{"id":42133,"date":"2025-09-08T11:13:58","date_gmt":"2025-09-08T03:13:58","guid":{"rendered":"https:\/\/www.phillipnova.com.sg\/?post_type=market_trends&#038;p=42133"},"modified":"2025-09-08T11:45:52","modified_gmt":"2025-09-08T03:45:52","slug":"cnh-offshore-rmb-drivers-and-how-cnh-crosses-can-help-a-portfolio","status":"publish","type":"market_trends","link":"https:\/\/www.phillipnova.com.sg\/cn\/market_trends\/cnh-offshore-rmb-drivers-and-how-cnh-crosses-can-help-a-portfolio\/","title":{"rendered":"CNH\uff08\u79bb\u5cb8\u4eba\u6c11\u5e01\uff09\uff1a\u9a71\u52a8\u56e0\u7d20\u4ee5\u53ca CNH \u4ea4\u53c9\u8d27\u5e01\u5bf9\u6295\u8d44\u7ec4\u5408\u7684\u52a9\u529b"},"content":{"rendered":"<p class=\"translation-block\">\u4eba\u6c11\u5e01\u6709\u4e24\u79cd\u5f62\u5f0f\uff1aCNY\uff08\u5728\u4e2d\u56fd\u5927\u9646\u5883\u5185\u4ea4\u6613\uff0c\u53d7\u8d44\u672c\u7ba1\u5236\uff09\uff1bCNH\uff08\u79bb\u5cb8\u4eba\u6c11\u5e01\uff09\uff0c\u5373\u4e0d\u53d7\u8d44\u672c\u7ba1\u5236\u3001\u53ef\u4f9b\u5168\u7403\u6295\u8d44\u8005\u4f7f\u7528\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u3002\u5c3d\u7ba1\u4e24\u79cd\u8d27\u5e01\u7684\u4ef7\u683c\u4f1a\u77ed\u6682\u6ce2\u52a8\uff0c\u4f46 CNY \u548c CNH \u901a\u5e38\u8d70\u52bf\u4e00\u81f4\u3002<\/p>\n<p>\u622a\u81f3 2025 \u5e74 9 \u6708\u64b0\u5199\u672c\u6587\u65f6\uff0cCNH \u5151\u7f8e\u5143\u6c47\u7387\u5df2\u8d70\u5f3a\uff0c\u7f8e\u5143\/CNH \u4ece 4 \u6708\u4efd\u7684 7.40 \u4e0a\u65b9\u8dcc\u81f3\u8fd1 7.11\uff0c\u8fd9\u5f97\u76ca\u4e8e\u7f8e\u5143\u8d70\u5f31\u3001\u4e2d\u7f8e\u5229\u5dee\u8ddd\u6536\u7a84\u4ee5\u53ca\u4e2d\u56fd\u80a1\u5e02\u8d70\u5f3a\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-42143\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/CNH-Offshore-RMB-08092025-.png\" alt=\"Offshore Chinese yuan (CNH) trading concept with global currencies and forex chart.\" width=\"602\" height=\"339\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/CNH-Offshore-RMB-08092025-.png 768w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/CNH-Offshore-RMB-08092025--300x169.png 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/CNH-Offshore-RMB-08092025--18x10.png 18w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>\u79bb\u5cb8\u4eba\u6c11\u5e01\u4ef7\u503c\u7684\u9a71\u52a8\u56e0\u7d20<\/strong><\/h3>\n<h4><strong>\u5229\u7387\u548c\u6536\u76ca\u7387\u5dee\u5f02<\/strong><\/h4>\n<p>\u79bb\u5cb8\u4eba\u6c11\u5e01\u6700\u5927\u7684\u77ed\u671f\u9a71\u52a8\u56e0\u7d20\u4e4b\u4e00\u662f\u4e2d\u7f8e\u6536\u76ca\u7387\u5dee\u3002\u5f53\u7f8e\u56fd\u503a\u5238\u6536\u76ca\u7387\u9ad8\u4e8e\u4e2d\u56fd\u503a\u5238\u6536\u76ca\u7387\u65f6\uff0c\u4e2d\u56fd\u4f01\u4e1a\u5f80\u5f80\u4f1a\u6301\u6709\u66f4\u591a\u7f8e\u5143\uff0c\u8fd9\u901a\u5e38\u4f1a\u524a\u5f31\u79bb\u5cb8\u4eba\u6c11\u5e01\u3002\u5f53\u4e2d\u56fd\u503a\u5238\u6536\u76ca\u7387\u8d85\u8fc7\u7f8e\u56fd\u503a\u5238\u6536\u76ca\u7387\uff0c\u4e14\u4e24\u8005\u4e4b\u95f4\u7684\u5dee\u8ddd\u6269\u5927\u65f6\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u901a\u5e38\u4f1a\u4f01\u7a33\u6216\u8d70\u5f3a\u3002\u8fd9\u79cd\u76f8\u5173\u6027\u4f1a\u968f\u65f6\u95f4\u53d8\u5316\uff0c\u56e0\u4e3a\u4e24\u56fd\u7684\u653f\u7b56\u53d8\u52a8\u53ef\u80fd\u4f1a\u51cf\u5f31\u6216\u589e\u5f3a\u8fd9\u79cd\u76f8\u5173\u6027\u3002<\/p>\n<p>\u8fd9\u79cd\u6a21\u5f0f\u57282020\u5e74\u81f32024\u5e74\u671f\u95f4\u90fd\u6e05\u6670\u53ef\u89c1\uff1a\u968f\u7740\u4e2d\u7f8e10\u5e74\u671f\u503a\u5238\u6536\u76ca\u7387\u5229\u5dee\uff08\u6a59\u8272\u5e26\uff0c\u4e2d\u56fd\u51cf\u7f8e\u56fd\uff09\u5411\u6b63\u65b9\u5411\u6269\u5927\uff0c\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u6c47\u7387\u8d8b\u4e8e\u8d70\u4f4e\uff0c\u4eba\u6c11\u5e01\u8d70\u5f3a\uff1b\u968f\u7740\u5229\u5dee\u53cd\u8f6c\u5e76\u8f6c\u4e3a\u8d1f\u503c\uff0c\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u6c47\u7387\u8d8b\u4e8e\u8d70\u9ad8\uff0c\u4eba\u6c11\u5e01\u8d70\u5f31\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-42135 size-full\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/MacroMicro.png\" alt=\"A graph showing China-China\/US 10Y bond yield spread vs USD\/CNH. The graph source is from MacroMicro.\" width=\"602\" height=\"308\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/MacroMicro.png 602w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/MacroMicro-300x153.png 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/MacroMicro-18x9.png 18w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/p>\n<p style=\"text-align: center; font-size: 12px; font-style: italic;\">\u6765\u6e90\uff1a <a style=\"color: #0066cc; text-decoration: underline; font-size: 12px; font-style: italic;\" href=\"https:\/\/en.macromicro.me\/charts\/18341\/cn-10-year-yield-spread-between-cn-and-us--vs-cnh\">MacroMicro<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>\u53e6\u4e00\u4e2a\u72ec\u7279\u56e0\u7d20\u5728\u4e8e\u79bb\u5cb8\u4eba\u6c11\u5e01\uff08CNH\uff09\u7684\u8d27\u5e01\u5e02\u573a\u3002\u5728\u4e2d\u56fd\u9999\u6e2f\uff0c\u5982\u679c\u5f53\u5c40\u6536\u7d27\u6d41\u52a8\u6027\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u9999\u6e2f\u94f6\u884c\u540c\u4e1a\u62c6\u501f\u5229\u7387\uff08HIBOR\uff09\u53ef\u80fd\u4f1a\u98d9\u5347\uff0c\u4ece\u800c\u63a8\u9ad8\u505a\u7a7a\u4eba\u6c11\u5e01\u7684\u6210\u672c\u3002\u5373\u4f7f\u5229\u5dee\u6307\u5411\u76f8\u53cd\u65b9\u5411\uff0c\u8fd9\u7c7b\u7a81\u7136\u7684\u6d41\u52a8\u6027\u7d27\u7f29\u4e5f\u53ef\u80fd\u5f15\u53d1\u79bb\u5cb8\u4eba\u6c11\u5e01\uff08CNH\uff09\u7684\u77ed\u671f\u5927\u5e45\u53cd\u5f39\u3002<\/p>\n<p>&nbsp;<\/p>\n<h4><strong>\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u7684\u6bcf\u65e5\u4e2d\u95f4\u4ef7\u533a\u95f4<\/strong><\/h4>\n<p>\u6bcf\u5929\u5317\u4eac\u65f6\u95f4\u4e0a\u53489:15\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\uff08PBoC\uff09\u90fd\u4f1a\u8bbe\u5b9a\u7f8e\u5143\u5151\u4eba\u6c11\u5e01\u7684\u53c2\u8003\u6c47\u7387\uff0c\u5373\u201c\u6bcf\u65e5\u4e2d\u95f4\u4ef7\u201d\u3002\u5728\u5cb8\u4eba\u6c11\u5e01\u4ea4\u6613\u7684\u6ce2\u52a8\u5e45\u5ea6\u5728\u8be5\u6c47\u7387\u7684\u00b12%\u8303\u56f4\u5185\u3002\u5c3d\u7ba1CNH\u662f\u79bb\u5cb8\u4eba\u6c11\u5e01\u4e14\u4e0d\u53d7\u4e2d\u95f4\u4ef7\u5f71\u54cd\uff0c\u4f46\u5b83\u901a\u5e38\u4f1a\u5bf9\u6bcf\u65e5\u4e2d\u95f4\u4ef7\u505a\u51fa\u53cd\u5e94\u3002\u5982\u679c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u8bbe\u5b9a\u7684\u4e2d\u95f4\u4ef7\u5f3a\u4e8e\u9884\u671f\uff0c\u5219\u8868\u660e\u5f53\u5c40\u5e0c\u671b\u652f\u6301\u4eba\u6c11\u5e01\uff0c\u800c\u79bb\u5cb8\u4eba\u6c11\u5e01\uff08CNH\uff09\u901a\u5e38\u4f1a\u76f8\u5e94\u8d70\u5f3a\u3002\u4e2d\u95f4\u4ef7\u8bbe\u5b9a\u5f97\u8f83\u5f31\u5f80\u5f80\u4f1a\u4ea7\u751f\u76f8\u53cd\u7684\u6548\u679c\u3002<\/p>\n<p>&nbsp;<\/p>\n<h4><strong>\u7ecf\u6d4e\u589e\u957f\u653f\u7b56<\/strong><\/h4>\n<p>\u9664\u4e86\u8d27\u5e01\u653f\u7b56\u5916\uff0c\u8d22\u653f\u653f\u7b56\u4e5f\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u5e02\u573a\u5c06\u5176\u89e3\u8bfb\u4e3a\u5f53\u5c40\u81f4\u529b\u4e8e\u7ecf\u6d4e\u589e\u957f\u7684\u4fe1\u53f7\u3002\u653f\u5e9c\u652f\u51fa\u3001\u57fa\u7840\u8bbe\u65bd\u3001\u79d1\u6280\u6295\u8d44\u548c\u623f\u5730\u4ea7\u7b49\u9886\u57df\u7684\u653f\u7b56\u58f0\u660e\u53ef\u80fd\u4f1a\u6539\u53d8\u4eba\u6c11\u5e01\u7684\u9884\u671f\u3002\u5f53\u589e\u957f\u524d\u666f\u6539\u5584\u65f6\uff0c\u4f01\u4e1a\u548c\u6295\u8d44\u8005\u66f4\u613f\u610f\u8d2d\u4e70\u4eba\u6c11\u5e01\uff0c\u4ece\u800c\u652f\u6491\u79bb\u5cb8\u4eba\u6c11\u5e01\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u75b2\u8f6f\u6216\u5ef6\u8fdf\u7684\u653f\u7b56\u884c\u52a8\u53ef\u80fd\u4f1a\u52a0\u5267\u60b2\u89c2\u60c5\u7eea\u3001\u8d44\u672c\u5916\u6d41\uff0c\u5e76\u5bfc\u81f4\u66f4\u591a\u79bb\u5cb8\u4eba\u6c11\u5e01\u629b\u552e\u3002\n\n2024\u5e749\u6708\uff0c\u4e2d\u56fd\u653f\u5e9c\u5ba3\u5e03\u7684\u5305\u62ec\u5730\u65b9\u653f\u5e9c\u503a\u52a1\u91cd\u7ec4\u8ba1\u5212\u5728\u5185\u7684\u8d22\u653f\u523a\u6fc0\u63aa\u65bd\u4e0d\u53ca\u5e02\u573a\u9884\u671f\uff0c\u5728\u6b64\u671f\u95f4\uff0c\u4eba\u6c11\u5e01\u4ece9\u6708\u81f32024\u5e74\u5e95\u5927\u5e45\u8d2c\u503c\u3002<\/p>\n<p>2024\u5e749\u6708\uff0c\u4e2d\u56fd\u653f\u5e9c\u5ba3\u5e03\u7684\u5305\u62ec\u5730\u65b9\u653f\u5e9c\u503a\u52a1\u91cd\u7ec4\u8ba1\u5212\u5728\u5185\u7684\u8d22\u653f\u523a\u6fc0\u63aa\u65bd\u4e0d\u53ca\u5e02\u573a\u9884\u671f\uff0c\u5728\u6b64\u671f\u95f4\uff0c\u4eba\u6c11\u5e01\u4ece9\u6708\u81f32024\u5e74\u5e95\u5927\u5e45\u8d2c\u503c\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"wp-image-42138 aligncenter\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH.png\" alt=\"A graph showing USD\/CNH Exchange Rate and trendline. Source is from Phillip MetaTrader 5.\" width=\"602\" height=\"307\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH.png 1087w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-300x153.png 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-1024x523.png 1024w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-768x392.png 768w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-18x9.png 18w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/p>\n<p style=\"text-align: center; font-size: 12px; font-style: italic;\">\u6765\u6e90\uff1a <a style=\"color: #0066cc; text-decoration: underline; font-size: 12px; font-style: italic;\" href=\"https:\/\/www.phillipnova.com.sg\/cn\/phillip-metatrader-5-suite\/\">\u7684\u76f8\u5173<\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>\u4ea4\u6613\u8005\u4e3a\u4f55\u5e94\u8be5\u5173\u6ce8\u79bb\u5cb8\u4eba\u6c11\u5e01 (CNH)<\/strong><\/h3>\n<h4><strong>\u4e0d\u65ad\u589e\u957f\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u4ea4\u6613\u91cf<\/strong><\/h4>\n<p>\u8fc7\u53bb\u5341\u5e74\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01 (CNH) \u5df2\u4ece\u4e00\u79cd\u5c0f\u4f17\u8d27\u5e01\u53d1\u5c55\u6210\u4e3a\u5168\u7403\u4ea4\u6613\u91cf\u6700\u5927\u7684\u8d27\u5e01\u4e4b\u4e00\u3002\u56fd\u9645\u6e05\u7b97\u94f6\u884c (BIS) 2022 \u5e74\u8c03\u67e5\u663e\u793a\uff0c\u4eba\u6c11\u5e01\uff08\u53d7\u79bb\u5cb8\u4eba\u6c11\u5e01\u4ea4\u6613\u63a8\u52a8\uff09\u4f4d\u5217\u5168\u7403\u7b2c\u4e94\u5927\u4ea4\u6613\u8d27\u5e01\uff0c\u65e5\u4ea4\u6613\u91cf\u4ece 2010 \u5e74\u7684\u7ea6 600 \u4ebf\u7f8e\u5143\u589e\u957f\u81f3\u8d85\u8fc7 5000 \u4ebf\u7f8e\u5143\u3002\n\n\u79bb\u5cb8\u4eba\u6c11\u5e01\u884d\u751f\u54c1\u4e5f\u5feb\u901f\u589e\u957f\u3002\u4f8b\u5982\uff0c8 \u6708\u4efd\u65b0\u4ea4\u6240\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u5916\u6c47\u671f\u8d27\u6210\u4ea4\u91cf\u540c\u6bd4\u589e\u957f 25%\uff0c\u8fbe\u5230 340 \u4e07\u4efd\u5408\u7ea6\uff0c\u5e26\u52a8\u65b0\u4ea4\u6240\u5916\u6c47\u671f\u8d27\u603b\u6210\u4ea4\u91cf\u540c\u6bd4\u589e\u957f 33%\uff0c\u8fbe\u5230\u521b\u7eaa\u5f55\u7684 560 \u4e07\u4efd\u5408\u7ea6\u3002<\/p>\n<p>\u79bb\u5cb8\u4eba\u6c11\u5e01\u884d\u751f\u54c1\u4e5f\u5feb\u901f\u589e\u957f\u3002\u4f8b\u5982\uff0c8 \u6708\u4efd\u65b0\u4ea4\u6240\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u5916\u6c47\u671f\u8d27\u6210\u4ea4\u91cf\u540c\u6bd4\u589e\u957f 25%\uff0c\u8fbe\u5230 340 \u4e07\u4efd\u5408\u7ea6\uff0c\u5e26\u52a8\u65b0\u4ea4\u6240\u5916\u6c47\u671f\u8d27\u603b\u6210\u4ea4\u91cf\u540c\u6bd4\u589e\u957f 33%\uff0c\u8fbe\u5230\u521b\u7eaa\u5f55\u7684 560 \u4e07\u4efd\u5408\u7ea6\u3002<\/p>\n<p>&nbsp;<\/p>\n<h4><strong>\u4e2d\u56fd\u7ecf\u6d4e\u4e0e\u80a1\u5e02\u8868\u73b0<\/strong><\/h4>\n<p>\u79bb\u5cb8\u4eba\u6c11\u5e01 (CNH) \u662f\u4e2d\u56fd\u7ecf\u6d4e\u524d\u666f\u7684\u5b9e\u65f6\u6674\u96e8\u8868\uff0c\u56e0\u4e3a\u5b83\u81ea\u7531\u4ea4\u6613\uff0c\u5e76\u53cd\u6620\u4e86\u5168\u7403\u8d44\u91d1\u6d41\u5165\u548c\u6d41\u51fa\u4e2d\u56fd\u5e02\u573a\u3002\u5386\u53f2\u6570\u636e\u663e\u793a\uff0c\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01 (USD\/CNH) \u7684\u8d70\u52bf\u901a\u5e38\u4e0e\u6052\u751f\u6307\u6570\u7684\u6ce2\u52a8\u5448\u8d1f\u76f8\u5173\uff1a\u79bb\u5cb8\u4eba\u6c11\u5e01\u8d70\u5f3a\uff08\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u8d70\u4f4e\uff09\u5f80\u5f80\u4e0e\u6052\u751f\u6307\u6570\u8d70\u5f3a\u540c\u6b65\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002\u540c\u6837\uff0c\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01 (USD\/CNH) \u4e5f\u53ef\u4ee5\u63d0\u4f9b\u5916\u8d44\u53c2\u4e0e A \u80a1\u5e02\u573a\u7684\u7ebf\u7d22\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-42139 aligncenter\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-vs-HSI.png\" alt=\"A graph showing USD\/CNH vs HSI comparison. The graph source is from MacroMicro.\" width=\"602\" height=\"314\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-vs-HSI.png 978w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-vs-HSI-300x156.png 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-vs-HSI-768x400.png 768w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/USD-CNH-vs-HSI-18x9.png 18w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/p>\n<p style=\"text-align: center; font-size: 12px; font-style: italic;\">\u6765\u6e90\uff1a <a style=\"color: #0066cc; text-decoration: underline; font-size: 12px; font-style: italic;\" href=\"https:\/\/en.macromicro.me\/collections\/1658\/hk-stock-relative\/13823\/usd-cny-hsi\">MacroMicro<\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><strong>\u4eba\u6c11\u5e01\u4e0e\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u7684\u76f8\u5173\u6027<\/strong><\/h4>\n<p>\u5bf9\u4e8e\u91d1\u5c5e\u548c\u80fd\u6e90\u800c\u8a00\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01 (CNH) \u548c\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u901a\u5e38\u901a\u8fc7\u4e2d\u56fd\u9700\u6c42\u6e20\u9053\u6302\u94a9\u3002\u4f8b\u5982\uff0c\u94dc\u4ef7\u4e0e\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01 (USD\/CNH) \u6216\u7f8e\u5143\/\u4eba\u6c11\u5e01 (USD\/CNY) \u7684\u8d70\u52bf\u901a\u5e38\u76f8\u53cd\u3002\u7136\u800c\uff0c\u5f53\u7f8e\u56fd\u6216\u4e2d\u56fd\u653f\u7b56\u4e3b\u5bfc\u6c47\u7387\u8d70\u52bf\u65f6\uff0c\u8fd9\u79cd\u8054\u7cfb\u53ef\u80fd\u4f1a\u51cf\u5f31\u3002\u56e0\u6b64\uff0c\u8bb8\u591a\u5bf9\u51b2\u8005\u503e\u5411\u4e8e\u4f7f\u7528\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u4f5c\u4e3a\u652f\u6491\u4fe1\u53f7\uff0c\u800c\u975e\u5355\u72ec\u8fdb\u884c\u5bf9\u51b2\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-42140 aligncenter\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/Prices-of-copper-and-usd-cny-e1757299829822.png\" alt=\"A graph showing the Prices of Copper and USD\/CNY. Source is from TradingEconomics\" width=\"602\" height=\"358\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/Prices-of-copper-and-usd-cny-e1757299829822.png 981w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/Prices-of-copper-and-usd-cny-e1757299829822-300x178.png 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/Prices-of-copper-and-usd-cny-e1757299829822-768x456.png 768w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/Prices-of-copper-and-usd-cny-e1757299829822-18x12.png 18w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/p>\n<p style=\"text-align: center; font-size: 12px; font-style: italic;\">\u6765\u6e90\uff1a <a style=\"color: #0066cc; text-decoration: underline; font-size: 12px; font-style: italic;\" href=\"https:\/\/tradingeconomics.com\/commodity\/copper\">TradingEconomics.com<\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>\u6301\u6709\u79bb\u5cb8\u4eba\u6c11\u5e01\u4ea4\u53c9\u8d27\u5e01\u5bf9\u7684\u6536\u76ca\u548c\u673a\u4f1a<\/strong><\/h3>\n<h4><strong>\u79bb\u5cb8\u4eba\u6c11\u5e01\u5bf9\u51b2\u7684\u7528\u4f8b<\/strong><\/h4>\n<p>\u636e\u5f6d\u535a\u793e\u62a5\u9053\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u65e5\u5185\u6ce2\u52a8\u901a\u5e38\u4f4e\u4e8e\u8bb8\u591a\u5176\u4ed6\u8d27\u5e01\uff0c\u622a\u81f32025\u5e745\u6708\uff0c\u5176\u5151\u7f8e\u5143\u7684\u6708\u6ce2\u52a8\u7387\u7ea6\u4e3a4.1%\u3002\u5bf9\u4e8e\u5bf9\u51b2\u8005\u800c\u8a00\uff0c\u66f4\u7a33\u5b9a\u7684\u6ce2\u52a8\u610f\u5473\u7740\u66f4\u5e73\u7a33\u7684\u5e02\u503c\u6ce2\u52a8\u3001\u66f4\u5c11\u7684\u610f\u5916\u8ffd\u52a0\u4fdd\u8bc1\u91d1\u901a\u77e5\u4ee5\u53ca\u66f4\u7b80\u5355\u7684\u5934\u5bf8\u8c03\u6574\u3002\u5982\u679c\u60a8\u63a5\u6536\u6216\u6301\u6709\u4eba\u6c11\u5e01\uff0c\u60a8\u53ef\u4ee5\u6bd4\u6ce2\u52a8\u8f83\u5927\u7684\u8d27\u5e01\u66f4\u6709\u4fe1\u5fc3\u5730\u8bbe\u7f6e\u5bf9\u51b2\u89c4\u6a21\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-42141 aligncenter\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/bar.png\" alt=\"A bar chart showing 1-month historical volatility, major currencies. The source is from Bloomberg Finance L.P. Data as of may 2025. \" width=\"602\" height=\"411\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/bar.png 360w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/bar-300x205.png 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/bar-18x12.png 18w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/p>\n<p style=\"text-align: center; font-size: 12px; font-style: italic;\">Source: Bloomberg Finance L.P.. Data as of May 2025<\/p>\n<p>&nbsp;<\/p>\n<p>\u4f7f\u7528\u79bb\u5cb8\u4eba\u6c11\u5e01\u4ea4\u53c9\u8d27\u5e01\u5bf9\uff08\u4f8b\u5982\u6b27\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u3001\u65e5\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\uff09\uff0c\u4f01\u4e1a\u53ef\u4ee5\u76f4\u63a5\u7528\u4eba\u6c11\u5e01\u5bf9\u51b2\u53d1\u7968\u8d27\u5e01\uff0c\u800c\u65e0\u9700\u901a\u8fc7\u7f8e\u5143\u3002\u8fd9\u901a\u5e38\u4f7f\u5bf9\u51b2\u8005\u66f4\u63a5\u8fd1\u5b9e\u9645\u73b0\u91d1\u6d41\uff0c\u5e76\u7701\u53bb\u4e86\u989d\u5916\u7684\u7f8e\u5143\u4ea4\u6613\u73af\u8282\u3002<\/p>\n<p>\u793a\u4f8b\uff1a\u4ee5\u6b27\u5143\u8ba1\u4ef7\u7684\u4e2d\u56fd\u51fa\u53e3\u5546\u53ef\u4ee5\u6309\u53d1\u7968\u91d1\u989d\u5356\u51fa\u6b27\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u3002<\/p>\n<ul>\n<li>\u5982\u679c\u6b27\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u4e0b\u8dcc\uff0c\u5bf9\u51b2\u5229\u6da6\u5c06\u62b5\u6d88\u5151\u6362\u65f6\u83b7\u5f97\u7684\u4eba\u6c11\u5e01\u51cf\u5c11\u3002<\/li>\n<li>\u5982\u679c\u6b27\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u4e0a\u6da8\uff0c\u5bf9\u51b2\u5c06\u4e8f\u635f\uff0c\u4f46\u6c47\u7387\u66f4\u6709\u5229\u3002<\/li>\n<\/ul>\n<p>\u5982\u679c\u6ca1\u6709\u4ea4\u53c9\u8d27\u5e01\u5bf9\uff0c\u5bf9\u51b2\u8005\u9700\u8981\u5173\u6ce8\u6b27\u5143\/\u7f8e\u5143\u548c\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u4e24\u7b14\u4ea4\u6613\uff0c\u8fd9\u589e\u52a0\u4e86\u5bf9\u51b2\u8fc7\u5ea6\u6216\u5bf9\u51b2\u4e0d\u8db3\u7684\u98ce\u9669\u3002<\/p>\n<p>&nbsp;<\/p>\n<h4><strong>\u4ea4\u6613\u673a\u4f1a<\/strong><\/h4>\n<p>\u81ea2025\u5e74\u521d\u4ee5\u6765\uff0c\u4eba\u6c11\u5e01\u5151\u7f8e\u5143\u8d70\u5f3a\uff0c\u4f46\u5151\u6b27\u5143\u3001\u82f1\u9551\u548c\u52a0\u5143\u7b49\u5176\u4ed6\u4e3b\u8981\u8d27\u5e01\u8d70\u5f31\u3002\u4e3b\u8981\u6709\u4e24\u65b9\u9762\u56e0\u7d20\u5728\u8d77\u4f5c\u7528\uff1a<\/p>\n<ul>\n<li>\u4e2d\u56fd\u7684\u5de8\u989d\u8d38\u6613\u987a\u5dee\u548c\u51c0\u5916\u56fd\u8d44\u4ea7\u6d41\u5165\u7ed9\u4eba\u6c11\u5e01\u5e26\u6765\u4e86\u4e0a\u884c\u538b\u529b\u3002<\/li>\n<li class=\"translation-block\">\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u63a7\u5236\u4eba\u6c11\u5e01\u8fc7\u5feb\u5347\u503c\uff0c\u4ee5\u4fdd\u62a4\u51fa\u53e3\u5546\u3002\u636e\u5f6d\u535a\u793e\u62a5\u9053\uff0c\u4e2d\u56fd\u56fd\u6709\u94f6\u884c\u4e00\u76f4\u5728\u79bb\u5cb8\u5916\u6c47\u6389\u671f\u5e02\u573a\u501f\u51fa\u7f8e\u5143\uff0c\u5e76\u501f\u5165\u4eba\u6c11\u5e01\uff0c\u4ece\u800c\u63a7\u5236\u4e86\u4eba\u6c11\u5e01\u7684\u9700\u6c42\u3002\u8fd9\u5bfc\u81f4\u4eba\u6c11\u5e01\u6216\u79bb\u5cb8\u4eba\u6c11\u5e01\u5151\u7f8e\u5143\u7684\u5347\u503c\u901f\u5ea6\u6162\u4e8e\u5176\u4ed6\u4e3b\u8981\u8d27\u5e01\uff0c\u56e0\u6b64\u79bb\u5cb8\u4eba\u6c11\u5e01\u5151\u8fd9\u4e9b\u8d27\u5e01\u8d70\u5f31\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>\u90a3\u4e48\uff0c\u8fd9\u5bf9\u4ea4\u6613\u8005\u610f\u5473\u7740\u4ec0\u4e48\uff1f<\/p>\n<ul>\n<li class=\"translation-block\">\u77ed\u671f\u6765\u770b\uff1a\u7f8e\u5143\u5151\u79bb\u5cb8\u4eba\u6c11\u5e01\u6c47\u7387\u901a\u5e38\u5728\u5feb\u901f\u4e0b\u8dcc\u540e\u53cd\u5f39\uff0c\u56e0\u4e3a\u94f6\u884c\u4e70\u5165\u5f80\u5f80\u51fa\u73b0\u5728\u9022\u4f4e\u4e70\u5165\u3002\u8fd9\u6709\u5229\u4e8e\u5c0f\u89c4\u6a21\u533a\u95f4\u4ea4\u6613\uff08\u5728\u8fd1\u671f\u4f4e\u70b9\u9644\u8fd1\u4e70\u5165\uff0c\u5728\u9ad8\u70b9\u9644\u8fd1\u5356\u51fa\uff09\uff0c\u4ee5\u53ca\u5feb\u901f\u5957\u5229\u5e76\u8bbe\u7f6e\u4e25\u683c\u6b62\u635f\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li class=\"translation-block\">\u4e2d\u671f\u6765\u770b\uff1a\u79bb\u5cb8\u4eba\u6c11\u5e01\u4ea4\u53c9\u8d27\u5e01\u5bf9\u901a\u5e38\u6bd4\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u66f4\u7a33\u5b9a\u3002\u5982\u679c\u60a8\u5e0c\u671b\u60a8\u7684\u4ea4\u6613\/\u5bf9\u51b2\u4e0e\u4eba\u6c11\u5e01\u73b0\u91d1\u6d41\u4fdd\u6301\u4e00\u81f4\uff0c\u53ef\u4ee5\u4f7f\u7528\u5b83\u4eec\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>\u5982\u679c\u5b8f\u89c2\u7ecf\u6d4e\u5f62\u52bf\u53d1\u751f\u53d8\u5316\uff0c\u5f53\u524d\u8d8b\u52bf\u53ef\u80fd\u4f1a\u51cf\u5f31\u3002\u4f8b\u5982\uff0c\u5982\u679c\u4e2d\u56fd\u4e0b\u534a\u5e74\u51c0\u51fa\u53e3\u653e\u7f13\uff0c\u8d44\u672c\u6d41\u5165\u5c06\u4e0b\u964d\uff0c\u4ece\u800c\u5bfc\u81f4\u4eba\u6c11\u5e01\u9700\u6c42\u4e0b\u964d\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u7f8e\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u8d70\u52bf\u53ef\u80fd\u4f1a\u53cd\u5f39\u6216\u8fdb\u5165\u533a\u95f4\u6ce2\u52a8\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-42142\" src=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/exchange-rates.png\" alt=\"A graph showing the exchange rates of USD\/CNY, EUR\/CNY, and GBP\/CNY. The graph source is from TradingEconomics.\" width=\"602\" height=\"391\" srcset=\"https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/exchange-rates.png 886w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/exchange-rates-300x195.png 300w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/exchange-rates-768x498.png 768w, https:\/\/www.phillipnova.com.sg\/wp-content\/uploads\/2025\/09\/exchange-rates-18x12.png 18w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/p>\n<p style=\"text-align: center; font-size: 12px; font-style: italic;\">\u6765\u6e90\uff1a <a style=\"color: #0066cc; text-decoration: underline; font-size: 12px; font-style: italic;\" href=\"https:\/\/tradingeconomics.com\/eurcny:cur\">TradingEconomics.com<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>\u6fb3\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u548c\u52a0\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u7b49\u8d27\u5e01\u5bf9\u901a\u5e38\u968f\u5176\u7ecf\u6d4e\u4f53\u9500\u552e\u7684\u5927\u5b97\u5546\u54c1\u800c\u6ce2\u52a8\u2014\u2014\u6fb3\u5927\u5229\u4e9a\u662f\u94c1\u77ff\u77f3\uff0c\u52a0\u62ff\u5927\u662f\u77f3\u6cb9\u3002\u8fd9\u4e9b\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u5f80\u5f80\u4f1a\u5927\u5e45\u6ce2\u52a8\uff0c\u7136\u540e\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u56de\u843d\u81f3\u6b63\u5e38\u6c34\u5e73\uff0c\u800c\u4e14\u5916\u6c47\u4ea4\u53c9\u8d27\u5e01\u5bf9\u4e5f\u5177\u6709\u5747\u503c\u56de\u5f52\u6a21\u5f0f\u3002\u4e00\u79cd\u5b9e\u7528\u7684\u65b9\u6cd5\u662f\u5c06\u4ea4\u53c9\u6c47\u7387\u4e0e\u5176\u8fd1\u671f\u5e73\u5747\u503c\uff08\u4f8b\u5982\u8fc7\u53bb12\u4e2a\u6708\uff09\u8fdb\u884c\u6bd4\u8f83\u3002\u5982\u679c\u6fb3\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u6216\u52a0\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u8fdc\u9ad8\u4e8e\u8be5\u5e73\u5747\u503c\uff0c\u5219\u8003\u8651\u5356\u51fa\uff0c\u4ee5\u671f\u56de\u843d\u81f3\u5e73\u5747\u6c34\u5e73\u3002\u5982\u679c\u8fdc\u4f4e\u4e8e\u8be5\u5e73\u5747\u503c\uff0c\u5219\u8003\u8651\u4e70\u5165\u3002\u59cb\u7ec8\u4f7f\u7528\u660e\u786e\u7684\u6b62\u635f\u548c\u9002\u5ea6\u7684\u4ed3\u4f4d\u89c4\u6a21\uff1a\u5927\u5b97\u5546\u54c1\u4e4b\u95f4\u7684\u5173\u8054\u6027\u5e76\u975e\u59cb\u7ec8\u6709\u6548\uff0c\u7f8e\u5143\u7684\u5927\u5e45\u6ce2\u52a8\u6216\u4e2d\u56fd\u7684\u653f\u7b56\u4fe1\u53f7\u90fd\u53ef\u80fd\u98a0\u8986\u8fd9\u79cd\u6a21\u5f0f\u3002<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Conclusion<\/strong><\/h3>\n<p>\u603b\u800c\u8a00\u4e4b\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u51e0\u4e4e\u5b9e\u65f6\u5730\u53cd\u6620\u4e86\u6536\u76ca\u7387\u5dee\u5f02\u3001\u653f\u7b56\u4fe1\u53f7\u548c\u4e2d\u56fd\u7ecf\u6d4e\u589e\u957f\u524d\u666f\u7684\u76f8\u4e92\u4f5c\u7528\u3002<\/p>\n<p>&nbsp;<\/p>\n<h4><strong>\u4e3a\u4f55\u4ea4\u6613\u79bb\u5cb8\u4eba\u6c11\u5e01\u5bf9:<\/strong><\/h4>\n<ul>\n<li class=\"translation-block\">\u5b8f\u89c2\u655e\u53e3\uff1a\u79bb\u5cb8\u4eba\u6c11\u5e01\u4f1a\u53d7\u5230\u4e2d\u7f8e\u5229\u5dee\u3001\u653f\u7b56\u548c\u5173\u952e\u7ecf\u6d4e\u6570\u636e\u53d8\u5316\u7684\u5f71\u54cd\uff0c\u4ece\u800c\u521b\u9020\u4e8b\u4ef6\u9a71\u52a8\u578b\u673a\u4f1a\u3002<\/li>\n<li class=\"translation-block\">\u5bf9\u51b2\u6548\u7387\uff1a\u79bb\u5cb8\u4eba\u6c11\u5e01\u4ea4\u53c9\u8d27\u5e01\u5bf9\uff08\u4f8b\u5982\u6b27\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\u3001\u65e5\u5143\/\u79bb\u5cb8\u4eba\u6c11\u5e01\uff09\u5141\u8bb8\u4f01\u4e1a\u5728\u4e00\u7b14\u4ea4\u6613\u4e2d\u76f4\u63a5\u5bf9\u51b2\u8ba1\u4ef7\u8d27\u5e01\u5151\u4eba\u6c11\u5e01\u7684\u6c47\u7387\u3002<\/li>\n<li class=\"translation-block\">\u5927\u5b97\u5546\u54c1\u4e0e\u80a1\u7968\u7684\u5173\u8054\u6027\uff1a\u79bb\u5cb8\u4eba\u6c11\u5e01 (CNH) \u8d70\u52bf\u901a\u5e38\u4e0e\u5bf9\u4e2d\u56fd\u5e02\u573a\u654f\u611f\u7684\u4e3b\u8981\u5927\u5b97\u5546\u54c1\u548c\u4e2d\u56fd\u9999\u6e2f\u80a1\u7968\u6307\u6570\u76f8\u5173\uff0c\u4ece\u800c\u63d0\u4f9b\u4fe1\u53f7\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p class=\"translation-block\">\u5728\u8f89\u7acb Nova 2.0 \u548c\u8f89\u7acb MetaTrader 5 \u5e73\u53f0\u4e0a\u4ea4\u6613\u7f8e\u5143\u79bb\u5cb8\u4eba\u6c11\u5e01 (USDCNH)\u3001\u65b0\u52a0\u5761\u5143\u79bb\u5cb8\u4eba\u6c11\u5e01 (SGDCNH)\u3001\u6b27\u5143\u79bb\u5cb8\u4eba\u6c11\u5e01 (EURCNH)\u3001\u82f1\u9551\u79bb\u5cb8\u4eba\u6c11\u5e01 (GBPCNH)\u3001\u79bb\u5cb8\u4eba\u6c11\u5e01\u65e5\u5143 (CNHJPY) \u7b49\u79bb\u5cb8\u4eba\u6c11\u5e01\u5bf9\u2014\u2014\u5bf9\u51b2\u8d27\u5e01\u98ce\u9669\uff0c\u6355\u6349\u653f\u7b56\u52a8\u5411\uff0c\u5e76\u628a\u63e1\u4e2d\u56fd\u5e02\u573a\u8d8b\u52bf<\/p>","protected":false},"excerpt":{"rendered":"<p>The Chinese yuan, or renminbi, exists in two forms: CNY, the onshore currency traded within mainland China under capital controls, and CNH, the offshore yuan that is not under capital control and is accessible to global investors. Although prices of the two currencies differ briefly, CNY and CNH typically move in the same direction. At [&hellip;]<\/p>","protected":false},"featured_media":42143,"template":"","class_list":["post-42133","market_trends","type-market_trends","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CNH (Offshore RMB): Drivers and How CNH Crosses Can Help a Portfolio - Phillip Nova - Bringing global markets closer to you<\/title>\n<meta name=\"description\" content=\"Discover how CNH (offshore RMB) reflects China\u2019s economy, policies, and yield spreads. 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