编者按 7月27日，香港国际金融学会主席、香港中文大学（深圳）公共政策学院副院长肖耿教授出席了由中国 人民大学、南开大学联合主办，中国人民大学财政金融学院、南开大学金融学院、中国人民大学国家金 融研究院、中国人民大学国际货币研究所（IMI）、南开大学国家创新与金融研究院承办的"2025国际货 币论坛"，在"数字货币对全球货币金融体系的挑战"的主题分论坛二的演讲中，他系统阐释了香港发展 稳定币与RWA的背景、应用场景以及在推进人民币国际化及巩固提升香港国际金融中心地位方面的深 远意义。 以下为发言纪要： 01 香港作为中国外循环平台实质上推动了人民币国际化 中国需要在三方面努力促进资产增值与财富创造 香港发展稳定币与RWA的地缘政治、国际货币及金融背景其实是中国当前面临大国间资产增值与财富 创造的激烈竞争。肖耿教授说，竞争的焦点包括贸易、投资、技术、收入与财富、宏观经济政策、货 币、及现在的稳定币领域。贸易顺差或逆差只是结果，反映的是储蓄率、投资效率、收入与财富。美国 的低储蓄率与过度消费，特别是军费支出，导致了其长期贸易赤字。但美元作为世界储备货币帮助了美 国政府的过度借贷。美国长期实行强美元、强宏观经济刺激 ...

Core Viewpoint - The article discusses the significant changes in the U.S. digital asset regulatory environment following President Trump's executive order prohibiting the issuance or use of Central Bank Digital Currencies (CBDCs) and relaxing regulations on privately issued digital currencies, which may enhance the U.S.'s leadership in digital financial technology while creating opportunities for non-U.S. digital currencies and payment systems [1]. Summary by Sections Executive Order Main Content - The executive order revokes the previous 2022 executive order aimed at responsible digital asset development and establishes a presidential-led digital asset market working group to assess regulations and create a federal regulatory framework for digital assets [3][4]. Impact Analysis - The shift from a federal government-led model to a more private sector-focused approach may disrupt the continuity of digital asset regulation in the U.S. The emphasis on private digital currency innovation raises questions about the ability of the private sector to fill the regulatory and technological gaps left by the government [7][8]. Implications for CBDC Development - The prohibition of CBDC issuance in the U.S. significantly impacts its development, as CBDCs are seen as crucial for future financial systems. This move may lead to increased reliance on private sector digital currency innovations, potentially altering the structure and ecosystem of the U.S. digital financial system [8][9]. International Payment Systems - The ban on CBDCs may affect international cross-border payment systems, particularly those involving U.S. dollar transactions. Other countries may seek alternatives, such as bilateral or regional digital currency cooperation, which could reshape the global payment landscape [9].