中经评论：多家央行为何“干涉”美国内政

Core Viewpoint - The joint statement from multiple central banks supporting Federal Reserve Chairman Jerome Powell reflects rising concerns over potential systemic risks amid declining confidence in the dollar [1][2]. Group 1: Central Banks' Support - The joint statement from the European Central Bank, Bank of England, Bank of Canada, and the Bank for International Settlements emphasizes the importance of maintaining the independence of the Federal Reserve [1]. - This support is driven by economic interests aimed at preserving the stability of their own financial systems, as the Federal Reserve's independence is seen as a cornerstone of the dollar's credit system [1][2]. Group 2: Implications of Dollar's Credit Erosion - A decline in the dollar's credit could lead to a widespread revaluation of global assets, as the dollar accounts for approximately 58% of global foreign exchange reserves and is the primary currency for trade settlements and financial transactions [2]. - If the Federal Reserve becomes too involved in domestic political struggles, it risks losing market trust in its monetary policy, which could result in higher risk premiums demanded by investors, increasing U.S. Treasury yields and global borrowing costs [2]. Group 3: Political Dynamics and Market Reactions - The joint statement has increased the political cost for the U.S. government, with rising opposition domestically, including criticism from former high-profile financial figures and divisions within the Republican Party [3]. - Despite the statement's moral support, the ongoing investigation by the Department of Justice, led by a Trump-appointed prosecutor, continues to exert pressure on Powell, limiting the statement's practical impact [3]. Group 4: Global Financial Governance Challenges - The actions of multiple central banks highlight a pressing need to address the mismatch between U.S. domestic governance capabilities and the international status of the dollar, indicating that financial shocks from U.S. political conflicts could extend beyond its borders [4]. - There is a growing recognition of the inadequacies in the global financial governance system, particularly as the U.S. power declines, necessitating the establishment of more effective crisis response mechanisms to mitigate such risks [4].