In a letter to Chancellor of the Exchequer Reeves, Bank of England Governor Bailey stated that the fiscal benefits of QE are likely to largely, or even completely, offset the net long-term transfers from the Treasury to the central bank.

US Dollar: 1. Federal Reserve Governor Milan: The likelihood of the government shutdown ending has not significantly changed the outlook. A 50 basis point rate cut in December would be appropriate, and at least a 25 basis point cut is warranted. 2. Federal Reserve's Mussalim: The labor market is near full employment and is currently trending towards cooling. There is limited room for further policy easing. Caution is advised. 3. Federal Reserve's Daly: No inflationary pressures are seen from labor costs. Policymakers need to remain open to further rate cuts. 4. Progress on the US Temporary Funding Bill: ① The US Senate passed the temporary funding bill and sent it to the House of Representatives for consideration. ② The US House of Representatives is reportedly scheduled to begin voting on the bill at 5:00 AM Beijing time on Thursday. Pound Sterling: 1. UK Chancellor of the Exchequer Reeves: The UK faces a number of serious challenges. We are focusing on both taxation and spending in the budget. 2. Bank of England proposes new regulations for stablecoins: A proposed cap of £20,000 for individual stablecoin holdings and £10 million for businesses. Japanese Yen: 1. Former Bank of Japan official, Gosho Kataoka: Escaping deflation is imminent. He hopes to improve expectations for Japanese economic growth. The Takaichi municipal government highly values economic growth. 2. Japanese Minister of Economy, Trade and Industry, Minoru Jonouchi: Recognizes that high inflation is suppressing private consumption. The weak yen is pushing up import costs. Further measures will be implemented to mitigate the impact of rising prices. 3. Japanese Finance Minister, Satsuki Katayama: It is currently difficult to calculate the outlook for the basic balance of payments. He is not completely unconcerned about the primary budget balance. 4. Japanese Prime Minister Sanae Takaichi: It is too early to say that the Japanese economy has escaped deflation. He hopes to maintain close communication with the Bank of Japan. The goal is to achieve strong economic growth and increase tax revenue without raising taxes. Other: 1. Bank of Korea: With strong housing price expectations, interest rate cuts will have a limited impact on the economy. 2. German Chancellor Merz has been accused of diverting massive defense infrastructure loans to welfare and tax cuts, with economists warning that this could "damage Germany's future competitiveness." 3. A Reserve Bank of New Zealand survey shows that New Zealand's average one-year inflation expectation for the fourth quarter is 2.39%, and the average two-year inflation expectation is 2.28%. 4. Westpac-Melbourne Institute: Australia's consumer confidence index rose to a seven-year high in November, marking the first positive growth since early 2022. 5. Brazilian central bank official Vivan: The definition and timeframe for taxing cryptocurrency transactions equivalent to foreign exchange transactions will be determined by the tax authorities. 6. Polish central bank monetary policy committee member Dabrowski: The timing of the next interest rate cut is unpredictable; the rate-cutting cycle may stop at 3.5%.

On Tuesday, November 11, the Shanghai Gold Exchange's gold T+D futures rose 2.06% to 946.5 yuan/gram in early trading; the Shanghai Gold Exchange's silver T+D futures rose 2.63% to 11,919.0 yuan/kilogram in early trading.