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数字人民币跨境结算系统
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经济学家宋清辉:加强“一带一路”推广 促进区域经贸一体化
Sou Hu Cai Jing· 2025-06-11 01:52
Core Viewpoint - The promotion and application of the digital renminbi and its cross-border settlement system along the "Belt and Road" initiative will facilitate regional economic and trade integration by providing a unified and efficient payment settlement system that reduces the costs and complexities of cross-border transactions [1][3]. Group 1: Digital Renminbi and Cross-Border Settlement - The digital renminbi, leveraging its first-mover advantage and mature technology, has become a key vehicle for economic cooperation among countries along the "Belt and Road" [3]. - The digital currency system (referred to as the "numismatic system") plays a significant role in promoting international trade and investment, particularly benefiting small and medium-sized enterprises by lowering the barriers to international trade participation [3][4]. - The traditional cross-border payment systems are complex and costly, while the numismatic system offers low-cost and convenient alternatives, thus supporting new financial infrastructure for emerging markets [3]. Group 2: Global Context and Future Potential - Over 130 countries and regions are exploring digital currencies, with 11 countries having fully launched Central Bank Digital Currencies (CBDCs) [4]. - The numismatic system has the potential to create a new ecosystem for international trade, although its success will depend on its scale of development and international acceptance [4]. - While the numismatic system is not expected to completely replace existing cross-border payment systems in the short term, it will add new dimensions to the global trade system, contributing to a more diversified and resilient international trade landscape [4].
全球最大美债卖家诞生!两年内抛售1.5万亿美元,远超中国、日本
Sou Hu Cai Jing· 2025-06-06 09:28
Group 1 - The article discusses the ongoing U.S. debt crisis, highlighting that foreign investors hold over $8 trillion in U.S. debt, with significant reductions from countries like China and Japan [2][4] - China has reduced its U.S. debt holdings from a peak of $1.31 trillion in 2013 to $765 billion by March 2025, a decrease of 42% over 12 years [4] - The U.S. debt has reached nearly $37 trillion, with annual interest payments amounting to $1.2 trillion, which is a significant burden on the government's finances [14][16] Group 2 - The article notes that the Federal Reserve, led by Chairman Jerome Powell, is under pressure from former President Trump to lower interest rates to alleviate the debt burden, but Powell maintains the independence of the Fed [10][18] - The U.S. government is exploring the issuance of stablecoins as a potential solution to the debt crisis, which could become the largest buyers of U.S. debt by 2028 [21] - The increase in gold reserves by central banks, including China, signals a shift in global trust away from U.S. dollar assets, with China's gold reserves reaching 2,294 tons [6][4] Group 3 - The article emphasizes the growing international use of the Chinese yuan, with cross-border transactions in yuan accounting for 54.3% of the total in the first quarter of 2025, surpassing the dollar's 41.4% [8] - The ongoing geopolitical tensions and trade disputes between the U.S. and China are influencing global economic stability and investor confidence [6][24] - The article suggests that the U.S. must take effective measures to rebuild its fiscal credibility and restore global investor confidence to address the debt crisis [24][27]
宋清辉:香港在数字人民币及其跨境结算系统推广方面扮演重要角色
Sou Hu Cai Jing· 2025-05-17 22:43
Group 1 - Hong Kong is positioned as a crucial bridge connecting mainland China and global markets, particularly in the promotion of the digital yuan and its cross-border settlement system [1][4] - The suggestion is made for Hong Kong to become a "pilot testing zone" for the cross-border use of the digital yuan, exploring various application scenarios to enhance its global influence and contribute to the internationalization of the yuan [1][4] - Hong Kong is a key participant in the multilateral central bank digital currency bridge project, with ongoing efforts to connect the mainland's rapid payment system with Hong Kong's Faster Payment System [4][5] Group 2 - The digital yuan's cross-border testing in Hong Kong has shown significant efficiency improvements, such as a 98% reduction in transaction fees when payments are made directly to suppliers without intermediary banks [3] - There is a proposal for establishing important financial infrastructure in Hong Kong to facilitate international access while ensuring national financial security [5] - The collaboration between the People's Bank of China and the Hong Kong Monetary Authority in the second phase of testing for digital yuan cross-border retail payments aims to enhance the value of digital yuan wallets through the Faster Payment System [5]