Recently, the financial markets have been quite active, and here is a summary of some noteworthy signals.

**Domestic**: The newly released "China Financial Stability Report (2025)" explicitly states the need to significantly increase the scale and proportion of medium- and long-term funds investing in A-shares, while optimizing assessment mechanisms to promote "long-term investment by long-term funds." This is clearly positive for blue-chip stocks and high-dividend sectors. Additionally, starting from January 1, existing public reserve fund loans before May 8, 2025, will be subject to new interest rates. Friends with first-time home loans could save a lot of money—on a 1.2 million yuan loan over 30 years, potentially saving over 57,000 yuan in interest.

**Foreign Exchange**: The RMB against the US dollar has recently been very strong, with offshore RMB breaking the 7.0 level (the first time since September 2024), and the onshore midpoint rate also adjusted to a four-month high. RMB appreciation generally benefits A-shares and foreign capital inflows, so this signal remains quite positive.

**Precious Metals**: Prices are soaring wildly. London spot gold has surged to $4,531.87 per ounce, up 1.17% in a single day, with the year-to-date increase reaching 170%; silver has risen even more sharply, with spot prices at $79.16 per ounce, up 8.29% yesterday alone. Platinum is at $2,535.15 per ounce, and palladium at $2,061.65 per ounce, with all lines trending upward. Elon Musk recently warned that rising silver prices could increase production costs for companies like Tesla—Tesla consumes 70-100 tons of silver annually. The surge in silver is mainly due to a cumulative supply-demand gap of 800 million ounces over five years, coupled with surging demand from the new energy industry. Another risk point is that China will strictly control silver exports in 2026, which could further tighten supply.

**US Stocks**: The S&P 500 continues to hit new highs, with US GDP in Q3 growing at an annualized rate of 4.3% (the fastest in nearly two years). With such strong economic resilience, US stocks are naturally benefiting. The Federal Reserve is currently maintaining interest rates, but the market is already expecting rate cuts around 2026, which would weaken the US dollar and benefit emerging market currencies and assets.

**Real-time Market Data**: Onshore RMB midpoint rate is about 7.0050, steadily rising within the day; Shanghai Gold Exchange gold T+D price is 1012.20 yuan/gram (+0.34%), trending upward during the day; domestic silver price is 19.14 yuan/gram (+0.67%); Shenzhen pure gold 999 price is 1168 yuan/gram.

Overall, the market outlook suggests that RMB appreciation, soaring precious metals, and benefits to emerging market currencies—these factors combined could lead to significant changes in market liquidity patterns by 2026.