Core Viewpoint - The signing of the "Stablecoin Innovation Act" by President Trump establishes a regulatory framework for digital stablecoins in the U.S., aiming to anchor them to the U.S. dollar and create a federal strategy for digital assets [1][2]. Group 1: Legislative Developments - The U.S. House of Representatives passed the "Stablecoin Innovation Act" with a vote of 308 in favor and 122 against, which aims to regulate stablecoins pegged to the dollar [2]. - The act requires stablecoins to be backed by liquid assets such as U.S. dollars or short-term U.S. Treasury securities, and issuers must disclose reserve details monthly [5]. Group 2: Market Implications - Investment institutions believe that stablecoins can fill the void left by declining demand for U.S. Treasury securities, potentially becoming a strategic asset for the U.S. government in the next 5 to 10 years [5]. - The proportion of foreign creditors holding U.S. Treasury securities has sharply decreased over the past 15 years, indicating a growing reliance on stablecoins to support demand [5]. Group 3: Risks and Concerns - The Bank for International Settlements has warned that stablecoins have significant risks, including lack of central bank backing, insufficient measures against illegal use, and limited funding flexibility for loans [7]. - Concerns have been raised that stablecoins could undermine monetary sovereignty and lead to capital flight in emerging economies [8].

Group 1 - The core viewpoint of the article is that the Trump administration aims to use stablecoins as a tool to enhance the strength of the US dollar and create demand for US Treasury bonds, while opposing central bank digital currencies (CBDCs) that may challenge the dollar's dominance [1][2][5] Group 2 - On July 18, President Trump signed the "Genius Act," marking the implementation phase of US stablecoin regulatory legislation [1][2] - Trump stated that the signing of the act would clear obstacles for the issuance and circulation of stablecoins, which are digital currencies pegged to stable assets like the dollar, thereby enhancing market trust and promoting industry growth [2] - The dollar index has dropped over 10% this year, from a high of 110 to around 98, prompting Trump to emphasize the importance of maintaining the dollar's status [2][5] Group 3 - The Trump administration's strategy is to leverage privately issued stablecoins to strengthen, rather than replace, the dollar [5] - Trump asserted that if the dollar loses its reserve currency status, it would be akin to the US losing a war [5] - The "Genius Act" is expected to create demand for US Treasury bonds as issuers of stablecoins must hold corresponding dollar assets as reserves [5]

Core Viewpoint - President Trump stated that the stablecoin legislation represents a "massive" validation for cryptocurrencies, emphasizing that cryptocurrencies are beneficial for the dollar and the nation [1] Group 1: Stablecoins and Financial Technology - Stablecoins are described as a "revolution" in the fintech sector, indicating their potential to transform financial transactions [1] - The process of transferring money is noted to be costly and time-consuming, highlighting the inefficiencies in traditional financial systems [1] Group 2: Economic Implications - There is a strong stance against the decline of the dollar, suggesting that the government will not tolerate any depreciation of the currency [1]

美国总统特朗普：加密货币涨幅超过任何股票。加密货币让美元看起来很好。加密货币对美元和国家都 有好处。 ...

白宫发言人：（就路透社关于英国央行测试银行应对美元冲击的报道）自选举以来的数万亿美元投资承 诺再次坚定地表明了对美元的信心。 ...

金十数据7月17日讯，金价周四下跌，因在美国总统特朗普表示"极不可能"解除美联储主席鲍威尔的职 务后，美元上涨且市场紧张情绪缓解，令金价承压。Reliance Securities高级商品分析师 Jigar Trivedi表 示："由于有关美联储主席职位的不确定性有所缓解，随着美元重拾涨势，黄金下跌至3330美元/盎司附 近。"此外，昨日数据显示，美国6月生产者物价指数(PPI)意外持平，因为进口关税导致的商品成本上 升，被服务需求的疲软所抵消。Trivedi称："6月份美国PPI读数持平，表明批发价格稳定，关税对经济 的影响可能小于最初担心的程度。" 分析师："解雇鲍威尔"风波暂缓 金价有所回落 ...

永赢中证沪深港黄金产业股票交易型开放式指数证券投资基金 2025 年第 2 季度报告 永赢中证沪深港黄金产业股票交易型开放式指数证券投资基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：中国农业银行股份有限公司 报告送出日期：2025 年 07 月 17 日 永赢中证沪深港黄金产业股票交易型开放式指数证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国农业银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告 中 的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗 漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基金的招 募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 | | ...

美联储威廉姆斯：目前尚未看到美元出现根本性转变。 ...

Group 1 - The international gold price increased due to the decline in the US dollar and US Treasury yields, as investors digested last month's consumer price increase data and awaited further clarity on President Trump's trade policies [1] - The US dollar index fell from a one-month high, making gold more attractive to holders of other currencies, while rising US inflation strengthened expectations that the Federal Reserve would maintain current interest rates for a longer period [1] - The probability of a rate cut in September dropped from nearly 60% before the data release to about 52% [1] Group 2 - The gold market showed signs of weakness, with the first resistance level at 3343-45, but the lowest point reached was only 3333, indicating limited downward momentum [3] - The current trend remains unchanged, with a short bearish outlook retained, but upcoming data releases may lead to fluctuations in gold prices [3] - The hourly moving averages have flattened, indicating a stalemate in short-term bullish and bearish trends, with key resistance levels at 3343 and 3355 [3][5]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2025-7-16 通胀符合预期，贵⾦属短线延续震荡 美国6⽉CPI数据同环⽐皆有回升，但幅度符合预期，基数效应较低、能源 价格阶段性回升以及关税传导的部分体现共同推升通胀，数据公布后降息 预期变动不⼤，美元及美债收益率短线⾛⾼，对贵⾦属价格形成⼀定压 制。短期⻩⾦预计维持区间震荡，中⻓期看多观点不变。⽩银在40美元关 ⼝受阻后，短线震荡回落。中期维持对⽩银趋势看多，弹性谨慎的观点。 重点资讯： 1）美国6月未季调CPI同比升2.7%，为2月以来新高，预期升2. 7%，前值升2.4%；季调后CPI环比升0.3%，预期升0.3%，前值升0. 1%。未季调核心CPI同比升2.9%，预期升3.0%，前值升2.8%；季调后 核心CPI环比升0.2%，预期升0.3%，前值升0.1%。 2）美国7月纽约联储制造业指数5.5，预期-9，前值-16。其中，制造 业就业指数9.2，前值增4.7；制造业新订单指数2.0，前值-14.2； 制造业物价获得指数25.7，前值26.6。 3）美国财政部长贝森特建议，美联储主席鲍威尔在2026年5月卸任时 同时 ...