As Congress exerts pressure and the 60-day deadline approaches, a senior U.S. official claimed that hostile actions against Iran have concluded.
Despite senior officials of the Trump administration claiming that "hostilities have ended," the U.S. blockade targeting the Strait of Hormuz has not ceased, with the U.S. Defense Secretary even asserting that Congressional authorization is unnecessary to continue the operation...
Express News | U.S. government officials: 'Hostilities that began on February 28 have ended.'
The DOJ dropped the case, Wash entered the scene, and next week’s FOMC — the countdown to a new Fed Chair begins, heralding the arrival of an era without forward guidance.
As Powell's tenure draws to a close, his successor Warsh aims to dismantle the 'forward guidance' and dot plot. This signifies the potential collapse of a 15-year foundation for global asset pricing. The premium on certainty is coming to an end, and equity, bond, and currency markets are about to lose their 'anchor.' A storm affecting the pricing models of all assets has quietly begun.
Trump stated that he would not extend the ceasefire and threatened to resume bombing Iran. Reports indicate that Iran will not participate in the negotiations scheduled for the 22nd, and Vance has postponed his attendance.
After Trump's threat of bombing, the three major U.S. stock indices turned to losses. After news spread that Vance postponed his trip, the three major indices hit new daily lows. A member of Iran's parliamentary presidium stated that there would be no second round of negotiations until the maritime blockade is resolved; an Iranian parliamentary official mentioned that if diplomatic language proves ineffective, they will choose to continue hostilities. Pakistani sources claimed that relevant U.S. negotiators have arrived in Pakistan one after another; American media reported that Vance is still in Washington and will attend a White House meeting, while his delay in traveling to Islamabad is due to internal Iranian disagreements over whether to participate in a new round of peace talks.
Goldman Sachs: The interest rate market is overly 'hawkish,' and a rebound in the stock market does not need to 'solve problems,' only that 'the impact has reached its limit.'
Goldman Sachs believes that the market has clearly overpriced the tightening of monetary policy, and for the stock market to bottom out and rebound, it does not need to wait for the crisis to be completely resolved; it only requires the market to be able to see the boundaries of downside risks.
Bank of America warned that U.S. equities, bonds, and gold may face pressure in Q2, while the U.S. dollar and oil prices could emerge as winners.
The new outlook released by BofA Securities shows that stocks, bonds, and gold will face challenges in the second quarter, with the dollar and oil markets expected to strengthen.
U.S.-Iran Tensions: Trump States Key Agreement Points Reached with Iran, Postpones Military Strike by Five Days; Iran Denies Speaker's Negotiations with U.S., Combat to Continue
Regarding U.S. President Trump's statement today (March 23) that "the United States and Iran have held very good and productive talks," according to a report by Iran's Fars News Agency citing sources, "there has been no direct communication between Iran and the United States, nor any communication through mediation."
State Street Bank: Middle East conflicts reshape safe-haven demand, institutional dollar buying hits a two-year high.
State Street Bank noted that demand for the US dollar reached a nearly two-year high.
Express News | Pan Gongsheng: China has no need and no intention of gaining trade competitive advantages through exchange rate depreciation.
Bullish bets double, with potential for another 5% rise this year? The renminbi charts an independent course—what’s next?
Citi, Standard Chartered, and other foreign banks have observed a surge in bullish bets on the renminbi in the options market, with traders widely setting the year-end target at 6.50. Institutions such as Xingzheng and GF Macro have pointed out that the core driver is the release of substantial foreign exchange settlement demand (nearly US$200 billion in net settlements over the past two months) combined with fundamental resonance. GF Macro expects further appreciation within the year but with increased two-way volatility, stabilizing at around 6.85-6.87 by year-end. Regulatory authorities have initiated counter-cyclical adjustments to prevent excessive fluctuations.
20%→0! The central bank adjusts this foreign exchange policy after a 3-year interval.
The central bank announced the reduction of the foreign exchange risk reserve ratio for forward sales business to 0.
Express News | PBOC: Foreign exchange risk reserve ratio for forward sales business reduced to 0
Major announcement by Trump: Tariffs increase from 10% to 15%!
On February 21 local time, U.S. President Trump posted on his social platform 'Truth Social' that he would increase the tariff rate on global goods from 10% to 15%.
Big trading bonuses during the Spring Festival: in addition to AI, consumption and the renminbi also stand out.
During the Spring Festival in 2026, China's consumer market sent positive signals: the repair of household balance sheets drove structural recovery, high-income groups showed strong spending intentions, and AI tools were deeply integrated into daily life. The appreciation of the renminbi breaking through the 6.9 threshold increased risk appetite but also exacerbated profit divergence among enterprises. Rising upstream costs are forcing industries to deflate bubbles, and companies with pricing power and high-quality experiences will become more investment-worthy.
The RMB continues its appreciation trend, and the benefits to Chinese assets are becoming increasingly clear, with Hong Kong stocks and A-shares expected to benefit sequentially.
The appreciation of the renminbi has become a market consensus, with chief economists from domestic and international institutions such as Deutsche Bank forecasting that the USD/CNY exchange rate may reach 6.7 by the end of the year. Amid the appreciation trend, China’s assets are expected to benefit from inflows of international capital, with Hong Kong stocks and A-shares likely to see gains, while the impact on bond yields will be more complex.
The U.S. Treasury Secretary stated that the President has the authority to 'intervene' in the Federal Reserve and consistently supports a strong dollar policy.
U.S. Treasury Secretary Bessent said on Wednesday at a congressional hearing that the president has the authority to influence the Federal Reserve's decision-making process.
Will the short-term rebound of the US dollar fail to reverse its long-term weakness? It may be an opportune time to establish short positions!
TD Securities' foreign exchange strategists noted that U.S. economic data will enter a traditionally robust period this month, making it highly likely for the U.S. dollar to continue its rebound. However, the case for being bearish on the dollar remains stronger, and clients are advised to establish short positions on the rebound...
Wash nominations reshape the global asset pricing system, and institutions claim that triple benefits will help boost Hong Kong stocks.
The brokerage recommends that investors seize the triple convergence opportunities of southbound capital inflows, valuation discounts, and improved exchange rate environment. Priority should be given to deploying leading technology companies, internet platforms, energy resources, and financial sectors with both dividend capacity and growth attributes. Investors should remain vigilant about the risks of a simultaneous downturn in stocks, bonds, and currencies, as well as geopolitical conflicts' impact on exchange rate stability.
Europe's largest asset manager: We are continuously increasing our gold holdings as capital is fleeing the US dollar.
Europe's largest asset manager has pointed out that the United States' tendency toward isolationism, massive fiscal deficits, and the uncertainty of Federal Reserve policies are driving global investors to reduce their holdings of dollar-denominated assets and shift toward gold. Its Chief Investment Officer confirmed that they have been allocating gold for two and a half years and anticipate this trend will continue.
The 'Mar-a-Lago Agreement' Reappears! A Comprehensive Analysis: What Does 'US-Japan Cooperation to Support the Yen' Imply?
① Historically, U.S. interventions in the foreign exchange market have been extremely rare, with only a few instances occurring in recent decades; ② however, an intervention in the foreign exchange market at this juncture could align with the Trump administration's approach to more actively managing the United States' global financial relationships.