最近，美国财政部一份报告又让市场议论纷纷。 报告显示，在2025年11月，中国再次减持了61亿美元的美国国债。 这不是什么惊天动地的巨额抛售，但像 水滴石穿，中国的美债持仓已经降到了6826亿美元，这是自2008年金融危机以来的最低水平。 就在同一时期，挪威、加拿大和沙特这些国家，却在增持美债，成了新的"接盘侠"。 日本更是"忠心耿耿"，手握超过1.2万亿美元的巨量美债。 这一减一增 之间，味道就全变了。 中国的举动，被很多分析视为"反常"中的"正常"。 说它反常，是因为它在逆着一些国家的趋势而行；说它正常，是因为自打特朗普 再次入主白宫，这个减持的势头就一直在持续。 这不仅仅是一笔投资调整，更像是一场静默的宣言，背后至少有两层深刻的考量。 正文： 中国的持续减持，显然让美国一些政客坐不住了。 尽管从数据上看，中国抛售的这几十亿美债，很快就被挪威、加拿大等其他国家的投资者给"平掉"了， 甚至外国投资者整体持有的美债总量还在上涨。 但中国对美国而言，意义完全不同。 中国曾经是美债最大的海外持有国，其一举一动具有强烈的风向标意 义。 眼下这个时间点也非常微妙，美国最高法院关于特朗普关税权力合法性的最终裁决还没有出 ...

Key TakeawaysGlobal equity markets concluded the week lower, with the Dow Jones Industrial Average (DJIA) declining 0.54% and the NASDAQ Composite (IXIC) falling 0.82%, as an uneven fourth-quarter earnings season and diminishing expectations for Federal Reserve interest rate cuts weighed on investor sentiment.Commodities saw gains, with Gold (XAU) rising 0.55% to $4623 and US Oil (CL=F) increasing 0.64% to $5964, amidst geopolitical developments and renewed trade tensions.The European Union issued a strong ...

Core Viewpoint - A politicized central bank in the U.S. is perceived to undermine investor confidence in the financial system, while China is making strides in globalizing its currency [1] Group 1 - Economists express concerns that the politicization of the U.S. central bank could lead to diminished trust among investors [1] - The shift in investor sentiment may have broader implications for the stability of the U.S. financial system [1] - In contrast, Beijing is actively working to enhance the international use of its currency, positioning itself as a competitor in the global financial landscape [1]

NEW DELHI: The From The performance principle: Pranab Mukherjee (1983-84) — When grants met accountabilityOn February 28, 1983, Finance Minister Pranab Mukherjee stood before Parliament and announced what he called "the somewhat unconventional step" of allocating Rs 300 crore to states based not on population or political negotiation, but on measured performance in implementing specific programmes."Another Rs 125 crore would be distributed among the States on the basis of their performance in implementing p ...

Core Viewpoint - Robert Kiyosaki criticizes the Federal Reserve's monetary policies, claiming they disproportionately benefit the wealthy while harming the poor and middle class, leading to increased homelessness and economic hardship for the baby boomer generation [2][3][8]. Federal Reserve and Economic Impact - Kiyosaki argues that the Federal Reserve's creation in 1913 and subsequent policies, including the introduction of income tax, have led to economic issues such as inflation and homelessness [1][3]. - He claims that money printing by the Federal Reserve makes life harder for ordinary Americans, as it fuels price increases for essential goods [2][3]. Baby Boomers' Financial Vulnerability - Kiyosaki warns that baby boomers may face significant financial challenges due to inflation, potentially leading to widespread homelessness among this generation [8]. - He highlights that Social Security benefits may not keep pace with rising living costs, particularly for housing and healthcare, with projections indicating potential insolvency of the Social Security trust fund by 2035 [8]. Investment Strategies Against Inflation - Kiyosaki advocates for investing in gold as a hedge against inflation, emphasizing its stability compared to fiat currencies [10][11]. - He also supports cryptocurrencies, particularly Bitcoin and Ethereum, as alternatives that can thrive despite the Federal Reserve's policies, predicting Bitcoin could reach $250,000 by 2026 [16][17]. Real Estate as a Hedge - Kiyosaki promotes real estate investment as a powerful hedge against inflation, noting that property values and rental income typically rise during inflationary periods [19][20]. - He suggests that individuals can invest in real estate through crowdfunding platforms, making it accessible without significant capital [21][23].

在全球经济格局深度调整、我国金融开放步伐加快的双重背景下，跨境金融作为贯通国内外市场的关键 纽带，其发展水平直接决定我国参与国际金融竞争与合作的能力。 服务实体经济，筑牢发展之本。聚焦跨境贸易、产业升级、战略项目等关键领域，推出针对性金融产品 与服务，避免金融空转。深耕跨境电商场景，搭建"金融+电商平台+物流"联动机制，推广数字人民币在跨境 收付中的应用。设立特色产业跨境基金，精准支持产业跨境发展；借助自贸离岸债工具，吸引境外投资者参与 境内实体项目。 当前，跨境金融已从早期单一的贸易结算迈向涵盖投融资、风险管理、资产配置等多元功能的高阶形 态。要实现高质量发展，亟需系统、前瞻的理论框架指引。 优化流程效率，打通流动瓶颈。给予自由贸易账户更多政策支持，推广全功能型跨境人民币资金池，降 低准入门槛。推行"事后核查"替代"事前审查"，简化单证审核流程；依托人民币跨境支付系统（CIPS）提升结 算透明度与效率；积极试点数字人民币在跨境贸易中的应用和跨境贸易的无因性融资。建立人民币与东南亚国 家货币直接兑换平台，完善汇率报价与清算机制，对接金融业通用报文方案ISO20022。 安全创新 我国跨境金融发展坚持"借鉴经验 ...

证券研究报告 25年12月金融数据：存款搬家进行到哪一步了？ 2026年1月17日 事项：2026年1月15日，央行发布25年12月金融数据，新增社融22075亿，同比少增 6462亿元，高于wind市场预期的1.82万亿；信贷口径，新增人民币贷款9100亿元， 同比少增800亿元，较市场预期高2306亿元。 1、社融同比少增但好于预期，除政府债外其余科目基本同比多增 月基数效应消退后M1增速重新回到回落区间，25年12月的M1受到24年12月化债影响 基数偏高，M1增速进一步回落1.1个百分点至3.8%。M1规模增长2.63万亿，与往年 季节性水平比较接近。若未来三个月M1增速保持季节性水平（23-25年均值），M1 同比增速预计在3.3%左右。12月M2增速上升0.5个百分点至8.5%，带动M1-M2增速剪 刀差下降。从总量层面，12月金融数据显示信贷和存款增速边际回升，主要受到基 数效应影响，实体融资需求大致与21年末接近。 结构上，存款同比增加主要由非银存款贡献。12月非银存款同比大幅多增28400亿 元，居民存款多增3900亿元，政府存款同比多增2904亿元，企业存款同比少增5857 亿元。一方面， ...

Key Points Cryptocurrencies connected to stablecoin and tokenization growth have strong potential. Solana's speed and low costs may appeal to stablecoin issuers. Solana seems to have put its technical problems behind it. 10 stocks we like better than Solana › The best cryptos to own in 2026 are ones that will benefit from major real world blockchain adoption. The growth of stablecoins and real-world asset (RWA) tokenization mean a large number of financial transactions could start to move on chai ...

Nobel laureate Paul Krugman asserts that President Donald Trump's recent announcement of a 10% cap on credit card interest rates is a legally powerless “charade” driven by political considerations. Governing By ‘Performance’ In a new analysis on Substack, Krugman dismisses the President’s declaration as purely “performative,” noting that a post on Truth Social lacks the legal force to alter financial regulations. “Tweets don't change the law,” Krugman writes, characterizing Trump as a “would-be price con ...

The Supreme Court didn’t rule on challenges to President Trump’s tariffs on Wednesday. The court did not say when it will issue its next opinions but could schedule more decisions for next Tuesday and Wednesday, when the justices are again in session.The first full week of Q4 earnings season has also been a positive force for stocks, with 89% of the 28 S&P 500 companies that have reported so far beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q ...