Core Viewpoint - The article discusses the recent rise in U.S. inflation as indicated by the June CPI data, which shows a year-on-year increase of 2.7%, up from 2.4% in the previous month, primarily driven by a rebound in energy prices. The Federal Reserve may need more time to assess the situation before making further decisions on interest rate cuts, which could significantly impact global financial markets in the second half of the year [1][19]. Inflation Data Summary - The June CPI year-on-year increase is 2.7%, compared to a previous value of 2.4% and market expectations of 2.6%. The month-on-month increase is 0.3%, up from 0.1% previously [2][3]. - Core CPI shows a year-on-year increase of 2.9%, slightly up from 2.8% previously, with a month-on-month increase of 0.2% [5][15]. - The Cleveland Fed's Trimmed Mean CPI increased to 3.17% year-on-year, up from 3.03%, indicating a rise in inflation breadth and stickiness [5][6]. Energy and Food Prices - Energy prices increased by 0.9% month-on-month, with gasoline prices rebounding significantly. The impact of retail gasoline prices, which typically lag behind crude oil price fluctuations, is expected to continue into July [3][5]. - Food prices remained stable with a month-on-month increase of 0.3%, driven by a rise in household food prices [5]. Core Goods and Services - Core goods prices rebounded to a month-on-month increase of 0.2%, with various categories such as furniture and appliances showing significant increases. However, prices for clothing and vehicles remain below trend lines [10][11]. - Core services saw a month-on-month increase of 0.3%, with super core services (excluding housing) also showing a rebound, indicating some recovery in demand [15][16]. Impact of Tariffs - The article highlights that tariffs are beginning to show an impact on inflation, but the effect is currently moderate. The expected overall impact of tariffs on inflation is estimated to be around 80 basis points [17][18]. - Companies are employing various strategies to mitigate tariff costs, including price adjustments, renegotiating with suppliers, and diversifying supply chains [14][18]. Federal Reserve's Position - The Federal Reserve is expected to consider the moderate inflation impact and the weakening job market before making decisions on interest rate cuts. The consensus is leaning towards a potential rate cut in the fourth quarter of the year [17][20]. - Recent comments from key Fed officials suggest a more dovish stance, indicating that even if inflation rises due to tariffs, it may not delay rate cuts [20]. Market Reactions - The U.S. stock market has shown mixed performance, with technology stocks benefiting from certain market expectations, while financial stocks have faced adjustments due to disappointing earnings reports [21].

Core Viewpoint - The article discusses the pressure exerted by President Trump on the Federal Reserve to lower interest rates, highlighting the implications for the Fed's independence and the capital markets [1][2][3]. Group 1: Trump's Visit and Pressure on the Fed - Trump's visit to the Federal Reserve is the first by a sitting president in nearly 20 years, aimed at pressuring Chairman Powell to lower interest rates [3]. - Trump suggested that reducing rates by three percentage points could save the U.S. over $1 trillion [3]. - Market expectations for Fed rate cuts have increased, with traders now anticipating a reduction of 76 basis points in 2026, up from an earlier expectation of 25 basis points [3]. Group 2: Allegations Against Powell - Congressman Luna has accused Powell of perjury regarding the $25 billion renovation of the Fed's headquarters, claiming he misrepresented the project's luxury features and budget adjustments [6]. - The allegations come amid ongoing pressure from Trump and his allies, aiming to undermine Powell's authority and potentially set the stage for his removal [6][9]. - Powell has denied the allegations and initiated an internal review of the renovation project to restore public trust [6]. Group 3: Market Reactions and Long-term Risks - Short-term market reactions show a rise in stock indices like Nasdaq and S&P 500, indicating a focus on corporate earnings rather than political turmoil [7]. - The bond market reflects increased risk aversion, with a decline in the 10-year Treasury yield by approximately 6 basis points [7]. - Long-term risks include challenges to the Fed's independence, which could lead to inflation expectations becoming unanchored and damage the credibility of the U.S. dollar [7][10]. Group 4: Legal and Internal Factors - Legally, removing the Fed Chairman requires "just cause," and if the perjury allegations are not substantiated, it may be difficult to remove Powell [9]. - Internal opposition exists, with moderate figures like Treasury Secretary Mnuchin opposing the removal, citing the current economic stability [9]. Group 5: Conclusion and Investor Guidance - The situation is characterized as a political struggle using moral issues, with limited short-term market impact but potential long-term systemic risks due to the erosion of the Fed's independence [10]. - Investors are advised to monitor the judicial investigation and Trump's policy direction, prioritizing assets that can withstand volatility, such as gold and short-term Treasuries, while being cautious of long-term credit risks associated with dollar assets [10].

Core Viewpoint - The article discusses the trend of Chinese concept stocks (Chinext) returning to the Hong Kong market due to increasing regulatory pressures in the U.S. and the potential for Hong Kong to become a global technology capital hub and a strategic point for integrating Chinese assets into the global market [2][5][10]. Summary by Sections Background of U.S.-China Tensions - The U.S. has long had regulatory tensions regarding Chinese companies listed in the U.S., particularly following the signing of the Holding Foreign Companies Accountable Act (HFCAA) in late 2020, which requires foreign companies to undergo audits or face delisting [4][5]. - In early 2025, the U.S. Treasury Secretary indicated the possibility of delisting Chinese stocks, prompting a response from Hong Kong's financial authorities, who are prepared to welcome these companies back [5][6]. Pathways for Chinext to Return - The Hong Kong Stock Exchange (HKEX) has established three main pathways for Chinext to return: 1. Re-listing in Hong Kong after privatization in the U.S. 2. Secondary listing in Hong Kong through instruments like Depositary Receipts (DR). 3. Dual primary listing, allowing companies to be listed on multiple exchanges while meeting all regulatory requirements [6][8]. Impact on Hong Kong Market - The return of Chinext is expected to significantly increase trading volume in the Hong Kong market, as seen during previous return waves in 2018-2021, where companies like Xiaomi and Alibaba contributed to substantial increases in IPO fundraising [8][9]. - The structure of the Hong Kong market is also anticipated to change, with a shift towards technology and new economy sectors, as traditional sectors like finance and real estate see their weight decrease [9][11]. Global Capital Market Dynamics - The return of Chinext is reshaping the global capital market landscape, reflecting a shift in financial power dynamics between the U.S. and China, and indicating a move towards a multi-polar capital market structure [10][12]. - The trend is also contributing to a "de-dollarization" movement, as global capital seeks alternatives to U.S. assets, with Hong Kong emerging as a strategic exit for capital fleeing from U.S. markets [12][13]. Regulatory and Market Environment - Hong Kong's unique regulatory environment and its position as a bridge between mainland China and international markets provide a favorable backdrop for the return of Chinext, enhancing its appeal to both domestic and international investors [14][15].

文/ 香港金融管理局 总裁 余伟文 一个月前，我在这个栏目谈到如何推动稳定币在香港稳妥、可持续发展， 并提出应为稳定币热潮降降温。观乎一个月来市场和社会上对稳定币的讨 论热度，降温力度仍需加强。今天我想从监管角度再谈谈我们的看法，以 及下一步如何按照稳妥、可持续的原则落实《稳定币条例》。 避免过度炒作 稳定币也是近期各国央行和金融监管当局讨论较多的课题，讨论的焦点集中在稳定币的内在和外溢风 险，包括对传统金融市场和银行的影响，但更大的关注点在于如何避免稳定币被不法分子利用作洗钱工 具，特别是在跨境使用的场景。俗称「央行的央行」的国际清算银行在最新的年度经济报告中，就用了 不少篇幅强调防范稳定币洗钱风险的重要性。 香港是国际金融中心，监管水平一向以稳健见称，在国际上也有良好的声誉。《稳定币条例》通过以 后，我们马上就落实条例的监管和反洗钱两份指引征求市场意见，目前正根据反馈意见适当调整指引的 要求，争取在7月底公布。我们预期最终的定稿与咨询草稿不会有太大的调整，而鉴于国际监管的共同 关注，在反洗钱方面会订立更严谨的要求，尽量减低稳定币成为洗钱工具的风险，务求让香港稳定币市 场有序健康发展。 张弛有度是一种监管艺 ...

金融助力县域高质量发展的作用机制：三个核心功能 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。在中国式现代化建设进程中，金融要立足 县域发展需要，以问题为导向，通过产业助推、风险缓释、治理润滑三大核心功能，深度融入县域经济 社会发展肌理，推动形成"产业升级—风险可控—治理高效"的良性循环，为县域高质量发展提供系统性 支撑。 产业助推功能 县域高质量发展离不开县域产业经济基础的支撑，而金融是推动县域产业转型发展的必要力量。然而， 不少县域经济发展仍未走出传统的粗放经营模式，发展动能和内生需求尚显不足。县域发展过程中如何 组织好各类要素、做好资源配置，重塑产业链的发展逻辑和循环机制就需要金融在其中发挥积极作用。 在县域产业振兴进程中，金融通过数字化手段持续提升服务效率，以信息中介作用促进多元协同，并借 助资源配置能力强化要素整合，建立起了多方位的产业助推功能。近年来，随着数字经济技术不断壮 大，我国数字金融加快发展，以大数据、人工智能等技术为代表的新质生产力和生产要素与金融产品服 务深度融合，成为推动产业发展的催化剂。各类数据要素的价值通过数字金融手段不断放大，信息不对 称程度持续降低，为县域经济社会能级 ...

文/ 光大兴陇信托有限责任公司战略规划部总 经理 袁吉伟 全 球 可 持 续 发 展 挑 战 严 峻， 与 之 相 关的 资金 投 入持 续 提 升 。 当 前 ， 有 关 ESG投资的价值、策略、收益等方面研究较多，但是对于ESG投资本身内 涵和外延的研究较少，有必要深化此方面的研究。本文分析ESG投资的内 涵，对ESG投资进行分类，探讨ESG投资的标准，并针对ESG投资的相关 问题提出针对性建议。 ESG投资的内涵分析 ESG投资的定义 从全球看，联合国认为 ESG投资或可持续投资是将社会、环境以及治理因素纳入投资决策的投资方 法。联合国负责任投资原则组织 （ UN-PRI）将ESG投资定义为将ESG因素融入投资决策和积极所有权的一种投资策略和实践。欧洲可 持续投资论坛视可持续和ESG投资为将ESG因素融入投资组合研究、分析以及投资标的筛选过程的长期 投资方法。安联全球投资者公司认为，ESG投资是将ESG因子融入投资决策的一种投资方法，能够更好 地管理风险以及增强长期投资回报。 从我国看，中国证券投资基金业协会认为ESG社会责任投资是新兴起的一种长期投资理念，即在选择投 资标的时，不仅仅关注其财务绩效，同 ...

文/对外经济贸易大学中国金融交易研究中心主任、中国钱币学会会员 黄希韦 在中世纪，英格兰通过一系列币制改革、法治建设和国际收支策略，成功 维持了货币的统一和稳定，使其货币成为欧洲最坚挺的货币之一。这些历 史经验不仅揭示了货币稳定与制度保障之间的内在联系，也为现代数字货 币治理提供了重要启示。 全球货币体系正经历一场前所未有的变革，中央银行数字货币（CBDC）作为一种全新货币形态，正重 塑货币发行、流通和定价方式。这一变革不仅关乎技术革新，更涉及货币信用、金融稳定和国际经济格 局的深刻调整。在这一背景下，中世纪英格兰的货币变迁和制度规制为我们提供了宝贵的历史经验。 中世纪英格兰的货币更迭与币值稳定 与中世纪欧洲其他国家通过频繁降低货币成色来增加财政收入的做法不同，英格兰政府选择了一条更为 稳健的道路。中世纪英格兰的货币体系在频繁变迁中保持了币制的统一和币值的坚挺，政府通过不降低 钱币成色来维持货币的稳定性。该政策的核心在于维护货币的信用，确保市场对货币价值的信任。这种 选择不仅体现了政府对货币信用的高度重视，也反映了其在财政管理上的长远眼光。英格兰政府通过造 币中心化、造币厂牌价制度与周期性贬值等手段，成功维持 ...

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Core Viewpoint - The regulatory framework for stablecoins is evolving globally, with significant developments in the U.S. and Hong Kong, which are expected to enhance market stability and drive the growth of real-world asset (RWA) tokenization [2][4][7]. Regulatory Developments - The U.S. has adopted a unified legislative approach for stablecoin regulation, with the GENIUS Act set to become law, establishing comprehensive guidelines for issuance, reserves, redemption, and auditing [4][5]. - Hong Kong has implemented the Stablecoin Issuance Regulatory Ordinance, which mandates high liquidity for reserve assets and requires licensed institutions to maintain robust risk management practices [7]. Market Dynamics - The rise of stablecoins is facilitating the digitization of assets and enhancing the efficiency of settlements, creating a cycle of increased asset digitalization, efficient settlement, and structured allocation [2][10]. - Stablecoins are becoming a key innovation in the digital currency space, widely used in cross-border payments and decentralized finance (DeFi) [2]. RWA and Stablecoin Interaction - The integration of stablecoins with RWA is creating a synergistic value cycle, where stablecoins serve as a liquidity tool and pricing benchmark for RWA markets, driving efficient asset circulation [10]. - The use of blockchain technology allows for the transformation of real-world assets into tradeable tokens, with stablecoins playing a crucial role in the digitalization process [9][10]. Efficiency Gains - A practical example in the renewable energy sector demonstrates that using stablecoins for RWA asset transactions can reduce cross-border settlement time and costs by 70-80% [9].

228 | 中央城市工作会议 | 时隔十年再召开 Financial Weekly 母哥长索到好 论 Financial Weekly 每周金融评论 | 目录 CONTENTS 新央企中国雅江集团成立 热点聚焦 FOCUS ◎ 新央企中国雅江集团成立 重大会议 MEETINGS ◎ 中央城市工作会议时隔十年再召开 重大政策 POLICES ◎ 国家发展改革委等7部门联合印发《关于实施鼓励外商投资 企业境内再投资若干措施的通知》 热点 聚焦 雅鲁藏布江下游水电工程开工仪式7月19日在西藏自治区林芝市举行。中共中央政治局常委、国务院总理李强出席开工仪式，并 宣布工程正式开工。雅鲁藏布江下游水电工程位于西藏自治区林芝市。工程主要采取截弯取直、隧洞引水的开发方式，建设5座 梯级电站，总投资约1.2万亿元。工程电力以外送消纳为主，兼顾西藏本地自用需求。同日，国务院国资委发布2025年1号公告。 经国务院批准，组建中国雅江集团有限公司，由国务院国有资产监督管理委员会代表国务院履行出资人职责，列入国务院国有资 产监督管理委员会履行出资人职责的企业名单。值得注意的是，在99家央企名录中，中国雅江集团位列第22位，位于中国长江 ...