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].

特朗普关税政策对全球金融市场影响持续，全球经济的运行规则陷入罕见的不确定性中。当 下如何剖析A股核心资产的长期价值，如何剖析中国资产的核心吸引力，是为市场热烈讨论的 焦点。为此，野村东方国际证券资产管理部总经理兼投资总监肖令君接受第一财经电视《财 经夜行线》栏目采访，就内外部环境剧烈变化下中国资产的长期价值分享观点。 对于高关税对中国上市企业盈利能力和市值影响，肖令君团队统计了 2023 年A股年报数据：经 历 2018 年贸易战后， A 股公司披露年报中包含美国区域业务的上市公司数目占比已经有所下降， 从 2018 年的 2.38% 下降至 2023 年的 1.68% 。而有披露的公司有主动区分收入国别来源的数据 中，来自于境外的收入占 A 股总收入比约 12% 。以 2023 年我国对美国出口占全部出口大约 15% 去拟算，那么 A 股上市公司对美出口业务创收大约 1.3 万亿。美国业务对 A 股利润贡献约为 1500 亿元左右，占全部 A 股盈利约为 3% 。这些数据说明中国上市公司市场日趋多元化，关税对其盈利 能力和市值影响有限。 本文转自第一财经，请点击"阅读原文"查看原文。 本文转载自： 第一财经 ...