在日常生活的消费场景中，我们手中的人民币最大面值始终是 100 元。这不禁让人产生疑问：为啥人民币的最大面值只有 100，而别的国家却有更大的面值 呢？这一问题在网络上引发了众多网友的讨论。 货币面值这东西可不是越大越好。就拿周边国家来说，日本的最大面值是 1 万日元，韩国的最大面值是 5 万韩元，越南的最大面值达到了 50 万越南盾。然 而，与这些国家相比，津巴布韦才是真正的"大面额货币代表"。津巴布韦货币最大面值为 100 亿，这一数字堪称天文数字。津巴布韦也因此成为全球唯一一 个敢和天地银行硬刚的国家，这虽是一句玩笑话，但也形象地说明了其货币面值的夸张程度。毫不夸张的说，要是有人拿着一张津巴布韦 100 亿面值的货币 来我们这儿买东西，估计老板都得当场急眼，因为这巨额的面值在我国的货币体系和消费环境中根本无法流通和使用。 其实很多人不知道的是，这些大面额货币的背后基本都与通货膨胀和历史轨迹有关。从经济学的角度来看，当一个国家出现严重的通货膨胀时，物价会飞速 上涨。为了满足市场交易的需求，政府不得不发行更大面值的货币。以津巴布韦为例，在其历史发展过程中，由于政治、经济等多方面的原因，国内经济陷 入困境，通 ...

Group 1 - The Thai Baht has appreciated by 4.45% against the US dollar this year, while the Vietnamese Dong has depreciated by 8.47%, giving Vietnam a 12.92% competitive advantage in trade and tourism, putting pressure on Thailand [2] - Vietnam's economy is outperforming Thailand, with a GDP growth of 7.96% and an export growth of 18% in Q2 2025, compared to Thailand's GDP growth of 2.8% and export growth of 12.2% [2] - Despite higher growth and interest rates in Vietnam, the Vietnamese Dong has not strengthened due to the influx of speculative capital into Thailand [2][4] Group 2 - The influx of speculative capital is driven by short-term arbitrage opportunities, with potential annualized returns of up to 260% when leveraging the expected appreciation of the Thai Baht [4] - Thailand's foreign exchange reserves are robust, amounting to 52.4% of GDP, ranking fourth globally, which contributes to the Baht being viewed as a "safe haven currency" [6] - The Thai central bank has intervened in the foreign exchange market during periods of US dollar weakness, but the scale of intervention this year is not historically significant [8] Group 3 - Speculative funds have significantly entered the government bond market, reducing the 5-year government bond yield to 1.42%, alleviating financing pressure amid a budget deficit of 865 billion Baht for the fiscal year 2025 [9] - There are differing opinions on how Thailand should respond to the influx of hot money, with some suggesting a fixed exchange rate system while others advocate for allowing market-driven adjustments [8]

Group 1 - Vietnam is adopting a long-standing currency devaluation strategy to gain a competitive edge amid trade pressures from U.S. tariffs [1] - The State Bank of Vietnam (SBV) has steadily pushed for the devaluation of the Vietnamese dong, with the dollar to dong reference rate rising approximately 3.5% in 2025, marking the most significant annual increase since 2011 [1] - Vietnam's currency is nearing historical lows, and analysts expect further depreciation as the central bank maintains its devaluation policy [1] Group 2 - Vietnam is an export-driven economy, with exports accounting for about 90% of its GDP, and net exports to the U.S. representing one-fifth of its economy [1] - The World Bank has revised Vietnam's economic growth forecast for 2025 down from 6.8% to 6.6% due to concerns over slowing exports to the U.S. [2] - In August, Vietnam's exports grew by 14.5% year-on-year to $43.39 billion, falling short of the expected 15.5% increase [2]

Core Insights - Vietnam is adopting currency devaluation as a strategy to gain a competitive edge among Southeast Asian countries in response to U.S. President Trump's trade tariff policies [1] - The Vietnamese dong has been steadily guided to weaken, with the daily reference exchange rate against the U.S. dollar rising approximately 3.5% in 2025, marking the largest annual increase since 2011 [1] - Analysts predict further depreciation of the dong as the central bank maintains a weak currency stance, with a forecasted exchange rate of 27,000 VND to 1 USD by the end of 2025 [1] Currency Strategy - The State Bank of Vietnam is actively managing the exchange rate to enhance trade competitiveness in the U.S. market [1] - The dong is currently trading near historical lows reached in August, indicating ongoing pressure on the currency [1] - BMI's Asia-Pacific country risk director suggests that gradual devaluation will help Vietnam regain trade competitiveness in the U.S. market [1]

Core Viewpoint - Mitsubishi UFJ suggests that Vietnam is inclined to devalue the Vietnamese dong to support economic growth [1] Group 1 - The Vietnamese government is considering currency devaluation as a strategy to bolster economic performance [1] - The potential devaluation of the Vietnamese dong may impact trade balances and foreign investment [1] - The move is seen as a response to global economic pressures and domestic economic challenges [1]

Group 1 - The Vietnamese dong has depreciated by 0.2% against the US dollar, reaching a historic low of 26,133 [1]

Core Viewpoint - The Vietnamese dong has depreciated, reaching a historical low due to geopolitical tensions and impending tariffs from the U.S. on Vietnamese goods [1] Group 1: Currency Impact - The exchange rate of the Vietnamese dong has fallen below the historical low reached in April [1] - The depreciation is attributed to reports of potential U.S. military action against Iran, which has weakened Asian currencies [1] - Analysts indicate that the dong's weakness is primarily related to a rebound in the U.S. dollar [1] Group 2: Trade and Tariff Concerns - Vietnam faces additional pressure on its currency as the U.S. plans to impose a 46% tariff on Vietnamese goods [1] - The reliance on exports makes Vietnam particularly vulnerable to these trade tensions [1] - The dong is expected to lag in performance within the region until trade tensions ease [1]

Core Viewpoint - The article discusses the challenges faced by Vietnam and other Southeast Asian countries due to the "China Plus One" strategy, which has led to increased tariffs from the U.S. and potential economic slowdowns in the region [1][3][4]. Group 1: Economic Impact of Tariffs - The U.S. has imposed a 46% tariff on Vietnam due to trade deficit concerns, significantly affecting its economy [3]. - Vietnam's GDP growth rate, previously estimated at 6% to 7%, may slow down to 5% as a result of these tariffs [3]. - The Vietnamese stock market experienced a significant drop, with the VN index falling 7% on April 3, marking the largest single-day decline in a decade [1]. Group 2: Shifts in Investment Strategies - Global companies are increasingly looking to diversify production bases away from China, with Vietnam being a primary beneficiary until recent tariff changes [2][4]. - The trade surplus of Vietnam with the U.S. is projected to exceed $100 billion in 2024, tripling from 2017 levels, making it the third-largest trade surplus country with the U.S. after China and Mexico [2]. - The attractiveness of the "China Plus One" strategy is diminishing, leading to potential reductions in foreign direct investment in Vietnam and other Southeast Asian nations [4]. Group 3: Central Bank Challenges - Southeast Asian central banks may face difficulties in lowering interest rates due to concerns over capital outflows and currency depreciation [4]. - The region's economic growth remains robust, but the need for monetary easing is complicated by the risk of exacerbating capital flight [4]. - Inflation driven by tariffs and rising U.S. interest rates could lead to a stronger dollar and weaker Asian currencies, further complicating the economic landscape [4].