美联储被打懵了！中国发行美元美债，美国以后别想收割世界了

Core Viewpoint - The recent monetary policy adjustments by the Federal Reserve and the People's Bank of China (PBOC) indicate a shift towards more flexible monetary tools, aiming to stabilize the economy without resorting to extreme measures like "massive money printing" [1][4][20]. Group 1: Central Bank Actions - The Federal Reserve has lowered interest rates by 25 basis points, from 3.75% to 4% [1]. - The PBOC announced a resumption of purchasing government bonds in the secondary market, which is a conventional tool for liquidity management rather than a sign of "money printing" [3][4]. - In 2024, the PBOC net purchased 1 trillion yuan in government bonds to stabilize the bond market during fluctuations [5]. Group 2: Legal Framework and Monetary Policy - The PBOC is legally restricted from purchasing government bonds directly from the primary market, preventing "monetary financing of fiscal deficits" [3][4]. - The shift in monetary policy reflects a transition from reliance on foreign currency reserves to a more autonomous domestic credit system based on government bonds [13][20]. Group 3: Economic Context and Implications - The historical reliance on foreign exchange reserves for currency issuance has become less viable due to changing global trade dynamics and the need for a more internally driven economic model [11][13]. - The issuance of $4 billion in government bonds in Hong Kong by the Ministry of Finance complements the PBOC's actions, reinforcing the strategy of maintaining international market presence while transitioning to a more self-sufficient economic framework [15][16]. Group 4: Market Reactions and Future Outlook - Following the PBOC's bond purchases, the Shanghai Composite Index surpassed 4000 points, indicating positive market sentiment without overheating [18]. - The adjustments in monetary policy are expected to enhance the pricing benchmark for government bonds, leading to more accurate asset valuations in the real estate and equity markets [20][22]. - The ongoing transformation in monetary mechanisms is anticipated to create a more resilient financial market, ultimately benefiting the broader economy [22].