香港央行跟随美联储举措下调利率。香港金融管理局周四将通过隔夜贴现窗口收取的基准利率下调25个基点，至4.50%，追随美国联邦储备委员会的举措。

Hong Kong central bank cuts interest rate, tracking Fed move.The Hong Kong Monetary Authority on Thursday cut its base interest rate charged via the overnight discount window by 25 basis points to 4.50%, tracking a move by the U.S. Federal Reserve.

路透社：中国汽车供应过剩引发折扣、灰色市场和汽车制造商的生存担忧。中国汽车行业正处于动荡之中，多年来由国家驱动的生产过剩造成了汽车供过于求，迫使大幅折扣、灰色市场销售和无利可图的经销商。分析人士警告称，只有少数汽车制造商能够长期生存，但北京方面拒绝因经济和政治风险而允许失败，使全球最大的汽车市场陷入供应过剩的循环。

Reuters: China auto glut sparks discounts, gray markets, and survival fears for carmakers.China's auto sector is in turmoil as years of state-driven overproduction have created a glut of vehicles, forcing steep discounts, gray-market sales, and unprofitable dealers. Analysts warn only a handful of automakers will survive long term, but Beijing has resisted allowing failures due to economic and political risks, leaving the world's largest car market trapped in a cycle of oversupply.

9月份，巴西雷亚尔兑美元汇率约为5.3，为2024年6月以来的最高水平，投资者对美联储和巴西央行的最新决定做出了反应。美联储将利率下调了25个基点，主席鲍威尔将此举描述为“风险管理”调整，而不是新宽松周期的开始，并指出自4月以来，更高、更持久的通胀风险有所缓解。只有新任命的美联储理事Stephen Miran投票支持更大幅度的50个基点降息，导致异议比市场预期的要少。在国内，巴西央行将塞利克利率维持在15%，这表明其将继续采取鹰派立场来控制通货膨胀。最近的数据显示，经济增长放缓，而通货膨胀仍得到控制，使央行得以维持紧缩政策。

The Brazilian real traded around 5.3 per US dollar in September, highest level since June 2024, as investors reacted to the latest US Federal Reserve and Brazilian Central Bank decisions. The Federal Reserve cut interest rates by 25 basis points, with Chair Powell describing the move as a “risk management” adjustment rather than the start of a new easing cycle, noting that risks of higher and more persistent inflation have eased since April. Only newly appointed Fed Governor Stephen Miran voted for a larger 50 basis point cut, resulting in fewer dissents than markets had expected. Domestically, the Central Bank of Brazil maintained the Selic rate at 15%, signaling a continued hawkish stance to control inflation. Recent data show moderation in economic growth while inflation remains contained, allowing the central bank to sustain a tight policy.

巴西央行在9月份选择将基准利率维持在15%，理由是在持续的不确定性下，需要将通货膨胀率保持在目标水平。外部因素，包括美国经济状况和全球金融波动，继续影响新兴市场，而在国内，增长正在放缓，但劳动力市场仍然强劲，通货膨胀率仍高于目标。2025年和2026年的通胀预期仍高达4.8%和4.3%，而Copom预计2027年初的通胀率为3.4%。央行强调了上行风险，如弹性服务通胀和汇率走弱，以及下行风险，如国内经济进一步放缓或大宗商品价格下跌。Copom强调，未来可能需要调整政策以保持价格稳定。这一决定反映了一种谨慎的态度，在控制通胀的需要与支持经济活动之间取得了平衡。

Brazil’s central bank opted to maintain its benchmark interest rate at 15% in September, citing the need to keep inflation on a path toward the target amid persistent uncertainty. External factors, including US economic conditions and global financial volatility, continue to influence emerging markets, while domestically, growth is moderating but the labor market remains strong and inflation stays above target. Inflation expectations for 2025 and 2026 remain elevated at 4.8% and 4.3%, with Copom projecting 3.4% for early 2027. The central bank highlighted upside risks such as resilient services inflation and a weaker exchange rate, alongside downside risks like a sharper domestic slowdown or falling commodity prices. Copom emphasized that future policy adjustments may be necessary to maintain price stability. The decision reflects a cautious approach, balancing the need for inflation control with support for economic activity.