Important news 1. The basic pension for retirees will be increased by 2% in 2025. 2. The Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting on the development trend and response strategies of cryp

Ukrainian President Zelensky: We are very close to reaching an agreement on a new round of sanctions.

US dollar: 1. Minutes of the Fed's June meeting showed that officials had different views on rate cuts because they had different views on the impact of tariffs on inflation. Analysts pointed out that there are three factions: rate cuts this year but excluding July (mainstream camp), no action for the whole year, and immediate action at the next meeting. 2. Former President of the Asian Development Bank Masatsugu Asakawa: The dollar's position as the world's reserve currency remains solid. The dollar is more likely to be sold, so Japan is unlikely to accept the US's request to support the yen. Another coordinated devaluation of the dollar led by the United States similar to the Plaza Accord is unlikely to happen. Major non-US currencies: 1. European Commission President von der Leyen: The EU will maintain a firm position and work closely with the US government to reach an agreement. The EU is preparing for various possible scenarios. 2. ECB Governing Council Member Villeroy: France's economic growth is slow, but positive. France's GDP is still expected to grow by 0.6% this year. 3. Bank of England Governor Bailey: The steepening of the bond yield curve is not particularly concentrated in the UK. The steepening of the yield curve is a global trend. 4. ECB Vice President Gindos: Hope that the exchange rate will be stable and will not have additional negative impact. 5. Daiwa Securities: Trump's 25% tariff may reduce Japan's real GDP by 1.1%. 6. The Bank of Korea kept the interest rate unchanged. The central bank said that it would maintain its interest rate cut stance to mitigate the downside risks to economic growth. It will remain cautious and pay attention to the possibility of increased volatility in the foreign exchange market. 7. Bank of Korea Governor Lee Chang-yong: Due to excessive uncertainty, it is currently impossible to determine when and how much interest rates will be cut. It is necessary to introduce a stablecoin based on the Korean won, but it should be introduced with caution. The issuance of a Korean won stablecoin by non-bank institutions may cause market chaos, and the indiscriminate permission of a Korean won-based stablecoin may conflict with foreign exchange policy. Others: 1. Deputy Minister of Finance of Thailand: More than 40 billion baht is being prepared to deal with US tariff measures. The central bank has been urged to further ease monetary policy. 2. Governor of the Central Bank of Pakistan: During the past three years of foreign exchange reform, the Central Bank of Pakistan has purchased nearly $20 billion from the interbank market.