Chinese assets collectively surged again: the renminbi rose by 350 points, Hong Kong A shares soared, and XPENG-W skyrocketed by 30%.

Chinese assets collectively surged again!

Overnight, the Federal Reserve raised interest rates by 25 basis points as scheduled, with a 38% probability of another rate hike before the end of the year, indicating that this may be the last rate hike of this cycle.

Chinese concept stocks surged again, with the Nasdaq Golden Dragon China Index (HXC) rising nearly 3%, approaching 7400 points, the highest in over four months since March 6, with a three-day consecutive increase and a cumulative increase of 7.6%.

Offshore renminbi is surging, temporarily recovering the 7.12 level during the session, up nearly 350 points from the previous day's closing price, reaching a new intraday high in over a month.

At the opening today, both A-shares and Hong Kong stocks surged, with the Shanghai Composite Index rising by nearly 0.7%, the Shenzhen Component Index rising by about 0.5%, and the ChiNext Index rising by about 0.6%.

As for Hong Kong stocks, the three major indexes opened higher, and as of the time of writing, the Hang Seng Index rose by more than 1.5%, the H-share Index rose by more than 2.1%, and the Hang Seng Tech Index surged by more than 3%.

Volkswagen Group announced last night that it will increase its investment in XPeng Motors by approximately $700 million through cooperation between the Volkswagen brand and XPeng Motors, acquiring approximately 4.99% of XPeng Motors' shares at a price of $15 per American depositary receipt. After the transaction is completed, the Volkswagen Group will obtain a seat on XPeng Motors' board of directors as an observer. The Volkswagen Group will also become the third-largest shareholder of XPeng Motors, following He Xiaopeng and Alibaba.

XPeng Motors' Hong Kong stocks surged by more than 31%, and its US stocks surged by 26.69% overnight.

In addition, according to the data released today by the National Bureau of Statistics, China's profits of industrial enterprises above a certain scale in June decreased by 8.3% YoY, narrowing the decline by 4.3 percentage points compared to May, marking the fourth consecutive month of narrowing.

More than 70% of industries have seen improved profits compared to the first quarter, with significant improvement in the manufacturing industry. In the first half of the year, out of the 41 major industrial sectors, 30 industries saw an increase in profit growth rate or a narrowing of the decline compared to the first quarter, accounting for over 70%. The manufacturing industry has played a strong role in improving the profits of industrial enterprises.