新加坡元/港币 (SGDHKD) 加自选

新加坡金融管理局（MAS）周三保持其政策立场不变，在最近两次会议放松后，维持了新加坡元名义有效汇率（S$NEER）区间的升值率。该区间的宽度和中心也保持不变，MAS引用了美国潜在关税的风险。央行表示，它“处于应对中期价格稳定风险的适当位置”。在经济方面，在经历了强劲的上半年后，预计2025年下半年GDP增长将放缓。与贸易相关的行业可能会放松，而增加基础设施投资和更宽松的金融条件可能会帮助建筑和部分金融服务。然而，增长前景仍然不确定，特别是到2026年。预计成本压力将在短期内得到控制，MAS核心通胀预计将在2025年晚些时候略有上升。今年，核心通胀率和整体通胀率预计都在0.5%至1.5%之间。

The Monetary Authority of Singapore (MAS) kept its policy stance unchanged on Wednesday, maintaining the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) band after easing in its last two meetings. The width and center of the band were also left unchanged, with the MAS citing risks from potential U.S. tariffs. The central bank said it “is in an appropriate position to respond to risks to medium-term price stability.” On the economy, GDP growth is expected to slow in H2 of 2025 after a strong first half. Trade-related sectors may ease, while construction and parts of financial services could be helped by increased infrastructure investment and more accommodative financial conditions. However, growth prospects remain uncertain, particularly into 2026. Cost pressures are expected to stay contained in the near term, with MAS core inflation projected to rise slightly later in 2025. For the year, both core and headline inflation are forecast at 0.5–1.5%.

新加坡央行维持货币政策不变。新加坡央行周三保持其货币政策设置不变，此前第二季度经济增长意外上升。

Singapore central bank keeps monetary policy settings unchanged.Singapore's central bank on Wednesday kept its monetary policy settings unchanged after economic growth surprised to the upside in the second quarter.

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The Hang Seng dropped 38 points or 0.15% to close at 25,524 on Tuesday, reversing gains from the previous session as most sectors weakened. Traders grew cautious over potential downsides of the U.S.-EU trade deal, including its implications on growth and inflation. Meanwhile, President Trump floated a global tariff rate of 15% to 20% on non-negotiating partners, levels not seen since the Great Depression. Profit-taking also weighed after benchmarks in Hong Kong and China recently hit multi-year highs. Still, the benchmark index trimmed its earlier heavy losses after Commerce Secretary Howard Lutnick indicated Washington may extend a 90-day tariff pause with Beijing, possibly paving the way for a Trump-Xi Jinping meeting later this year. Investors now turn to key macro events this week, including the Fed’s rate decision, U.S. inflation data, and China’s July PMI. Among notable decliners were KE Holdings. (-3.0%), Xiaomi Corp. (-2.6%), HKEX (-1.7%), and Want Want China (-1.6%).

新加坡国内供应价格指数在5月份下降3.9%后，于2025年6月同比下降3.7%，标志着连续第三个月收缩。经济衰退是由几个类别的价格下跌造成的。显著下降的包括燃料（5月份为-18.3%对-23.5%）、化学品和化学产品（-8.9%对-8.8%）、制成品（-2.8%对-2.7%）以及动植物油、脂肪和蜡（-4.4%对-2.9%）。相比之下，机械和运输设备（3.9%对7.4%）、食品和活体动物（2.3%对3.1%）、饮料和烟草（0.6%对1.1%）、杂项制成品（10.8%对7.7%）的价格上涨，而原材料价格反弹（2.8%对-1.3%）。按月计算，该指数上涨0.3%，从5月份3.5%的跌幅中恢复过来。

Singapore’s Domestic Supply Price Index dropped 3.7% year-on-year in June 2025, following a 3.9% decline in May, marking the third consecutive month of contraction. The downturn was driven by price drops across several categories. Notable declines included fuels (-18.3% vs -23.5% in May), chemicals and chemical products (-8.9% vs -8.8%), manufactured goods (-2.8% vs -2.7%), and animal and vegetable oils, fats, and waxes (-4.4% vs -2.9%). By contrast, prices increased for machinery and transport equipment (3.9% vs 7.4%), food and live animals (2.3% vs 3.1%), beverages and tobacco (0.6% vs 1.1%), miscellaneous manufactured goods (10.8% vs 7.7%), while rebounding for crude materials (2.8% vs -1.3%). On a monthly basis, the index rose 0.3%, recovering from a 3.5% drop in May.