新加坡元/瑞郎 (SGDCHF) 加自选

10年期瑞士政府债券收益率触及0.30%的高点，从5月7日的四个多月低点0.21%反弹，因为投资者消化了美联储鹰派暂停加息的影响。美联储主席杰罗姆·鲍威尔警告称，特朗普宣布的关税可能会导致通货膨胀、经济增长放缓和失业率上升。与此同时，随着特朗普总统表示与一个关键伙伴（据报道是英国）的初步贸易协议取得进展，避险需求有所缓解。在国内，在主席马丁·施莱格尔表示瑞士央行准备在经济不确定的情况下进一步降低关键利率，并有可能重新引入零利率或负利率政策后，对瑞士国家银行进一步降息的预期得到了加强。瑞士4月份CPI同比上涨0%，距离通货紧缩仅一步之遥，而核心通胀率也出现了惊人的大幅下降，引发了人们对6月19日再次降息的猜测。

The yield on the 10-year Swiss government bond touched a high of 0.30%, rebounding from an over four-month low of 0.21% on May 7, as investors digested the Federal Reserve's hawkish pause on rates. Fed Chair Jerome Powell cautioned that Trump's announced tariffs could lead to inflation, slower growth, and higher unemployment. In the meantime, safe-haven demand eased as President Trump signaled progress on an initial trade deal with a key partner, reportedly the UK. Domestically, expectations for further rate cuts by the Swiss National Bank were reinforced after Chair Martin Schlegel signaled the central bank is prepared to lower its key interest rate further amid economic uncertainty, with the possibility of reintroducing a zero or negative interest rate policy. Swiss CPI rose 0% year-on-year in April, bringing it just one step away from deflation, while the core inflation rate also saw a surprisingly sharp decline, fueling speculation for another rate cut on June 19.

瑞士4月失业率保持在2.8%不变。瑞士4月失业率保持在2.8%不变

Switzerland Unemployment Rate s.a (MoM) remains unchanged at 2.8% in April.Switzerland Unemployment Rate s.a (MoM) remains unchanged at 2.8% in April

10年期瑞士政府债券的收益率徘徊在0.10%左右，为2022年1月以来的最低水平，因为投资者对进一步降息的预期进行了定价。瑞士4月份的整体通胀率同比降至0%，距离通货紧缩仅一步之遥，而核心通胀率也出现了惊人的大幅下降。这引发了人们对6月19日再次降息的猜测。此外，主席Martin Schlegel表示，瑞士国家银行（SNB）准备在经济不确定的情况下进一步降低其关键利率，并有可能重新引入零利率或负利率政策。与此同时，围绕美国关税的全球不确定性促使一些投资者寻求相对安全的避险资产。

The yield on the 10-year Swiss government bond hovered around 0.10%, its lowest since January 2022, as investors priced in expectations for further rate cuts. The Swiss headline inflation rate dropped to 0% year-on-year in April, bringing it just one step away from deflation, while the core inflation rate also saw a surprisingly sharp decline. This fueled speculation for another rate cut on June 19. In addition, Chair Martin Schlegel signaled that the Swiss National Bank (SNB) is prepared to lower its key interest rate further amid economic uncertainty, with the possibility of reintroducing a zero or negative interest rate policy. At the same time, global uncertainty surrounding US tariffs prompted some investors to seek the relative safety of safe-haven assets.

新加坡的外汇储备从上个月修订后的5142.5亿新元降至2025年4月的5082.2亿新元。这标志着自2024年12月以来的最低外汇储备，黄金和外汇（4979.8亿新元对3月份的503.99新元）和特别提款权（84.0亿新元对85.4亿新元）均有所下降。与此同时，国际货币基金组织的储备头寸有所增加（18.4亿新元对17.2亿新元）。2024年4月，外汇储备为5003.1亿新元。

Foreign exchange reserves in Singapore decreased to SGD 508.22 billion in April 2025, from a revised SGD 514.25 billion in the previous month. This marked the lowest foreign exchange reserves since December 2024, amid decreases in gold & foreign exchange (SGD 497.98 billion vs SGD 503.99 in March) and SDRs (SGD 8.40 billion vs SGD 8.54 billion). Meanwhile, IMF reserve position increased (SGD 1.84 billion vs SGD 1.72 billion). In April 2024, the reserves stood at SGD 500.31 billion.