20美元多少人民币

做了汽车媒体十多年，无论是车迷还是身边的朋友，大家普遍都觉得国内的车价高，但实情却未必是你所想的那样，今天我们就来对比一下美国、日本、德国、香港的车价。

For more than a decade, the car media, whether it's a fan or a friend around it, is generally thought to be expensive, but the truth is not necessarily what you think. Today, let's compare the prices of cars in the United States, Japan, Germany, Hong Kong.

中国小型车便宜

Chinese minivans are cheap.

因为美国消费者不喜欢小车，选择不多，我们就拿目前仍在售的墨西哥产旧款飞度GK5来比一下，国内CVT入门为8.18万，美国的入门车则卖16190美元（人民币11.3万）。日本是最早开卖新飞度的，没有搭载Honda sensing的1.3L入门车要148万日元（人民币9.7万）。香港飞度也算是当地最受欢迎的小车，卖的还是老款，因为税高，1.3L也要17万港币（人民币15.2万）。至于德国，选择当地产的大众Polo来做对比，1.0L也要1.5万欧元（人民币12.2万），我们国产1.5L只要9.99万！

Because American consumers don't like cars and have few choices, we compare the old Mexican-made GK5 that is still being sold, with a domestic CVT entry rate of 8.18 million and an American entry vehicle of $16190 (RMB 113,000). Japan was the first to open a new flight, with no 1.3L entry vehicle carrying Honda Sensing for 1.48 million yen (RMB 97,000). Hong Kong's flight is also the most popular car in the country.

紧凑级依旧便宜

It's still cheap.

1.5-2.5L可以说是目前国内主流的家用车排量，中国消费者普遍对三厢家轿和SUV情有独钟。我们这次依旧以本田思域来进行对比，东本思域三厢的1.5T CVT入门版为14万，美国当地发动机、变速器相同的车型要价2.4万美金（人民币16.7万）。日本的思域均搭载Honda sesing主动安全系统，售价为276万日元（人民币18万）。香港目前行货没有销售思域，但缤智1.5L的价格也要23.8万港币（人民币21.4万）。至于德国，继续拿大众对比，T-Roc要2.1万欧元（人民币17.2万），一汽大众的探歌双离合版却只要14.98万！

1.5-2.5 L can be said to be the current domestic mainstream, with Chinese consumers generally comparing the three-cars with SUV. We're still comparing it with Honda, with 1.5 T CVT in the three compartments of Honda, which is 140,000. US$ 24,000 (RMY 167,000) for the same type of car for local engines and transformers in the United States. Japan has an active safety system for Honda sesing, selling it at 2.76 million yen (JPY 180,000). Hong Kong does not currently sell the domain, but the price of Quiz 1.5L is HK$ 238,000 (214,000). As for Germany, T-Roc will continue to compare the public, with €210,000 (RM$ 172,000), and a two-dividanced version of a populaire.

国产豪华品牌便宜吗？

Is it cheap for a luxurious national brand?

在国产豪华品牌这一块，这次我们选择了宝马的X2和5系，国内入门指导价分别为26.68万和42.69万。美国当地宝马的机械规格比较高，X2起步为28i，5系则是530i，价格为36600美元(人民币25.5万）和53900美元（人民币37.5万）。日本市场的宝马配置相对较低，X2 18i要450万日元（人民币29.6万），最便宜的523i则定价666万日元（人民币43.8万）。香港宝马代理目前没有5系报价，X2的20i为46.6万港币（人民币42万）。最后再说宝马所在的德国，520i要4.8万欧元（人民币39万），X2 18i入门为3.3万欧元（人民币27万），但这只是手动的，如果配双离合变速器则要3.6万欧元（人民币29.5万）。

At this time, we chose BMW X2 and 5 systems, with a domestic entry price of 26,680,000 and 42,690,000 respectively. The U.S. local BMW has a relatively high mechanical specification of 28i from X2 and 5 is 530i at a price of $36,600 (255,000 RMB) and $53,900 (375,000 RMB). Finally, the BMW in Japan has a relatively low configuration of 4.5 million JPY (296,000 RMB) for X21,18i, with a price of 6.66 million RMB (438,000 RMB). The BMW agent in Hong Kong does not currently have an offer of 5 HK$466,000 (RMB 420,000). Finally, in Germany, the BMW is located in 5.2 million (RMB 390,000) and X2.18i (RMB 270,000) for entry, but this is only a hand move, and in Hong Kong, no more than 36,000 RMB 36,000 (RK 295,000) for dual-disconnector.

进口豪车的差距有多大？

What's the difference between importing luxury cars?

前面说了不同级别的国产车，接着再来对比进口的豪华车。宝马X5是这个级别目前最火的车型，我们拿国内六缸的40i来做参照，最便宜的要76万。美国市场相同的xDrive 40i要6.1万美元（人民币42.5万）。日本当地X5没有销售40i，入门为35d的柴油车，售价为938万日元（人民币61.7万）。香港X5 40i配置与国内接近，入门为88.9万港币（人民币80万）。而德国当地的X5入门为25d的柴油版，40i卖7万欧元（人民币57万）。

BMW X5 is the hottest type of car in this class, and we'll take 40i of the country's six cylinders for the cheapest of 760,000. The same xDrive 40i in the United States market is $61,000 (4.25 million RMB). Japan's local X5 does not sell 40i, a diesel car with an entry of 35d, at a price of 9.38 million JPY (6.17 million RMB). Hong Kong X540i is configured to be close to the country, with an entry of 889,000 HK (800 yuan) and Germany's local entry of X5 is 25d diesel, with a price of 770,000 RMB.

只要是国产车都便宜

It's cheap as long as it's a national car.

从这几个不同级别的车型对比来看，只要是中国产的车型，都要比世界上绝大多数国家和地区便宜，而且排量越小，优势越明显。之所以如此，有两个因素，首先是税率，我们在购车时除了要另外支付购置税外，其实车价内也是包含了相应的价内税，其中有增值税和消费税，前者已经下调为13%，后者则根据排量进行征收，市场主销的国产1.0-2.5L的消费税为3%-9%，相对于大多数国家的汽车税而言算比较低的。而另一个因素就是国内汽车市场大，品牌间竞争激烈，我们如果将各国、地区的价内税除掉，就会发现中国车企实收的车价也是最低，而且比国外低很多。

In contrast to these different levels of vehicle patterns, as long as they are Chinese-produced, they are cheaper than most countries and regions of the world, and the smaller they are, the more obvious the advantage is. Thus, two factors are tax rates, first of all, in addition to the additional purchase taxes that we have to pay for our cars, and the corresponding intra-price taxes, including value added tax and consumer tax, which have been reduced to 13 per cent, while the latter are collected on the basis of volume, with a consumption tax of between 1.0 and 2.5 L, which is lower than the tax on cars in most countries.

豪华品牌指导价水水分大

Luxury brand guides are expensive.

相比丰田、本田、大众这类品牌，豪华品牌车型即使是国产车型，其定价也不会比同款进口车低多少，但因为市场竞争同样激烈，所以优惠幅度相当惊人，以X2为例，让利达25个点以上，入门车的裸价跌破20万，可谓全球最低。当然，那些热销车型，优惠则相对少些，但像5系，也依然有12个点以上的让利，算下来还是比较便宜。

Toyota, Honda, popular brands, luxury branded vehicles, even domestic ones, are not priced at much lower prices than imported ones, but given that the market is equally competitive, the margin of preference is quite impressive, with X2 being used as an example, with Leeda at 25 points or more, and the naked price of entry vehicles falling by 200,000, the lowest in the world. Of course, the discounts are relatively low, but, like 5 systems, they still have 12 or more concessions, and are cheaper.

进口车是纳税大户

The imported car is a taxpayer.

我们的国产车税费低，但进口车的税费相比很多国家地区则要高不少，像X5的六缸车型，就打了超过60%的价内税，所以我们买车没必要盲目追求进口车，像X2和X5，欧洲就是3.6万和7万欧元的差异，回到中国变成了20万和75万，你认为值吗？

Our domestic vehicle taxes are low, but the taxes on imported vehicles are much higher than in many countries and regions, with over 60 per cent of the price of a six-cylinder X5, so we don't have to buy cars blindly for imported cars, like X2 and X5, with a difference of 36,000 and 70,000 euros in Europe, and return to China to 200,000 and 750,000. Do you think it's worth it?

说到这，我想各种杠精键盘侠也开始蠢蠢欲动了，什么中国产和的原产能比吗？我们减配，我们材料不过关，国外工资比我们高…好了，数据摆在这，我们的车贵不贵，怎么选车才划算，我相信明白人都明白了！

Speaking of which, I think all kinds of tweezers are starting to move. What kind of Chinese production is like? We're cut off. Foreign wages are better than ours. Here's the data. We're expensive. How do we choose cars? I'm sure everyone understands!

周二（1月7日）黄金T+D收盘下跌0.30%至351.35元/克；白银T+D收盘下跌1.20%至4358元/千克。周二黄金市场有所震荡，一度回落至1560美元/盎司下方，但此后再次回升，测试1570水平。黄金市场仍然受到避险情绪的支撑。日内在岸人民币大涨，创五个月新高，这也令国内金银T+D表现弱势。Oanda高级市场分析师JeffreyHalley表示，中东局势略有降温，并且市场出现了一些获利了结，因此金价回落。如果事件降温，那么金价可能会快速回落，甚至可能回到1500美元/盎司下方。高盛认为，美伊紧张局势的加剧会导致金价上涨，而这种情况严重到足以导致货币贬值。黄金市场单日内出现15到20美元的波幅已经变成了常态。黄金市场的波动性会继续维持在高水平。SPDR黄金ETF持有量在周一增加了0.1%至896.18吨，是去年11月27日以来的最高水平。此外，Comex期金的多头持仓在12月31日结束当周也有所增加。

Tuesday, 7 January, the gold T+D harvest fell by between 0.3 per cent and $351.35/g; the silver T+D harvest fell by between 1.2 per cent and $4358/kg. Tuesday's gold market was shaken, once falling below $1560/ounce, but then recovered again and tested 1570 levels. The gold market continued to be underpinned by a sense of risk avoidance. The rise in tensions in the United States of America, according to Goldman Sachs, led to a five-month rise in gold prices, which was significant enough to lead to a currency devaluation. Jeffre Halley, a senior market analyst in Oanda, said that the situation in the Middle East had fallen slightly and that the market had seen some profitable endings, so that gold prices would continue to fluctuate.

上海黄金交易所2020年1月7日交易行情

Shanghai Gold Exchange transaction 7 January 2020

①黄金T+D收盘下跌0.30%至351.35元/克，成交量90.176吨，成交金额317亿920万5500元，交收方向“空支付给多”，交收量16.734吨；

The gold T+D harvest fell by 0.30 per cent to $351.35 per g, with a volume of 90,176 tons and a sum of $31,792,500, with an overpayment in the direction of receipt and a volume of 16,734 tons;

②迷你金T+D收盘下跌0.35%至351.44元/克，成交量16.3734吨，成交金额57亿5956万590元，交收方向“空支付给多”，交收量26.116吨；

2 mini gold T+D collection fell by 0.35 per cent to $351.44 per g, with 16.3734 tons in hand, $5,575,556,590 in hand, “excess payments” in the direction of delivery and 26,116 tons in hand;

③白银T+D收盘下跌1.20%至4358元/千克，成交量14987.202吨，成交金额657亿6033万6650元，交收方向“空支付给多”，交收量472.560吨。

The silver T+D collection fell by 1.2 per cent to $4358 per kilogram, with a total of 149,87,202 tons and a total of $6,577,633,000,6650, with “blank payments” in the direction of delivery and 47,2.560 tons.

黄金触及1555

Gold touches 1555.

周二黄金市场有所震荡，一度回落至1560美元/盎司下方，但此后再次回升，测试1570水平。黄金市场仍然受到避险情绪的支撑。日内在岸人民币大涨，创五个月新高，这也令国内金银T+D表现弱势。

The gold market, which suffered a shock on Tuesday, fell down to $1560/ounce, but has since risen again to test the 1570 level. The gold market continues to be underpinned by a sense of risk avoidance. The rise in the Chinese renminbi on the mainland in the past five months has also weakened the performance of the country’s gold silver T+D.

Oanda高级市场分析师JeffreyHalley表示，中东局势略有降温，并且市场出现了一些获利了结，因此金价回落。如果事件降温，那么金价可能会快速回落，甚至可能回到1500美元/盎司下方。

Oanda’s senior market analyst, Jeffrey Halley, said that the situation in the Middle East had cooled slightly, and that the market had been somewhat profitable and the gold price had fallen. If events had cooled, the gold price could fall quickly, and possibly even back below $1,500/ounce.

上周开始中东局势陡然升级，避险情绪大幅走高，推动黄金市场出现了多年未见的高涨，一举突破去年高位。

The dramatic escalation of the situation in the Middle East, which began last week, and the dramatic rise in a sense of evasiveness, have driven the gold market to a high level that has not been seen for many years, breaking through last year's heights.

知名投行高盛也认为，美伊紧张局势可能会进一步推高金价。我们发现，地缘政治紧张局势的加剧会导致金价上涨，而这种情况严重到足以导致货币贬值。

The well-known investors, Goldman Sachs, have also argued that tensions in the US and Iraq are likely to push gold prices even further. We have found that rising geopolitical tensions could lead to higher gold prices, which are serious enough to lead to currency depreciation.

AxiTrader市场策略师StephenInnes表示，黄金市场单日内出现15到20美元的波幅已经变成了常态。黄金市场的波动性会继续维持在高水平。

Axitrader market strategist Stephen Innes says that the 15-20-dollar band in the gold market has become normal. The volatility of the gold market will continue at high levels.

SPDR黄金ETF持有量在周一增加了0.1%至896.18吨，是去年11月27日以来的最高水平。此外，Comex期金的多头持仓在12月31日结束当周也有所增加。

SPDR gold ETF holdings increased by 0.1 per cent to 896.18 tons on Monday, the highest level since 27 November last year. In addition, a large stock of Comex payments increased during the week ending 31 December.

道明证券证券大宗商品策略师RyanMcKay表示本周公布的经济数据如果表现强劲，不会带来任何大的卖压，主要是因为美联储似乎愿意让经济成长升温，通胀升温，而不是在那种情况下介入升息。

Ryan McKay, a commodity strategist on Dominican securities, said that the economic data released this week, if strong, would not create any significant sales pressure, mainly because the Fed seemed willing to warm up economic growth and inflation rather than intervening in interest rates in that case.

德意志银行财富管理(DeutscheBankWealthManagement)全球首席投资官ChristianNolting表示，预计今年金价有所上涨，但涨幅不会特别大。

According to Christian Nolting, the global chief investment officer of Deutsche Bank Wealth Management, gold prices are expected to rise this year, but not significantly.

不确定居高不下，黄金料维持高位

We don't know if it's high, but the gold is still high.

一位市场策略师表示，黄金市场可能看起来已超买，但只要地缘政治不确定性主导投资者情绪，黄金市场就将保持当前水平。

According to a market strategist, the gold market may appear to be overpurchased, but as long as geopolitical uncertainty dominates investor sentiment, the gold market will remain at its current level.

美国和伊朗之间不断升级的紧张局势一度将金价推高至2013年4月以来的最高水平，许多分析师现在都在关注每盎司1600美元的价位。

Rising tensions between the United States and Iran have once pushed gold prices up to the highest level since April 2013, and many analysts are now focusing on the price of $1,600 per ounce.

FXTM说，随着中东冲突的继续，黄金将继续发光。相对强弱指标等技术指标正处于去年9月以来的最高水平，显示黄金处于超买区域。

FXTM says that gold will continue to shine as the Middle East conflict continues. Technical indicators such as relatively strong and weak indicators are at their highest levels since September last year, indicating that gold is in over-buying areas.

但在政治和市场充满不确定性的时期，除了买入黄金，没有更好的选择。尽管金价在图表上看似超买，但只要不确定性居高不下，黄金的涨势就会持续。

In times of political and market uncertainty, however, there is no better option than buying gold. Although gold prices appear to be overpurchased on graphs, the rise in gold will continue as long as uncertainty remains high.

对于此次的美伊冲突，这与之前2019年短暂的中东问题不同，最近的冲突预计不会很快缓和。最新的势态发展给美国和全球经济增长带来压力。

Unlike the Middle East conflict of 2019, which was short-lived, the recent conflict is not expected to subside quickly. Recent developments have put pressure on the United States and global economic growth.

在贸易紧张局势缓解，投资者对英国脱欧态度更加明朗之后，2020年本应该是全球经济复苏的一年。但过去一周发生的事情无疑使得这种前景面临风险。投资者仍将处于守势，在决定其投资组合时需要仔细衡量风险。

After trade tensions eased and investors’ attitude toward Britain became clearer, 2020 was supposed to be a year of global economic recovery. But what happened over the past week undoubtedly put this prospect at risk.

机构观点：短期内黄金还有更大的上涨空间

Institutional perspective: gold has more scope for upswing in the short term

尽管黄金市场已从本周初触及的近七年来高点回落，但道富环球投资黄金策略师GeorgeMilling-Stanley表示，随着最新的中东冲突加剧了金融市场的投资不确定性，黄金的涨势似乎是可持续的。

Although the gold market has been at a high level since the beginning of the week for nearly seven years, George Milling-Stanley, a global investor gold strategist, has stated that, as the recent Middle East conflict has increased investment uncertainty in financial markets, the rise in gold appears to be sustainable.

金价的涨势看上去是可持续的，因为我们不知道接下来会发生什么。我们正生活在一个前所未有的不确定时期，这将继续支撑金价。我想很多人都希望看到2020年有一个安静的开始，但这并没有实现。

The rise in gold prices seems sustainable, because we do not know what will happen next. We are living in an unprecedented period of uncertainty, which will continue to support gold prices. I think many would like to see a quiet start in 2020, but that has not been achieved.

中东紧张局势的升级也推高了油价，这波涨势看起来很稳固。如果原油价格持续上涨，那么黄金价格也将持续上涨。油价上涨将导致通胀上升，这对黄金有利。

The rise in tension in the Middle East has also pushed up oil prices, which appear to be stable. If crude oil prices continue to rise, so will the price of gold.

至于金价最终将何去何从，Milling-Stanley预计，金价在2020年仍将在1550-1650美元区间交投。虽然黄金在2020年前几个交易日大涨，但他没有看到市场超买的迹象。

As to where the gold price ultimately goes, Milling-Stanley predicts that it will continue to run between $1550 and $1650 in 2020. Although the gold trades rose sharply before 2020, he sees no sign of market overpurchase.

这位策略师称：“我预计金价在短期内有上涨空间。我现在并不担心黄金被超买，因为我看到各种投资者都表现出了很高的兴趣。”

The strategist said, "I expect there will be room for a rise in gold prices in the short term. I'm not worried that gold will be bought over, because I see a great deal of interest on the part of investors."

尽管最近的中东冲突是目前驱动投资者情绪的主要因素，但Milling-stanley表示，全球地缘政治的不确定性足以到2020年一直支撑金价。

While the recent conflict in the Middle East is currently the main driver of investor sentiment, Milling-stanley states that global geopolitical uncertainty is sufficient to sustain gold prices until 2020.

来源: 汇通网

Source: Exchange Network

① 每个人心中,都会有一个古镇情怀,流水江南,烟笼人家。

1 In everyone's heart, there's an ancient town, a river, a smoke cage.

② 入境的过程其实并不复杂，只要多加留心，就不会产生不必要的麻烦。

The process of entry is not really complicated, and as long as more care is taken, there will be no unnecessary trouble.

Arrival[抵达篇]

Arrival.

#英语#

English

01一. 单句表达

（21） Is this line for non-residents？ [外国人是在这里排队吗？]

Is this line for non-residents?

小贴士：入境时分为外国人和本国人两种入口。一般都有指示牌。

There are generally signs.

（22） May I have your passport and declaration card,please？ [请出示你的护照和海关申报表。]

May I have your passport and declaration card, please?

Here they are.[在这里。]

Here they are.

小贴士：入境时，海关人员会审查护照和海关申报表。

Pet: When entering the country, customs officers review passports and customs declarations.

（23） What's the purpose of your visit？ [你来这里的目的是什么？]

What's the purpose of your visit?

I am here on vacation.[我是来度假的。]

I am here on vacation.

①海关人员询问入境目的，我们也可以回答Sightseeing.[旅游观光。]

1 Customs officers ask about the purpose of entry and we can also answer Lightseeing. [Tourism tours]

②如果是出差，可以回答I am here on business．或直接说Business。

I am here on business.

③如果是上学，则回答Studying。

3 If you go to school, answer Studying.

（24） How long will you stay？ [你打算停留多久？]

How long will you stay?

I plan to stay for a week.[我计划待一个星期。]

I plan to stay for a week.

小提示：时间表达：six days[六天]、two weeks[两周]、three months[三个月]、half a year[半年]。

Small hint: Time expression: six days, two weeks, three months, half a year.

（25） Do you have anything to declare？ [你有东西要申报吗？]

Do you have anything to declare?

Yes, I do. / Do, I don't.[有。/ 没有。]

Yes, I do.

小提示：禁止携带入境的物品包括：水果、动植物、肉类和土壤等，若是携带了这些东西却没有事前申报，会被海关没收。每个国家对可携带的烟、酒、现金等的限制不同，需要提前查清楚。

Minor reminder: Items that are prohibited from being brought into the country include fruit, flora and fauna, meat and soil, which are confiscated by customs without prior notification. The restrictions on carrying cigarettes, alcohol, cash, etc. vary from country to country, and need to be made clear in advance.

（26） These are my personal belongings．[这些是我的个人用品。]

These are my personal belongings.

①入境通关时，海关人员可能会问What is inside yoursuitcase/baggage?[你行李里有什么？]

What is inside your customs/bagage?

如果没有要申报的东西，就回答都是个人用品。

If there is nothing to declare, the answer is personal effects.

如果听不懂海关人员的询问，可以说Could you find someone who can speak Chinese?[能帮我找会说中文的人来吗？]

Could you find someone who can speak Chinese?

（27） Where can I find my luggage？ [我应该去哪里找行李？]

Where can I find my luggage?

也可以留意是否有baggage hall的指示牌，行李提取转盘是baggage carousel.

You can also see if there's a baggage hall sign, and the luggage roller is baggage carousel.

（28） This is my luggage tag. Can I get my luggage now？[这是我的行李牌，现在可以拿行李了吗？]

This is my baggage tag. Can I get my luggage now?

如果找不到行李提取转盘，可以拿着牌上的行李标签去问工作人员。

If it is not possible to locate the luggage to pick up the wheels, the staff member may be asked for the baggage tags on the plate.

（29） I can't find my baggage.Please deliver my baggage tomy hotel as soon as you find it．[我找不到行李了。找到后请马上把我的行李送到酒店。]

(29) I can't find my bagage. Please deliver my bagage tomy hotel as soon as you find it.

飞机抵达后，可以前往Baggage Hall（行李领取大厅），有的指示牌会写Bag Claim[领取行李]。

Upon arrival, the aircraft may proceed to Bagage Hall (in the baggage collection hall), some of which will be marked as Bag Claim [in luggage].

当找不到行李时，不要慌张，有可能是被人拿错了，可以联系机场工作人员协助寻找，或者到Lost & Found（遗失行李问讯处）寻找，并留下联系方式。

When luggage cannot be found, do not panic, it may be the wrong person to contact airport staff to assist in its search, or to search for the Lost & Found (disappeared luggage information) and leave a contact.

（30） My suitcase is badly damaged. I want to claim damages．[我的行李箱损坏得很严重。我想要求赔偿。]

(30) My suitcase is badly damaged. I want to claim compensation.

如果行李在飞机运输的过程中破损严重，就可以填写申报单[Claim Form]要求赔偿。

If the baggage was seriously damaged during the transport of the aircraft, the declaration [Claim Form] may be filed for compensation.

（31） Where can I change money？ [我在哪里可以兑换外币？]

Where can I change money?

也可以问：May I change some money here?[我能在这里兑换钞票吗？]

May I change some money here?

（32） What is the exchange rate between RMB and USD today？ [今天人民币对美元的汇率是多少？]

(32) What is the exchange rate between RMB and USD today?

小提示：通常在国内提前兑换好外币比较划算，也能节省时间。如果到了国外，到市区银行兑换比在机场、车站和宾馆兑换更划算。exchange rate是汇率的意思，相关单词有：exchange receipt[兑换证明]、commission[手续费]、bill[纸币]、coin[硬币]、cash[现金]、small change[零钱]。

A small hint: It is usually more economical to exchange foreign currency in advance in the country. If you go abroad, it is more economical to exchange to a city bank than to exchange at an airport, a bus station, and a hotel.

（33）Could you change this into American dollars?[能帮我将这些钱兑换成美元吗？]

Could you change this into American dollars?

小提示：常见币种有：USD (United States Dollar) 美元AUD ；(Australian Dollar) 澳元GBP； (Great Britain Pound) 英镑CAD； (Canadian Dollar) 加拿大元JPY； (Japanese Yen) 日元THB； (Thai Baht) 泰铢EUR； (Euro) 欧元；

Small hints: Common currencies are: USD (United States Dollar) US dollar AUD; Australian Dollar GBP; British Pound CAD; Canadian Dollar; Canadian dollar JPY; Japanese Yen yen TB; Thai Baht EUR; Euro;

（34） I'd like some small change, please．[请将大钞换成零钱。]

(34) I'd like some small change, please.

或者说I'd like some coins for the note.[我想把这张纸钞换成硬币。]

I'd like some coins for the note.

小提示：在国内兑换的外币往往是大面额的，到了国外，可以把大钞换成零钱，方便乘坐地铁、公交等交通工具时使用。

A small reminder: Foreign currency is often exchanged in large amounts at home, and when it arrives abroad, large currency can be exchanged for petty cash, which can be easily used by means of transportation such as subways and public transport.

（35） Is there any service charge？ [需要手续费吗？]

Is there any service charge?

小提示：通常情况下，每次兑换货币都会收取手续费，所以尽量减少兑换的次数。

Slight reminder: As a rule, fees are charged for each exchange of currency, thus minimizing the number of conversions.

（36） Do you know where I can take the shuttle bus?[请问你知道去哪里坐机场区间大巴吗？]

Do you know where I can take the shuttle bus?

如果想进一步询问多久来一趟车，则可以说How often doesthe bus run？

How many times does he bus run?

对方可能会回答：It leaves every 25 minutes.[每25分钟发一趟车。]

It leaves every 25 minutes.

（37） Where can I catch a taxi？ [我去哪里可以打到出租车？机场里的指示牌一般都比较清楚，]

Where can I catch a taxi?

小提示：可以记住这几个单词：Ground Transport [地面交通]；Parking [停车场]；Car Rental [租车]；Taxi [出租车]；Metro/Subway [地铁]

Small hint: you can remember the words: Ground Transport [ground traffic]; Parking [ parking lot]; Car Rental [rental car]; Taxi [telephone]; Metro/Subway [subway]

（38 Could you please help me to put the suitcase in the trunk？ [能麻烦你帮我把行李放到后备厢吗？]

Could you please help me to put the luggage in the trunk?

如果行李很重，可以让出租车司机帮忙抬到后备厢。

If the luggage is heavy, the taxi driver can help carry it to the trunk.

（39） Please take me to the Grand Hyatt Hotel．[请带我去君悦酒店。]

(39) Please take me to the Grand Hyatt Hotel.

打车前往目的地时，可以提前打印好地图，或者给出租车司机看地址，

When you take a cab to your destination, you can print the map in advance or give the taxi driver an address.

然后说Please take me to this address.[请带我去这个地方。]

Please take me to this address.

（40） Keep the change．[不用找了。]

(40) Keep the change.

小提示：在国外给小费，美国一般是消费金额的15%左右。所以，有时候可以直接跟对方说不用找了，也就是给小费的意思。

Slight hint: The U.S. provides tips abroad, usually about 15% of the amount of consumption. So, sometimes, you can just tell each other you don't have to look for them, which means tipping.

02二. Dialogue[模拟对话场景]

入境问答

Immigration Questions and Answers

A: May I have your passport, please?

B: Here it is.A: What's the purpose of your visit?

B: I am here on business.

A: How long will you stay?

B: I plan to stay for six days.

A: Where will you be staying?

B: I will stay at Plaza Hotel downtown.

[入境问答-中文翻译]

[Arrival Questions and Answers - Chinese Translation]

A：请出示您的护照。

A: Your passport, please.

B：给您。

B: Here you go.

A：您来这里的目的是什么？

A: What are you doing here?

B：我是来出差的。

B: I'm here on business.

A：您打算停留多久？

A: How long do you intend to stay?

B：我计划待六天。

B: I plan to stay for six days.

A：您打算住在哪里？

A: Where do you want to live?

B：我打算住在市中心的广场饭店。

B: I'm going to live at the Plaza Hotel in the middle of the city.

兑换货币

Currency exchange

A: Hello. Can you change RMB into US dollars?

B: Yes, sir.

A: What's the exchange rate now?

B: One dollar is equal to 6.5581 yuan.

A: I'd like to change these RMB into dollars.

B: How would you like it?

A: I'd like it all in twenties.

B: OK, sir.

A: What commission do you charge?

B: 1.5%.

A: Can I have the receipt?

B: Sure. Here you are.

[兑换货币-中文翻译]

[Change currency — Chinese translation]

A：您好。您这里可以把人民币兑换成美元吗？

A: Hello. Can you exchange the renminbi for dollars?

B：可以，先生。

B: Yes, sir.

A：现在的汇率是多少？

A: What is the current rate of exchange?

B：目前1美元可以兑换6.5581元人民币。

B: Currently, US$ 1 is convertible to RMB 6.5581.

A：我想把这些人民币换成美元。

A: I want to exchange these renminbis for dollars.

B：您想换成什么面额的？

B: What do you want to change it to?

A：我想都换成20美元的。

A: I'd like to change them all to $20.

B：好的，先生。

B: Yes, sir.

A：你们的手续费是多少？

A: What are your fees?

B:1.5%。

A：可以提供收据吗？

A: Can receipts be provided?

B：当然可以。给您。

B: Sure. Here you go.

寻找行李

Look for luggage.

A: Excuse me, where can I get my baggage?

B: What's your flight number?

A: It's CA981. Here is my claim tag.

B: Look, it's over there, No. 7. It will be on thecarousel very soon.

A: Thank you.B: You are welcome.

[寻找行李-中文翻译]

[In search of luggage - Chinese translation]

A：不好意思，请问哪里可以取到行李？

A: Excuse me. Where can I get your luggage?

B：你的航班号是多少？

B: What's your flight number?

A：CA981，这是我的行李签。

A: CA981, this is my luggage sign.

B：看，在那里，7号传送带。行李很快就到了。

B: Look, there's conveyor belt 7. The luggage will be here soon.

A：谢谢。

A: Thank you.

B：不客气。

B: You're welcome.

持续学习中，愿有你同行；

You are willing to accompany me in continuous learning;

1000美元在美国的购买力，远强于1000元人民币在中国的购买力。同样的话，中美两国的生活水平差不多。您可以想象一下，一般美国人每月的工资是四五千美元，而中国很多地方每月的工资也是四五千美元。

The purchasing power of

$1,000 in the United States is far greater than the purchasing power of the RMB 1,000 in China. Similarly, the standard of living in China and the United States is similar. As you can imagine, the average American wage is $45,000 a month, while in many parts of China it is $45,000 a month.

有很多的商品我们都可以对比一下。以汽车为例，在美国，宝马3系的售价也就是三四万美元，许多工人一年的收入都能买得起宝马3系的轿车。而且在我国宝马3系中，最便宜的也要25万左右，很多劳动者三年的收入也不一定买得起宝马3系。美国每年购买一台，中国每年购买一台，你认为同样数量的美元和人民币会有同样的购买力吗？

In the United States, for example, BMW 3 is sold at $340,000, and many workers can afford BMW 3 cars a year. And, of our BM3 system, the cheapest is about 250,000, and many workers cannot afford BMW 3 for three years.

汽车的问题就是必须要烧汽油。让我们来比较中美油价。美国汽油平均价格为每公升0.75美元，与之相比，我国内地平均油价为每公升7.2美元。人民币与美元之间的购买力差距很大，相当于9.6:1，即9.6元人民币购买的汽油与1美元差不多。

The problem with cars is that gasoline has to be burned. Let's compare Chinese and American oil prices. The average price of American gasoline is $0.75 per litre, compared to $7.2 per litre.

购买平价，是反映两种货币实际购买力的比率。据世界银行和IMF公布的相关数据，美元和人民币之间的实际购买力为1:3.5左右。也就是说，美国市场1美元的购买力与我国市场3.5元人民币的购买力相当。它仅仅是一种平均水平，具体到某种商品上，差别很大。就说汽油吧，是1:9.6。但是有些商品可以达到1:2。

The purchasing parity is a ratio reflecting the real purchasing power of both currencies. According to the World Bank and the IMF, the real purchasing power between the dollar and the renminbi is about 1:3.5. That is to say, the purchasing power of the US dollar on the US market is equivalent to the purchasing power of our market, which is 3.5 yuan. It is only an average, and it varies considerably from one commodity to another.

事实上，美元的购买力与人民币不同，如果以目前的汇率来计算，1美元约等于7元人民币。若以人民币兑换美元在我国消费，则1美元的购买力约为人民币购买力的7倍，而且这种购买力是真实的，因为美元可以随时兑换成人民币，然后拿去消费，而人民币兑换成美元在美国消费也同样合理。

In fact, the purchasing power of the dollar is different from that of the renminbi, which, if calculated at the current exchange rate, is approximately seven yuan. If the renminbi is used to consume the dollar in our country, the purchasing power of the dollar is about seven times the purchasing power of the renminbi, and that purchasing power is real, because the dollar can be converted into the renminbi at any time and then consumed, and the renminbi is also reasonable for consumption in the United States.

但是，如果以美元在美国的购买力来衡量，而以人民币在中国的购买力来衡量，人民币与美元之间的购买力差距并不大。确切地说，目前100元人民币相当于多少美元的购买力，我们可以参考中美两国的一些商品价格来推测。

But, if measured by the purchasing power of the dollar in the United States, and by the purchasing power of the renminbi in China, the purchasing power gap between the renminbi and the dollar is small. To be exact, the current purchasing power of the RMB 100 is equivalent to the purchasing power of the dollar, we can guess by some of the commodity prices of China and the United States.

例如，苹果11在美国的售价为699美元，在中国则为5499元，而扣除10%的关税后，苹果11的实际进口价为4950元，从苹果手机的售价来看，其购买力仍约为人民币的7倍。例如，一条牛仔裤在中国也能卖到99美元左右，而在美国也能卖到19.9美元，那么美元的购买力仅为人民币的5倍左右。

Apple 11, for example, sells $699 in the United States, and $5,499 in China, while the actual import price of Apple 11, after deduction of 10% of the tariff, is $4950, and its purchasing power is still about seven times that of RMB in terms of the sale price of Apple phones. For example, a pair of jeans can be sold around $99 in China, and $19.9 in the United States, and the purchasing power of the dollar is only about five times that of RMB.

例如同样是白菜，美国的价格大约3美元一磅，相当于3.3美元一斤，而我国目前大多数地区的白菜价格都在3美元左右，那么从蔬菜的价格来看，美元的购买力就和人民币的购买力一样。

For example, it is also cabbage, the price of which is about $3 a pound in the United States, equivalent to $3.3 a pound, while the price of cabbage is now around $3 in most parts of the country, so that the purchasing power of the dollar is the same as the purchasing power of the renminbi in terms of the price of vegetables.

例如理发，目前在美国一次剪发大约需要20-50美元，我国理发也差不多需要20-50美元，因此，从一些日常生活服务的角度来看，美元的购买力实际上与人民币的购买力相当。

For example, barbers, which currently cost approximately $20-50 per haircut in the United States and $20-50 per haircut in our country, actually match the purchasing power of the renminbi from the point of view of some services in daily life.

再者，就教育而言，目前美国普通私立大学每年的学费大约在25000美元到35000美元之间，普通公立大学每年大约在11000美元到21000美元之间，而我国的私立大学一年的学费大约在10,000到15,000美元之间，公立大学一年的学费大约在4,000美元到6,000美元。可见美国大学的学费比我们国家要高很多，如果以教育的购买力衡量的话，美元的购买力只有人民币的二分之一。

Moreover, as far as education is concerned, tuition fees are currently between $25,000 and $35,000 per year for American private universities, between $11,000 and $21,000 per year for general public universities, between $10,000 and $15,000 per year for our private universities, and between $4,000 and $6,000 per year for public universities. As can be seen, tuition fees at American universities are much higher than in our country, and if measured by the purchasing power of education, the purchasing power of the dollar is only one-half of the renminbi.

对上述几种产品或服务的价格进行比较，我们可以清楚地看到，美元在一些产品或服务中的购买力高于人民币，在一些产品或服务中，美元的购买力等于人民币，而在另一些产品或服务中，人民币大于美元。

When comparing the prices of the above-mentioned products or services, it is clear that the purchasing power of the dollar is higher than that of the renminbi in some products or services, that the purchasing power of the dollar is equal to that of the renminbi in some products or services, and that the renminbi is greater than that in others.

因此，以实际购买力计算，美元的购买力并不一定是人民币购买力的7倍。以美元为单位的购买力是以人民币为单位的购买力的两倍，可以参照 GDP的购买力来计算。

Thus, in real purchasing power, the purchasing power of the dollar is not necessarily seven times the purchasing power of the renminbi. The purchasing power of the dollar is twice the purchasing power of the renminbi and can be calculated by reference to the purchasing power of GDP.

周二（1月7日）黄金T+D收盘下跌0.30%至351.35元/克；白银T+D收盘下跌1.20%至4358元/千克。周二黄金市场有所震荡，一度回落至1560美元/盎司下方，但此后再次回升，测试1570水平。黄金市场仍然受到避险情绪的支撑。日内在岸人民币大涨，创五个月新高，这也令国内金银T+D表现弱势。Oanda高级市场分析师Jeffrey Halley表示，中东局势略有降温，并且市场出现了一些获利了结，因此金价回落。如果事件降温，那么金价可能会快速回落，甚至可能回到1500美元/盎司下方。高盛认为，美伊紧张局势的加剧会导致金价上涨，而这种情况严重到足以导致货币贬值。黄金市场单日内出现15到20美元的波幅已经变成了常态。黄金市场的波动性会继续维持在高水平。SPDR黄金ETF持有量在周一增加了0.1%至896.18吨，是去年11月27日以来的最高水平。此外，Comex期金的多头持仓在12月31日结束当周也有所增加。

Tuesday, 7 January, the gold T+D harvest fell by between 0.3 per cent and $351.35/g; the silver T+D harvest fell by between 1.2 per cent and $4358/kg. Tuesday's gold market was shaken, once falling below $1560/ounce, but then recovered again to test the 1570 level. The gold market continued to be underpinned by a sense of risk avoidance. Gold prices were likely to fall quickly if events cooled, and even to return to 1,500/ounces. Gold prices were considered to have increased as a result of rising tensions in the United States of America for a period of five months, a situation that was serious enough to lead to a devaluation of the country's currency. Jeffrey Halley, a senior market analyst in Oanda, said that the situation in the Middle East had cooled slightly and that the market had seen some profit, so that gold prices had fallen.

上海黄金交易所2020年1月7日交易行情

Shanghai Gold Exchange transaction 7 January 2020

① 黄金T+D收盘下跌0.30%至351.35元/克，成交量90.176吨，成交金额317亿920万5500元，交收方向“空支付给多”，交收量16.734吨；② 迷你金T+D收盘下跌0.35%至351.44元/克，成交量16.3734吨，成交金额57亿5956万590元，交收方向“空支付给多”，交收量26.116吨；③ 白银T+D收盘下跌1.20%至4358元/千克，成交量14987.202吨，成交金额657亿6033万6650元，交收方向“空支付给多”，交收量472.560吨。黄金触及1555

1 Gold T+D harvest fell by between 0.30 per cent and $351.35 perg, with a total of 90.176 tons and a total of 31.79.2 million yuan, with an overpayment of 16.734 tons in the direction of delivery;2 Mini-Golden T+D harvest fell between 0.35 per cent and $351.44 perg, with a total of 16.3734 tons and a total of $5,575,556,590 in the direction of delivery and an overpayment of 26.116 tons;3 Silver T+D harvest fell by between 1.2 per cent and $4358 per kilogram, with a total delivery of 149,87202 tons and a overpayment of $65.763 million,6650, with a “overpayment” in the direction of receipt and a total of 1,575,556,560 tons in the direction of delivery.

周二黄金市场有所震荡，一度回落至1560美元/盎司下方，但此后再次回升，测试1570水平。黄金市场仍然受到避险情绪的支撑。日内在岸人民币大涨，创五个月新高，这也令国内金银T+D表现弱势。Oanda高级市场分析师Jeffrey Halley表示，中东局势略有降温，并且市场出现了一些获利了结，因此金价回落。如果事件降温，那么金价可能会快速回落，甚至可能回到1500美元/盎司下方。上周开始中东局势陡然升级，避险情绪大幅走高，推动黄金市场出现了多年未见的高涨，一举突破去年高位。知名投行高盛也认为，美伊紧张局势可能会进一步推高金价。我们发现，地缘政治紧张局势的加剧会导致金价上涨，而这种情况严重到足以导致货币贬值。AxiTrader市场策略师Stephen Innes表示，黄金市场单日内出现15到20美元的波幅已经变成了常态。黄金市场的波动性会继续维持在高水平。SPDR黄金ETF持有量在周一增加了0.1%至896.18吨，是去年11月27日以来的最高水平。此外，Comex期金的多头持仓在12月31日结束当周也有所增加。 道明证券证券大宗商品策略师Ryan McKay表示本周公布的经济数据如果表现强劲，不会带来任何大的卖压，主要是因为美联储似乎愿意让经济成长升温，通胀升温，而不是在那种情况下介入升息。德意志银行财富管理(Deutsche Bank Wealth Management)全球首席投资官Christian Nolting表示，预计今年金价有所上涨，但涨幅不会特别大。不确定居高不下，黄金料维持高位

On Tuesday, the gold market experienced a shock and fell back below US$ 1560/ounce, but then again again to test the level of US$ 1570. The gold market is still underpinned by a sense of risk. The price of the gold market has soared on the shore last week, raising the price of the gold market to a five-month high, which has led to a weak performance of the country’s gold bank, T+D. According to Oanda’s senior market analyst Jeffrey Halley, the Middle East is likely to experience a slight decline, and the price of the market has soared. If the event cooled, the price could fall again, and even return to the level of US$ 1,500/ounce. The situation in the Middle East, which began last week, raised the price of the gold market to a high level of US$ 15 per cent last year.

一位市场策略师表示，黄金市场可能看起来已超买，但只要地缘政治不确定性主导投资者情绪，黄金市场就将保持当前水平。美国和伊朗之间不断升级的紧张局势一度将金价推高至2013年4月以来的最高水平，许多分析师现在都在关注每盎司1600美元的价位。FXTM说，随着中东冲突的继续，黄金将继续发光。相对强弱指标等技术指标正处于去年9月以来的最高水平，显示黄金处于超买区域。但在政治和市场充满不确定性的时期，除了买入黄金，没有更好的选择。尽管金价在图表上看似超买，但只要不确定性居高不下，黄金的涨势就会持续。对于此次的美伊冲突，这与之前2019年短暂的中东问题不同，最近的冲突预计不会很快缓和。最新的势态发展给美国和全球经济增长带来压力。在贸易紧张局势缓解，投资者对英国脱欧态度更加明朗之后，2020年本应该是全球经济复苏的一年。但过去一周发生的事情无疑使得这种前景面临风险。投资者仍将处于守势，在决定其投资组合时需要仔细衡量风险。机构观点：短期内黄金还有更大的上涨空间

As the Middle East conflict continues, FXTM says, gold will continue to shine. Technology indicators, such as relatively strong and weak indicators, are at its highest level since last September, showing that gold is out of the region. But, at a time of political and market uncertainty, there is no better option than buying gold.

尽管黄金市场已从本周初触及的近七年来高点回落，但道富环球投资黄金策略师George Milling-Stanley表示，随着最新的中东冲突加剧了金融市场的投资不确定性，黄金的涨势似乎是可持续的。金价的涨势看上去是可持续的，因为我们不知道接下来会发生什么。我们正生活在一个前所未有的不确定时期，这将继续支撑金价。我想很多人都希望看到2020年有一个安静的开始，但这并没有实现。中东紧张局势的升级也推高了油价，这波涨势看起来很稳固。如果原油价格持续上涨，那么黄金价格也将持续上涨。油价上涨将导致通胀上升，这对黄金有利。至于金价最终将何去何从，Milling-Stanley预计，金价在2020年仍将在1550-1650美元区间交投。虽然黄金在2020年前几个交易日大涨，但他没有看到市场超买的迹象。这位策略师称：“我预计金价在短期内有上涨空间。我现在并不担心黄金被超买，因为我看到各种投资者都表现出了很高的兴趣。”尽管最近的中东冲突是目前驱动投资者情绪的主要因素，但Milling-stanley表示，全球地缘政治的不确定性足以到2020年一直支撑金价。

Although the gold market has been falling since almost seven years since the beginning of this week, George Milling-Stanley, the gold strategist for global investment in the Middle East, has said that the rise in gold appears to be sustainable as the recent Middle East conflict has increased investment uncertainty in financial markets. The rise in gold prices seems sustainable, because we do not know what will happen next. We are living in an unprecedented period of uncertainty, which will continue to support gold prices. I think many would like to see a quiet start in 2020.

【市场盘点】

[Market count]

周四，现货黄金先涨后跌，美股开盘前，黄金最高涨至1486美元/盎司，随后因风险情绪高涨，黄金短线跳水，一小时内从日内高点跌超20美金。截至收盘，现货黄金跌0.34%，报1469.60美元/盎司；现货白银也遭遇重挫，但随后收复大部分失地，最后收于16.90美元/盎司，涨0.27%。美元指数涨0.17%，报97.25。

On Thursday, cash gold rose and fell, and before the opening of the dollar, it rose to a maximum of US$ 1,486 per ounce, followed by a short-line jump due to heightened risk, which fell by more than US$ 20 per hour from the point of the day. At the close of the collection, spot gold fell by 0.34 per cent and was reported at US$ 14,69.60 per ounce; the spot silver also suffered a severe setback, but then recovered most of the lost ground, with a final gain of US$ 16.90 per ounce, or 0.27 per cent. The dollar index rose by 0.17 per cent, or 97.25 per cent.

周五早上6点，出口民调显示，英国首相约翰逊所在的保守党将获得议会多数席位。英镑兑美元短线拉升超150点，突破1.34关口，涨幅超2%，刷新2018年6月以来新高。

On Friday morning, at 6 a.m., export polls showed that British Prime Minister Johnson’s Conservative Party would win a majority of seats in Parliament. Pounds short-lined by 150 points to the dollar, crossed the 1.34 mark, up by more than 2%, refreshing their level since June 2018.

油市方面，美、布两油冲高回落，日内涨幅均曾扩大至1.5%，随后收窄涨幅。截至收盘，WTI原油涨0.70%，报59.18美元/桶；布伦特原油涨0.78%，报64.32美元/桶。

On the oil market, the oils of the United States and the fabric fell, and the increase in the day increased to 1.5 per cent, followed by a narrow increase. As of the harvest, the WTI crude oil rose by 0.70 per cent to $59.18 per barrel; Brent crude oil increased by 0.78 per cent to $64.32 per barrel.

周四美股低开高走，道指盘初走低，一度跌超300点，随后受市场乐观情绪推动，三大指数刷新新高，盘中涨幅收窄，接近尾盘，受利好消息刺激，美股再度上扬，截至收盘，道指收涨0.79%，报28132.05点。盘面上，半导体存储器、油气企业板块高走，区块链及黄金板块下行。

On Thursday, the United States shares were down, the dots were down, the dots were down by 300 points, and they were driven by market optimism, the three indices were up and high, the plates were up and down, they were near the tails, the good news inspired by the good news, the US shares were up again, and as soon as the round was closed, the dots were up by 0.79%, and the dots were 28132. On the plate, the semiconductor, the oil and gas business plates were up and down, the chains and the gold plates were down.

港股周四高开高走，收复50天线，开市后反覆向上，午后于两万七水平上落，尾盘涨幅略有收窄，截至收盘，恒生指数收涨1.31%，报26994.14点，未能站上二万七关口。盘面上，阿里概念股疲软，电商及手游股造好。

On Thursdays, the Hong Kong Stock Unit moved high, recovered 50 antennas, turned up after opening the market, dropped at 27,000 levels in the afternoon, with a slight reduction in the tailings, rising by 1.31 per cent as of the closing, reporting 26994.14 points, and failed to reach twenty-seven thousand. On the plate, Ali’s concept was weak, electric and hand-held.

沪深两市小幅震荡，截至收盘，沪指跌0.3%，深成指跌0.17%，创业板指涨0.16%。盘面上，半导体、芯片、旅游、5G等板块涨幅居前；胎压监测、煤炭、免疫治疗、知识产权等板块跌幅居前。

At the end of the round, the thumb fell by 0.3 per cent, deep by 0.17 per cent, and the start-up board rose by 0.16 per cent. On the surface, the plates such as semiconductors, chips, tourism, 5G, etc. were in the forefront; and the plates such as birth pressure monitoring, coal, immunotherapy, intellectual property rights, etc. were in the front.

【国际要闻】

International Highlights

出口民调显示英国保守党在议会选举中领先

Export polls show the British Conservatives leading the parliamentary elections.

英国广播公司、天空电视台等主流媒体委托进行的投票站出口民调显示，在英国议会下院全部650个席位中，保守党有望获得368席，反对党工党有望获得191席。出口民调被认为是选举最终结果的重要参考。

An export poll commissioned by mainstream media, such as the BBC, Sky TV, shows that the Conservative Party is expected to win 368 of the total 650 seats in the lower house of the British Parliament and 191 seats in the opposition Labour Party. Export polls are considered an important reference for the final results of the elections.

美联储公布定期操作计划 以遏制年底市场动荡

The Fed announced a regular operating plan to contain the year-end turmoil in the market.

纽约联储宣布12月下半月的回购操作计划，总计3650亿美元。12月16日将进行最高500亿美元的32天期操作，其他操作期限从13天到15天不等，最高规模350亿美元，与此前操作期限类似。纽约联储还计划调整一些隔夜回购操作的规模，为年底提供更多流动性。

The New York Federal Reserve announced a repurchase operation plan for the second half of December, totalling $365 billion. A 32-day operation of up to $50 billion will take place on December 16, ranging from 13 to 15 days, with a maximum of $35 billion, similar to the previous one.

IEA月报：经合组织年度原油需求自2014年来首次下降

IEA Monthly Bulletin: OECD annual crude oil demand declined for the first time since 2014

周四下午，IEA公布最新月度原油市场报告。IEA将2019年原油需求增长预期下调至100万桶/日，2020年原油需求增长预期下调至120万桶/日，均与此前持平。此外，月报还显示，经合组织2019年原油需求将下降75万桶/日，为2014年以来第一次下降。

On Thursday afternoon, the IEA released its latest monthly crude oil market report. The IEA reduced its crude demand growth forecast for 2019 to 1 million barrels per day, and its crude demand growth forecast for 2020 to 1.2 million barrels per day, the same level as before.

欧洲央行如期按兵不动 将继续购买债券

The ECB is on schedule to continue buying bonds.

欧洲央行维持三大关键利率不变。欧洲央行预计利率会保持目前或较低的水平，直到通胀前景可以稳定地转变为大约2%的水平，欧洲央行政策声明中没有提到政策评估。欧洲央行将继续购买债券，直到利率上调。

The ECB maintains three key interest rates unchanged. The ECB expects interest rates to remain at current or lower levels until inflation prospects can be steadily converted to about 2%, and policy assessments are not mentioned in the ECB’s policy statement.

拉加德周四表示，有一些初步的迹象表明经济出现企稳，潜在通货膨胀率温和上升。经济增长仍然存在下行风险，但并不那么明显。即将展开的战略评估将从明年1月份某个时候开始，并将于明年底前结束。

On Thursday, Lagarde indicated that there are some initial signs of a stable economy and a moderate rise in potential inflation. Economic growth still has downside risks, but less pronounced. The upcoming strategic assessment will start sometime next January, and will be completed by the end of next year.

全球黄金ETF持仓量在11月小幅下滑1%

Global gold ETF holdings dropped by 1% in November.

11月，全球黄金ETF资产管理规模出现了13亿美元的净流出，其总持仓量在10月触及历史新高后下滑30.1吨。受强劲的投资需求和金价上涨推动，今年以来，全球黄金ETF的总规模增长了35%。

In November, there was a net outflow of $1.3 billion in global gold ETF asset management, with a total warehouse capacity down by 30.1 tons after it hit an all-time high in October. Driven by strong investment demand and rising gold prices, the global gold ETF has grown by 35 per cent since the year.

钯金价格迅猛上涨 一举超过黄金历来的纪录高点

The price of gold has risen so fast, it's over the record high in gold.

钯金现货周四大涨，至创纪录的1943美元/盎司，将年迄今涨幅扩大至53%。钯金连续第15日上涨，势创有记录以来最长上涨持续期，超过了金价的历来纪录高点。

A record $1943 per ounce of cash on Thursday has increased the annual increase to 53% so far. For the fifteenth consecutive day, the rise has been the longest and sustained increase since record times, surpassing the historical highs in gold prices.

日本央行副行长雨宫正佳警示风险 暗示宽松政策倾向

The Vice-President of the Central Bank of Japan, Yumiya, is warning of risk.

日本央行副行长雨宫正佳周四表示，鉴于贸易不确定性和疲软的全球需求使前景蒙阴，日本央行将侧重关注经济面临的风险，强调了央行在经济复苏面临威胁时扩大刺激的决心。

On Thursday, the Vice-President of the Central Bank of Japan, Yumiya, said that, given trade uncertainty and weak global demand, the Bank would focus on the risks facing the economy, emphasizing the central bank’s determination to expand its stimulus in the face of threats to economic recovery.

加拿大央行行长波洛兹预计全球利率未来几年保持低位

Central Bank of Canada Governor Poloze expects global interest rates to remain low over the next few years.

加拿大央行行长波洛兹在演讲中表示，由于生产率和人口增长低迷等结构性因素的影响，全球利率将在未来几年保持低位。

In his speech, the Governor of the Central Bank of Canada, Poloze, said that global interest rates would remain low in the coming years owing to structural factors such as low productivity and population growth.

瑞士央行维持利率在-0.75%不变

The Swiss Central Bank maintains interest rates at -0.75 per cent.

周四瑞士央行将利率维持在最低水平，并重申，如果需要，随时准备干预市场。通过将政策利率和存款利率都保持在-0.75%，瑞士央行继续保持着全球最低的基准利率。该策略旨在缓解瑞郎的升值压力，瑞士央行认为，瑞郎依然被高估。

On Thursday, the Swiss Central Bank kept interest rates at a minimum and reiterated its readiness to intervene in the market if needed. By keeping policy and deposit rates at -0.75%, the Swiss Central Bank continues to maintain the lowest benchmark rates globally.

土耳其央行降息200个基点

200 basis points of interest reduction by the Central Bank of Turkey

土耳其央行降息200个基点至12%，为年内第四次降息，市场预期为降息150个基点。

The Central Bank of Turkey reduced interest rates by 200 to 12 per cent, for the fourth time in the year, with the market expected to reduce interest rates by 150 basis points.

沙特寻求缓解与伊朗之间的紧张关系

Saudi Arabia seeks to ease tensions with Iran

据外媒报道，沙特正寻求修复与伊朗以及其他地区敌对国家的关系，因沙特官员们越来越担心冲突会给其依赖石油的经济带来风险。据悉，沙特和伊朗的代表在近几个月直接交换了信息，也通过包括阿曼、巴基斯坦以及科威特在内的中间国进行了沟通。

According to foreign sources, Saudi Arabia is seeking to repair its relations with hostile countries in Iran and elsewhere, as Saudi officials are increasingly concerned about the risks that the conflict poses to its oil-dependent economy. Representatives of Saudi Arabia and Iran have been reported to have exchanged information directly in recent months, and also through intermediaries, including Oman, Pakistan, and Kuwait.

澳大利亚将为Facebook和谷歌等公司制定行为准则

Australia will develop codes of conduct for companies like Facebook and Google

据外媒报道，澳大利亚周四表示，其竞争监管机构将制定一套自愿性行为准则，以规范数字平台和媒体企业之间的议价能力问题。

According to external media reports, Australia's competition authority has indicated on Thursday that it will develop a set of voluntary codes of conduct to regulate bargaining power between digital platforms and media enterprises.

【国内要闻】

I'm sorry, I'm sorry.

中央经济工作会议12日在北京举行

Central Economic Work Session 12 in Beijing

据新华社，中央经济工作会议指出，我国经济稳中向好、长期向好的基本趋势没有改变。稳健的货币政策要灵活适度，保持流动性合理充裕，货币信贷、社会融资规模增长同经济发展相适应，降低社会融资成本。会议还确定了定了明年六大重点工作。

According to Xinhua, the Central Economic Work Session has pointed out that the basic trend toward a stable, long-term good economy has not changed. Sound monetary policy needs to be flexible and moderate, with reasonable liquidity, monetary credit, and growth in the scale of social financing are compatible with economic development, and social financing costs are reduced.

商务部：全年中俄双边贸易额有望突破1100亿美元

Ministry of Commerce: Bilateral trade between China and Russia is expected to outpace $11 billion throughout the year

商务部新闻发言人高峰在发布会上表示，今年以来，在两国元首的战略引领和推动下，中俄双边经贸规模稳步扩大，质量持续优化，迈上新的台阶。全年中俄双边贸易额有望突破1100亿美元，再创历史新高。

At the summit of the Ministry of Commerce’s press spokespersons, it was stated that since the beginning of the year, with the strategic leadership and impetus of the two heads of state, China and Russia have steadily expanded their bilateral trade, improving their quality, and moving on to a new level. Bilateral trade between China and Russia is expected to rise by over $11 billion a year, reaching an all-time high.

商务部回应“部分大豆、猪肉等商品排除工作进展如何？”等问题

The Ministry of Commerce responded to questions such as “How are some of the commodities such as soybeans and pork being excluded?”

商务部新闻发言人高峰在发布会上表示，根据了解，目前国务院关税税则委员会正在根据相关企业的申请，有序开展部分大豆、猪肉等自美采购商品加征关税排除工作。商务部新闻发言人高峰还表示，关于中美经贸磋商，双方经贸团队一直保持密切沟通。

The Ministry of Commerce press speaker at the launch said that it was understood that the State Department's Customs and Excise Committee was currently conducting an orderly process for the elimination of customs duties on some of the United States-based purchases of soybeans, pork, etc., on the basis of applications from the enterprises concerned. The Ministry of Commerce press spokesman also said that the trade and economic teams had been in close contact with the United States-China Economic and Trade Consultations.

商务部外贸司负责人谈2019年1-11月我国对外贸易情况

The Head of the Foreign Trade Department of the Ministry of Commerce gave a presentation on our foreign trade in January-November 2019.

1-11月，我国进出口总额28.5万亿元，增长2.4%。其中，出口15.55万亿元，增长4.5%；进口12.95万亿元，与去年同期基本持平；贸易顺差2.6万亿元，扩大34.9%。从月度规模看，11月当月进出口总额2.86万亿元，为今年单月最高水平。从国际比较看，根据WTO最新数据，前三季度，我出口增速高于全球主要经济体平均增速。

In January-November, our exports and imports totalled 28.5 trillion yuan, an increase of 2.4 per cent, of which 15,55 trillion yuan, an increase of 4.5 per cent; imports of 12,95 trillion yuan, which remained almost the same as in the same period last year; trade surpluses of 2.6 trillion yuan, an increase of 34.9 per cent; and, on a monthly basis, exports and imports to and from the same month amounted to 2.86 trillion yuan, the highest single-month level this year. According to international comparisons, according to the latest data from the World Trade Organization, my exports grew at a faster rate than the average of the world's major economies in the previous three quarters.

中国央行：2019年三季度末金融业机构总资产312.46万亿元

Central Bank of China: 31246 trillion yuan in total assets of financial institutions at the end of the third quarter of 2019

初步统计，2019年三季度末，我国金融业机构总资产为312.46万亿元，同比增长8.1%，其中，银行业机构总资产为284.67万亿元，同比增长7.7%。金融业机构总负债为283.94万亿元，同比增长7.6%，其中，银行业机构总负债为260.79万亿元，同比增长7.2%。

Preliminary statistics show that, at the end of the third quarter of 2019, the total assets of our financial institutions amounted to RMB 31,246 billion, an increase of 8.1 per cent, of which the total assets of banking institutions amounted to RMB 284,67 trillion, an increase of 7.7 per cent, an increase of RMB 283,94 trillion, an increase of 7.6 per cent, and the total liabilities of banking institutions amounted to RMB 260,79 trillion, an increase of 7.2 per cent.

商务部：11月进口增长主要是国内需求拉动的结果

Ministry of Commerce: Import growth in November mainly as a result of domestic demand pull

商务部新闻发言人高峰在发布会上表示，总体上看，今年以来中国进口的需求保持平稳。11月当月进口增长主要是国内需求拉动的结果。一是国内市场对进口消费品需求旺盛，二是11月份制造业PMI重回扩张区间，原材料等商品进口需求回升，部分大宗商品进口量增长。三是政策效应逐步显现。

In November, import growth was largely the result of domestic demand. First, there was a strong demand in the domestic market for imported consumer goods, and second, in November, the return of manufacturing PMI to the expansion zone, a rebound in demand for imports of goods such as raw materials, and an increase in the volume of imports of major commodities.

发改委等九部门发布关于改善节假日旅游出行环境促进旅游消费的实施意见

9 departments such as the DRC issued operational advice on improving the holiday tourism travel environment to promote tourism consumption

意见指出，加快推动落实带薪休假，完善带薪休假相关制度建设，鼓励进行错峰旅游，引导、鼓励职工和其所在单位更加灵活地安排带薪休假。

It was noted that the implementation of paid leave should be accelerated, the system relating to paid leave should be improved, tourism should be encouraged at the wrong end, and more flexible arrangements for paid leave should be introduced and encouraged for workers and their units.

上期所和浙油中心合作开通“浙油中心报价专区”

The previous period, in cooperation with the Zheli Center, opened the “Investment area of the Zheli Center”

12月12日下午，上海期货交易所和浙江国际油气交易中心有限公司 　 　合作的“浙油中心报价专区”在上期标准仓单交易平台成功上线。

On the afternoon of 12 December, the “Silver Oil Centre Quote Area”, a partnership between the Shanghai Futures Exchange and Zhejiang International Hydrocarbon Trading Centre Ltd., was successfully launched on the previous SLTP.

【风险预警】

[Risk alert]

今晚，有“恐怖数据”支撑的美国11月零售销售月率即将出炉，目前市场普遍预期该数据将录得0.5%，高于预期的0.3%。目前市场普遍预期美国11月零售销售情况可能受购物季带动而出现上涨，但预计增幅有限。

Tonight, the US retail sales rate of November, backed by “terror data,” is about to come out, and it is now generally expected to record 0.5%, or more than 0.3%. The market is now expecting a possible increase in retail sales in the US in November, driven by the shopping season, but the increase is expected to be limited.

今日，英国大选结果也将揭晓，早上由于出口民调显示保守党将赢得多数席位，英镑短线暴涨。随后工党发言人表示，现在定论大选结果为时尚早。投资者今天应密切留意大选的消息，也要小心英镑剧烈波动。

Today, the results of the British elections will also be known: this morning, with export polls showing that the Conservative Party will win a majority of seats, the pound has skyrocketed. The Labour Party spokesman then said that it is too early to decide on the results.

来源: 金十数据

Source: Gold 10 data

按照国家统计局正式公开的信息，2020年第一季度，由于新冠病毒的影响，中国经济增速由正转负，同比下降了6.8%，完成的名义GDP约为206504亿元人民币（约20.65万亿元）。其中，第一产业贡献了10186亿元人民币。

According to official public information from the National Statistical Office, in the first quarter of 2020, the rate of economic growth in China shifted from positive to negative due to the impact of the new crown virus, a decline of 6.8 per cent in the same year, with a completed nominal GDP of about RMB 20,656.4 billion (approximately RMB 20,65 trillion). Of this, the primary sector contributed RMB 10,08.6 billion.

第二产业贡献了73638亿元人民币，第三产业贡献了122680亿元人民币。三大产业占GDP的比重分别是4.9%、35.7%、59.4%。其中，第二产业占GDP的比重略有下滑，第一和第三产业占GDP比重略有上升。

The secondary sector contributed 736,3.8 billion yuan and the tertiary sector 12,268 billion yuan. The three major industries contributed 4.9 per cent, 35.7 per cent and 59.4 per cent of GDP, with a slight decline in the secondary sector and a slight increase in the primary and tertiary sectors.

一季度，中国GDP约为2.96万亿美元

In one quarter, China's GDP was about $2.96 trillion.

一季度，中国完成的名义GDP约为206504亿元人民币，按季度平均汇率折算约为2.96万亿美元。细心的网友会发现，南生基本是按照“1美元兑换6.979元人民币”来转换的，那问题来了，这个兑换比例又是怎么得来的呢？

In one quarter, China completed a nominal GDP of about RMB 20,656.4 billion, converted at a quarterly average exchange rate of approximately $2.96 trillion. A careful network would find that Nansheng was largely converted according to “US$ 1 to RMB 6.979”.

首先我们要确认一个原则，即兑换年度或者是季度的GDP，一定要采用年度或季度的平均汇率。不能随机选择某一天的汇率作为转换标准，也不能选择年度或季度的“中间时间”的汇率。

First, we want to affirm the principle that annual or quarterly average rates of exchange must be used. Exchange rates of one day cannot be randomly selected as conversion criteria, or annual or quarterly “midtime” rates.

这就说，我们将一季度206504亿元人民币的GDP换算成美元，不能用今天的汇率，也不能用一季度中某一天的汇率，更不能用过去或者未来某一天的汇率。请记住一定“年度或季度平均汇率”。

This means that we convert the GDP of RMB 20,656.4 billion per quarter into United States dollars, not today's exchange rate, not one day in one quarter, not one day in the past or one day in the future. Remember a certain “annual or quarterly average”.

其次，南生告诉大家如何获得季度的平均汇率。这需要我们先记录一季度各个交易日的“人民币与美元的汇率”——这个可以在国家外汇管理局查询。比如1月2日是6.9614元人民币兑换1美元，……3月31日是7.0851元人民币兑换1美元。

Second, Nanjing tells you how to get a quarterly average exchange rate. This requires that we record the “RMB-US dollar exchange rate” for each trading day of the quarter — which can be consulted by the National Foreign Exchange Administration. For example, on 2 January, RMB 6.9614 was exchanged for US$ 1 and on 31 March RMB 7.0851 for US$ 1.

然后各自相加，得出一季度整体是“404.7839元人民币兑换58美元”，进一步计算可以得出：一季度平均是“6.97903276元人民币兑换1美元”，四舍五入后就是“6.979元人民币兑换1美元”——这就是一季度的平均汇率。

By way of addition, the overall figure for the quarter was “404.7839 yuan to $58”, and it can be further calculated that the average for the quarter was “6.97903276 yuan to US$ 1”, and rounded to “6.9779 yuan to US$ 1” — that is, the average exchange rate for the quarter.

上年同期，中国GDP是3.23万亿美元

In the same period last year, China's GDP was $3.23 trillion.

如果网友们感兴趣，可以自己计算下2019年第一季度人民币与美元的平均汇率——如果您没算错，答案是：四舍五入后，平均是6.7468元人民币兑换1美元。接来下计算整个2019年，那平均汇率是6.8985元人民币兑换1美元。

If they are interested, they can calculate for themselves the average exchange rate between the renminbi and the dollar for the first quarter of 2019 - if you are right, the answer is: rounded down, the average exchange rate is $6.7468 to the dollar. The average exchange rate is $6.8985 to the dollar for the entire year 2019.

去年一季度，中国完成的名义GDP是218062.8亿元人民币，折合3.232万亿美元。与今年一季度的2.96万亿美元相比，差额约为0.272万亿美元。由于人民币贬值，今年一季度中国GDP按美元算降幅超过8%。

In the first quarter of last year, China completed a nominal GDP of RMB 218.628 billion, equivalent to $3.32 trillion. The difference is about US$ 2.72 trillion, compared with US$ 2.96 trillion in the previous quarter.

这也是用汇率转换各国GDP不可避免的缺陷，就是不能真实地体现各国经济的“本来面目”。所以IMF、世界银行等国际机构经常采用“购买力平价”来衡量各国GDP，算是对汇率法的一个补充吧。本文由【南生】整理并撰写，无授权请勿转载、抄袭！

This is also an inevitable flaw in the exchange rate conversion of national GDP, which is that it does not truly reflect the “nature” of national economies. So international institutions such as the International Monetary Fund and the World Bank often use “purchasing power parities” to measure national GDP as a complement to the exchange-rate approach.

消息面

Can not open message

1、道明预计未来一年不会有十国集团央行加息;道明策略师表示，没有一家十国集团央行未来一年可能会加息，这是至少十年来首次。Richard Kelly、James Rossiter、Priya Misra和Mark McCormick等策略师撰写报告称，“不幸的是，2020还没有显示出从结构性不确定带来的打压和冲击中复苏的迹象”贸易方面的降温只会为美国大选前的政治不确定性升温奠定基础，消除贸易不确定性将使美国GDP增加0.5个百分点，且10国集团通胀率最多增加0.1-0.3个百分点;都不足以推动任何主要央行在2020年加息，“最终将有足够的增长动力来帮助昂贵的美元估值导致投资者被吸引到其他地方，唯一的问题是，要进入到2020年哪个时点才会实现可持续增长”，道明建议做多澳元兑加元和纽元;预计美联储将在2020年实施两次降息。

1 Domin expects no G-10 central bank hikes in the coming year; Domino strategists say that no G-10 central bank may raise interest rates in the coming year, for the first time in at least a decade. Richard Kelly, James Rossiter, Priya Misra, and Mark McCormick, strategists have reported that “unfortunately, 2020 has not shown signs of recovery from the pressures and shocks of structural uncertainty.” The decline in trade will only lay the foundation for a pre-election rise in political uncertainty in the United States, and that the elimination of trade uncertainty will result in a 0.5 percentage point increase in US GDP and a maximum increase in G-10 inflation rate of 0.1 to 0.3 percentage points; it will not be sufficient to push any major central bank to raise interest in 2020, “endow enough momentum to help expensive dollar valuations attract investors elsewhere, the only question is which point of entry into 2020 will lead to sustainable growth”, and dots suggest a multi-Ausa dollar dollar and a New dollar reduction; and the US Federal Reserve is expected to implement two interest reductions in 2020.

2、机构：美元明年将承压?美元指数自上周以来连续下跌，多重因素导致美元指数在2020年恐难以继续走强。分析师称，明年美元指数全年在95-98区间波动，并且更可能偏向弱方。主要原因包括国际贸易局势前景不确定、全球增长探底、美联储降息预期仍存等;

2 - Institutions: The dollar will be under pressure next year? The dollar index has been declining continuously since last week, and multiple factors have made it difficult for the dollar index to continue to strengthen in 2020. Analysts say that the dollar index will fluctuate throughout the year from 95 to 98 and will be more likely to favour the weaker side.

房利美(Fannie Mae)周一将其对2020年美国经济增长的预期从1.7%上调至1.9%，称如果国际贸易传来好消息，消费者支出和楼市将提振美国GDP。但房利美同时表示，国际贸易局势对美国经济增长来说是一个风险且短时间内不太可能会完全消除;

On Monday, Fannie Mae raised his expectations for US economic growth in 2020 from 1.7% to 1.9%, saying that if good news comes from international trade, consumer spending and housing markets will boost US GDP. But, at the same time, the US says that the international trade situation is a risk to US economic growth and is unlikely to be completely eliminated in a short period of time.

房利美称，国际贸易局势对美国经济增长来说是一个风险。尽管预计贸易紧张局势会在短期内得到缓解，但不太可能会完全消除。房利美(Fannie Mae)首席经济学家道格·邓肯(Doug Duncan)表示，尽管全球不确定性上升，但我们仍预计美国国内经济将实现稳健的增长。

Although trade tensions are expected to ease in the short term, they are unlikely to be completely eliminated. Fannie Mae’s chief economist, Doug Duncan, says that, despite rising global uncertainty, we expect a robust growth in the US economy.

3、在岸人民币跌至半个月新低，因市场情绪继续偏向谨慎;

3. The onshore renminbi fell to a new low of half a month and continued to be cautious owing to market sentiment;

① 在岸人民币周二缩量收跌近120点至半个月新低，盘中一度逼近7.03元关口，中间价则略升7点至近一周高点。交易员表示，汇价基本跟随市场基本面消息起伏，昨夜美国总统特朗普的消极表态，多少影响了市场情绪，好在市场基本适应了这种扰动，在消息面取得实质性进展前，人民币大概率维持在7-7.05元区间波动。

1 On Tuesday, the Chinese renminbi contract fell by nearly 120 to half a month, with the median price rising slightly from 7 to almost a week high. The traders said that the exchange rate followed market fundamentals, and that the negative statements of US President Trump last night had somewhat influenced market sentiment, so that the market had largely adapted to such disturbances, and that the renminbi rate was likely to remain volatile between $7 and 7.05 until substantial progress had been made in the news.

② 交易员并称，近来中国央行继续大额净投放，银行间流动性充裕，境内美元兑人民币短端掉期持续下滑，长端掉期盘中亦下破400点关口，创逾一周新低。而眼下，人民币汇价基本跟随消息面波动，暂无明确的方向性。目前市场可能没有之前那么乐观，但还谈不上悲观。

The traders also claim that the Central Bank of China has recently continued to make large net investments, with sufficient interbank liquidity, a continuous decline in the short-end swap between the United States dollar and the renminbi in China, and a more than 400-point break in the long-term cut-off, which has reached a new low of over a week. At this point, the renminbi’s exchange rate has largely fluctuated with the news, with no clear direction.

③ 此外，日内评级机构表示，国际贸易领域和地缘局势的诸多风险，仍会影响2020年的全球经济增长预期。这可能令避险资金加速回流至美元计价资产，而新兴市场货币则会因此面临更多压力;

In addition, rating agencies within the day indicate that many of the risks in the area of international trade and the geo-situation situation will still affect global economic growth expectations for 2020. This could accelerate the return of hedge funds to dollar-denominated assets, which would put emerging market currencies under additional pressure;

④ 而全球汇市方面，美元兑一篮子货币周二企稳，中止此前连续三日跌势，投资人等待美联储此后10月底会议记要，当时美联储宣布降息。隔夜，在美国总统特朗普扬言美元汇价仍然过高之后，美元指数一度跌至近两周低位。

On the other hand, on the global exchange market, the dollar against a basket of currencies was stable on Tuesday, ending three consecutive days of decline, and investors waited for the Fed’s report at the end of October, when the Fed announced a reduction in interest rates. On the other day, after US President Trump’s argument that the dollar was still too high, the dollar index fell to almost two weeks of low value.

4、周二(11月19日)美国总统特朗普表示，他在周一与美联储主席鲍威尔会面时告诉鲍威尔，美联储设定的利率相对于其他国家来说太高了。这意外着特朗普希望美联储继续加大降息力度，对美元构成利空。周二美联储威廉姆斯称，通胀保持在低位且处于稳定状态，失业率处于低位，美联储的政策目前是宽松的，通胀可能导致美联储政策更加宽松。

On Tuesday, 19 November, US President Trump stated that he had told Powell, during his meeting with US Federal Reserve President Powell on Monday, that the US Federal Reserve had set interest rates that were too high compared to other countries. By surprise, Trump wanted the US Federal Reserve to continue to reduce interest rates more sharply, which would be a loss on the dollar.

【美元汇率报价】

United States dollar exchange rate quote

1.美元汇率最新报价

1. Latest offer for United States dollar exchange rate

截止发稿，美元指数现报97.8942，涨幅0.05%。今日1美元等于1.1073欧元，1美元等于0.7745英镑，1美元等于108.510日元，1美元等于1.4667澳元，1美元等于0.9905瑞郎，1美元等于1.3278加元，1美元等于1.5578纽元，1美元等于7.8278港元，1美元等于1.3616新元，1美元等于在岸人民币7.0318元，1美元等于离岸人民币7.0339元，1美元等于1170.1500韩元。

As of the date of the release, the United States dollar index is now reported at 97.8942, an increase of 0.05 per cent. Today US$ 1 is equal to Euro1.1073, US$ 1 is equal to Pound0.7745, US$ 1 is equal to JPY 108.510, US$ 1 is equal to $A 1.4667, US$ 1 is equal to CHF 0.9905, US$ 1 is equal to $US 1.3278, US$ 1 is equal to HK$1.8578, US$ 1 is equal to NZ$ 1.3616 and US$ 1 is equal to RMB 7.0318, US$ 1 is equal to RMB 7.0339 and US$ 1 is equal to RMB 1170.1500.

2.建设银行外汇牌价

2. Foreign exchange rate of construction banks

【美元汇率走势】

Performance of the United States dollar exchange rate

欧元兑美元日线图

Chart of the euro to the United States dollar

欧元兑美元：日线图上，周二（19日）欧元兑美元继续小幅反弹收一根弱实体阳线，昨日盘中最高点1.1084，最低点1.1063，收报1.1078，日内涨幅0.05%。K线走势看，近4个交易日盘中收四连阳，目前市场多头占据主导，但上行动力有所减弱，短期欧美继续反弹的空间预计不大，上方关注1.1109一线压力。近12个交易日中，市场空头占据主导，短期盘面整体延续回调的概率较大。中期看，市场多头占据主导，盘面延续反弹行情的概率较大。长期看。欧元兑美元仍处于下行楔形整理结构走势当中，目前应仍处于回调过程，下方存有较大空间。MACD黄白线在0轴附近形成死叉缩量，绿柱收缩。综合来看，短期欧元兑美元继续反弹挑战1.1109一线压力的概率较大，后市预计仍有回调空间。大趋势上，盘面大概率延续下行主趋势。若欧美突破上方压力，后市继续关注1.1164一线压力；若不能突破，盘面走势短期大概率回调考验1.1027一线支撑。

The euro against the United States dollar: on the solar map, the euro continues to rebound to the United States dollar on a small scale on Tuesday (19th). During the last 12 trading days, the market was dominated by a blank, with a high probability of a short-term rollback. At a medium-term point, the market dominated, with a high probability of a negative roll-back.

美元兑日元日线图

Chart of the dollar to the Japanese yen line

美元兑日元：日线图上，周二（19日）美元兑日元延续回调走势收阴线，昨日盘中最高点108.840，最低点108.450，收报108.540，日内跌幅0.13%。K线走势看，近8个交易日中，市场空头占据主导，短期美元兑日元继续回调的概率较大，下方关注108.240一线支撑。中期看，市场多头占据主导，盘面大概率延续上行趋势。长期看，美元兑日元仍未能摆脱格局，震荡区间呈收窄的趋势，市场缺乏明确方向性选择。MACD黄白线在0轴上方形成死叉放量，绿柱扩张。综合来看，短期美元兑日元继续回调考验108.240一线支撑的概率较大，后市预计仍有反弹空间。长期看，盘面延续震荡格局的概率较大。若美日跌破下方支撑，后市继续关注107.890一线支撑；若不能突破，盘面走势短期大概率挑战109.070一线压力。

The US dollar against the Japanese yen: On the Japanese line, on Tuesday (19th) the US dollar continued its downward trend, with the upper limit of 108.840, the lowest of 108.450 yesterday, with a decline of 0.13 per cent in the market. The Kline appears to be moving, with the short-term US$ against the Japanese yen dominated over nearly eight trading days, with the probability that the short-term US dollar will continue to revert to the upper limit of 108.240 line. In the medium term, the market is dominated, with the likely upward trend. In the long run, the US dollar has not been able to break out of pattern, there is a narrow trend in the swing zone, and the market lacks a clear orientation choice. The MACD yellow and white line has a dead fork above the 0-axis, and the green column expands. In aggregate, the short-term dollar against the Japanese dollar continues to turn back to test the 108.244 line, and the post-market is expected to continue the upward trend.

美元兑在岸人民币日线图

U.S. dollar-to-shore RMB Japanese-line map

美元兑人民币：日线图上，周二（19日）美元兑在岸人民币收一根阳十字星，昨日盘中最高点7.0319，最低点7.0190，收报7.0276，日内涨幅0.03%。单根K线形态看，目前市场多空分歧加大，后市走势可能反转。K线走势看，近8个交易日中，市场多头占据主导，短期盘面延续反弹趋势的概率较大，上方关注7.0725一线压力。中期看，市场空头占据主导，盘面延续回调趋势的概率较大。MACD黄白线在0轴下方形成金叉放量，红柱扩张。综合来看，短期美元兑在岸人民币或将继续反弹挑战7.0725一线概率，但不排除短线回调的可能；中期盘面大概率延续回调行情。若美元兑在岸人民币突破上方压力，后市继续关注7.1069一线压力；若不能突破，盘面走势短期大概率回调考验7关口支撑。

The United States dollar against the renminbi: on the Japanese line, the dollar is on the bank’s renminbi on Tuesday (19th) to a sun-cow star, with the upper end of last day’s plate at 7.0319, and the lowest at 7.0190, with an increase of 0.03 per cent over the day. The single-K line pattern suggests that the market’s current gap is widening and the market’s movement is likely to reverse. The K-line trend, which appears to be dominated over nearly eight trading days, has a high probability of a short-term counter-reaction trend, with a high probability of a 7.0725 line of pressure. In the medium term, the market’s head is dominated, with a high probability of a roll-back trend. The MACD’s yellow white line, under a zero axis, continues to be a gold fork and a red column expansion. Overall, the short-term dollar against the People’s Currency or will continue to challenge the 7.0725 line, but does not rule out the possibility of short-term rewinding; the medium-term swing is likely to continue.

北京时间11:54，美元兑在岸人民币汇率报价7.0303，反汇率报价0.1422，即今日1美元兑换在岸人民币7.0303元，100美元兑换人民币703.03元，人民币100元兑换14.22美元。

At 11:54 Beijing time, the United States dollar was quoted at 7.0303 and the counter-exchange rate at 0.142, i.e., today the United States dollar is exchanged at 7.03033 and 100 for 703.03 and 14.22.

【以上观点仅供参考，不构成投资建议。】

[The above observations are for information purposes only and do not constitute an investment recommendation. ]

来源: 中亿财经网

Source: Medium Billion Finance Network

你猜现在比特币值多少钱一个？78300元人民币！

Guess how much bitcoin is worth now? $78,300!

是的你没听错，纵使这两周黄金白银等贵金属价格，相继突破历史高位，但比特币完完全全盖过了前两者风头。

Yes, you heard correctly, even though the price of precious metals, such as gold and silver, has broken past history for the past two weeks, bitcoin has completely overtaken both.

除比特币以外，第二大数字货币以太坊也一度达到2800元/枚，是两年来的最高水平。

In addition to Bitcoin, the second largest digital currency, which at one time reached $2,800 per metre, was the highest level in two years.

许多持币的小伙伴都疯狂晒出上千的收益率，最少的赚10万20万，赚得多的甚至直接第二天下单奔驰E300。

Many of the small, coin-bearing partners have gone crazy for thousands of dollars, making a minimum of 100,000, 200,000 dollars, and much more than even a single Mercedes E300 the next day.

而数字货币矿工们更是夸张，有以太坊矿工直接称：“一天一辆路虎，心情美滋滋”。

The digital money miners, however, are exaggerating, with the Etherms directly calling them: “One Road Rover a day, feeling good”.

“比特币牛市”“以太坊暴涨”纷纷喜提微博热搜，引来不少网友询问：比特币牛市要来了吗？现在买还来得及吗？

Bitcoin's Cow City, “The Ether House is on the rise”, and we have a lot of online people asking: Is Bitcoin Cow coming? Is it too late to buy it?

到底是什么原因，让比特币一路冲天突破78000人民币呢？今天就让我们拨开层层迷雾，分析一下背后的真相。

What is the reason for letting Bitcoin break 78,000 yuan all the way? Today, let's cut a layer of fog and analyze the truth behind it.

法院承认了！比特币属于美国货币

The court acknowledged that bitcoin belonged to the United States currency.

7月24日，美国联邦法院在一起经济纠纷案件中表示，根据华盛顿特区的法律，比特币应定义为货币。

On 24 July, in an economic dispute case, the United States Federal Court stated that, under Washington, D.C. law, Bitcoin should be defined as currency.

法官Beryl Howell说：“货币的定义是一种交换媒介、支付方式或者价值存储手段，而比特币显然符合这些要求。”

According to Judge Beryl Howell, “the definition of currency is a means of exchange, payment or storage of value, and Bitcoin clearly meets these requirements”.

外界认为，通过该案件的判决表明了比特币的货币地位，已得到了官方法律的认可。

According to the outside world, the passing of the judgement in the case demonstrated the monetary status of Bitcoin, which was recognized by official law.

长远来看，这对于比特币来说是重大利好，因为国家肯认同比特币的合法性，很大程度上可以打消人们对比特币整个产业投资的担忧。

In the long run, this is a great benefit for Bitcoin, because the State agrees with the legitimacy of Bitcoin and to a large extent can dispel concerns about the investment of Bitcoin in the entire industry.

因此该消息一出后，比特币价格马上迎来了第一波飞涨。

As a result, as soon as the news came out, Bitcoin prices were on the verge of the first surge.

避险情绪升温！美元大跌是元凶

We're getting warmer. The dollar's going down.

每一次黄金、白银和数字货币暴涨的背后，都和复杂的国际环境有莫大关系，而当下则有这是个原因带动了避险情绪的升温：

Each of these surges in gold, silver and digital currency has a strong bearing on the complex international environment, and this is the reason that this has led to a warmer sense of risk:

1. 美国疫情等不到控制，全球疫情日益严重

1. The United States epidemic is uncontrollable, and the global epidemic is getting worse and worse.

2. 中美摩擦增多，关系紧张；

2. Increased friction and tension between China and the United States;

3. 去全球化的趋势愈来愈烈；

3. The increasing trend towards globalization;

4. 美国大选结果的不确定，加深了老百姓的担忧。

4. The uncertainty surrounding the outcome of the United States general elections had heightened the concerns of the population.

美国疫情久久没有控制，复工不断推迟已经严重拖垮了美国的经济。而美联储持续放大水刺激经济，更是不断让美元贬值。

The US epidemic has been unchecked for a long time, and repeated delays in the resumption of work have seriously slowed down the US economy. The US Federal Reserve continues to magnify water to stimulate the economy, and it continues to depreciate the dollar.

不少投资者对美国现金的投资环境表示担忧，于是纷纷抛售美元购入避险资产，而这极大地帮助了黄金、白银和比特币价格的飙涨。

Many investors expressed concern about the investment climate in cash in the United States, and the sale of United States dollars to buy risk-free assets contributed significantly to the surge in gold, silver and bitcoin prices.

因此这也表明了，比特币的价值就和黄金、白银一样，它属于一种避险资产。

Thus, it also shows that Bitcoin is a hedge asset, like gold and silver.

无论我们如何排斥比特币，我们都无法不承认比特币的稀缺性，是比特币之所以值钱的重要价值。

No matter how we exclude bitcoin, we cannot deny that bitcoin's scarcity is an important value for bitcoin's value.

一边是疯狂印钞，疯狂超发的美元；一边是数量有限，并且没有人能伪造和超发的比特币；两者的优劣显而易见，而美元的通胀也给比特币打下了如黄金、白银一样坚实的上涨基础。

On the one hand, there is a mad printing of banknotes, a madly high dollar; on the other, there is a limited number, and no one can falsify and overfly bitcoins; the merits of both are obvious, and the inflation of the dollar provides a solid basis for the rise of bitcoins like gold and silver.

至于很多人问现在比特币能不能买？能不能挖？

As for a lot of people asking if bitcoin can be bought now, can it be dug?

我的建议是不推荐直接买币或买矿机去挖。原因很简单，虽然比特币长远来看必定是走上升趋势，但短期内变化复杂。尤其是当前国际环境不明朗的情况下，价格波动十分大。此外，78000元/枚的高价也不是一般人能承受的。

My suggestion is not to recommend buying money directly or mine machines to dig. The reason is simple: while Bitcoin is bound to be on the rise in the long run, changes are complex in the short term.

买矿机去挖则更不靠谱了，因为目前想挖出比特币，没千万资金去兴建专门的比特币矿场，是永远竞争不过一大批比特币矿场老板的，对于广大普通人来说，挖比特币并不现实。

To buy a mine machine to dig is even less so, because to dig up bitcoin and to build a special bitcoin mine without millions of dollars is never enough to compete for a large number of bitcoin owners, and for ordinary people, digging bitcoin is not a reality.

对于普通人来说，入场比特币最好的办法有两个。一是等，二是攒。

For ordinary people, there are two best ways to get into bitcoin. First, second, second.

比特币从3月份最低的28000元/枚到如今78000元/枚；以太坊从3月份最低的500元/枚，到现在2700元/枚。每年比特币和以太坊都会有一次绝佳的入场机会出现，就等各位静静等候，以及果断出手。

Bitcoin is from the lowest $28,000 in March to 78,000 today; Etheria is from the lowest $500 in March to 2,700 now. Every year, Bitcoin and Etheria will have an excellent chance of coming in, waiting for everyone to wait and make a decisive move.

另外，很多朋友不知道一些区块链项目也是可以不断小量获取数字货币的方式。

In addition, many friends do not know that some block chain projects are also a way of acquiring digital currency in small quantities.

例如目前币圈里炙手可热的区块链游戏《第二宝石SGEM》。只要在游戏里挂机打打材料，或者参加官方每月举办的竞赛活动，就能获得数字货币ORE奖励（注：免费游戏，要花钱的不要信）

For example, you can get a digital money ORE reward if you hang up the material in the game, or take part in an official monthly competition.

游戏的数字货币ORE可以到交易所中换取以太坊（目前价值2700元/枚），拿到ETH后玩家可以直接提现走人，或者攒更多的以太坊凑足一个比特币都可随意。

The game's digital currency, ORE, can be traded on the exchange (currently worth $2,700/me), and the player who gets the ETH can simply take the person away, or save more for a bitcoin.

靠这些方式，大家勤奋点的话，完全可以不用花钱去慢慢攒比特币。

By these means, if you work hard, you can save bitcoin without paying for it.

话就说这么多，比特币如此高价，现在能买吗？能挖吗？相信大家现在都有自己的判断。长远是好的，但机会只在当下，希望看完本文的人都能吃上螃蟹！

That's all you have to say, Bitcoin is so expensive, can you buy it now? Can you dig it? Everyone has their own judgment now. In the long run, but the chance is only right now, and everyone who reads this paper will eat crabs!

来源：证券时报网

Source: Securities Times

【资讯汇总】

Information Summary

王毅：中方将以冷静和理智来面对美方的冲动和焦躁

Wang Yi: China will face American impulses and anxiety with calm and reason.

国务委员兼外交部长王毅表示，中方是一个负责任、有担当的大国，我们愿意堂堂正正地与美方开展坦率有效的沟通，准备以冷静和理智来面对美方的冲动和焦躁。我们随时可以与美方重启各层级、各领域的对话机制，任何问题都可以拿到桌面上来谈。我们还提出可以梳理制定关于合作、对话、管控分歧的三个清单，并为下步交流确定路线图。

The State Councillor and Minister for Foreign Affairs, Wang Yi, stated that China is a responsible and capable country, and that we are ready to engage in frank and effective communication with the United States in order to be calm and rational in facing American impulses and anxiety. We can resume dialogue mechanisms at all levels and in all fields at any time with the United States, and any issues can be brought to the table. We have also proposed that we could draw up three lists of cooperation, dialogue, control of differences, and a road map for next-step exchanges.

发改委副主任宁吉喆：扩大内需努力完成全年目标任务

Deputy Director of IDRC Ning Ji-ho: expansion of internal needs in pursuit of year-round target tasks

发改委副主任宁吉喆表示，下半年，要牢牢把握扩大内需这个战略基点。在投资方面，重点推进新型基础设施、新型城镇化、交通水利等重大工程“两新一重”建设，加大公共卫生、应急物资储备、交通能源等领域补短板力度，实施城市更新，加快城镇老旧小区改造。

In the second half of the year, the DRC’s Deputy Director, Ning Ji-ho, said that the strategic basis for expanding domestic demand needed to be firmly established. In terms of investment, emphasis was placed on building “two new and one-size-fits-all” projects such as new infrastructure, new urbanization, transport and water, strengthening public health, emergency stocks, transport energy, etc., and implementing urban renewal and accelerating the transformation of old and small urban areas.

汇率两个月反弹超两千点人民币升值与外资流入形成共振

The exchange rate rebounded for two months, and the appreciation of the RMB 2,000 was matched by the inflow of foreign capital.

8月5日，人民币对美元即期汇率盘中升破6.94，创近5个月新高。自低点算起，近两个月人民币汇率反弹超两千点。业内人士认为，近期人民币汇率相对走强，除了有中国经济稳步复苏、美元回调这两项基本因素外，跨境资金流入增多也有一定影响。在金融业不断扩大开放的时代背景下，海外资金加快进入中国市场已是大势所趋，人民币升值与外资流入料形成阶段性共振。

On August 5, the renminbi broke 6.94 per cent of its current exchange rate against the United States dollar, a five-month high. Since the low point, the renminbi’s exchange rate has rebounded by more than 2,000 points in the last two months.

68家险企调升权益投资上限数千亿增量资金在路上

Sixty-eight venturers are on their way to raise the equity investment ceiling by hundreds of billions of dollars.

权益投资实施差异化监管后，各家险企依据偿付能力等因素，迎来8个不同档位的权益投资上限，最低10%，最高45%。具体每家保险公司的权益投资上限是多少？权益投资空间提升的都有谁？二季度末最新偿付能力数据提供了一些线索。按最新偿付能力数据推算，权益投资额度缩减的多为中小险企，而大公司则多为保持30%不变或获得提升。从大型险企来看，中国人寿等8家大型险企的权益类投资上限提高5个百分点、人保财险提高10个百分点，以其2019年末资产计算，这9家大公司的权益投资空间提升4500亿元。

After differential regulation of equity investments, insurance companies have reached a maximum equity investment rate of 10 per cent and a maximum of 45 per cent, depending on the solvency factor. What is the maximum equity investment limit for each insurance company? Who is the latest solvency data for equity investments at the end of the second quarter provides some clues. On the basis of the latest solvency data, equity investments have been reduced by small- and medium-sized enterprises, while large companies have remained constant or increased by 30 per cent. In terms of large risk companies, the equity investment ceiling for eight large insurance companies, such as Chinese life, has increased by 5 percentage points, personal insurance insurance coverage by 10 percentage points, and the equity investment space for these nine companies has increased by 450 billion yuan, based on their assets at the end of 2019.

深圳出台行动方案打造全球金融“双子星”

Shenzhen launched a programme of action to create a global financial twin star.

今年5月，央行等四部门发布了《关于金融支持粤港澳大湾区建设的意见》，作为粤港澳大湾区的重要城市，深圳如何推进？证券时报记者从深圳市地方金融监管局获悉，深圳联合人民银行深圳市中心支行、深圳银保监局、深圳证监局近日制定了《深圳市贯彻落实〈关于金融支持粤港澳大湾区建设的意见〉行动方案》，共50条行动措施85项细分任务。在同步推动有关政策落地推广同时，谋划推进一批创新事项，持续抓好金融生态建设，立志打造全球金融科技中心，建成金融科技创新高地；探索绿色金融地方立法，打造全球可持续金融中心。

In May of this year, the Central Bank and four other departments issued an Opinion on Financial Support for the Construction of the Bay of Australasia Region in Hong Kong, which is an important city in the Bay of Australasia region of Hong Kong. How did Shenzhen advance? The Securities Times journalist learned from the Shenzhen local financial regulatory authority in Shenzhen City that the Shenzhen United People's Bank's Central Bank, the Shenzhen Silver Insurance Supervisory Authority and the Shenzhen Censorship Authority had recently developed the Shenzhen City Action Programme for the Implementation of the Opinions on Financial Support for the Construction of the Bay of Austraa Region in Hong Kong, with a total of 50 operational measures and 85 sub-tasks.

国有大行正在大规模内测数字货币App

State-owned banks are monitoring digital currency on a large scale, App.

数位国有大行人士表示，正在深圳等地大规模测试数字钱包应用，为数字货币正式落地进行测试准备。数字货币由央行牵头进行，各家银行此前数月正在就落地场景等进行测试。目前，部分大行内部员工已经开始使用，用于转账、缴费等场景。

Several state-owned bankers say that digital wallet applications are being tested on a large scale, including in Shenzhen, in preparation for the official landing of digital currencies. Digital currencies are being tested by central banks, and banks have been testing landing sites for months.

柔宇科技拟A股IPO中信证券受聘担任辅导机构

The letter securities of the Unit A IPO are hired as a mentor.

8月5日，中信证券公告称，中信证券受聘担任深圳市柔宇科技股份有限公司（简称“柔宇科技”）首次公开发行A股股票并上市的辅导机构。

On 5 August, the Sino-Kin securities announcement stated that the Sino-Kin securities had been hired to serve as a mentor for the first time to issue and market shares in the A-stocks of Shaowoo Technology Ltd. (“Siu-Tech”) in Shenzhen City.

【新股动态】

[New stock dynamics]

今日，捷强装备、沪光股份、龙腾光电、均瑶健康、南亚新材新股申购。

Today, Jeqqiang is requisitioning equipment, Xiangqiang shares, PV, Quantium health, and a new South Asian share of new materials.

捷强装备：申购代码300875，申购上限1.90万股，申购价格53.10元，公司主营核化生防御装备核心部件。

Fast-forward equipment: requisition code 300875, requisition cap of 19 million shares, requisition price of $53.10, company-owned nuclear, chemical, biological and defence core parts.

沪光股份：申购代码707333，申购上限1.20万股，申购价格5.30元，公司主营汽车线束。

(b) Skin light shares: requisition code 707333, requisition cap of 1.2 million shares, requisition price of $5.30, company-owned car wires.

均瑶健康：申购代码707388，申购上限2.10万股，申购价格13.43元，公司主营常温乳酸菌系列饮品。

Peregrine health: requisition code 707388, requisition cap of 2.1 million shares, requisition price of $13.43, company-owned spasms.

龙腾光电：申购代码787055，申购上限5.65万股，申购价格1.22元，公司主营薄膜晶体管液晶显示器。

RK: Requisition code 787055, requisition cap of $5.65 million, requisition price of $1.22, company-owned transistor LCD.

南亚新材：申购代码787519，申购上限1.45万股，申购价格32.60元，公司主营覆铜板和粘结片等复合材料及其制品。

New Materials in South Asia: Requisition Code 787519, requisition cap of 145,000 shares, requisition price of $32.60, company-owned composite materials such as copper plates and stickers and their products.

【投资机会】

Investment Opportunities

战略资源属性强化稀土价格持续上涨

Strategic resource attributes reinforce the persistent rise in rare earth prices

近期，国内轻稀土镨钕系价格持续上涨，镨钕氧化物价格上涨4000元/吨至303500元/吨，镨钕金属价格上涨4500元/吨至384500元/吨，氧化镨价格为29.75万元/吨，氧化钕价格上涨3500元/吨至321500元/吨，金属镨价格为640000元/吨，氧化镝价格为185.5万元/吨，国内轻稀土市场需求正常，重稀土市场镝铽系价格小幅上涨。

In recent times, the prices of the country's small and rare earthy system have been rising steadily, with the price of thallium oxides rising by 4,000 to 303,500 yuan per tonne, the price of thallium metals rising by 4500 to 384,500 yuan per tonne, the price of thallium oxide by 297.5 million yuan per tonne, the price of thallium oxide by 3,500 to 321,500 yuan per tonne, the price of thallium by 640,000 yuan per tonne, the price of thallium oxide by 1.855,000 yuan per tonne, the normal demand in the domestic light and rare earth market, and a small increase in the price of the thallite market.

机构认为，全球疫情背景下战略资源属性强化，目前价格下考虑原料及环保综合成本及贸易摩擦的风险，考虑国内需求企稳，成本支撑和政策预期背景下稀土价格有望企稳回升。随着第三季度海外新能源汽车需求的逐步恢复，在欧洲新能源汽车补贴促进需求的背景下，稀土需求有望得到边际改善。

The agency believes that, in the context of the global epidemic, strategic resource attributes have been strengthened, that the risks of raw materials and environmental integration costs and trade frictions are being considered under current prices, that domestic demand is stable, and that rare earth prices are expected to recover steadily in the context of cost support and policy expectations. With the gradual recovery of demand for new energy vehicles abroad in the third quarter, demand for rare earth is expected to improve marginally in the context of European new energy automobile subsidies.

A股上市公司中，五矿稀土（000831）作为五矿稀土集团的唯一稀土上市平台，是国内最大的南方离子型稀土分离加工企业之一。焦作万方（000612）持有中国稀有稀土有限公司13.17%股权。

One of the largest South ion-like rare earth processing companies in the country is the five mineral rare earths (000831), which are the only rare earths listed by the five mineral rare earth groups. The focus (000612) holds 13.17% shares in China's rare rare earths Ltd.

年内多个港口规划获批或掀新一轮发展热潮

Several port plans were approved or a new wave of development started during the year

今年上半年，尤其是二季度以来先后有合肥港、宜昌港、黄石港等多个港口总体规划获批，同时南通港总体规划（2018-2035年）通过审查，恩施港总体规划局部调整专项规划通过评审等。各地港口建设动作频频，专家预计有望掀起新一轮发展热潮。

Several port master plans have been approved in the first half of the year, particularly in the second quarter, including the port of Fertilizer, the port of Yichang, and the port of Yellowstone, while the review of the master plan of the port of South China (2018-2035) led to a review of the local adjustment plan of the port of Ensh. With the frequency of port construction, experts are expected to launch a new wave of developments.

港口是经济社会发展的战略资源和重要支撑，随着《内河航运发展纲要》发布，港口建设市场关注度明显提升。业务范围包含港口及码头建设的中国中铁、中国铁建、中国交建等建筑央企将受益；另外，各省港口整合动作不断，建议关注招商港口、珠海港及广州港等。

Ports are a strategic resource and an important support for economic and social development, and with the launch of the Inner River Shipping Development Programme, there has been a marked increase in market interest in port construction.

需求旺季来临生鲜乳动销有望提速

We're looking forward to a fast start in the demand season.

据对全国500个县集贸市场的定点监测，7月份主产区生鲜乳涨幅明显加速。每年三四季度为乳制品传统旺季，预计生鲜乳价格仍将继续攀升。另外，中国奶业协会名誉会长高鸿宾透露，生鲜乳新标准正在制定中，较旧版本更为严格，利好行业龙头。

The price of fresh milk is expected to continue to rise in the three or four quarters of each year, the traditional season of dairy products. In addition, the Honorary President of the China Milk Association has revealed that new standards for fresh milk are being developed, more stringent than the old version, and better industry leaders.

资本市场方面，因伊利、蒙牛介入，港股中地乳业、中国圣牧近期股价大幅异动，此外新乳业也加入了奶源抢夺战。拥有优质奶源基地区域性乳企值得关注，如上半年业绩逆市上扬且基金加仓的燕塘乳业和甘肃青海区域乳制品龙头庄园牧场等。

In terms of capital markets, in the case of Ineli and Mon cattle, there have been significant recent changes in the prices of Chinese and Chinese milk stocks, and in the case of the new dairy industry. Regional dairy companies with high-quality sources of milk are of concern, such as the petroton dairy industry, which has been on the market in the first half of the year, and the Gansu Qinghai region’s Dairy Dragon Head Farm.

【公告精选】

[Announcer Choosing]

上市猪企7月迎丰收猪价上行助业绩大幅增长

Publicly listed pigs increased significantly in their performance at the price of the pig harvest in July.

8月5日晚间，多家上市猪企发布7月份生猪销售数据，受益于猪价上行及产能释放，多数企业实现了销售数量及销售收入同比、环比全面增长。其中，牧原股份7月份生猪销售收入为60.03亿元，同比增长431%，无论是收入绝对值还是增速均拔得头筹。

During the evening of August 5, several listed pigs published data on pig sales in July, benefiting from the increase in pig prices and the release of production capacity, most firms achieved a full increase in sales volume and sales revenue by the same number and by the same amount. In July, herd shares earned $6,003 million in sales, an increase of 431 per cent, raising their head, both in absolute terms and at a faster rate.

芯能科技：上半年净利同比增长300%

Core energy technology: net gain of 300 per cent in the first half of the year

芯能科技（603105）8月5日晚间披露半年报，上半年，公司实现营收2.31亿元，同比增长48.18%；净利5271.85万元，同比增长300.49%。报告期，得益于公司自持分布式光伏电站规模的不断扩大，规模效益逐步显现，公司发电业务收入和利润大幅提高。

The semi-annual release of kernel energy technology (603105) on the evening of 5 August, during the first half of which the company achieved revenue of $231 million, an increase of 48.18 per cent in the same year, and a net gain of $52.78 million, an increase of 300.49 per cent in the same year. During the reporting period, benefits from the growing size of company-owned distributed photovoltaic power stations were gradually realized, and revenues and profits from the company's power generation operations increased significantly.

贵州轮胎：上半年净利同比增长113%

Guizhou tyres: 113 per cent increase in net profit in the first half of the year.

贵州轮胎（000589）8月5日晚间披露半年报，上半年，公司实现营业收入31.19亿元，同比下降3.16%；归母净利润1.98亿元，同比增加113.21%。公司整体产能利用率处于较高状态，且天然橡胶等轮胎主要原材料持续处于低位。

During the first half of the year, the company achieved operating income of 3,119 million yuan, a decline of 3.16 per cent in the same year; the net profit on maternity of 198 million yuan, an increase of 113.21 per cent in the same year. The company's overall production capacity is at a higher level and its main raw materials, such as natural rubber, remain low.

博通集成：拟收购集成电路设计公司Adveos

Botun Integration: proposed acquisition of integrated circuit design company Adveos

博通集成（603068）8月5日晚间公告，公司拟480万欧元收购Adveos100%股权，同时以自有资金120万欧元对Adveos进行增资。Adveos及其研发团队在射频电路、模拟电路、混合信号等专用集成电路设计领域有丰富经验，已成为Intel、Cisco等多家客户的芯片方案提供商。

On the evening of 5 August, Botón Integration (603068) announced that the company was planning to acquire a 100% interest in Adveos in the amount of Euro4.8 million, while at the same time replenishing Adveos with its own funds of Euro1.2 million. Adveos and his research and development team have extensive experience in the design of dedicated integrated circuits such as radio frequency circuits, analogue circuits, mixed signals, etc., and have become programme providers for chips for multiple clients such as Intel and Cisco.

三连板国中水务：参股基金持有商汤科技少量股权

Water in three chains: the participation fund holds a small share in the business of soup technology.

国中水务（600187）连续三日涨停，公司8月5日晚间公告，近期市场有关于公司参股的赛领基金持有商汤科技股份的有关传闻。根据网上公开信息显示，赛领基金确实持有商汤科技少量股权。目前，公司对赛领基金的出资额为2.53亿元，持股比例4.44%，持股比例较低。关于商汤科技的传闻对公司影响微小。

On the evening of August 5th, the company announced that there had recently been anecdotal information on the company’s participation in the competition. According to public online information, the contestant fund did hold a small share in the business and technology. At present, the company’s contribution to the competition fund amounts to $253 million, with a 4.44 per cent share and a low shareholding rate.

金力泰：柯桥领英拟减持公司不超10%股份

Kim Litai: Ko Qiao is going to lose no more than 10% of the company's shares.

金力泰（300225）8月5日晚间公告，公司持股10%的股东绍兴柯桥领英实业有限公司（简称“柯桥领英”），计划起15个交易日后的6个月内，通过集中竞价、大宗交易或协议转让方式合计减持公司股份不超过4703万股，占公司总股本的10%。

On the evening of 5 August, Kim Litai (300225) announced that 10 per cent of the company's shareholders in Schohinko Bridge ("Koji Bridge") were in the business sector Ltd., and that it was planned that the combined shares of the company would not exceed 47.3 million shares, or 10 per cent of the company's total stock, by means of a centralized bid, large-scale transaction or agreement transfer, within six months of the date of the 15 transactions.

福日电子：终止非公开发行股票事项

E-Future: Discontinuing the issue of non-public shares

福日电子（600203）8月5日晚间公告，决定终止非公开发行事项，并向证监会申请撤回申请文件。据此前方案，公司拟定增募资不超6.09亿元，用于偿还银行借款、补充流动资金等。

On the evening of 5 August, Fukuda Electronics (600203), decided to terminate the non-public issue and applied to the CSRC for withdrawal of the application documents. Under the former programme, the company proposed to raise no more than $609 million in additional funds for the repayment of bank loans, replenishment of liquidity, etc.

*ST梦舟：楚恒投资要约收购失败并复牌

*ST Dreamship: Chu's offer failed and returned

*ST梦舟（600255）8月5日晚间公告，楚恒投资要约收购预定收购的股份数量为2.25亿股（占公司已发行股份总数的12.7%），因预受要约的实际股数不足2.25亿股，此次要约收购失败。公司股票将于8月6日开市起复牌。

On the evening of 5 August, ST Noon (600255) announced that Chu's offer for investment was 225 million shares (12.7 per cent of the total number of shares issued by the company) and that the offer failed because the actual value of the advance offer was less than 225 million shares.

【外盘速递】

[Expert Express]

美国刺激法案存疑COMEX期金今年累涨逾34%

The U.S. Stimulus Act suspects that the COMEX period has increased by more than 34% this year.

白宫称如果到周五还不能达成协议，就不会有刺激法案。美股三大指数集体收涨，纳指涨0.52%，续创盘中和收盘历史新高；道指涨1.39%，标普500指数涨0.64%。

The White House claims that there will be no stimulus bill if no agreement is reached by Friday. The three major indexes of the United States dollar have increased collectively by 0.52%, with a continuation and closing history; the dots have increased by 1.39% and the index 500 by 0.64%.

欧洲主要股指集体收涨，欧洲斯托克50指数收涨0.41%。WTI原油期货9月合约结算价收涨涨幅1.17%，布伦特原油期货10月合约结算价收涨1.67%。COMEX12月黄金期货结算价收涨1.4%，报2049.30美元/盎司，连续第四个交易日上涨，2020年迄今已涨逾34%。

Europe’s main share is the collective rise, with the European Stoker 50 index rising by 0.41%. WTI’s contract settlement price for crude oil futures rose by 1.17% in September, and Brent’s contract settlement price for crude oil futures rose by 1.67% in October. COMEX’s gold futures settlement price increased by 1.4% in December by $2049.30 ounces, the fourth consecutive day of trading, rising by more than 34% so far in 2020.