内容提要 四是市场覆盖不足。传统跨境清算模式需要依托全球银行账户体系和支付清算基础设施，对没有银行账户的用户或金融基础设施薄弱的地区无法形成服务覆 盖。 五是地缘政治风险大。传统跨境清算体系下的"资金流"和"信息流"分离，依托跨境支付系统和银行间账户关系流转资金，依托支付指令报文流转信息。其 中，信息流转主要依靠环球银行金融电信协会支付系统（SWIFT）。SWIFT名义上是一个非营利性的国际组织，覆盖全球200多个国家和地区，有超过11600 家金融机构接入，连接了90多个跨境清算网络，是目前全球最重要的跨境支付工具。但"9•11"事件后，美国以"国家安全"和"反洗钱"为由，逐步掌控SWIFT 系统主导权，掌握全球跨境支付清算信息。北美和欧洲等地的霸权国还将SIWFT系统"武器化"，多次利用该系统对亚洲和非洲国家实施金融制裁，主要方式 为通过将被制裁国的金融机构从SWIFT系统中剔除，切断其国际支付清算通道，阻碍其开展国际金融和国际贸易结算业务。 二、央行数字货币改善跨境支付清算的研究现状 央行数字货币（CBDC）是由一国（或地区）的中央银行发行，具有国家信用的法定数字货币，可分为批发型 CBDC和零售型 C ...

南方财经 21世纪经济报道记者 张伟泽 香港报道 2025年11月11日，香港特区政府正式宣布，其第三批数字绿色债券成功完成定价，总额高达100亿港元。这一数字不仅刷新了香港自身的发债 记录，更使其成为迄今为止全球规模最大的一笔数字债券发行。 这批债券涵盖港元、人民币、美元及欧元四个币种，发行年期从2年延长至最多5年。四个币种的债券共获得了超过1300亿港元的总认购金额， 超额认购约12倍。 香港特区政府财政司司长陈茂波表示，特区政府这次发行的第三批数码绿色债券认购热烈，反映市场对相关代币化产品的支持；同时，也应用 了多项创新技术，进一步推动以金融科技赋能债券以及绿色和可持续金融市场发展。 他明确指出，特区政府将通过恒常化发行代币化债券，助力市场建立更全面的基准，扩大数字金融的更广泛应用。 新加坡数字资产托管和钱包技术提供商Cobo RWA代币化业务负责人黄亮对21世纪经济报道记者表示，本次香港发行全球最大规模的代币化绿 债，说明代币化在效率与透明度上的优势已经被市场认可。链上发行与结算大幅提升了效率、降低了成本，并实现了绿色项目数据的实时可追 溯，这些都是传统债券无法比拟的。 8亿到100亿的跨越 香港财经 ...

Group 1: Core Insights - The report discusses the risks, challenges, and policy recommendations regarding stablecoins, emphasizing their role as a bridge between traditional and crypto finance [1][2][3] - Stablecoins have seen rapid growth, with their market capitalization exceeding $290 billion as of late August 2023, primarily driven by USDT and USDC, which together account for over 80% of the market [2][3] - The introduction of the US "GENIUS Act" aims to establish a regulatory framework for stablecoins, requiring full reserve backing or short-term US Treasury holdings, which could significantly impact the global stablecoin landscape [9][10][11] Group 2: Characteristics of Stablecoins - Stablecoins maintain a 1:1 exchange ratio with fiat currencies, primarily the US dollar, but their stability is relative and can fluctuate under certain conditions [2][3] - They operate on public blockchains, allowing for decentralized transactions without intermediaries, which poses new challenges to traditional financial regulatory frameworks [3][4] - The issuance process involves large institutions applying for stablecoin issuance, with a significant portion of the funds being invested in low-risk, highly liquid assets like US Treasury bills [4] Group 3: Risks and Challenges - Stablecoins face risks related to illegal activities and regulatory evasion, as their cross-border usage can undermine national monetary sovereignty [6][7] - Financial stability risks arise from the potential for stablecoin issuers to invest in high-risk assets, leading to significant volatility and potential failures, as seen in past incidents like the collapse of algorithmic stablecoins [7][8] - The decentralized nature of stablecoins complicates cross-border regulatory coordination, with varying regulatory approaches across countries leading to potential regulatory arbitrage [8] Group 4: Regulatory Developments - The "GENIUS Act" mandates transparency and compliance for stablecoin issuers, including anti-money laundering measures and annual audits, addressing long-standing concerns about the lack of oversight in the stablecoin market [10][11] - The act positions stablecoin issuers as the primary responsible parties for compliance, enhancing the regulatory framework surrounding stablecoins and potentially reshaping global standards [11][12] - The anticipated growth of stablecoins could lead to increased demand for US Treasury securities, potentially reversing recent declines in demand for US debt instruments [12][14] Group 5: Geopolitical Implications - The competition between the US and China in the international financial arena has implications for the future of stablecoins, with the US's regulatory framework potentially solidifying the dollar's dominance [14][15] - The rise of stablecoins could marginalize weaker fiat currencies, impacting the internationalization of the Chinese yuan and presenting both challenges and opportunities for China's financial strategy [15][18] - Stablecoins may challenge China's financial security by facilitating cross-border transactions that bypass traditional currency controls, raising concerns about capital flight and monetary sovereignty [18][19]

Core Insights - The Hong Kong Monetary Authority (HKMA) reported a 13% growth in Hong Kong's asset management scale to approximately $4.5 trillion, with private wealth management growing by 15%, indicating a sustained growth trend due to increasing wealth in Asia and a fragmented geopolitical landscape seeking diversified asset allocation [1][1][1] Group 1 - Hong Kong's unique position as part of China and the global financial system enhances its ability to gain trust from global investors, including those from the mainland [1][1] - The HKMA has been proactive in areas such as central bank digital currencies, tokenization, and artificial intelligence applications, which are beneficial for the development of wealth management in Hong Kong [1][1][1] Group 2 - The HKMA launched a generative AI sandbox last year, emphasizing the importance of accuracy, consistency, and interpretability in AI technology usage within the industry [1][1] - Collaboration with organizations like the BIS Innovation Hub and the UK's Financial Conduct Authority (FCA) on the Noor project aims to develop explainable AI tools for banks, with a prototype expected to be released next year [1][1] - The HKMA plans to further collaborate with Cyberport next year to establish AI infrastructure, providing computing power, data ecosystems, and data analysis tools to benefit smaller institutions across various industries [1][1][1]

Core Viewpoint - The article discusses the evolution of the U.S. dollar's dominance in the global financial system, highlighting how financial instruments and geopolitical strategies have been used to maintain this supremacy, particularly through mechanisms like the SWIFT system and the Petrodollar agreement [5][13][27]. Group 1: Historical Context - The Bretton Woods Conference in 1944 established a dollar-gold standard, positioning the U.S. dollar as the world's primary reserve currency, which was later challenged by the "Triffin Dilemma" [9][10]. - The U.S. dollar's link to gold ended in 1971 when President Nixon suspended the dollar's convertibility into gold, marking the transition to a fiat currency system [12][13]. Group 2: The Petrodollar System - The 1973 oil crisis led to the establishment of the Petrodollar system, where oil transactions were conducted exclusively in U.S. dollars, creating a structural demand for the dollar globally [15][27]. - This system allowed the U.S. to finance its deficits by printing dollars, which were then recycled back into the U.S. economy through the purchase of U.S. Treasury bonds by oil-exporting countries [15][27]. Group 3: Financial Control Mechanisms - The SWIFT system, established in 1973, became a crucial tool for tracking and controlling international financial transactions, effectively allowing the U.S. to monitor global financial flows [18][20]. - The U.S. Treasury's Office of Foreign Assets Control (OFAC) maintains a blacklist that can freeze assets and restrict transactions, serving as a powerful tool for enforcing economic sanctions [25][31]. Group 4: Case Studies of Financial Power - The case of BNP Paribas illustrates the consequences of violating U.S. sanctions, resulting in a $8.97 billion fine, which exemplifies the reach of U.S. financial regulations [30][31]. - The article highlights the impact of sanctions on countries like Iran and Russia, demonstrating how financial tools can be used to exert geopolitical pressure and isolate nations from the global financial system [36][38]. Group 5: Emerging Alternatives - In response to U.S. financial dominance, countries are exploring alternatives such as the Chinese Cross-Border Interbank Payment System (CIPS) and digital currencies, which aim to reduce reliance on the U.S. dollar [44][48]. - The resurgence of gold as a reserve asset reflects a growing concern over the security of dollar-denominated assets, prompting central banks to increase their gold holdings [42][43].

Core Insights - The foreign exchange market is experiencing unprecedented opportunities and challenges due to global economic integration and rapid advancements in financial technology [1][2] - OEXN Forex is positioned as an industry leader, leveraging market insights, continuous technological innovation, and a customer-centric approach to achieve sustainable growth [1][15] Industry Overview - The financial industry is undergoing a transformation driven by technology, with digitalization impacting operational efficiency, risk management, and user experience in forex trading platforms [2] - The increasing participation of emerging markets and heightened interest from both retail and institutional investors are creating a broader platform for OEXN [2] Company Strategy - OEXN places customer needs at the strategic core, focusing on convenience, transparency, and security to enhance user experience [12] - The platform features a responsive trading interface, multilingual support, and localized customer service to cater to diverse user backgrounds [12] - OEXN invests in research and development to build a high-performance trading execution engine, aiming for ultra-low latency and high stability [12] Compliance and Security - Compliance and security are foundational to OEXN's long-term development, adhering to legal regulations and holding licenses from authoritative financial regulatory bodies [13] - The platform employs multiple security measures, including bank-level data encryption and strict internal risk control processes to ensure user fund safety and transaction compliance [13] Market Expansion - OEXN demonstrates strategic sensitivity in global market expansion, deepening services in mature markets while actively entering emerging regions like Asia-Pacific and the Middle East [13] - The company respects local market characteristics and user habits by establishing localized service centers and tailored product strategies [13] Future Outlook - OEXN aims to strengthen its core competitiveness in financial technology, focusing on innovations in AI predictive models and automated trading strategies [14] - The company is committed to empowering users through high-quality online education resources and personalized support [14] - OEXN is exploring the impact of emerging technologies, such as central bank digital currencies (CBDC), on forex trading models to ensure long-term competitiveness [14] Conclusion - The interconnected global macroeconomic landscape and ongoing advancements in financial technology outline a promising future for the forex market [15] - OEXN's commitment to industry trends, technological empowerment, compliance, and customer success positions it well for future market competition [15]

Group 1 - U.S. Senator Cynthia Lummis indicated that funding for the strategic Bitcoin reserve could be initiated at any time, sparking discussions in Washington about whether the Treasury should implement the plan ahead of final legislation [1] - The U.S. Treasury currently manages approximately 200,000 Bitcoins, valued at around $17 billion, as part of the strategic reserve, following an executive order signed by former President Trump [1] - The executive order established two accounts under the Treasury: the "Strategic Bitcoin Reserve" for holding non-sellable Bitcoins and the "Digital Asset Reserve" for managing other confiscated crypto assets, both operating at zero cost [1] Group 2 - The House's 2026 appropriations bill requires the Treasury to submit a report on the management and security of the strategic Bitcoin reserve within 90 days, and it plans to increase the budget for counter-terrorism and financial intelligence [2] - The bill does not authorize additional Bitcoin purchases but marks the first time Bitcoin is included in U.S. fiscal policy discussions [2] - Asset management firm VanEck predicts that if the U.S. accumulates 1 million Bitcoins by 2029, it could offset about 18% of the national debt burden by 2049, assuming an average annual Bitcoin price increase of 25% [2] Group 3 - Crypto analysis firm BeInCrypto estimates that if Congress passes the bill without mandatory purchases, Bitcoin prices may stabilize between $115,000 and $125,000, while mandatory annual purchases of 200,000 Bitcoins could push prices to between $130,000 and $160,000 due to supply constraints [3] - CoinShares suggests that sovereign-level Bitcoin allocation could serve as a hedge against inflation and diversify reserves, showcasing U.S. leadership in digital finance [3] - Blockchain analysis company Chainalysis warns that if multiple countries establish sovereign Bitcoin reserves, market liquidity could be impacted [3]

Core Insights - Federal Reserve Governor Bowman strongly supports the Fed holding only Treasury securities and advocates for balance sheet reform, significantly impacting the global central bank digital currency (CBDC) landscape [1][2] - The digital renminbi wallet is positioned to seize unprecedented development opportunities amid the restructuring of the Fed's monetary policy framework [2] Group 1: Policy Implications - Bowman's remarks indicate a long-term preference for a smaller balance sheet, aiming to keep reserve balances close to scarcity levels rather than abundance [2] - The Fed's shift towards a more traditional and conservative monetary policy framework creates a critical policy window for the development of global CBDCs [2] Group 2: Technological Infrastructure - The digital renminbi wallet employs a private key management system using the SM2 elliptic curve encryption technology, ensuring the absolute security of 256-bit private keys [2] - The wallet's architecture features a hierarchical deterministic (HD) wallet structure, allowing seamless integration of the digital renminbi's dual offline functionality while securely binding to traditional bank accounts [3] Group 3: Market Dynamics - Bitcoin's price has surpassed $110,000 and Ethereum has returned above $4,000, reflecting a growing market demand for alternative currency systems influenced by the Fed's policy expectations [5] - The potential for U.S. interest rate cuts may improve financing conditions for digital currency infrastructure projects, providing significant opportunities for the international development of the digital renminbi wallet [5] Group 4: Cross-Border Functionality - The digital renminbi wallet offers unique value in cross-border transactions, enabling point-to-point instant settlement and significantly reducing transaction costs compared to traditional SWIFT systems [5] - Increased attention from international institutions towards CBDC cross-border applications is anticipated as the Fed adjusts its policies, positioning the digital renminbi wallet to play a more significant role in the new international monetary system [5] Group 5: Security Considerations - Ensuring the absolute security of private keys is crucial for users engaging in international transactions with the digital renminbi wallet [6] - Recommended backup methods for mnemonic phrases include writing them on waterproof and fireproof physical media and storing them in at least two different secure locations [6] Group 6: Competitive Analysis - The adjustment of the Fed's policy framework is redefining the international currency competition landscape, with the digital renminbi wallet showcasing unique hedging value due to its stable value anchoring and government credit backing [8] - XBIT Wallet's decentralized wallet has achieved technical compatibility with major CBDCs, providing users with a unified multi-currency management interface [8] Group 7: Future Development Path - The integration of blockchain technology into traditional financial infrastructure, as evidenced by SWIFT's pilot with Ethereum's Layer 2 network, creates technical conditions for the deep integration of the digital renminbi wallet with the international financial system [10] - XBIT Wallet aims to enhance technological innovation and cross-border capabilities, providing secure, convenient, and professional CBDC management services, thereby contributing to the digital transformation of the global monetary system [10]

Core Insights - China has established a digital yuan operations center in Shanghai to enhance its central bank digital currency strategy and manage cross-border payment networks, blockchain services, and digital asset platforms [1][2] - The initiative aims to internationalize the yuan and reduce reliance on the US dollar in global trade, reflecting a multipolar monetary vision [3][4] Group 1: Digital Yuan Operations Center - The People's Bank of China (PBOC) has launched a new digital yuan operations center in Shanghai to oversee various digital financial services [2] - The center is designed to boost the global presence of the digital yuan and modernize settlement processes through blockchain integration [3] Group 2: Reducing Dependence on the US Dollar - Chinese officials are actively seeking to decrease reliance on the US dollar, with recent signals indicating a more flexible approach to digital finance [4] - Authorities are considering the authorization of yuan-backed stablecoins to enhance the international use of the currency [5] Group 3: Stablecoin Development - In August 2025, discussions were held regarding the potential use of yuan-backed stablecoins to improve cross-border payment systems [5] - The launch of the first stablecoin linked to the offshore yuan (CNH) by Hong Kong fintech company AnchorX aims to facilitate cross-border transactions related to China's Belt and Road Initiative [6]

Group 1 - The forum on "AI Development and Financial Innovation under China-ASEAN Cooperation" was held in Nanning, Guangxi, emphasizing the importance of financial stability for economic vitality [1] - Guangxi aims to enhance AI application in financial services, innovate financial products, and create a cluster of funds in the AI sector to support economic development [1] - The forum was attended by nearly 400 participants, including officials from the China Securities Regulatory Commission and financial institutions from ASEAN countries [3] Group 2 - The bilateral trade between China and ASEAN reached $597 billion from January to July 2025, marking an 8.2% year-on-year increase [2] - The cross-border RMB settlement volume between China and ASEAN was 8.9 trillion yuan in 2024, showing a 51% year-on-year growth [2] - The CIPS has become the main channel for cross-border RMB transactions, processing 21 trillion yuan in 2024, which is a 96% increase [2] - The collaboration on QR codes and fast payment systems has significantly improved cross-border payment convenience, with notable advancements in central bank digital currency cooperation [2]