作者：金融业资深人士杨峻 当前，全球地缘冲突频发、科技突飞猛进，原先固若金汤的世界似乎正处于巨大的变革中。而稳定币的 崛起，更是加剧了这种不确定性。既有可能重构国际金融格局，也有可能成为大国博弈的新战场。秩序 重建的背景下，真正的赢家，必将属于那些愿意拥抱创新，但仍然立足合规经营，在效率与稳定之间找 到平衡的先行者。 美国积极推动稳定币立法的深层逻辑在于构建"美元-稳定币-美债"的闭环。当前，USDT发行方持有超 800亿美债，位列全球第七大美债持有者。在高通胀国家（如阿根廷、土耳其），稳定币正演变为新 型"美元化"形式，逐步替代当地货币。可以预计，未来随着稳定币的规模逐渐扩大，美债也会迎来源源 不断的买家。这种机制既巩固了美元地位，又为美国财政赤字提供了低成本融资渠道，形成美元霸权在 加密货币市场的延伸。 为避免美元稳定币垄断加密货币市场，香港近期通过的《稳定币条例草案》，成为全球首个对法币稳定 币实施全面监管的司法管辖区。其"价值锚定监管"原则（无论发行地在哪，只要锚定港元即受监管）扩 展了监管辐射范围，严格的牌照制度（如2500万港元最低资本要求、100%储备资产支撑）和反洗钱机 制，也提升了投资者保护 ...

以下文章来源于大胡子财研社 ，作者湾区区长 大胡子财研社 . 真人实地调研，专注楼市研究10余年！大胡子教买房为您带来一手消息，助您预判楼市风向，实现资产稳步增长！ 上个月30号 ，香港《稳定币条例》 在宪报刊登生效，成为全球首个针对法币稳定币的完整监管法例。 这也是国内公布的第一个有关稳定币的法案。 无独有偶，最近京东的币链科技CEO刘鹏就披露： 港元稳定币JD-HKD已进入沙盒第二阶段测试，重点验证跨境支付与供应链金融场景。 这说明 京东也会在香港发行稳定币 。 很明显，香港，正在成为国内的稳定币中心。 稳定币最近之所以在东大这么受关注，是因为老美开始发行稳定币之后， 稳定币已经成为了两国之间货币竞争的重要工具。 大家要知道，稳定币既是一种货币，也是一种数字加密资产。 谁能掌握稳定币这种数字货币的发行主导权，谁就有可能占领未来全球金融的主导权，同时还能占领未来全球数字资产的主导权。 既然是反抗老美美元收割的金融工具，这么关键的一个金融资产，把它的发行权和监管权放在哪里就显得非常重要。 按常理来说，当下东大有两个金融中心—— 上海和香港 这两个城市都可以作为稳定币中心。 RMB国际化，那就意味着RMB要出海 ...

Group 1 - The US dollar index has declined by 9.4% this year, with a 5.54% drop in the last two months, raising concerns about the US government's policy confidence and the dollar's status as a global safe-haven currency [2] - In contrast, the offshore RMB has appreciated by 1.63% against the US dollar this year, with a 0.57% increase in the last two months, demonstrating stability compared to other currencies [2] - The South Korean won has also shown strength, rising 7.85% against the US dollar this year, with a 7.13% increase in the last two months, indicating a similar trend to the RMB [2] Group 2 - The Bank of Korea has reported a strong correlation between the won and the RMB, with an average correlation coefficient of approximately 0.6 since 2018, suggesting that the won's value may be influenced by RMB fluctuations [3] - The correlation between the two currencies is asymmetric; it strengthens when the won depreciates and weakens during periods of won appreciation [3][4] - The deep trade relationship between South Korea and China, along with shared exposure to the US dollar, is identified as a core reason for the increased linkage between the two currencies [4] Group 3 - South Korea has become China's second-largest trading partner after the US, with trade volume projected to reach 2.33 trillion yuan in 2024, significantly impacting currency values [5] - China has consistently been South Korea's largest trading partner, accounting for approximately 21% of South Korea's total trade in 2023 [5] - A currency swap agreement worth 400 billion yuan between South Korea and China has been established, enhancing the stability of the RMB and won exchange rate [5][6] Group 4 - The direct trading of the won against the RMB will reduce reliance on third-party currencies like the US dollar, lowering transaction costs and exchange rate risks for South Korean companies [6] - The trend towards currency integration among Asian countries is expected to deepen, facilitated by the internationalization of the RMB and evolving international monetary systems [6]

Core Viewpoint - The "Hong Kong Dollar-Renminbi Dual Counter Model" has been successfully implemented since June 19, 2023, with a total transaction volume of 49.051 billion RMB for 24 selected stocks, indicating a growing interest in RMB-denominated trading in the Hong Kong market [1][2][4]. Group 1: Market Performance - The top five stocks in the dual counter model by transaction volume are China Mobile-R, Ping An-R, Tencent Holdings-R, Hong Kong Exchanges-R, and Alibaba-WR, with total transaction volumes of 6.117 billion RMB, 5.775 billion RMB, 5.687 billion RMB, 5.356 billion RMB, and 4.872 billion RMB respectively over the past two years [1][3]. - The transaction volume for Tencent Holdings-R has seen significant growth, with multiple trading days exceeding 50 million RMB this year, and Hong Kong Exchanges-R achieving a daily transaction volume of over 200 million RMB on certain days [5][6]. Group 2: Regulatory Developments - The Hong Kong Securities and Futures Commission is actively promoting the inclusion of RMB counters in the Stock Connect program, which is expected to launch by the end of the year, enhancing the accessibility of RMB assets for investors [2][6]. - The dual counter model is anticipated to facilitate the use of RMB in Hong Kong stock trading, potentially expanding to more stocks and products in the future, thereby supporting the internationalization of the RMB [4]. Group 3: Investor Behavior - The dual counter model allows investors holding offshore RMB to directly invest in Hong Kong stocks, helping to mitigate exchange rate risk and increasing market demand for RMB-denominated assets [3][5]. - Despite the growth in transaction volumes, the average turnover rate for RMB-denominated stocks remains low, primarily due to the large market capitalization of the stocks involved and the preference of institutional investors for holding rather than frequent trading [6].

据华尔街见闻报道，韩国央行周一发布研究称，韩国得盯紧人民币汇率走势，韩元与人民币之间的汇率 联动性正不断增强，特别在全球不确定性上升、贸易摩擦加剧时表现更为明显。 研究显示，韩元和人民币之间的联动关系很强，自2018年以来二者的相关性平均约为0.6。有些时候这 种关系更明显，包括2018–2019年中美贸易摩擦升级，2022年2月至2023年4月美联储激进加息周期， 2024年特朗普再次竞选成功后政策预期的变化。 欧洲国家在这方面表现尤为突出：德国央行和法国央行已将人民币纳入外汇储备；瑞士央行将人民币作 为其外汇储备多样化的选择；比利时央行购买了价值2亿欧元的人民币；西班牙央行和斯洛伐克央行也 表示正在考虑或已经购买人民币。 另外，"一带一路"沿线及资源型经济体在贸易结算中优先使用人民币，减少对美元中介依赖。 例如，中东产油国（如沙特、阿联酋）与中国签订人民币结算石油协议，部分替代美元，推动人民币在 能源定价中的话语权； 未来若美国贸易保护主义抬头，韩元受人民币影响或进一步加剧。人民币一动，韩元也跟着抖。 这意味着，韩国的货币政策制定和企业的外汇风险管理将面临更大挑战，不仅要看美国动向，还得盯着 中国怎么动。 ...

Group 1 - The ASEAN market presents exciting opportunities, particularly in the collaboration between China and Malaysia, which holds significant potential [1][6] - The Standard Chartered Bank's CEO in Malaysia, Mr. McGowan, highlighted the importance of the annual Standard Chartered China Enterprise Summit, focusing on ASEAN cooperation opportunities [6] - Malaysia's Deputy Minister of Investment, Trade and Industry, Liu Zhen Dong, emphasized the need for enhanced economic interaction and collaboration with China, especially in high-tech industries [6][7] Group 2 - Malaysia is experiencing a "second take-off" in its economy, characterized by its mid-stream position in the supply chain and a growing middle class [7] - The country is transitioning from "vertical exports" to "horizontal integration," aiming to combine local industries with international technology [7] - Malaysia is a popular destination for Chinese companies looking to expand overseas, with a focus on establishing regional headquarters and R&D centers [8] Group 3 - The use of the Renminbi (RMB) in Malaysia is increasing significantly, with a notable rise in RMB-denominated trade settlements and investments [8][9] - Standard Chartered Bank is one of the top five RMB clearing banks in Malaysia, playing a crucial role in financial intermediation and supporting both onshore and offshore RMB transactions [9] - Various sectors, including electric vehicles, technology, e-commerce, and rail projects, are seeing substantial development in Malaysia, with some companies establishing joint ventures to expand into the ASEAN market [9]

2025.06. 16 业内专家表示，在当前全球贸易不确定性加剧、美元资产避险属性下降的背景下，香港央票为 离岸市场丰富了人民币投资选择，有助于提高投资者资产配置的稳定性和安全性。 本文字数：628，阅读时长大约2分钟 微信编辑 | 夏木 作者 | 第一财经 杜川 6月16日午后，人民银行官网发布《中央银行票据发行公告》，将于6月18日在香港招标发行 2025年第四期中央银行票据，期限6个月，发行量300亿元。数据显示，本月将有200亿元、6 个月期香港央票到期。 近年来，人民银行已形成常态化的香港央票发行机制。发行香港离岸人民币央票对巩固提升香 港国际金融中心地位、推动人民币国际化具有重要意义。2018年11月，人民银行启动在港发 行人民币央票工作，此后发行安排相对固定，基本上每年发8次，三个期限品种共12期。香港 央票的常态化发行对丰富香港高信用等级人民币金融产品、完善香港人民币收益率曲线发挥了 重要作用。从历次发行情况看，香港央票受到海内外多种类型投资机构的广泛欢迎，投标倍数 一般在2倍以上，显示了对人民币和中国经济的信心。 第一财经记者获悉，此次发行后，香港央票余额与2024年年末持平。随着香港离岸人 ...

Core Viewpoint - The discussion around stablecoins is gaining momentum globally, with optimistic views suggesting they could significantly enhance the cryptocurrency market, despite their current market cap being only around $300 billion to $3000 billion. The U.S. Treasury Secretary has indicated that stablecoins could increase the demand for U.S. Treasury bonds by $2 trillion in the short term, compared to the current figure of approximately $300 billion [2]. Group 1: Definition and Stages of Stablecoins - Stablecoins are a type of blockchain digital currency that is pegged to specific assets, primarily the U.S. dollar, which distinguishes them from volatile cryptocurrencies like Bitcoin [3]. - The development of stablecoins can be categorized into four stages: 1. Emergence (before 2018): Limited price fluctuations with the first stablecoin, Tether (USDT), launched in 2014 [6]. 2. Rapid Growth (2019-2021): The DeFi ecosystem's rise led to increased demand for stablecoins, particularly during the "DeFi Summer" of 2020 [6]. 3. Regulatory Adjustment (2022-2023): The collapse of TerraUSD (UST) raised concerns about stability and prompted regulatory scrutiny [8]. 4. Resurgence (2024-present): Following the approval of Bitcoin spot ETFs, stablecoins are experiencing renewed demand as intermediaries in cryptocurrency transactions [8]. Group 2: Risks and Challenges - The primary risks associated with stablecoins stem from the compliance and operational management of issuing entities, with insufficient transparency regarding reserve assets being a significant concern [12]. - The collapse of UST highlighted the potential for a "death spiral" effect, where panic selling leads to further declines in associated assets, exacerbating instability [13]. - The concentration of wealth within the stablecoin ecosystem is problematic, with 99% of wallets holding less than $10,000, while a small number of wallets control a significant portion of the total supply [16]. Group 3: Regulatory Developments - Recent legislative efforts in the U.S. and Hong Kong aim to establish regulatory frameworks for stablecoins, with the U.S. Senate passing the GENIUS Act and Hong Kong enacting the Stablecoin Ordinance [17][22]. - The U.S. framework emphasizes the need for stablecoins to be backed by high-quality liquid assets, while Hong Kong's regulations focus on ensuring that issuers maintain sufficient reserves and comply with transparency requirements [18]. Group 4: Market Implications - The potential for stablecoins to act as a reservoir for U.S. Treasury bonds is debated, with concerns that they cannot be printed indefinitely without undermining trust [21]. - The current demand for short-term U.S. Treasury bonds from stablecoin issuers may not address the broader issues facing U.S. debt, as the focus is primarily on high-yield investments [21]. - The development of stablecoins is seen as a strategic move to solidify the dominance of the U.S. dollar in international payments, with regulatory support aimed at integrating stablecoins into the financial system [21].

Group 1 - The Shanghai Clearing House successfully held a conference on the construction of OTC trading clearing mechanisms for bulk commodities, focusing on the pain points and challenges in the clearing process to provide innovative ideas for high-quality market development [1] - The General Manager of Shanghai Clearing House emphasized the institution's commitment to serving the real economy and addressing the challenges in OTC trading clearing, aiming to facilitate the integration of finance and industry and support the construction of a multi-level clearing system for bulk commodities [1] - The conference included discussions on optimizing existing OTC commodity market trading clearing mechanisms and sharing insights on building a commodity ecosystem and exploring innovative products and services [1] Group 2 - In April 2021, Shanghai Clearing House launched the Commodity Clearing Link to provide clearing services for bulk commodity spot transactions, with a cross-border RMB clearing service for spot commodity transactions set to be introduced in December 2024 [2] - The Commodity Clearing Link has connected with 8 spot platforms, including the first partner Zhangjiagang Free Trade Zone Technology Group, to create convenient cross-border payment channels [2] - By the end of 2024, the Commodity Clearing Link had connected with 22 banks, served over 12,000 entities, and processed a cumulative clearing amount exceeding 2.4 trillion yuan, demonstrating a replicable business model and expanding service effectiveness [2]

美国急着要发8000多亿美元国债，四个月内全得出手，可十年期美债收益率已经飙到5%。 面对美方求援，咱们一口回绝，如今中国退居至美国第三大海外"债主"。 从购入到减持，中国为啥步步后退？这背后有什么盘算？ 作者-水 耶伦求援记 2023年7月的那个下午，耶伦踏上了北京的土地，这位美国财政部长脸上写满了焦急。 她此行的目的再明白不过，美国财政部的钱袋子眼看就要见底，国会两党还在为债务上限吵得不可开交。政府随时可能"关门大吉"，而解决这个烂摊子的唯 一办法，就是继续发债。 可问题来了，8500亿美元的新债谁来接盘？华尔街的那些金融大鳄早就被美债的风险吓得够呛。十年期美债收益率飙升至5%，这个数字听起来不错，但背 后的风险更让人心惊胆战。 耶伦把希望寄托在了中国身上，毕竟，咱们曾经是美债的头号买家，手里攥着超过万亿美元的美国国债。在她看来，只要中国点个头，其他国家自然会跟 进，这场债务危机就能暂时化解。 前言 2008年，全球金融危机爆发的时候，中国可是二话不说就豪掷万亿救美国。那会儿华尔街哀鸿遍野，雷曼兄弟倒闭，整个美国金融体系摇摇欲坠。 咱们当时是怎么做的？眼都不眨就增持了大量美债。一年内，中国持有的美国国债从 ...