全球超级央行周，释放了哪些信号？（中国篇）

I 11 3 2023 2023 20111290 7.30 7.30 Z0017101 1................................................................................................................1 1.1..........................................1 1.2........................................................3 1.1.1: ........................................................................1 1.1.2: ........................................................................3 1.2.1:2023USDCNYUSDCNH4 1.2.2:“811”.................4 ” 1.2.3:“811 ......................................................................................................................4 1.2.4:20237......................5 1.2.1:20237.......................................................5 1.2.2: .............................................................8 1.2.5: ....................................................................9 1.2.6: ..............................................9 1.2.7: ...................................................10 1.2.8: %................................................11 1.2.9: .................................11 1.2.10: CNY %............................................11 1997 1997 1997 17 11 19 2. 2002 20022 7 5 WTO2. 1. 1030 31 1.1 1. 199711 5 52-3 1.1.1: 1. 3. 1. 3.1.2. 2007 2007 1 19 20 3.4.5. 2012 20121 7 6 3. 4. 2017 20177 415 1. 2. 5. 1. 2. 1 3. 2. 1 23 4 3. 1.1.2: 201216 7 20177 1415 202310 3031 2023 1.2 5.28%5.10%7 2023112 7.31867.3281 2012 2017 1.2.1:2023 USDCNYUSDCNH 7.4500 7.3500 7.2500 7.1500 7.0500 6.9500 6.8500 6.7500 : : 6.6500 : iFinD 1.2.2:811 1.2.3:811 0.0400 0.0200 0.0000 -0.0200 -0.0400 -0.0600 -0.0800 -0.1000 -0.1200 -0.1400 -0.1600 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 30 30 0.00% 30 -USDCNY 30 -USDCNH USDCNYUSDCNH iFinD iFinD 1.2.4:20237 7.40 7.30 7.20 7.10 7.00 6.90 6.80 6.70 7 1.2.1 6.60 1.2.1:20237 2023 5 USDCNY 16:30 BloombergRefinitiv 7 0.06 0.04 0.02 0.00 (0.02) (0.04) (0.06) (0.08) (0.10) (0.12) (0.14) (0.16) 1.2.4 7 71 2023 2023 714 2023 720 1.5 2023 724 2023 2023 1 22023 2023 815 2023 2023 911 2023 4 81 2023822 CMU 2023 391 200 2023824202311 231 150 8 2023824 2024 24 100 2023915 26%4% 91 164 913 926 2023919 2023 CMU 2023 6182 150 20239212024321 100 2023 2022928 020% Q3 2023 927 1011 2023 500 240 160 1019 2023 100 500 2021 200 2022 230 2023 7.30 2023 + 1021 1031 1030 31 2023 112 2023 1.2.2: 1 /31.10341 ∗=/ 8 1.2.5: Bloomberg 1.2.6: Bloomberg 120231121=31.1034 1.2.7: 7.80 7.60 7.40 7.20 7.00 6.80 6.60 6.40 6.20 6.00 5.80 - : 15 15 iFinD 2 0.60 0.50 0.40 0.30 0.20 0.10 0.00 -0.10 -0.20 -0.30 -0.40 20239 9 62.7% 0.6% 51.7%7.3% 7.9% 6.0% 20207 1.2.8: % 74.006.00 72.004.00 70.002.00 68.000.00 66.00-2.00 64.00-4.00 62.00-6.00 60.00-8.00 iFinD 58.00-10.00 3 CNY 1.2.9: 1.2.10: CNY % 700.0000 600.0000 500.0000 400.0000 300.0000 200.0000 100.0000 0.0000 : :5 :10 1.00 0.80 0.60 0.40 0.20 0.00 (0.20) 2022/12/27 2023/1/27 2023/2/27 2023/3/27 2023/4/27 2023/5/27 2023/6/27 2023/7/27 2023/8/27 2023/9/27 2023/10/27 1W1M3M1Y iFinD Bloomberg 1.1 1.2 7.30 I2023113 / 136 310008 4008888910 www.nanhua.net 603093