（原标题：香港金管局拓宽人民币流动性安排 巩固离岸人民币中心优势） 金管局助理总裁（外务）许怀志在会上指出，金管局将继续充分利用与中国人民银行签订的8000亿元人 民币货币互换协议，为市场提供稳定的人民币流动性支持。近期推出的"人民币贸易融资流动性资金安 排"将拓展至覆盖日常运营及资本支出，并提供期限更长的融资额度，以更好地满足实体经济对人民币 资金的需求。 南方财经 21世纪经济报道记者 张伟泽 香港报道 9月25日，香港证监会与香港金管局联合发布《固定收益及货币市场发展路线图》（下称《路线 图》），围绕"加强债券发行、提升二级市场流动性、扩大离岸人民币业务、构建新型基础设施"四大支 柱，推动一级、二级市场协同发展。 香港金管局总裁余伟文表示，金管局将继续扩大离岸人民币业务，核心举措包括完善流动资金安排及提 供新工具，其中跨境回购业务的具体详情将在日内推出。此外，拓宽人民币流动性安排的具体细节也将 于短期内公布，未来将探讨降低利率、延长贷款期限、扩大资金用途至支持内地企业对外投资等方向。 余伟文指出，"互换通"每日交易净限额已由200亿元人民币大幅提升至450亿元人民币。这一显著调整充 分反映了国际投资者通 ...

Core Viewpoint - Tokenized money market funds (TMFs) represent a digital form of traditional money market funds, leveraging blockchain technology for enhanced traceability, transparency, and potential efficiency improvements. The market for TMFs in Hong Kong is expected to accelerate with the anticipated opening of secondary market trading [3][5][26]. Group 1: Understanding Tokenized Money Market Funds - TMFs are digital representations of traditional money market funds, where each token represents a share in the fund, maintaining similar underlying assets such as bonds and short-term deposits [7][8]. - The current TMFs in Hong Kong are primarily non-listed and only allow subscription and redemption in the primary market, with secondary market trading expected to be permitted within the year [8][10]. - The issuance of TMFs provides a dual distribution model, allowing participation through traditional brokers and digital asset platforms [7][8]. Group 2: Mechanism and Market Landscape - The operational mechanism of TMFs involves key participants such as tokenization service providers, custodians, and qualified distributors, ensuring compliance and security in managing tokenized assets [11][12]. - The TMF market in Hong Kong is rapidly developing, with various funds launched, including those by Bosera and Huaxia, covering multiple currencies [17][18][19]. Group 3: Comparison with Traditional Money Market Funds - The primary differences between TMFs and traditional money market funds include ownership recording methods, transparency levels, management fees, and transaction efficiency [20][21]. - TMFs utilize decentralized record-keeping via blockchain, enhancing transparency and reducing fraud risks compared to centralized systems of traditional funds [22]. - While TMFs currently have similar initial investment thresholds as traditional funds, future secondary market trading may lower these barriers [24][25]. Group 4: Future Prospects and Market Potential - The future of TMFs appears promising, driven by market demand, technological innovation, and regulatory clarity, with significant growth potential anticipated [26][27]. - The successful issuance of TMFs is expected to facilitate the connection between crypto assets and traditional financial assets, serving as a foundation for further tokenization in asset management [26][27]. - The market for TMFs is projected to grow significantly, with estimates suggesting that tokenized products could reach $400 billion by 2030, with TMFs being a key driver [28][32].

4. 分析师：BTC价格自贝莱德提交现货ETF申请以来已增长250%但波动性更低 彭博高级ETF分析师Eric Balchunas在X平台发文回应Blockware比特币分析师Mitchell Askew表示，自从 贝莱德提交现货比特币交易所交易基金申请文件以来，比特币价格已经上涨了250%，波动性更低，也 没有大规模回撤，继而吸引了更多投资者并使其有机会最终被接受成为货币。Mitchell Askew此前认为 比特币在ETF推出之前和之后已是两种完全不同的资产，抛物线牛市和毁灭性熊市的时代已经结束，未 来10年内比特币或将在"上涨"和"盘整"之间持续波动最终达到100万美元。 5. Michael Saylor正计划将一种比特币支持的"货币市场风格"金融工具带到华尔街 3. 李礼辉：若美国无法改善双赤字，或影响其稳定币币值稳定性 "2025国际货币论坛"于7月27日举行。中国银行原行长李礼辉认为，稳定币具备创新金融便利的作用， 但也存在系统性金融风险。他表示，美国希冀捆绑稳定币与美元，以维系全球货币金融霸权。若美国无 法改善双赤字，或影响其币值稳定性。另外，他指出，香港稳定币在满足条件时可放宽境内准入，助力 ...