新加坡元/瑞郎 (SGDCHF) 加自选

瑞士KOF升至103.9，经济前景强劲。瑞士3月KOF经济晴雨表升至103.9，高于预期的102.6，高于2月修订的102.6。自今年年初以来，该指数一直高于中期平均水平，强化了瑞士经济“仍然强劲”的观点。

Swiss KOF rises to 103.9, robust economic outlook.Switzerland's KOF Economic Barometer rose to 103.9 in March, beating expectations of 102.6 and up from revised 102.6 in February. The index has remained above its medium-term average since the start of the year, reinforcing the view that the Swiss economy “remains robust”.

KOF经济晴雨表从2月份上调的102.6升至2025年3月的103.9，超过了市场预期的102.2。这标志着自2024年8月以来的最高读数，并继续高于年初以来的中期平均水平。在生产方面，所有关键指标都反映了积极的发展，制造业、其他服务业和建筑业的前景都有所改善。在制造业和建筑业，总体业务状况、订单积压和生产活动的指标显示有所改善。在制造业中，纸张和印刷产品、机械和设备以及化学和制药行业等领域的前景更加光明。在需求方面，私人消费指标有所上升，而外国需求指标保持稳定。

The KOF Economic Barometer rose to 103.9 in March 2025 from an upwardly revised 102.6 in February, surpassing market expectations of 102.2. This marked the highest reading since August 2024 and continued to remain above its medium-term average since the start of the year. On the production side, all key indicators reflected positive developments, with an improved outlook across manufacturing, other service sectors, and the construction industry. In manufacturing and construction, indicators for the general business condition, order backlogs, and production activity showed improvements. Within the manufacturing sector, brighter prospects were noted for segments such as paper and printing products, machinery and equipment, and the chemical and pharmaceutical industries. On the demand side, the indicator for private consumption increased, while that for foreign demand remained stable.

新加坡国内供应价格指数在2025年2月同比上涨5.1%，低于上个月5.5%的两年多来的高点。食品和活体动物（1月份为4.6%对4.8%）以及饮料和烟草（0.5%对0.6%）的价格有所下降。此外，原材料成本下降（-3.1%对0.4%），而矿物燃料（-4.5%对-1.3%）、动植物油、脂肪和蜡（-4.3%对-3.6%）、化学品和化学产品（-3.4%对-2.3%）以及制成品（-0.6%对-0.3%）的通货紧缩加剧。与此同时，非石油产品（8.9%对8.5%）和机械及运输设备（16%对15.2%）的成本增长速度更快，而杂项制成品的成本下降幅度有所缓解（-1.9%对-2.9%）。按月计算，国内供应价格指数下降0.7%，与2025年1月3.6%的涨幅相反。

The Domestic Supply Price Index in Singapore rose 5.1% year-on-year in February 2025, slowing from over two-year high of 5.5% in the previous month. Prices eased for food and live animals (4.6% vs 4.8% in January) and beverages and tobacco (0.5% vs 0.6%). In addition, costs slipped for crude materials (-3.1% vs 0.4%) while deflation worsened for mineral fuels (-4.5% vs -1.3%), animal and vegetables oils, fats and waxes (-4.3% vs -3.6%), chemicals and chemical products (-3.4% vs -2.3%), and manufactured goods (-0.6% vs -0.3%). Meanwhile, costs increased at a faster pace for both non-oil items (8.9% vs 8.5) and machinery and transport equipment (16% vs 15.2%), while delfation eased for miscellaneous manufactured articles (-1.9% vs -2.9%). On a monthly basis, the Domestic Supply Price Index fell 0.7%, reversing from a 3.6% gain in January 2025.

新加坡银行贷款从1月份的8363亿新元增加到2025年2月的8411亿新元。这是自2022年6月以来的最大金额，主要得益于企业贷款的增加（5159亿新元对5120亿新元）。在商业领域，农业、采矿和采石业（38亿新元对37亿新元）、金融和保险活动（1379亿新元对1360亿新元），制造业（224亿新元对217亿新元）和建筑业（1778亿新元对1762亿新元）的贷款以及其他（297亿新元对275亿新元）。相比之下，贷款下降到一般商业（875亿新元对879亿新元）、运输、仓储和通信（422亿新元对438亿新元）以及专业、科学、技术、行政和支持服务活动（146亿新元对151亿新元）。此外，由于住房和过渡性贷款的增加，消费贷款增至3252亿新元。

Singapore bank loans increased to SGD 841.1 billion in February 2025, up from SGD 836.3 billion in January. This marked the largest amount since June 2022, mainly boosted by rises in loans for businesses (SGD 515.9 billion vs SGD 512 billion). Within the business sector, loans climbed for agriculture, mining & quarrying (SGD 3.8 billion vs SGD 3.7 billion), financial and insurance activities (SGD 137.9 billion vs SGD 136 billion), manufacturing (SGD 22.4 billion vs SGD 21.7 billion), building and construction (SGD 177.8 billion vs SGD 176.2 billion), and others (SGD 29.7 billion vs SGD 27.5 billion). By contrast, loans fell to general commerce (SGD 87.5 billion vs SGD 87.9 billion), transport, storage, and communications (SGD 42.2 billion vs SGD 43.8 billion), and professional, scientific, technical, administrative, and support service activities (SGD 14.6 billion vs SGD 15.1 billion). Additionally, consumer loans rose to SGD 325.2 billion due to rises in housing and bridging loans.