On August 7, Thursday (August 6), at the New York close (Friday, Beijing time 04:59), the offshore RMB (CNH) was quoted at 6.7476 against the USD, an increase of 6 points from Wednesday's New York close, with overall trading during the day ranging between 6.7455 and 6.7519.
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Offshore RMB Against USD Rises 6 Points Compared to Wednesday's New York Close
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US Media: Iran and Oman Reach a Free Temporary Agreement Framework
On August 7, MS NOW reported that two Middle Eastern diplomats familiar with the negotiations stated that Oman has agreed to a framework agreement with Iran to temporarily reopen the Strait of Hormuz. An Iranian government official mentioned that the agreement will establish a new shipping route by allowing commercial vessels to enter the Persian Gulf via Iranian-controlled routes and exit through Omani-controlled routes. According to the Iranian official, the agreement does not include charging tolls for commercial vessels seeking safe passage through the waterway. This proposal is a 'temporary agreement' that will lay the groundwork for Washington and Tehran to announce a new ceasefire and resume nuclear negotiations. The Iranian official stated that the United Nations International Maritime Organization and the United States will be involved in the formal announcement of the agreement. A government official from a Gulf state indicated that the arrangement has been approved by the member states of the Gulf Cooperation Council. However, officials have not disclosed when the agreement will be announced. Whether the U.S. will support the management agreement for the strait will depend on the final details. An American official stated that Washington only supports a temporary agreement to reopen the strait on a toll-free and unobstructed basis. -
Coinbase CEO: Senate Has Reviewed CLARITY Act for a Year, Urges Prompt Voting
On August 7, Coinbase CEO Brian Armstrong stated that the Senate has been reviewing the CLARITY Act for a year. During this time, lawmakers have negotiated hundreds of pages of amendments, reached consensus on SEC and CFTC nominees, and achieved an unprecedented ethical commitment. Meanwhile, compromises have also been made by the cryptocurrency and banking industries. This is how legislation should operate: no one gets everything they want, but everyone can obtain most of what they need. The remaining issue is no longer about continuing negotiations, but whether certain groups will attempt to delay or block legislation that has already garnered broad bipartisan support. Millions of Americans hold cryptocurrencies, and they are watching this process. It is time to vote. -
Fed's Musalem: Increased Likelihood of Inflation Staying Above Target, Favoring Rate Hike in Recent FOMC Meeting
On August 7, Fed's Musalem stated that the likelihood of inflation remaining above target has increased, and there was a tendency to favor a rate hike in the recent FOMC meeting; gradual rate increases are less costly than sudden changes. -
Alphabet, Google's Parent, Plans to Raise Up to $25 Billion via Bond Issuance
On August 6, Alphabet, Google's parent company, plans to raise up to $25 billion through bond issuance. -
Warsh sticks to cautious market guidance, may consider September rate hike if inflation is strong
August 6 - According to the Financial Times, Federal Reserve Chairman Warsh has maintained his typically concise communication style, even after triggering a significant sell-off in Treasuries by declining to reveal too many details about interest rate strategy. People close to Warsh said he acknowledged making some mistakes during his first 10 weeks at the helm of the world's most important central bank, including failing to reinforce his key message on price stability and causing confusion over whether his long-term plans to reform the Fed would affect near-term policy decisions. However, they insisted these errors were not enough to derail Warsh's plans for reforming the Fed. Insiders also revealed that if inflation data released in the coming weeks prove strong and market expectations for higher borrowing costs rise accordingly, Warsh is prepared to raise interest rates at the September meeting. Insiders added that although the Fed chairman has raised the possibility of shrinking the central bank's $6.7 trillion balance sheet to tighten monetary policy, interest rates remain the primary tool—and would be used at the upcoming meeting if needed. -
SanDisk Tumbles Over 10% Pre-Market as Citigroup, Wells Fargo Cut Price Targets
On August 6, SanDisk (SNDK.US) fell over 10% in pre-market trading. On the news front, Citigroup lowered its price target on SanDisk from $2,500 to $2,100. Meanwhile, on June 25, a month and a half earlier, Citigroup had raised its target from $2,025 to $2,500, citing improving NAND flash memory price outlook and initiating a 90-day short-term upside watch. Additionally, Wells Fargo cut its target from $1,620 to $1,400. However, just half a month earlier, on July 22, Wells Fargo had raised its target from $1,250 to $1,620. -
Unitree Technology: Offering Price Set at RMB 150.80/Share, Online Subscription Date August 10
On August 6, Unitree Technology (688836.SH) announced that its initial public offering of shares on the STAR Market has been priced at RMB 150.80 per share. The offering consists of 40,446,434 shares, representing 10% of the total post-offering share capital. The offering price-to-earnings ratio is 219.23 times, higher than the industry average P/E ratio of 38.56 times. The total funds expected to be raised are approximately RMB 6.099 billion, with net proceeds of approximately RMB 5.917 billion. Strategic placement subscribers were allocated 8,089,286 shares, including the Social Security Fund, DeepSeek, and China National Petroleum Corporation. The online subscription date is August 10, and the payment date is August 12. -
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