周三，泰国央行行长在商业研讨会上表示，降息无法解决结构性问题，决定将每日在线黄金交易额限制 在5000万泰铢以内，并禁止做空。 表面看，这是对黄金市场的干预，但央行真正关心的核心问题并不在金价，而在于泰铢持续走强所带来 的宏观压力。目前，泰铢兑美元汇率已升至2021年3月中旬以来的新高。该行行长称，已对泰铢汇率进 行管理，并将于下个月出台管理灰色资本的措施。 通过禁止做空黄金，央行直接压缩了高频、杠杆化的交易行为，切断了保证金反复追加所带来的泰铢需 求放大器；同时，也提高了跨市场套利的执行难度，削弱短期投机资金快进快出的动力。在交易额被限 制的情况下，黄金市场对泰铢的被动需求整体降温，汇率升值压力随之缓解。 泰国央行此前还加强了对大型黄金交易商的监管，根据政府公告，过去五年年均交易额达到或超过100 亿泰铢的黄金交易商必须向央行申报其活动，并保存交易记录至少三年。这一要求旨在提高透明度并更 好监控可能影响汇率的资本流动。 这意味着，只要黄金交易规模扩大，就会直接推高对泰铢的实际需求，从而在无意中推动泰铢升值。 在这种结构下，做空黄金并不会削弱泰铢，反而可能强化升值压力。原因在于，做空交易通常伴随较高 杠杆。价 ...

Core Viewpoint - Tether Holdings SA has emerged as a significant player in the global gold market, accumulating substantial gold reserves and positioning itself as a competitor to traditional banks in gold trading, driven by distrust in government debt and the rising gold prices [1][2][3]. Group 1: Tether's Gold Accumulation - Tether has rapidly increased its gold purchases, acquiring over 70 tons of gold last year, surpassing nearly all central banks except Poland [2]. - The company currently holds approximately 140 tons of gold, valued at around $23 billion, making it one of the largest known gold reserves outside of central banks and ETFs [3]. - Tether plans to continue purchasing gold at a rate of about 1 to 2 tons per week, with intentions to evaluate its gold demand quarterly [3][10]. Group 2: Market Impact and Strategy - Tether's significant gold purchases have been noted to potentially influence global gold prices, contributing to a 65% increase in gold prices last year [5][6]. - The company aims to establish a competitive trading platform for gold, seeking to rival major market players like JPMorgan and HSBC [7][10]. - Tether is exploring efficient processes for gold purchasing and is also investing in royalty companies that specialize in gold mining revenue streams [11]. Group 3: Future Prospects and Innovations - Tether is promoting a gold-backed token, Tether Gold (XAUT), which has already issued tokens equivalent to about 16 tons of gold, with expectations of significant market growth [13]. - The company anticipates that foreign governments may soon introduce tokenized versions of gold as a competitor to the dollar, reflecting a broader trend of using gold as a hedge against currency devaluation [14].

1月18日晚间10点，来自深圳的投资者王希，在一家名为"杰我睿珠宝"小程序转账11万元，准备用于购买金条。付款后，系统提示前方有超过3000 人排队，直到次日凌晨款项才显示到账。 翌日，有关该平台出现异常的消息，在多个用户微信群流传。大量用户反映自己被平台"拉黑"，无法继续交易。同时，社交平台开始出现"杰我睿 出现挤兑"的短视频。恐慌之下，王希立即申请提现，但系统再次显示前方有数千人排队等待打款。 1月20日至21日，提现队列缓慢推进，平台兑付情况持续紧绷。21日，轮到王希提现时，申请直接被系统驳回。同日，另一名平台投资者李亮5800 元的提现申请也遭驳回。 不久后，平台更新规则，将每日提现额度限制为500元、1克黄金。但截至目前，王希既未收到全额退款，也未能成功提取"每日额度"。李亮也称， 成功提现2500元后，他26日发起的499.99元提现始终未能到账，而系统显示排队人数仍达一两万。 杰我睿由深圳水贝黄金原料交易商深圳市杰我睿珠宝有限公司（下称"杰我睿"）所有。1月21日至今，超过30名投资者告诉第一财经，杰我睿及多 个关联的线上平台出现兑付困难，波及全国多地投资者。根据投资者自行统计的数据，未兑付资金 ...

2026.01. 28 本文字数：4528，阅读时长大约7分钟 作者 | 第一财经 王方然 1月18日晚间10点，来自深圳的投资者王希，在一家名为"杰我睿珠宝"小程序转账11万元，准备用于购买 金条。付款后，系统提示前方有超过3000人排队，直到次日凌晨款项才显示到账。 翌日，有关该平台出现异常的消息，在多个用户微信群流传。大量用户反映自己被平台"拉黑"，无法继续 交易。同时，社交平台开始出现"杰我睿出现挤兑"的短视频。恐慌之下，王希立即申请提现，但系统再次 显示前方有数千人排队等待打款。 1月20日至21日，提现队列缓慢推进，平台兑付情况持续紧绷。21日，轮到王希提现时，申请直接被系统 驳回。同日，另一名平台投资者李亮5800元的提现申请也遭驳回。 不久后，平台更新规则，将每日提现额度限制为500元、1克黄金。但截至目前，王希既未收到全额退款， 也未能成功提取"每日额度"。李亮也称，成功提现2500元后，他26日发起的499.99元提现始终未能到 账，而系统显示排队人数仍达一两万。 杰我睿由 深圳水贝黄金原料交易商 深圳市杰我睿珠宝有限公司（下称"杰我睿"）所有。 1月21日至今， 超过30名投资者告诉第一 ...

Group 1: Hong Kong's Role as an International Financial Center - The 19th Asian Financial Forum discussed how Hong Kong can enhance its role as an international financial center over the next five years, focusing on opportunities in commodity trading and international gold transactions [1] - Hong Kong has become a crucial window for international capital to share in China's innovation-driven development opportunities, with over 78% of surveyed global business leaders recognizing Hong Kong as a key hub for regional operations [2] - The city is positioned as an ideal partner connecting mainland China and the world, leveraging its deep capital markets, robust IPO channels, and diverse financial products [2] Group 2: Gold Trading Ecosystem Development - A cooperation agreement was signed between the Hong Kong government and the Shanghai Gold Exchange to establish a high-level governance framework for a central gold settlement system in Hong Kong, which is set to begin trial operations within the year [4] - The Hong Kong government aims to expand gold storage capacity to over 2,000 tons within three years and plans to introduce a new gold fund [4] - The unique advantages of Hong Kong's geographical location and institutional strengths are seen as critical for developing its gold market, with plans for a comprehensive service system covering trading, clearing, delivery, and storage [5] Group 3: Financial Empowerment of Industry Development - The Asian Financial Forum highlighted the role of finance in supporting China's technological innovation and facilitating the globalization of enterprises, with Hong Kong acting as a "super connector" for mainland tech companies [7] - Hong Kong's vibrant capital market culture is attractive for businesses and talent, providing strong regional competitive advantages in asset management, capital, and trading [7] - The "14th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and innovation, with Hong Kong positioned to drive the integration of finance and industry development [7]

新华社香港1月27日电 题：金融赋能产业发展 香港角色关键 在全球地缘政治风险升温、贸易政策不确定性持续下，黄金再度成为市场投资和避险的焦点。作为 香港建设国际黄金交易中心的关键举措，此次论坛期间，特区政府财经事务及库务局与上海黄金交易所 签订了合作协议。 新华社记者刘英伦、郑静霞、林迎楠 作为"十五五"开局之年香港举办的首个大型金融论坛，在26日至27日举行的第19届亚洲金融论坛 上，全球政商领袖畅谈下一个五年中，香港将如何提升国际金融中心的功能和内涵，开拓大宗商品贸易 和国际黄金交易等新机遇，并通过金融力量支持产业发展。 国际资本看好中国发展机遇 论坛上，来自全球的政府和私人投资机构代表穿梭于各会场，与内地和香港金融机构和券商频繁洽 谈。多位投资人告诉新华社记者，中国在人工智能和新能源等新兴领域取得的突破将进一步推动全球经 济发展，希望与中国金融机构合作，拓展双向投资渠道。 香港特区政府财政司司长陈茂波在论坛致辞表示，香港已成为国际资本分享中国创新驱动发展机遇 的重要窗口。香港二级市场深度足、流动性强、国际化程度高，企业在港上市可同步对接国际与内地资 本池。在全球价值链重构、各经济体寻求多元化合作伙伴的当 ...

Core Insights - The establishment of a gold central clearing system in Hong Kong aims to enhance the region's position as a gold trading hub, addressing existing market inefficiencies and risks associated with decentralized clearing [2][3][4] - Hong Kong's goal to increase gold storage capacity to 2000 tons within three years is a strategic move to support the new clearing system and enhance its infrastructure [2][5] - Six supporting measures have been announced to create a comprehensive ecosystem for gold trading, including tax incentives and innovative financial products [7][8] Group 1: Gold Central Clearing System - The new gold central clearing system will reduce transaction costs and risks, attracting more international trading institutions to Hong Kong [3][4] - The system is set to be operational by 2026, with a governance structure involving both Hong Kong and Shanghai representatives to ensure alignment with international standards [3][4] Group 2: Storage Capacity Expansion - The Hong Kong government has initiated the expansion of gold storage facilities, with the first phase at the airport completed, aiming for a total capacity of 1000 tons [5] - Collaboration with Shanghai's gold trading infrastructure will enhance the security and management of gold storage, creating a seamless supply chain [5] Group 3: Supporting Measures - The introduction of tax incentives for family offices and funds investing in precious metals is expected to attract high-net-worth individuals to the gold market [7] - A new gold fund will be launched to facilitate physical gold trading and storage, integrating traditional gold business with digital finance [7] Group 4: Strategic Collaboration - The partnership between Hong Kong and Shanghai aims to reshape the global gold trading landscape, leveraging each region's strengths to create a unified gold ecosystem [8] - The collaboration is positioned to enhance the international influence of the Renminbi in gold pricing and trading [8] Group 5: Future Outlook - Hong Kong's strategic advantages, such as its free port status and proximity to mainland China, provide a solid foundation for establishing a regional gold reserve hub [9] - The successful implementation of the clearing system and storage expansion is expected to elevate Hong Kong's role in the global gold market and support the internationalization of the Renminbi [9]

Group 1 - The Bank of Thailand requires gold traders with an average annual transaction value of 10 billion THB (approximately 320.72 million USD) over the past five years to report their trading activities [1][2] - The central bank mandates that these traders retain transaction records for at least three years [1] - This measure is part of the central bank's efforts to curb the appreciation of the Thai baht, which is believed to be driven by gold trading [1] Group 2 - The Bank of Thailand plans to impose a cap on gold trading, potentially limiting daily transaction volumes on online platforms to 50 million THB or 100 million THB [2] - The Thai baht has appreciated approximately 1% against the US dollar this year, with a 9% increase projected for 2025, posing a threat to Thailand's export and tourism competitiveness [2]

Core Viewpoint - Thailand's gold traders with annual transactions exceeding 10 billion Thai Baht are now required to report to the Bank of Thailand [1] Group 1 - The new regulation targets gold traders in Thailand, emphasizing the importance of transparency in the gold trading sector [1] - This move is part of a broader effort by the Thai government to enhance oversight and regulation of financial transactions within the country [1]

Group 1 - Hong Kong will establish a gold central clearing system to provide efficient and reliable clearing services for various transactions, with a trial operation set to begin this year [1] - The Hong Kong government aims to increase gold storage capacity to 2,000 tons over the next three years and build a regional gold reserve hub [1] - A cooperation agreement has been signed between the Hong Kong Financial Services and the Shanghai Gold Exchange, marking a new phase in the deepening collaboration between the two regions' gold markets [1][2] Group 2 - The cooperation agreement is expected to enhance Hong Kong's influence in the Asian gold pricing sector and improve risk management systems, contributing to the development of a regional gold storage, financing, and service center [2] - The global gold trading landscape is undergoing significant changes, with London, New York, and Shanghai accounting for over 90% of global gold trading volume [2] - Hong Kong's gold market has a history of over a century and has developed a complete industry chain, although it currently lacks a unified central clearing system [2] Group 3 - The Hong Kong Financial Services has announced six initiatives, including the goal to exceed 2,000 tons in gold storage capacity within three years and to explore new avenues for gold investment through tax incentives [3] - Plans are in place to launch a new gold fund and connect traditional and digital finance through licensed digital asset trading platforms [3] - The Hong Kong Airport Authority has initiated plans to expand airport storage facilities to accommodate local storage, delivery, and cross-border transport needs, with an expected capacity of up to 1,000 tons [3]