Core Viewpoint - The article discusses the recent surge in Hong Kong's deposit interest rates, particularly the sensational claim of a 13% rate, and analyzes its implications and limitations for investors [2][3]. Group 1: Interest Rate Analysis - The reported 13% interest rate is real but only applicable for a 7-day period [4][5]. - After 7 days, the interest rate returns to normal levels, which are significantly lower [5][18]. - To qualify for the 13% rate, deposits must be in Australian or New Zealand dollars; other currencies, including RMB, yield lower rates [8][18]. Group 2: Effective Yield Considerations - The 11% rate for RMB deposits is annualized, meaning actual returns for a 7-day deposit are minimal, approximately 21 RMB on a 10,000 RMB deposit [11][13]. - Additional conditions include converting funds to HKD before depositing, which incurs exchange rate risks and fees [13][15]. Group 3: Broader Market Context - Despite the high rates in Hong Kong compared to mainland China, where large deposits yield only around 1.6%, the article emphasizes that traditional deposits are no longer the primary means for asset appreciation [18][19]. - The article warns of a potential decline in deposit rates below 3% in the near future, suggesting that large amounts of cash should be allocated to more stable and higher-yielding assets [22][23]. Group 4: Investment Strategy Recommendations - Investors are advised to shift focus from high-risk, high-reward strategies to more stable growth and flexible withdrawal options [25][26]. - Emphasis is placed on the importance of avoiding significant volatility and seeking assets that can mitigate political and regulatory risks [27][29]. - A diversified global asset allocation is recommended to spread risk, combining domestic and overseas high-yield assets [30][31].

不知道大家有没有关注到最近资本市场的一个新现象： 本来炒的火热的黄金，近段时间波动率越来越大！ 4月底每盎司上到800元/之后，就一直在震荡下跌，价格在740-780之间徘徊了将近一个月。 而和黄金的震荡相比，最近虚拟币的上涨反而非常猛，突破历史新高到了11万美金的位置，今年开始已经上涨了17%。 BTC开始上涨，黄金反而有点上涨乏力。 大家不要单纯地以为这就是市场现象。 绝对不是！ 大家一定要搞清楚一点： 老美对全球资金的流向，有着超乎很多人想象的掌控力。 资金从黄金转向BTC，恰恰说明 现在懂王和美丽国的策略变了。 之前，懂王是想用对等关税，硬生生从其他国家那里抢钱，给自己增加财政收入还美债利息，维持美债的稳定。 但是因为东大带头对抗，关税收不上来，钱反而都因为害怕老美变卦全都拿去买黄金不买美债了，美债危机不但没有缓解，反而还越来越麻烦。 所以"关税"这个抢钱路子只能作罢。 那现在懂王的新策略，是 "曲线救国"。 简单点说就是—— 热捧虚拟币，搞大饼计划，吸引资金流向虚拟币。 所以你能看到最近的全球BTC大会，懂王的儿子以及副总统万斯都去了。 我在之前的文章就已经说过，虚拟币市场虽然被吹捧为去中心化的货币 ...

嗯，很多人不理解。 到底什么是稳定币？ 和我们普通人有什么关系？ 简单说一下， 稳定币是一种数字货币。 上周有个大消息，是被忽视的。 5月19号，美国参议院以66票赞成32票反对通过了一项法案，这个法案的全称是《美国稳定币 创新 引导和建立法案》。 它是由私人机构发行的，比如你用1美元买了1个稳定币，那机构就会收到1美元，对应发行1个稳定 币，就把实物美元变成了虚拟美元。 任何货币，都会有 锚定物的。 稳定币的锚定物，就是美元。 而机构如果收到了大量的美元，就会去买美债。 就和我们各个国家，和美国进行贸易之后，收到大量美元，也会去买美债。 这个时候，你发现了吧。 稳定币，为什么会卡在5月份的时候突然推出。 这背后， 大概就是美国为了应对6月美债危机的一个大杀招。 美国gov准备绕开美联储去发行美债了。 同时还有一个事情，那就是5月23日，我们HK光速通过了稳定币条例草案。 紧随其后，这就不算是偶然了。 这里补充一下时间线的知识点。 6月份漂亮是有6.5万亿的美债要到期，但目前的美债收益率创下了新高。 10年期超过了4.5%，30年期超过5%。 漂亮肯定不想顶着高息发债，可5月15日美联储发声了，不会选择货币债 ...

Core Viewpoint - The recent interest rate adjustments signify a "wealth reconstruction," impacting different socioeconomic groups in varying ways [2][3]. Group 1: Interest Rate Changes - Loan interest rates have decreased by 10 basis points, bringing mortgage rates down to around 3%, while deposit rates have been cut by 25 basis points, with three- and five-year fixed deposits now at 1.3% [1]. - This creates a "interest rate gap trap," where keeping money in the bank results in losses, while borrowing money becomes profitable [6]. Group 2: Wealth Dynamics - High-net-worth individuals are moving their money out of banks to invest in other assets, as the 1.3% annualized return on deposits is insufficient [10][12]. - The rental yield for properties has reached 1.5% to 2.0%, providing returns that exceed bank interest rates, making real estate an attractive investment [13]. Group 3: Overseas Investments - High-net-worth individuals are also investing in overseas properties, such as in Japan, where rental yields exceed 4% and the yen has appreciated over 10% against the RMB in the past year [16][17]. - Quantitative investments are gaining traction, primarily benefiting high-net-worth individuals who are willing to invest [19][20]. Group 4: Middle-Class Responses - The middle class is responding to the interest rate cuts by paying down mortgages, effectively earning a "risk-free" return of 1.7% by reducing debt [22]. - Many middle-class individuals are looking towards Hong Kong as a "wealth haven," with 86% of high-net-worth individuals planning to invest abroad in the coming year [25][24]. Group 5: Investment Trends in Hong Kong - Hong Kong has become the top destination for overseas investments, with 37% of high-net-worth individuals choosing it for its mature financial market, stable economy, and diverse investment opportunities [27]. - The Hong Kong insurance market has seen a significant increase, with new individual policy premiums reaching 1,696 billion HKD, a 15.7% increase compared to the same period last year [32]. Group 6: Asset Diversification and Risk Management - Investors are seeking diversified asset classes in Hong Kong, including fixed income, equities, and infrastructure, to mitigate risks and ensure cash flow [33][34]. - The ability to maintain cash flow through certain assets is becoming increasingly important, as it allows for flexible access to funds [36].

Core Viewpoint - The recent adjustment of the Loan Prime Rate (LPR) indicates a cautious approach to monetary policy, with the 1-year LPR set at 3% and the 5-year LPR at 3.5%, marking the first rate cut of the year [1][2][18]. Group 1: LPR Adjustment - The 5-year LPR was reduced by 10 basis points from 5% to 3.6% [1]. - The adjustment was anticipated following the May 7 meeting where the central bank announced a 0.1 percentage point reduction in policy rates [2][3]. - Some banks preemptively adjusted their LPR add-on rates before the official LPR cut, indicating a proactive stance in managing lending rates [4][5]. Group 2: Bank Responses - Major banks have adjusted their first loan rates, with some reducing their LPR add-on from LPR-60 basis points to LPR-50 basis points [5][6]. - The increase in add-on rates effectively neutralizes the impact of the LPR cut, maintaining the overall mortgage rates [8][9]. - Banks are raising add-on rates to mitigate risks associated with lower lending rates, particularly to avoid competition with public housing loan rates [10][11]. Group 3: Deposit Rate Changes - Alongside the LPR cut, deposit rates have also been reduced, with significant cuts across various terms [12][13]. - The reduction in deposit rates aims to maintain banks' interest margins amidst the LPR adjustments [14][15]. - The larger cut in deposit rates compared to LPR reflects banks' need to manage their funding costs and liquidity [22][23]. Group 4: Economic Context - The central bank's balance sheet has contracted, indicating a tightening of liquidity in the market, which complicates the monetary policy landscape [25]. - The need for increased government investment and liquidity measures is emphasized to address the challenges of insufficient loan demand [26]. - The potential shift towards zero or negative interest rates is highlighted, suggesting a need for alternative investment strategies to preserve capital [27].