Group 1 - The U.S. government is extending the TikTok ban deadline for the third time, aiming to reach an agreement that ensures data security for American users [1] - Google has released a paper indicating that its latest AI model exhibits "death anxiety" behavior, which affects its decision-making capabilities under pressure [1] - Sequoia China has open-sourced its AI benchmark testing tool, xbench, with plans for continuous updates to avoid overfitting issues [1] Group 2 - AI unicorn MiniMax is considering an IPO in Hong Kong, currently in the preliminary preparation stage [2] Group 3 - OpenAI's CEO Sam Altman discussed the anticipated release of GPT-5, expected this summer, along with other innovative products and a significant investment project [3] - Meta has partnered with luxury brands like Prada to launch a new generation of smart glasses, featuring generative AI technology [3] Group 4 - JD.com is projected to surpass 1 million employees, with plans to adapt its workforce in response to the increasing use of AI and robotics [4] Group 5 - The People's Bank of China is establishing a trading report database for interbank markets and promoting the internationalization of the digital yuan [6] - The central bank's governor emphasized the rapid application of new technologies in cross-border payments, which poses challenges for financial regulation [6]

今日导读 1.近日，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》。 2. 6月18日，中国证监会发布实施《关于在科创板设置科创成长层增强制度包容性适应性的 意见》。 3.6月18日，京东旅行发布致全体酒店经营者的一封公开信。公开信显示，酒店商家参与"京 东酒店PLUS会员计划"，享受最高三年0佣金。 2、6月18日，中国证监会发布实施《关于在科创板设置科创成长层增强制度包容性适应性的意见》， 在持续抓好"科创板八条"落地实施的基础上，以设置专门层次为抓手，重启未盈利企业适用科创板第 五套标准上市，推出一揽子更具包容性、适应性的制度改革，着力打通支持优质科技型企业发展的堵 点难点，同时进一步加强投资者合法权益保护。 3、6月18日，金融监管总局局长李云泽在2025陆家嘴论坛上表示，当前中国家庭的现金和储蓄占比超 过一半。随着居民财富持续积累，财富管理需求向多元化专业化配置转型。支持外资机构在理财投 资、资产配置、保险规划等领域加大布局。 4、6月18日，中国人民银行行长、论坛共同轮值主席潘功胜在2025陆家嘴论坛上表示，新型技术推动 央行数字货币、稳定币蓬勃发展，大幅缩短跨境支付链条，也对金融监 ...

Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [3][4] - There is a growing discussion on reducing reliance on a single sovereign currency and promoting a few strong sovereign currencies to create a competitive mechanism [3][4] - The Special Drawing Rights (SDR) of the International Monetary Fund (IMF) is highlighted as a potential super-sovereign currency that could better fulfill global public goods functions [4][5] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [7][8] - There is a trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [7][8] - Emerging technologies like blockchain are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [8] Group 3: Global Financial Stability System - The global financial stability system has seen reforms post-2008 financial crisis, but new challenges have emerged, including fragmented regulatory frameworks and insufficient oversight of digital finance [9][10] - There is a need for stronger international cooperation to prevent regulatory arbitrage and ensure consistent global financial regulations [10] - The role of non-bank intermediaries has increased, necessitating enhanced regulatory measures to address their stability and transparency issues [10] Group 4: Governance of International Financial Organizations - There is an urgent call for reform in international financial organizations to better reflect the economic positions of emerging markets and developing countries [11][12] - The current voting rights and shares in organizations like the IMF do not align with the actual economic status of member countries, necessitating adjustments [12] - Enhancing the governance efficiency and representation of emerging economies is essential for maintaining true multilateralism [12]

Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [2][3] - Discussions on reforming the monetary system focus on reducing reliance on a single sovereign currency and exploring the use of a supranational currency, such as the IMF's Special Drawing Rights (SDR) [2][3] - SDR is seen as a potential solution to the inherent issues of a single sovereign currency, offering greater stability and the ability to better fulfill global public goods functions [3] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [4][5] - There is a growing trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [4] - Emerging technologies like blockchain and distributed ledger technology are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [5] Group 3: Global Financial Stability System - The global financial stability system has evolved post-2008 financial crisis, but it faces new challenges such as fragmented regulatory frameworks and insufficient oversight of emerging financial sectors [6][7] - There is a need for stronger international cooperation to prevent regulatory arbitrage and enhance the stability of the financial system [6] - Strengthening the IMF as a core institution for global financial safety is essential for crisis prevention and resolution [7] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations are increasing, as current governance structures do not reflect the economic realities of emerging markets and developing countries [8] - Adjusting the voting rights and quotas in organizations like the IMF is crucial for enhancing the representation and voice of these countries [8] - The legitimacy and effectiveness of international financial organizations depend on their ability to adapt to the changing global economic landscape [8]

Group 1: International Monetary System - The discussion on reforming the international monetary system has two main directions: reducing reliance on a single sovereign currency and promoting a few strong sovereign currencies to create healthy competition [2] - The second direction involves the potential for a supranational currency, such as the IMF's Special Drawing Rights (SDR), to become the international dominant currency, though it faces political consensus challenges and limited market depth [3] Group 2: Cross-Border Payment System - There is a growing demand for improvements in the cross-border payment system, with emerging payment infrastructures and settlement methods driving it towards greater efficiency, security, inclusiveness, and diversity [4] - The cross-border payment system is diversifying, with more countries using local currencies for settlement, and new payment systems emerging alongside traditional models [4] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance efficiency and reduce costs [5] Group 3: Global Financial Stability System - The global financial stability system faces new challenges, including fragmented regulatory frameworks and insufficient oversight in emerging digital finance sectors [6] - A strong IMF is essential for building a diverse and efficient global financial safety net, maintaining consistency and authority in global financial regulatory rules [6] Group 4: Governance of International Financial Organizations - The IMF plays a central role in global economic governance, with its quota system determining crisis response capabilities and member voting rights [7] - Current IMF quotas do not reflect the relative positions of member countries in the global economy, and adjusting these quotas is crucial for enhancing the IMF's governance legitimacy and representation [8]

中央纪委国家监委网站 侯颗 在突出改革的问题导向和落地见效上，《意见》聚焦制约高质量发展的卡点和堵点，推动关联环节协同 放权和协调支持。"比如，围绕当前职务科技成果转化中的分割确权难、考核机制不健全、转化效率低 等关键问题，从赋权、考核、转化三个相互关联的方面深化探索。"李春临举例。 深圳是我国改革开放的前沿阵地，在先行先试和示范引领上发挥着重要作用。"我们充分考虑深圳发展 先行一步、改革场景丰富、率先突破条件好等特点，在制度型开放、科技创新、人才发展、治理模式等 方面，推出了一批探索性举措。比如，先行适用国际贸易电子提单、电子信用证等电子单证，探索依托 电子提单开展抵押融资等业务；加强数字人民币试点应用场景创新，探索央行数字货币在跨境领域的适 用性；深化国际航行船舶相关配套制度改革，为港澳台船员办理社会保险提供便利的经办服务等。"李 春临表示，这些改革任务具有明显的首创性和引领性特点，相关探索将发挥重要的示范带动作用。 6月12日，国务院新闻办公室举行新闻发布会，介绍中共中央办公厅、国务院办公厅印发的《关于深入 推进深圳综合改革试点 深化改革创新扩大开放的意见》有关情况。国家发展改革委副主任李春临表 示，这 ...

Group 1 - Japan's cashless payment ratio has increased from 13.2% in 2010 to 42.8% in 2024, surpassing the government's 2025 target a year early [2] - The growth in cashless payments is primarily driven by the rapid adoption of QR code payments and the continued increase in credit card usage, with credit card payment totals reaching 116.9 trillion yen in 2024 [2] - The Bank of Japan has initiated a pilot project for a digital yen in 2023, collaborating with private enterprises to test the application of Central Bank Digital Currency (CBDC) in real payment scenarios [2] Group 2 - Various countries and regions have begun discussions and experiments regarding the feasibility of CBDCs, although some have yet to issue digital currencies [3] - China has been actively developing the digital yuan since 2014, with pilot programs launched in multiple cities and scenarios, enhancing the efficiency of cross-border payments and reducing reliance on the SWIFT system [4] - The non-cash payment scale in China reached 32.56 trillion yuan in the first three quarters of 2021, accounting for 52.4% of the payment system, with continued growth expected [4]

以下文章来源于太辉研究 ，作者沈建光、朱太辉 从交易治理来看，这一认识也没有分析稳定币背后的技术差异。 比特币、以太坊等加密资产的发 行交易依赖工作量证明（PoW）、权益证明（PoS）等共识算法，是完全去中心化，价格完全由 太辉研究 . 本平台主要发布朱太辉博士关于金融发展与宏观经济、金融科技与数字经济、金融监管与货币政策等领 域的研究观点。所发成果均为个人学术观点，与任何单位无关！ 文/ 京东集团首席经济学家，中国首席经济学家论坛理事 沈建光 ，京东集 团高级研究总监 朱太辉 2023年下半年以来，稳定币步入了快速增长轨道，但国内对稳定币 的认识还存在不少误区，既涉及稳定币的功能定位、稳定属性，也 涉及稳定币与央行数字货币的关系，更涉及稳定币对货币主权、货 币国际化和非法金融活动的影响，导致在发展离岸或者在岸人民币 稳定币上缺乏政策共识。接下来，应当尽快厘清这些认识误区，全 面客观地认识稳定币的功能属性和战略价值，稳妥推进离岸人民币 稳定币发展，为境内人民币稳定币发展打下基础，同时为人民币国 际化提供新的引擎。 2023年下半年以来，稳定币步入了快速增长轨道，当前市场规模已经超过了2300亿美元，持有的 活 ...

Core Insights - The article emphasizes the need to clarify misconceptions about stablecoins and to recognize their functional attributes and strategic value, particularly in the context of developing offshore and onshore RMB stablecoins [1][2]. Group 1: Market Growth and Regulatory Landscape - Since the second half of 2023, the stablecoin market has entered a rapid growth phase, with a current market size exceeding $230 billion and over 250 million active accounts [1]. - Various countries, including the EU, Japan, Singapore, the UAE, and Hong Kong, have introduced regulations to support stablecoin innovation, with more than ten major countries planning related legislative initiatives by 2025 [1]. - The recent passage of the "GENIUS Act" in the U.S. Senate significantly increases the likelihood of further development in the stablecoin market [1]. Group 2: Misconceptions about Stablecoins - Misconception 1: Stablecoins are equated with general cryptocurrencies, overlooking their unique characteristics and governance mechanisms [3][4]. - Misconception 2: The belief that stablecoins lack stability is challenged by the fact that most stablecoins are backed by fiat currencies or assets, with the highest stability observed in fiat-backed stablecoins [5][6]. - Misconception 3: The notion that stablecoins conflict with central bank digital currencies (CBDCs) is addressed by highlighting their complementary roles in different transaction scenarios [9][10]. Group 3: Regulatory Developments and Transparency - Regulatory frameworks for stablecoin issuers are being established globally, focusing on aspects such as licensing, operational management, and reserve asset investment [8]. - Major stablecoin issuers are improving transparency and compliance, with USDC being a notable example of regular independent audits and reserve disclosures [7][8]. - The "GENIUS Act" in the U.S. sets specific capital, liquidity, and risk management requirements for stablecoin issuers, enhancing the stability of the market [8]. Group 4: Impact on Monetary Sovereignty and Internationalization - Concerns about stablecoins undermining domestic monetary sovereignty can be mitigated through regulatory measures that restrict their domestic use and manage reserve assets [13][14]. - The development of RMB stablecoins is positioned as a new engine for promoting the internationalization of the RMB, complementing existing cross-border payment systems [15][16]. - The potential of stablecoins to enhance the efficiency of cross-border payments is highlighted, with significant advantages over traditional banking systems [10][16]. Group 5: Addressing Illegal Financial Activities - The perception that stablecoins exacerbate illegal financial activities is countered by advancements in anti-money laundering (AML) technologies and regulatory frameworks [19][20]. - Blockchain technology can be utilized for monitoring stablecoin transactions, enabling regulatory bodies to track the flow of funds effectively [20][21]. - Global AML regulations are evolving to include stablecoins and cryptocurrencies, with specific compliance requirements being established in various jurisdictions [21].

"现在正是集中精力保卫货币的时候"，3月20日，欧洲议会公开听证会在布鲁塞尔举行。在会上进 行答辩的欧洲中央银行（ECB）行长拉加德从正面阐述了推出自主央行数字货币（CBDC）"数字 欧元"的必要性。 随后，4月17日的欧洲央行理事会声明提出，为了引入数字欧元"将迅速完善法律制度"。目的是捍 卫欧元相对于美元的存在感，并发起反击。 组建"特别小组" 数字欧元计划在拉加德行长的强力推动下不断推进。目前，已成立由欧元区20个国家的央行成员 组成的高级别"特别小组"，最终阶段的研究工作已经启动。包括此前持谨慎态度的德国在内，"协 调工作也在逐步推进"（欧洲央行的高层）。 拉加德之所以如此执着，原因不仅是出于对自身政绩的追求。美国总统特朗普曾辱骂欧洲"一边依 赖美军维持和平，一边享受优厚福利"，对特朗普的警惕正促使欧洲央行采取行动。 欧洲中央银行（ECB）行长拉加德毫不掩饰脱离对美元依赖的野心 欧元诞生于1999年，至今已过去近30年。但欧洲的金融体系至今仍然依赖美国。欧洲金融机构的 收益及海量个人数据不断流向美国。特朗普政府上台加剧了欧洲的危机感。欧洲把赌注押在数字 货币上…… 欧元诞生于1999年，至今已过去近3 ...