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]

Core Viewpoint - The evolution of the international monetary system reflects profound changes in the global landscape and national competitiveness, with increasing discussions on reforming the monetary system driven by geopolitical factors rather than solely economic ones [1][2]. Group 1: Historical Context and Current Trends - The international monetary system has evolved over the past 20 years, characterized by the emergence of the euro in 1999, which currently accounts for approximately 20% of global foreign exchange reserves, second only to the US dollar [2]. - The international status of the renminbi has steadily risen since the 2008 financial crisis, becoming the second-largest trade financing currency globally and the third-largest payment currency, as well as holding the third-largest weight in the IMF's Special Drawing Rights (SDR) basket [2]. Group 2: Future Directions of the International Monetary System - The future of the international monetary system may trend towards a coexistence of a few sovereign currencies that compete and balance each other, necessitating sovereign currency countries to enhance domestic fiscal discipline and financial regulation [2]. - The SDR is theoretically positioned to address the inherent issues of a single sovereign currency as the international dominant currency, offering greater stability and the ability to better serve global public goods, but it faces challenges in achieving international consensus and market depth [3]. Group 3: Mechanisms for SDR Utilization - There is a need to optimize the mechanisms for SDR distribution and issuance, with a proposal to increase regular SDR issuance and expand its scale, moving beyond the current practice of one-time large issuances primarily for crisis response [3]. - Encouraging private sector participation in the use of SDR in international trade and investment activities, including the issuance of SDR-denominated bonds, is essential to enhance the role of SDR as a reserve asset and establish a settlement mechanism suitable for large-scale use [3].

也要看到，若美元信用体系短时间内出现剧烈动荡，其连锁反应将远超金融领域。全球供应链可能因支 付结算受阻而断裂，大宗商品定价权将面临重新争夺，国际贸易规则体系或将陷入碎片化。历史经验表 明，货币体系的突变往往伴随主权债务危机与资本流动的剧烈震荡，新兴市场在应对此类冲击时尤其脆 弱。即便美元地位衰落，短期内也难以形成稳定的替代机制，全球可能陷入货币竞相贬值与政策冲突加 剧的困境。 面对潜在危机，国际社会正通过多层次机制探索应对路径。国际货币基金组织推进多年的特别提款权分 配改革，有利于增强新兴经济体的流动性支持能力。区域性清算系统的完善，如东盟本币结算框架和非 洲自贸区支付网络，有助于降低对美元的依赖程度。数字货币领域的跨国合作也不断取得进展，多边央 行数字货币桥的试点项目为跨境支付提供了新范式。这些努力或许不会立即扭转美元主导地位，但为构 建更具韧性的国际货币体系拓展了新空间。 美元信用面临的危机暴露出全球金融体系的深层矛盾：如拥有国际储备货币地位的国家责任与权利的不 匹配，主权债务货币化与金融全球化之间失衡，短期投机资本与长期价值投资的冲突等。因此，需要加 快推进有关国家财政纪律重建、货币权力制衡、技术创新协 ...

Group 1 - The core viewpoint is that the international trade and investment landscape will undergo changes due to the tariff policies of the Trump administration, with three key areas of focus: cost-effectiveness rebalancing, internal economic structure adjustments in major economies, and currency rebalancing [1][2][4] Group 2 - Cost-effectiveness rebalancing in international trade and investment may increase opportunities for "global south" and emerging market countries, as traditional factors like labor and resources are now joined by innovation, institutional, and green development elements [1][2] - The difficulty of manufacturing returning to the U.S. is highlighted, as the U.S. lacks competitive strength in general processing and labor-intensive industries, leading to a preference for trade and investment in countries with lower costs and tariffs [2] - Major economies will experience profound adjustments in their internal economic structures due to global trade rebalancing, with the U.S. trade deficit increasing over 50% from 2017 to 2024, while the EU's trade surplus has grown over 400% [2] Group 3 - Currency rebalancing is expected to lead to a more diverse and inclusive global monetary system, with more currencies joining the international monetary ranks and increased participation of emerging market currencies in trade and investment [2][4] - The importance of digital currencies is emphasized, particularly their potential role as public goods for international cross-border trade and investment [3] - The possibility of enhancing the International Monetary Fund's Special Drawing Rights (SDR) function is also discussed, indicating a shift towards a more diverse and inclusive monetary system [4]

文/李明会 5月17日，以"共享未来：构建开放包容的经济与金融体系"为主题的2025清华五道口全球金融论坛在深圳召开。中 国进出口银行原董事长、中国国际经济交流中心副理事长胡晓炼在当日下午"新形势下的国际贸易与投资"主题讨 论环节上表示，当前影响国际贸易和投资最重要的事件就是关税问题，特朗普政府推出的关税政策震惊了世界。 谈及制造业能否如特朗普政府希望的那样回流美国时，胡晓炼直言，"不好说，难度很大。"她解释道，在一般的 加工制造业、劳动密集型产业上，美国的竞争力确实不够强大。现在政策的不确定性也对贸易、投资产生了极大 影响。由此，制造企业的首选并不是回流到美国，而是寻找成本更有利、关税更低的地方，这个地方恰恰是现在 的全球南方国家、新兴市场国家，他们有吸引更多的贸易和投资在当地发展的机会。 胡晓炼认为，当前形势下，国际贸易、投资体系格局面临三个"再平衡"。一是贸易、投资中的成本效益再平衡， 可能出现的结果就是全球南方发展机会在过程中可能会增加；二是全球贸易的再平衡，会引起主要经济体内部经 济结构的深刻调整，三是货币再平衡，将会引导世界货币体系朝着更加多元、更加包容的方向发展。 "过去这些年里，世界上主要的国 ...

据新华社近期报道，商务部新闻发言人何亚东8日表示，中方绝不会答应，更不会牺牲原则立场、牺牲国际公平正义去寻求达成任何协议。国 务院副总理将在瑞士与美方就关税问题展开会谈。在商务部8日举行的例行新闻发布会上，何亚东在回答关于会谈的记者提问时作出上述回 应。 特朗普（资料图） 在国会众议院金融服务委员会出席听证会时透露，贝森特表示，美国正寻求扩大在国际货币基金组织（IMF）和世界银行（WB）的领导地 位。同时，他还阐述了特朗普政府在经济领域的优先事项，并回应了议员们对关税、减税和全球经济稳定的问题。在当天的质询中，贝森特重 申了美国将强化在IMF中的领导地位，以确保该机构在全球金融治理中发挥更大作用。他表示，美国计划推动IMF提高透明度，特别是在汇率 政策和债务管理方面。贝森特还特别提到，IMF的特别提款权（SDR）应该更加符合美国的利益，而不是援助大型、财政实力雄厚的国家。在 他看来，目前特别提款权的分配与预期目的不一致，"并让那些可能不需要的人受益"。 贝森特的窘境，实则是美国单边主义工具箱见底的缩影。当"让制造业回流"的口号沦为政治表演，当34万亿美元国债压得财政部喘不过气，关 税成了最后一根救命稻草。4月 ...

谁将为特朗普关税买单？ 当地时间周三（5月7日），美国财政部长贝森特（Scott Bessent）当天就美国经济政策、国际货币基金 组织改革等议题接受国会质询。 在国会众议院金融服务委员会出席听证会时透露，贝森特表示，美国正寻求扩大在国际货币基金组织 （IMF）和世界银行（WB）的领导地位。同时，他还阐述了特朗普政府在经济领域的优先事项，并回 应了议员们对关税、减税和全球经济稳定的问题。 "这并不复杂。"珀坎说，"你不想说出的答案是，消费者将为特朗普的关税买单。" 贝森特当天表示，特朗普政府正在考虑对汽车座椅、婴儿床、婴儿车以及其他儿童保育和婴儿用品实行 关税豁免。 当天晚些时候，特朗普证实，他将考虑这一想法。"我会考虑的。但不希望有太多豁免条款，以免对关 税政策造成混淆。" 在与马萨诸塞州民主党众议员普雷斯利（Ayanna Pressley）的交流中，就是否支持这些豁免措施以帮助 婴幼儿和普通美国家庭后，贝森特也表示，"将会考虑。"普雷斯利直言，"美国的家庭正在遭受痛苦，" 在当天的质询中，贝森特重申了美国将强化在IMF中的领导地位，以确保该机构在全球金融治理中发挥 更大作用。他表示，美国计划推动IMF提高 ...

美国财长贝森特：国际货币基金组织的特别提款权（SDR）程序应服务于美国利益。 ...

美国财长贝森特：国际货币基金组织不应通过特别提款权分配来援助资金充裕、财力雄厚的国家。 ...