Key Points This Week:

1. HSBC China July PMI signals contraction as it falls below 50 for the first time since last June. USDCNY touched historical low.

2. DB has launched the first investable benchmark index for offshore Renminbi (CNH) bonds, allowing sizeable passive fund flows to enter the market for the first time.

3. The Eurozone leaders came out on Thursday with a package for Greece and the periphery at the top end of what we considered was politically and technically feasible. EUR is supported as such and USD may again become the chief funding vehicle.

4. The performance of commodity index returns has been erratic as financial market sentiment moves from euphoria to despair. We are maintaining our constructive global macro economic outlook, which we expect will help boost index returns in the second half of this year.

本周要点：

1、汇丰中国7月制造业采购经理人指数显示经济下滑，去年6月以来首次跌破50大关。与此同时，美元人民币再创新低。

2、德意志银行发布立案人民币债券指数，为市场上第一个可以投资交易的离岸人民币基准指数。

3、上周四举行的欧元区领导人紧急峰会达成预期的最好结果，欧元因此受到强力支撑。度过之前的特殊时期，市场可能重新将美元作为主要融资货币。

4、上周商品指数表现参差不齐，原油价格上扬，金价受到多重风险事件引发的避险情绪影响而走强，铜价保持温和上涨。