瑞郎/港币 (CHFHKD) 加自选

随着通货膨胀率下降，瑞士法郎大幅上涨，瑞士央行面临困境——荷兰合作银行。荷兰合作银行外汇分析师Jane Foley指出，瑞士法郎的强劲表现和温和的通胀提高了人们对瑞士央行行动的预期，而欧元最近的强势现在正受到经济逆风和对欧洲央行未来降息的猜测的审查。

CHF rallies sharply as inflation falls, SNB faces dilemma – Rabobank.The Swiss franc's strong performance and soft inflation have raised expectations of SNB action, while the euro's recent strength is now under scrutiny amid economic headwinds and speculation about future ECB cuts, Rabobank's FX analyst Jane Foley notes.

瑞士央行Schlegel表示愿意重新审视负利率。瑞士央行主席马丁·施莱格尔表示，虽然央行不赞成负利率，但如有必要，它仍做好充分准备重新引入负利率。

SNB' Schlegel signals willingness to revisit negative rates.SNB Chairman Martin Schlegel said that while the central bank does not favor negative interest rates, it remains fully prepared to reintroduce them if necessary.

瑞士国家银行是否感到紧张？–德国商业银行。昨日公布的瑞士4月通胀数据可能再次加剧瑞士国家银行（SNB）的担忧。德国商业银行外汇分析师Michael Pfister指出，不仅整体利率同比降至0%（现在距离通货紧缩只有一步之遥），而且核心利率也出人意料地大幅下降，这表明最近的上升趋势可能终究是不可持续的。

Is the Swiss National Bank getting nervous? – Commerzbank.Yesterday's Swiss inflation figures for April are likely to have heightened the concerns of the Swiss National Bank (SNB) once again. Not only did the headline rate fall to 0% year-on-year (and now just one step away from deflation), but the core rate also fell surprisingly sharply, suggesting that the recent uptrend may not be sustainable after all, Commerzbank's FX analyst Michael Pfister notes.

周二，恒生指数上涨158点，涨幅0.7%，收于22663点的一个月高点，标志着在贸易紧张局势缓解的迹象下连续第四次上涨。特朗普总统周日表示，美国正在与包括中国在内的几个国家就贸易协议进行接触。在当地，香港经济在2025年第一季度同比增长3.1%，这是五个季度以来最强劲的增长速度，这是受美国计划上调关税之前强劲的旅游业和强劲的出口推动的。人民币反弹至一个半月高点，香港金融管理局为支持美元而进行的干预也提振了市场情绪。然而，数据显示，在关税风险的影响下，中国4月份的服务业活动增长是7个月来最低的，这限制了涨幅。与此同时，美国期货在美联储政策会议之前略有下跌，预计周三将作出利率决定。大多数行业上涨，金融、消费者和房地产领涨。农夫山泉股价上涨6.8%，紧随其后的是周大福（5.7%）、金沙中国（5.2%）和美团（4.6%）。

The Hang Seng advanced 158 points or 0.7% to end at a one-month peak of 22,663 on Tuesday, marking its fourth straight gain amid signs of easing trade tensions. President Trump said Sunday that the U.S. was engaging with several countries, including China, on trade deals. Locally, Hong Kong’s economy grew 3.1% yoy in Q1 2025—the strongest pace in five quarters—driven by strong tourism and robust exports ahead of planned U.S. tariff hikes. A rally in the yuan to a 1-1/2-month high and intervention by the Hong Kong Monetary Authority to support the local dollar also lifted sentiment. However, gains were capped by data showing China’s services activity in April grew the least in seven months amid tariff risks. Meanwhile, U.S. futures dipped slightly ahead of the Fed’s policy meeting, with a rate decision expected Wednesday. Most sectors advanced, led by financials, consumers, and property. Nongfu Spring jumped 6.8%, followed by Chow Tai Fook (5.7%), Sands China (5.2%), and Meituan (4.6%).