99CPI91211 101610207.247.35 20111290 Z0017101 1..........................................................................................1 1.1..............................................................................11.2..........................................................................21.2.1.............................................................................................21.2.2.............................................................................................41.2.3.............................................................................................4 2.................................................................................................5 2.1-..................................................................52.2.......................................................................52.2.1.....................................................................................52.2.2.....................................................................................62.2.3..................................................................................72.2.4..................................................................................82.3..................................................................................92.3.1...................................................................92.3.2.............................................................10 3.........................................................................................11 3.1..................................................................113.2...................................................................................143.3..........................................................15...........................................................................................18..................................................................................................19……………………………………………………………………………….20.........................................................................................................21......................................................................................................21 1.1.1..................................................................................................11.1.12023109-1013..11.1.2.....................................................................21.2.131.2.21 36%USDCNH..............................................................................................................................42.1.1...............................................................................................52.2.1..........................................................52.2.2..............................................................52.2.3..........................................................62.2.4................................................................................72.2.5..........................................................................82.2.6NDF..........................................................................................................92.2.7USDCNY25Delta%..........................92.3.1.............................................102.3.2.......................................................................102.3.3.............................................102.3.4.......................................................................103.2.12023.10.16-10.20..............................................151.................................182%..................................................................193...................................................20 4Shibor%............................................................................205SOFR%.............................................................................206%.................................................................................217....................................................................................21 1. 1.1 202310 9-10 13CFETSBIS928SDR1013 16:30 USDCNHUSDCNYBloomberg 1.2 1.2.1 99CPI912113.299FOMC71279CPI3.7% 4.7710112488.793727.222761 18380.06%1 106.8101610207.247.35 1.2.2 1.2.3 2. 2.1- 10137.177523 Refinitiv Bloomberg 2.2 2.2.1 2.2.2 830%72%1752022571%172 2.2.3 2.2.4 1013NDF7.133030USDCNY25Delta928 2.3 2.3.1 101323127.29072117214 Bloomberg 2.3.2 101323127.29162816321 Bloomberg 3. 3.1 3.2 3.3 / 136310008400 8888 910www.nanhua.net603093