这是一场关乎美国经济未来的法律斗争，核心问题并非某个人的职业生涯，而是美联储制度的存亡。在 这场风暴的中心，身为美联储理事的丽莎·库克成为了关键人物。 最近，华盛顿哥伦比亚特区巡回区联邦上诉法院做出了重要裁决，驳回了总统唐纳德·特朗普的紧急请 求，暂时阻止了白宫解雇库克的行动。 法律高墙阻击白宫 特朗普政府试图解雇库克的理由十分严重——他们指控她在任职前，曾伪造材料获取优惠贷款，涉嫌抵 押贷款欺诈。这个指控看似足以摧毁库克，但它在法律面前显得微不足道。 问题的根源在于，《美联储法》设置了极为严格的规定，要求解雇美联储理事必须有"正当理由"，通常 指的是在任职期间的严重失职或渎职行为。这一法律设立的门槛，旨在防止政治力量随意干预央行决 策。 特朗普的指控未能突破这道法律的防线。首先，库克从未因此事受到刑事起诉；而且，贷款文件显示她 没有欺骗贷款机构。更重要的是，这些指控发生在她成为美联储理事之前，根本与她的职责无关。法官 贾·科布也指出，这些指控无法构成"正当理由"来解雇库克。他认为，库克的辩护"很可能会获得支 持"，并批评白宫没有给她足够的时间回应这些指控。上诉法院维持原判，法律的防线愈加坚固。 白宫的战略布 ...

尽管特朗普有权解雇美联储理事，但1913年《联邦储备法》（Federal Reserve Act）规定，总统仅能 "有 正当理由"（for cause）解雇理事。库克的律师认为，特朗普提出的 "捏造指控" 不符合这一要求，并指 出这些指控 "基于她进入美联储理事会任职前的行为"。若最高法院批准暂缓执行（下级法院裁决）， 将向金融市场释放信号 —— 美联储已不再享有传统意义上的独立性，这可能引发混乱与动荡。 周四早些时候，美国过去35年来的主要经济政策制定者，包括所有在世的美联储前主席，敦促最高法院 允许美联储理事库克继续任职。该团体提交的文件警告称，在库克的法律挑战仍在进行的情况下允许她 被免职，将标志着国会90年前建立的保障行政部门独立性的保障措施受到破坏性侵蚀。 美国司法部周五向最高法院提交的文件中称，美国总统特朗普以涉嫌行为不当为由解雇美联储理事库克 （Lisa Cook），此举不会引发 "金融市场灾难"。 美司法部副总检察长绍尔（D. John Sauer）在提出上述观点的同时，敦促最高法院允许特朗普解雇库克 的请求生效。 绍尔写道，下级法院下令暂时恢复库克职务的裁决，正给特朗普造成 "无法弥补的损害 ...

中经记者 郝亚娟 夏欣 上海、北京报道 其中，会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增 强银行资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金 融"五篇大文章"，加力支持科技创新、提振消费、小微企业、稳定外贸等，做好"两重""两新"等重点领 域的融资支持。用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排， 维护资本市场稳定。持续做好支持民营经济发展壮大的金融服务，充分发挥支持小微企业融资协调工作 机制作用，进一步打通中小微企业融资的堵点和卡点。着力推动已出台金融政策措施落地见效，加大存 量商品房和存量土地盘活力度，巩固房地产市场稳定态势，完善房地产金融基础性制度，助力构建房地 产发展新模式。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控能力。 （编辑：朱紫云 审核：何莎莎 校对：颜京宁） 中国人民银行货币政策委员会2025年第三季度（总第110次）例会于9月23日召开。 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for proactive monetary policy adjustments to support economic stability and growth, focusing on targeted measures for various sectors [2][4][6]. Economic Analysis - The PBOC acknowledges a complex external environment with weakening global economic growth and increasing trade barriers, while noting a positive trend in domestic economic performance [4][5]. - The assessment of the domestic economy has shifted from "showing a good trend" to "steady progress," with challenges such as insufficient domestic demand and low price levels remaining [5][6]. Monetary Policy Recommendations - The PBOC suggests enhancing monetary policy regulation, improving its foresight, targeting, and effectiveness, and ensuring the execution of various monetary policy measures [6][7]. - Recommendations include maintaining ample liquidity, guiding financial institutions to increase credit supply, and aligning social financing scale and money supply growth with economic growth and price expectations [6][7]. Structural Policy Support - The PBOC plans to strengthen support for technology innovation, consumption, small and micro enterprises, and stabilizing foreign trade, expanding the focus beyond just technology and consumption [6][8]. - The meeting also emphasizes the importance of maintaining stability in the capital market through various financial instruments and supporting the development of the private economy [7][8]. Real Estate Market - The PBOC aims to consolidate the stability of the real estate market, with a focus on revitalizing existing properties and land, while improving the foundational financial systems related to real estate [7][8].

Group 1 - The core viewpoint of the article is the signing of a bilateral currency swap agreement between the People's Bank of China and the Bank of Thailand, aimed at enhancing financial cooperation and stabilizing financial markets [1] - The currency swap agreement has a scale of 700 billion RMB and 3.7 trillion THB, with a validity period of 5 years and the possibility of extension upon mutual agreement [1] - The meeting between the leaders of the two banks also focused on the global economic and financial situation, as well as the facilitation of bilateral trade and investment [1]

Core Viewpoint - The potential risks associated with stablecoins can impact the stability of financial markets, including liquidity risks, financial disintermediation, and price volatility linked to market dynamics [1] Group 1: Liquidity Risks - Stablecoins are issued by private entities, and their stability relies on the quality and transparency of their reserve assets. Insufficient reserve mechanisms or declining asset quality can lead to a trust crisis, causing a run on stablecoins and subsequent asset sell-offs, which may indirectly affect the stability of the traditional financial system and trigger broader liquidity risks [1] Group 2: Financial Disintermediation - Stablecoins may divert business from traditional banking services such as deposits, loans, and remittances. In high-inflation countries, residents may prefer holding stablecoins over bank deposits. Additionally, stablecoins facilitate cross-border payments that bypass traditional banking systems. The further development of decentralized finance could exacerbate the loss of business for traditional financial institutions, leading to financial disintermediation [1] Group 3: Price Volatility and Market Linkage - There is a high correlation between stablecoins and the cryptocurrency market. The boundaries between cryptocurrencies and traditional stocks are becoming increasingly blurred, evidenced by the emergence of crypto assets in traditional financial markets (e.g., listings of companies like Circle) and traditional financial institutions entering the crypto space (e.g., offering crypto trading services, issuing tokenized stock products). This trend enhances the price transmission and linkage effects between the entire crypto asset market and traditional financial markets [1]

Core Viewpoint - The future of Federal Reserve Chairman Jerome Powell has become a focal point of concern, significantly impacting investor confidence and market trends [1][6]. Group 1: Political Dynamics - Recent statements from the U.S. President indicate a willingness to allow Powell to complete his term, despite dissatisfaction with his performance [1][3]. - There are ongoing criticisms from some political figures, including a fabricated resignation letter incident, highlighting the contentious political environment surrounding Powell's position [1][3]. Group 2: Government Stance - The Treasury Secretary has softened criticisms of Powell, acknowledging his performance as acceptable and supporting him to serve until the end of his term [4]. - The Treasury Department emphasizes the need for continued scrutiny of the Federal Reserve's actions to ensure alignment with public interests [4]. Group 3: Market Implications - The uncertainty surrounding Powell's future underscores potential impacts on financial markets, as Federal Reserve interest rate decisions influence global capital flows and risk appetite [6]. - Investors are advised to focus on fundamental analysis and adapt trading strategies in response to policy changes, maintaining a rational approach in the current environment [6].

Group 1 - The central bank of Israel will determine the interest rate path based on inflation trends towards its target, the stability of financial markets, economic activity, and the state of fiscal policy [1]

Core Viewpoint - The easing of trade tensions between China and the U.S. is expected to support the resilience of foreign trade in the second quarter, but the future of economic negotiations remains uncertain due to escalating strategic competition between the two countries [1][12]. Group 1: Trade and Economic Impact - In April, China's exports to the U.S. decreased by 21% year-on-year, while imports fell by 14%, indicating a significant impact from the tariffs, but the overall trade balance was not completely disrupted [2]. - China's overall export growth in April was 8.1%, significantly higher than the market expectation of 2.0%, supported by increased exports to non-U.S. countries, such as a 21% increase to ASEAN [2]. - The industrial added value in April grew by 6.1% year-on-year, exceeding the market expectation of 5.5%, driven by resilient foreign trade [2]. Group 2: Economic Growth and Structural Changes - The high-tech manufacturing and digital product sectors showed strong performance, with year-on-year growth rates of 10% for both categories, indicating a shift towards industrial upgrading [3]. - Investment in high-tech services increased by 11.3% year-on-year from January to April, with information services seeing a remarkable 40.6% growth [3]. Group 3: Infrastructure Investment - Infrastructure investment (excluding electricity) grew by 5.8% year-on-year from January to April, supported by accelerated fiscal policies [4]. - Local government special bonds issuance reached 1.19 trillion yuan, a 65% increase year-on-year, indicating a proactive approach to funding infrastructure projects [4]. Group 4: Financial Market Resilience - The Chinese financial market demonstrated strong resilience, with the A-share market rebounding by 7.1% from its low in April, and the onshore and offshore RMB appreciating by 1.2% and 2.2% respectively [5][6]. - Despite the pressures from U.S. tariffs, foreign capital continued to show interest in Chinese assets, with net inflows into domestic bonds and stocks [6]. Group 5: Currency and Exchange Rate Dynamics - The RMB appreciated against the USD, but its real effective exchange rate index fell by 2.9% in April, indicating a passive appreciation that does not harm export competitiveness [8]. - The foreign exchange market remained stable, with banks reporting a surplus in foreign exchange settlement and sales, driven by increased willingness to settle in RMB [7]. Group 6: Consumer and Real Estate Market Trends - Consumer spending showed signs of weakness, with retail sales growth slowing to 5.1% in April, below market expectations, largely due to declining automobile sales [10]. - The real estate market faced challenges, with sales volume and value declining by 2.1% and 6.7% year-on-year, respectively, indicating a weakening demand [11].