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Golden Ten Data reported on May 11 that Huatai Securities pointed out that on May 7-8 (Thursday-Friday), the offshore RMB/USD exchange rate twice broke above 6.8 for the first time in this round of appreciation, while the onshore RMB is just one step away from 6.8. As the Middle East situation has slightly de-escalated, the RMB exchange rate has returned to an appreciation channel. We believe there are multiple short-term catalysts that will support further strengthening of the RMB. We maintain an annual appreciation forecast of 4-5% for the RMB/USD exchange rate, with a 12-month projected range of 6.4-6.5.

Iranian media reported that Iran has responded to the U.S. proposal via Pakistan, focusing on ending the war and addressing security issues in the Persian Gulf and the Strait of Hormuz. Iran proposed that the U.S. lift oil sale sanctions against Iran within 30 days; Trump stated he does not like Iran's response, calling it "completely unacceptable." U.S. non-farm payrolls increased by 115,000 in April, far exceeding expectations and marking the largest two-month gain since late 2024. The unemployment rate remained at 4.3%. U.S. consumer confidence hit a historic low for the second consecutive month, with rising oil prices and tariffs intensifying inflation concerns. China’s exports in April, measured in U.S. dollars, rose by 14.1% year-on-year, and imports increased by 25.3%, both beating expectations. China’s Ministry of Commerce: He Lifeng will lead a delegation to South Korea for economic and trade consultations with the U.S. side from May 12 to 13. State Council Executive Meeting: Promote the resolution of local government debt risks; strengthen the full-chain management of mineral resources; enhance planning and construction of water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks, and logistics networks. Four ministries: Explore nuclear power and hydrogen energy as direct energy sources for computing power facilities, and continuously increase the proportion of green electricity used in such facilities. UK Prime Minister Starmer declared he will "absolutely not resign": UK bonds rebounded in response, and markets are betting that the “worst-case scenario” is over. Reports indicate Intel has reached a preliminary chip manufacturing agreement with Apple, brokered by the Trump administration, sending Intel shares up over 10%. Reports: DeepSeek's first-round financing target is 50 billion yuan and may set a record for the largest single financing in a Chinese AI company, with a total valuation possibly surpassing 350 billion yuan. Reports: ByteDance will increase its 2026 AI capital expenditure plan by 25% to over 200 billion yuan. Reminder: China’s April CPI and PPI will be released on Monday.

On May 11, Tianyang Technology announced that it has signed an agreement to invest 3.5 billion to 4 billion yuan in a computing power service project with a lock-in period of 60 months. Public information shows that Tianyang Technology's business involves products and services related to artificial intelligence, blockchain, and other next-generation financial technologies, empowering the digital transformation of the financial industry. Previously, the company disclosed that it has entered the later stages of cooperation with a Hong Kong dollar stablecoin issuance institution.