might help with a modest rebound, but it would likely only create an opportunity for markets to go short.&#34;</p>
<div class="lb-trans"><p>“利率削减的暂时暂停可能会帮助市场小幅反弹，但这可能只会为市场提供做空的机会。”</p>
</div><p>The yuan is up 0.7% against the dollar this month, following a rise of 4.5% in 2025, fuelled by positive factors, such as a weaker greenback and increased year-end demand from exporters.</p>
<div class="lb-trans"><p>本月人民币对美元上涨 0.7%，继 2025 年上涨 4.5% 之后，受到美元走弱和出口商年末需求增加等积极因素的推动。</p>
</div><p>Following the dollar's strength, the People's Bank of China set the midpoint rate  at 6.9771 per dollar prior to the market open. That helped the fixing to come off from a 32-month peak, to stand 250 pips weaker than a Reuters' estimate.</p>
<div class="lb-trans"><p>在美元走强的背景下，中国人民银行在市场开盘前设定了 6.9771 的中间价。这使得人民币汇率从 32 个月高点回落，较路透社的预估低 250 个点。</p>
</div><p>The spot yuan is allowed to trade 2% either side of the fixed midpoint each day.</p>
<div class="lb-trans"><p>即期人民币每天允许在固定中间价的上下 2% 范围内交易。</p>
</div><p>The central bank has gradually beefed up its daily yuan official guidance but at levels weaker than market projections, suggesting it is allowing some appreciation and discouraging one-way bets on rapid yuan gains, traders and analysts said.</p>
<div class="lb-trans"><p>中央银行逐渐加强了每日人民币官方指导，但水平低于市场预期，表明其允许一定程度的升值，并抑制对人民币快速升值的单边押注，交易员和分析师表示。</p>
</div><p>&#34;We expect the yuan will continue to demonstrate steady and moderate appreciation, with the USD/CNY exchange rate reaching to 6.7 by year-end,&#34; analysts at China Galaxy Securities said in a note.</p>
<div class="lb-trans"><p>中国银河证券的分析师在一份报告中表示：“我们预计人民币将继续表现出稳定和适度的升值，预计到年底美元/人民币汇率将达到 6.7。”</p>
</div><p>Key onshore vs offshore levels:</p>
<div class="lb-trans"><p>在岸与离岸的关键水平：</p>
</div><ul>
<li>Overnight dollar/yuan swap onshore -4.90 pips vs. offshore -4.90</li>
<li>Three-month SHIBOR (SHIBOR=) 1.6 % vs. 3-month CNH HIBOR 1.8 %</li>
</ul>
<div class="lb-trans"><ul>
<li>隔夜美元/人民币掉期在岸-4.90 点，离岸-4.90 点</li>
<li>三个月 SHIBOR（SHIBOR=）1.6% vs. 三个月 CNH HIBOR 1.8%</li>
</ul>
</div><p>LEVELS AT 03:32 GMT GMT</p>
<div class="lb-trans"><p>03:32 GMT 的水平</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>INSTRUMENT</td>
<td>CURRENT vs USD</td>
<td>UP/DOWN(-) VS. PREVIOUS CLOSE %</td>
<td>% CHANGE YR-TO-DATE</td>
<td>DAY'S HIGH</td>
<td>DAY'S LOW</td>
</tr>
<tr>
<td>Spot yuan</td>
<td>6.9476</td>
<td>-0.02</td>
<td>0.67</td>
<td>6.9465</td>
<td>6.952</td>
</tr>
<tr>
<td>Offshore yuan spot</td>
<td>6.9441</td>
<td>-0.01</td>
<td>0.47</td>
<td>6.9388</td>
<td>6.9475</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>工具</td>
<td>当前对美元</td>
<td>与前一收盘的涨跌幅%</td>
<td>年初至今的变化%</td>
<td>当天最高</td>
<td>当天最低</td>
</tr>
<tr>
<td>即期人民币</td>
<td>6.9476</td>
<td>-0.02</td>
<td>0.67</td>
<td>6.9465</td>
<td>6.952</td>
</tr>
<tr>
<td>离岸人民币即期</td>
<td>6.9441</td>
<td>-0.01</td>
<td>0.47</td>
<td>6.9388</td>
<td>6.9475</td>
</tr>
</tbody>
</table>
</div>

由于美联储暂停后美元反弹，人民币从 32 个月来的高点回落