（原标题：哥伦比亚总统积极评价哥加入亚投行） 综合哥伦比亚媒体报道，近日亚洲基础设施投资银行（亚投行）理事会批准哥伦比亚加入该行的申 请，哥正式成为该金融机构第111个成员。11月20日，佩特罗总统在其X平台表示祝贺并指出，通过参 与全球最广泛金融体系，哥方将降低国家脆弱性，推动实现"世界生命强国"目标，开辟进步繁荣广阔机 遇。 ...

中国工商银行副董事长、行长刘珺分享了有关国际金融治理与监管体系方面的思考。他指出，治理与监 管本质都是为了推动发展，国别层面需适配经济社会发展需求，国际层面则要强化协调与合作。面对数 字经济、气候变化、地缘政治等新变化，需重塑国际金融治理与监管体系，以适配新发展要求。 泰国中央银行助理行长Daranee Saeju认为全球金融秩序正迅速演变，建议推动建立一个具有韧性、包 容、互联互通的区域金融体系，加强跨境支付、本币结算、打击跨境欺诈等方面的对话合作。 汇丰集团营运委员会成员、亚洲及中东地区联席行政总裁廖宜建强调，香港已发展成为人民币离岸中心 与跨境投资的重要枢纽，汇丰银行将持续助力内地与香港金融发展良性循环，推动完善国际金融治理。 上海财经大学校长刘元春表示，国际金融治理变革的核心驱动力是经济、政治结构变异与技术革命，需 以长周期视角审视。作为现有国际金融治理体系的参与者、建设者、受益者，中国将专注于改革和完善 现有体系，推动其向更公平合理的方向发展。 10月28日，2025金融街论坛年会中国主场论坛"变局下的国际金融治理与合作"在京成功举办。论坛由中 国金融研究所承办，中国副行长陆磊出席论坛并致辞，中国金 ...

Core Viewpoint - The potential replacement of the US dollar is not solely dependent on China, but rather on global needs, especially if the US continues to implement unilateral measures that create uncertainty in international trade and finance [1][4]. Group 1: Global Financial System - The current global financial and trade system is predominantly based on the US dollar, which serves as a measurement and reserve currency established post-World War II [3][4]. - China, as the world's second-largest economy and the largest trading nation, is concerned with both its own development and the stability of the global financial system [3][4]. Group 2: Renminbi Internationalization - If more countries begin to use the renminbi as a unit of account, it will be a natural evolution driven by global needs rather than a unilateral push from China [4]. - The use of renminbi in trade is seen as beneficial not only for China but also for countries that engage in trade with China, highlighting a mutual advantage [3][4]. Group 3: China's Role - China's primary focus is on its own economic development, aiming to become a significant force for global stability and development [4]. - The country does not seek to challenge the existing financial system unless faced with unilateral actions from the US that create instability [4].

Core Viewpoint - The potential impact of China selling its $1.1 trillion in U.S. Treasury bonds could be catastrophic for the market, causing significant psychological and financial repercussions [1][14][22]. Group 1: U.S. Treasury Market Overview - As of Q1 2024, the U.S. bond market has a total balance of $56.1 trillion, surpassing the combined holdings of China and Japan [3]. - The daily trading volume of U.S. Treasuries can reach $500 to $600 billion, indicating a robust market, but a sudden influx of $1.1 trillion from China would equate to nearly two days' worth of trading [5][14]. - Foreign investors hold less than 30% of U.S. Treasuries, with the majority being purchased by U.S. investors, which allows for greater control over the market [5]. Group 2: China's Holdings and Actions - China began purchasing U.S. Treasuries in 1978, becoming the largest foreign holder by 2008, peaking at over $1.1 trillion in 2011 [6]. - Currently, China's holdings have decreased to approximately $759 billion, the lowest level since 2009, reflecting a gradual reduction strategy [8]. - The trend of reducing U.S. Treasury holdings is evident among major holders like Japan and the UK, with foreign ownership dropping to 24.31% [8]. Group 3: Historical Context and Market Reactions - Russia's experience in selling U.S. Treasuries during the 2014 Crimea crisis and again in 2018 showed that the market's reaction can be muted, as other investors often step in to absorb the sell-off [10][12]. - The scale of China's potential sell-off is vastly different, as $1.1 trillion represents the total net sales of U.S. Treasuries by global central banks over the past 26 months [14]. Group 4: Economic Implications - A sudden sell-off by China could lead to a significant drop in Treasury prices, resulting in higher yields that would impact U.S. economic conditions, including increased borrowing costs for businesses and consumers [16][17]. - The Federal Reserve's response could involve purchasing Treasuries to stabilize the market, but this could lead to inflationary pressures and undermine the dollar's credibility [17]. Group 5: Strategic Considerations for China - China holds a significant amount of U.S. Treasuries but risks substantial losses if the market collapses, as it is deeply integrated into the global financial system [21][24]. - The strategy of gradual reduction and diversification of foreign reserves is seen as a more prudent approach, allowing China to maintain strategic flexibility while minimizing risks [26][28]. - China's long-term goals include establishing a more equitable international financial system and promoting the internationalization of the yuan, which requires a stable external environment [24][28].

Core Insights - Gold has experienced a record-breaking rally, significantly influenced by declining confidence in the US dollar [1] Group 1: Factors Driving Gold's Rise - Eroding confidence in the US dollar is a primary driver of gold's price increase [1] - The global financial system is being impacted by the surge in gold prices, indicating a shift in investor sentiment [1] Group 2: Implications for the Financial System - The rise in gold prices may signal broader economic concerns and a potential reevaluation of asset values [1] - Investors are increasingly turning to gold as a safe-haven asset amid uncertainties in the financial markets [1]

Core Argument - The article discusses the limitations of the theory of equality, suggesting that equality is more of a "luxury" in wealthy and secure societies rather than a universally applicable policy goal [2] Group 1: Historical Context - The United States, despite being the wealthiest and most secure country, is the most unequal among OECD countries, raising questions about the "American exception" [2] - Historical examples of countries that tolerated inequality for wealth include Britain during the Industrial Revolution, China post-reform, and the Roman Empire [3][4] Group 2: Cultural and Structural Factors - The American social contract is based on the promise of future wealth rather than equality, supporting the "American Dream" [5] - Cultural roots in the U.S. hinder the establishment of a redistributive social contract, making it difficult to adopt a Nordic model of equality [6][12] Group 3: Unique American Model - The U.S. model of inequality is sustainable only as long as it maintains its global leadership; other countries cannot easily replicate this model without facing strategic competition [7][8][11] - The U.S. can tolerate inequality due to its technological leadership and global dominance, which provides legitimacy to its system [9][13] Group 4: Lessons for Other Countries - Other nations should not mimic the U.S. model of inequality; instead, they should seek a balance between growth, innovation, and manageable inequality to ensure social stability [10][15]

Group 1 - The recent claim by American media that "China owes the U.S. over $1 trillion" is rooted in a historical debt from over a century ago, which is being used as a political tool rather than a realistic financial threat [1][3] - The original debt dates back to 1911 when the Qing government borrowed £6 million for railway construction, which became a contentious issue after the fall of the Qing dynasty [1][3] - The debt was briefly acknowledged by the Republic of China but was ultimately abandoned due to political instability and the establishment of the People's Republic of China, which rejected the debt as a product of unequal treaties [3][5] Group 2 - The current U.S.-China tensions have led to renewed discussions about this historical debt, with some suggesting that the U.S. could threaten to refuse payment on the $759 billion in U.S. Treasury bonds held by China [5][7] - China's holdings of U.S. debt have decreased significantly, down by $557.7 billion from their peak, indicating a reduced reliance on U.S. Treasury securities [5][7] - The potential refusal to pay China could destabilize the global financial system, as it would undermine trust in U.S. debt and could trigger a sell-off of U.S. bonds by other countries [5][7] Group 3 - The U.S. relies heavily on the trust of its allies in its financial credibility, and any breach of this trust could jeopardize the dollar's dominance and the U.S.'s military alliances [7] - In contrast, China has developed a stronger resilience to economic risks due to its experience with economic sanctions, positioning it better in a potential economic confrontation [7] - The political rhetoric surrounding the historical debt appears to be more about creating a narrative than a genuine financial strategy, as any drastic action could backfire on the U.S. itself [7]

Group 1 - The forum highlighted the importance of the global financial system in mitigating geopolitical risks and ensuring the stability of international trade and supply chains [4] - The discussions emphasized the need for China to enhance its participation in global economic governance and strengthen international cooperation to counter systemic risks [4] - The forum presented various expert analyses on the definition and dimensions of geopolitical economic risks, noting the lack of a unified academic definition [7][8] Group 2 - The analysis revealed that geopolitical economic risks have a multifaceted impact on macroeconomics and financial markets, with positive effects on CPI and negative impacts on PPI, stock markets, exports, and FDI [10] - Research indicated that geopolitical economic risks lead to significant adverse spillover effects on China's financial markets and real economy, with key transmission channels identified as exchange rates, real estate, and credit markets [13][19] - The findings suggested that a moderately accommodative monetary policy could mitigate the negative impacts of geopolitical economic risks, while stabilizing the real estate and bond markets could prevent a ratchet effect [13] Group 3 - The forum discussed the transformation of the global trade and investment system due to geopolitical economic risks, leading to a decline in bilateral trade volumes and a shift in trade structures [18] - Empirical studies showed that trade barriers have reached peak levels since World War II, with significant adjustments in international trade patterns, particularly in U.S.-China trade [18][19] - The analysis pointed out that geopolitical risks have accelerated the restructuring of supply chains towards "nearshoring, friend-shoring, and diversification," emphasizing the need for security in supply chain management [19] Group 4 - The discussions included the impact of financial sanctions and geopolitical economic risks on the global payment system, highlighting the inefficiencies and risks associated with the SWIFT system [22] - The analysis indicated that the rise of geopolitical risks has led to a diversification of reserve currencies, with emerging currencies like the RMB gaining traction, although the USD remains a dominant safe haven [25][29] - The forum underscored the necessity for structural reforms and infrastructure optimization to enhance the RMB's international competitiveness and safe-haven attributes [30]

Core Viewpoint - The rise of stablecoins is reshaping the global financial landscape in the digital age, reflecting a dual tension between market credit and state credit, and leading to a new equilibrium in monetary functions and governance [1][2][10]. Group 1: Nature of Stablecoins - Stablecoins represent a compromise between market and state credit, allowing for the issuance of "quasi-currency" under regulatory frameworks in places like the US and Hong Kong [11]. - The evolution of stablecoins has transitioned from algorithmic stability and collateralized assets to a mainstream model anchored by fiat currencies, indicating a reliance on state credit for stability [10][11]. Group 2: Impact on Global Financial System - Stablecoins may lead to a redefinition of monetary functions, pushing sovereign currencies to reassess their roles and promoting a "functional division" in the global monetary system [12]. - The distribution of financial power could shift, with the potential emergence of a multi-currency system comprising "sovereign currencies + scenario-based stablecoins," challenging the dominance of a single currency [13]. - Stablecoins signify a transformation in the relationship between state, market, and technology, suggesting that monetary power is no longer solely state-controlled but is influenced by technological intermediaries [14]. Group 3: US Interest in Stablecoins - The US's enthusiasm for stablecoins is closely tied to maintaining the dollar's dominance, as stablecoins can convert market credit into monetary power, especially in light of rising national debt [15][16]. - The use of short-term US Treasury bonds as collateral for stablecoins could alleviate liquidity pressures on US debt, reinforcing the dollar's global status [15]. - The US is positioning itself to dominate the "metaverse currency" landscape, with stablecoins potentially becoming the universal currency in digital economies, thereby extending dollar hegemony into the digital realm [18]. Group 4: China's Strategic Response - China should develop a stablecoin strategy that aligns with its economic context, focusing on supply chain advantages and ensuring that stablecoins serve the real economy [19][20]. - Collaboration between stablecoins and the digital yuan is essential, with both aiming to enhance the integration of digital and real economies [20]. - A strategy of "innovation-led + inclusive collaboration" is recommended for developing a stablecoin ecosystem that balances risk and efficiency while leveraging China's manufacturing strengths [21].

Group 1 - The conflict between Trump and Musk is not merely personal but reflects deeper political and economic turmoil in the U.S. that could lead to significant consequences [1][2] - Musk's revelation of Epstein's undisclosed files, allegedly obtained from the White House, indicates a serious power struggle that transcends simple disputes [2] - Trump's aggressive actions against Musk's electric vehicle industry subsidies represent a direct challenge to Musk's influence and the broader economic landscape [2][3] Group 2 - The U.S. economy is facing severe challenges, with April's unemployment rising to 240,000 and imports declining by 16%, while the Federal Reserve refuses to lower interest rates [3] - Trump's removal of trusted economic advisors amid a crisis of confidence exacerbates economic uncertainty, leading to increased pressure from Wall Street and the deep state [3] - Trump's tax cuts are facing funding issues, with a failed proposal for global tariffs, forcing reliance on money printing, which worsens the fiscal crisis [5] Group 3 - Japan's debt crisis poses a significant risk to the U.S. financial system, as a potential sale of $1 trillion in U.S. bonds could lead to a substantial depreciation of the dollar [5] - Trump's foreign policy has led to increased isolation for the U.S., particularly in Europe, as tensions rise over trade and military commitments [6] - The U.S. is accelerating the implementation of stablecoin policies, with global stablecoin transaction volumes reaching $27 trillion, indicating a shift in the financial landscape [7] Group 4 - The issuance of U.S. stablecoins tied to government bonds could enhance demand for U.S. debt, transforming its role in the global financial system [7] - The competition for pricing power in the digital currency market is intensifying, with China also seeking to establish its influence in the next 30 years [7] - The interconnectedness of Japan's debt crisis, geopolitical conflicts, and stablecoin developments suggests that the current U.S. political struggles are part of a larger global shift [7]