Core Viewpoint - The Governor of the Bank of England, Andrew Bailey, emphasized the importance of maintaining public trust in currency if stablecoins become a new payment method [1] Group 1 - Central banks must ensure that the public continues to trust in money, especially with the rise of stablecoins as a payment method [1] - The significance of official reserves lies in their ability to maintain financial stability during times of stress [1] - In extreme pressure situations, official reserves may need to support the liquidity of the financial system [1]

Core Viewpoint - The article discusses the book "The Hand of Money," which analyzes the role and impact of central banks in the global economy, particularly focusing on unconventional monetary policies and their consequences during financial crises [3][4]. Summary by Sections Book Overview - The book provides a deep analysis of the central bank's role in the economy, particularly during the 2007-2009 financial crisis and the COVID-19 pandemic, examining unconventional monetary policies like quantitative easing and negative interest rates [3]. - It highlights the effectiveness and shortcomings of these policies in stabilizing financial markets and stimulating economic growth, while also addressing unintended negative consequences such as debt accumulation and increased wealth disparity [3]. Author Background - Johan Van Overtveldt, the author, is a former Belgian Minister of Finance and has extensive experience in economic management and central banking policy [4]. - Stijn Rocher, the co-author, serves as a policy advisor to the Flemish Minister of Finance and holds a PhD from the University of Antwerp [5]. Key Themes - The book emphasizes the importance of trust in the functioning of central banks, drawing parallels to Confucian teachings on governance and the necessity of trust for effective monetary policy [14]. - It warns of the over-reliance on central bank policies since the Great Moderation era, introducing various "syndromes" that may arise from the misuse of monetary policy, such as the "Butch Cassidy Syndrome" and the "Michael Jackson Syndrome," which reflect the dangers of excessive debt and economic dependency on central bank interventions [15][16]. Conclusion - The book aims to demystify central banking and monetary policy, encouraging a better understanding of their complexities and promoting a more responsible financial system that serves society [16].

与会人士围绕货币政策、金融稳定、结构性改革和全球经济趋势等议题展开讨论。（新华社） 根据战略评估，欧洲央行认为，"为应对通胀率长期大幅偏离目标，有必要采取适当有力或持续的货币 政策措施"。拉加德说，结构性变化表明，未来经济环境将持续存在不确定性并更具波动性。 欧洲央行中央银行论坛6月30日在葡萄牙辛特拉开幕。欧洲央行行长拉加德当天在论坛上发布了欧洲央 行最新货币政策战略评估，并决定维持2%的通胀目标。 ...

今年前5个月，非南非居民抛售了1110亿兰特的南非股票，这与在避险情绪加剧的情况下，资本从新兴 市场股市撤出的普遍趋势一致。虽然在2024年12月至2025年5月期间，非南非居民增加了272亿兰特的国 内债券名义持有量，但在此期间，外国持有南非政府债券的份额从24.6%下降至24.5%。南非央行金融 状况指数显示，南非国内金融状况继续相对紧张。自上一期《金融稳定评估报告》发布以来，南非股市 波动性一直居高不下。此外，信贷下降延伸至家庭，以及长期政府债券收益率上升，也是导致南非金融 环境收紧的主要因素。自2020年四季度以来，南非未出现过度的信贷扩张。除中短期风险外，南非金融 部门将继续在一个具有长期风险的环境中运行，其中关键的长期风险包括气候变化对金融部门的影响、 网络安全对金融的系统性影响及威胁，以及持续低迷和不均衡的国内经济增长，这些风险或相互作用进 而极大地放大冲击的影响力。 报告总结称，南非央行对南非金融体系稳定性的评估是金融体系继续具有韧性，并且这一韧性将持续。 此前，南非央行完成了该国首次对具有系统重要性的南非银行的气候风险压力测试，其评估显示，几家 大型商业银行在应对气候风险的脆弱性方面处于有利 ...

Core Insights - The International Bank for Settlements (BIS) annual report indicates that interest payments by OECD member countries have reached 4% of GDP in 2024 and are expected to continue rising [1] Group 1 - Concerns regarding fiscal sustainability may lead to refinancing difficulties [1] - Pressure in the sovereign debt market could transmit to inflation and financial stability [1]

"中国不断降低外资准入门槛，致力于营造公平、透明、可预期的营商环境，为外企提供了绝佳的投资 机会。"万宝盛华集团执行副总裁兼首席财务官杰克·麦金尼斯说，中国是全球最优秀的人力资源市场之 一，深耕中国市场至关重要。 空客A310飞机保护活化利用项目开始施工、菲尼克斯电气中国公司第二基地全价值链超级工厂项目在 江苏南京开工……今年上半年，跨国公司持续加快在华投资布局。本届论坛上，更多外国企业展现出加 大对华投资的强烈信心。 荷兰路易达孚集团全球首席执行官高启表示，中国是路易达孚最重要的市场之一，去年公司在中国市场 销售额约占全球销售额的1/4。过去几年，路易达孚在中国设立研发中心等，持续加大投资。"当前，中 国市场作为世界经济一支稳定的力量，其重要性比以往更为突显。"高启说。 美国分析与数字解决方案企业伊克赛尔服务控股主席兼首席执行官罗希特·卡普尔认为，当今世界需要 协作，需要建立开放伙伴关系。中国是全球第二大经济体，在广阔国内消费市场、产供链多元化的支撑 下，中国经济发展稳定且韧性十足，各方在同中国的合作中受益。 6月24日至26日，第十六届夏季达沃斯论坛在天津举行，吸引了来自90多个国家和地区的1700余名嘉 ...

Group 1: Federal Reserve Policy Insights - Powell's unexpected shift towards "early rate cuts" after a hawkish signal just six days prior indicates potential changes in monetary policy direction[2] - The number of Fed members opposing rate cuts increased from 4 to 7, reflecting a more hawkish stance in the latest dot plot[4] - Powell's comments suggest that "early" may refer to a possible rate cut in September, with a focus on upcoming economic data[6] Group 2: Economic and Political Context - Trump's pressure on the Fed, claiming that rate cuts could save $800 billion in interest costs, raises concerns about the Fed's credibility[4] - The uncertainty surrounding tariffs and their impact on inflation complicates the Fed's decision-making process[13] - The geopolitical landscape, particularly tensions in the Middle East, adds further uncertainty to inflation forecasts and financial stability[14] Group 3: Implications for China - The Fed's policy shift is expected to have limited direct impact on China, as the PBOC's rate decisions depend more on internal financial stability[18] - The RMB has shown increased elasticity, allowing for greater autonomy in monetary policy despite external influences[18] - China's focus remains on optimizing credit structure and managing systemic financial risks, rather than simply following the Fed's lead[18]

Core Viewpoint - The Bank of Korea warns that ongoing monetary easing may exacerbate risks in the housing market and increase debt levels, posing a threat to financial stability [1] Group 1: Financial System Stability - Despite increased volatility in financial and foreign exchange markets during the first half of the year, the overall financial system remains stable [1] - Political uncertainty has risen due to the leadership vacuum following the impeachment of former President Yoon Suk-yeol, alongside continued trade pressures from the Trump administration [1] Group 2: Housing Market and Debt Concerns - The central bank has raised alarms about the rising housing prices in the Seoul metropolitan area, which could accelerate debt accumulation [1] - There is a significant policy dilemma for the Bank of Korea in balancing economic support during a slowdown while avoiding a repeat of past real estate bubbles triggered by previous easing cycles [1]

美联储主席鲍威尔：整体金融稳定状况尚未达到令人担忧的程度。 ...

美联储古尔斯比：对加密货币持中立态度，主要关注金融稳定。 ...