金十数据6月17日讯，欧洲央行行长拉加德在文章中表示，为了让欧元充分发挥潜力，欧洲必须巩固三 个基础支柱：地缘政治可信度、经济韧性以及法律和制度完整性。我们正在见证全球秩序的深刻转变， 美元主导地位也变得不再确定，保护主义、双边权力博弈逐渐取而代之。这种不确定性正在损害欧洲经 济。然而这同时也为欧洲提供了机遇，促使欧元在全球范围内获得更高的地位。需要努力争取欧元在国 际上发挥更大影响力。这一变革时刻为欧洲提供了一个机遇，这是一次"全球欧元"时期。，欧洲必须作 为一个团结的整体采取果断行动。 拉加德：美元主导地位不再确定 努力争取欧元发挥更大影响力 ...

Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, emphasized that stablecoins could solidify the dominance of the U.S. dollar in the global financial system [1] Group 1 - Stablecoins are seen as a potential tool to enhance the U.S. dollar's position in international markets [1] - The statement reflects the government's interest in regulating stablecoins to ensure financial stability and consumer protection [1] - Yellen's remarks indicate a proactive approach by the U.S. government towards the integration of digital currencies into the existing financial framework [1]

Core Viewpoint - The recent legislative developments in the U.S. and Hong Kong regarding stablecoins signify a growing recognition and potential legitimization of stablecoins, primarily dollar-pegged, which may enhance the dollar's dominance in the cryptocurrency space [1][2]. Group 1: Stablecoin Market Overview - Stablecoins are typically pegged to stable assets like fiat currencies (mainly the dollar), precious metals, or other cryptocurrencies to maintain value stability [2]. - Since 2020, the stablecoin market has seen significant growth, with a current market capitalization of nearly $245 billion, driven by factors such as efficiency in payments, increased demand from the expanding cryptocurrency market, and geopolitical risks [2]. - The potential implementation of regulatory frameworks could provide new momentum for market development, enhancing the "social consensus" around stablecoins and attracting more investment [2]. Group 2: Impact on Global Currency System - The expansion of stablecoins, particularly dollar-pegged ones, reinforces the dollar's position in the global currency system, potentially impacting the value of more volatile fiat currencies [3]. - While the growth of the dollar stablecoin market may increase demand for U.S. Treasury bonds, its overall effect on short-term bonds is limited, as short-term rates are primarily influenced by Federal Reserve policies rather than market supply and demand [3]. - The current challenges facing U.S. fiscal policy, including persistent deficits and high interest payments, remain critical issues that stablecoin development cannot resolve [3].

Core Viewpoint - The current international monetary system based on the US dollar is becoming uncertain, prompting the need for reforms in Europe to mitigate the impact of changes in the international order [1] Summary by Relevant Categories International Monetary System - The proportion of the US dollar in global foreign exchange reserves is 58%, marking the lowest level in over 30 years since 1994 [1] Central Bank Actions - Central banks around the world are accumulating gold at a record pace [1]

英国央行货币政策委员曼恩：美元仍然是主导货币。 ...

Core Points - The article discusses the impact of the U.S. oil ban on Iran and the complex choices faced by China as a major buyer of Iranian oil amidst U.S. pressure [3][5][21]. Group 1: U.S. Sanctions and Iran's Economy - The U.S. has implemented a comprehensive ban on Iranian oil exports, which has significantly increased tensions in the international energy market [5][11]. - In 2024, Iran's oil exports generated $54 billion, accounting for nearly half of its government revenue, highlighting the critical role of oil in Iran's economy [7][13]. - The Iranian currency, the rial, has depreciated over 90% against the dollar, exacerbating economic difficulties and leading to a reported inflation rate of 40% [13][15]. Group 2: China's Position and Response - China is a primary buyer of Iranian oil and has opted to conduct transactions in yuan rather than dollars, which has drawn U.S. scrutiny [7][24]. - The article suggests that the U.S. aims to undermine the yuan's influence in international trade, particularly in energy markets, through its sanctions on Iran [9][22]. - China is actively seeking to diversify its energy imports and reduce reliance on the dollar, engaging in closer energy cooperation with countries like Russia and Iran [40][45]. Group 3: Geopolitical Implications - The U.S. sanctions are seen as a strategy to weaken Iran economically while simultaneously applying pressure on China, which is viewed as a primary competitor [21][22]. - The article indicates that the U.S. is employing a range of tactics, including economic sanctions and military threats, to isolate Iran and maintain its dominance in the global energy market [26][28]. - The ongoing tensions and sanctions could lead to a shift towards a more multipolar world, diminishing U.S. hegemony in international affairs [42][46].

Group 1 - The European Central Bank (ECB) is facing potential inflationary pressures in the Eurozone due to U.S. trade tariffs, which may hinder global economic expansion [1] - ECB Executive Board member Piero Cipollone indicated that these tariffs could lead to a deflationary effect in the Eurozone in the short to medium term [1] - The unexpected appreciation of the Euro following the U.S. tariffs has surprised ECB policymakers, who initially anticipated a depreciation that would increase import costs [1] Group 2 - Recent data shows that Eurozone consumers' inflation expectations for the next year rose to 2.9% in March, up from 2.6% in February, marking the highest level since April 2024 [2] - Following a 25 basis point rate cut, the market anticipates further reductions in borrowing costs by the ECB, with expectations of two to three additional cuts this year [2] - Economists from major banks predict that the ECB may lower the deposit facility rate to at least 1.5% to stimulate demand [2] Group 3 - The volatility in U.S. tariffs has caused market turmoil, leading investors to seek alternatives to U.S. assets [3] - Cipollone noted that the recent performance of U.S. financial markets suggests they are not serving their usual role as a safe haven, which could have significant implications for capital flows and the international financial system [3] - The long-term effects of higher tariffs may undermine confidence in the U.S. dollar's dominance in international trade and finance, potentially leading to a more multipolar currency system [3]