文/ 中国工商银行广州第一支行 蔡斯杰 ，中国社会科学院大学国际政治经济学 院副教授 巩冰 在全球金融格局剧烈重塑的背景下，国际支付正成为货币体系博弈与地缘 竞争 的焦点。 要理解 这 一 变局 ， 必须 回溯 近现 代国 际货 币体 系演 变 的历 史。自19世纪中叶以来的逾150年间，国际支付体系每一次演变，都深刻 映照着全球货币权力与技术格局的变迁。 金本位与早期国际支付体系（19世纪中叶—20世纪30年代） 19世纪中叶至一战前，金本位体制奠定了稳定、单一锚定的国际支付体系，跨境支付主要依赖实物黄金及与其锚定信用工具进行，伦敦凭借对全球黄金市 场垄断和金融网络效应，成为全球支付与清算中心，推动英镑成为跨境贸易支付结算主导货币。一战后金本位遭受严重冲击，黄金输出受限、贸易保护抬 头，各国陆续放弃此体制。20世纪30年代"大萧条"进一步削弱黄金跨境流动，使其从交易媒介转为储备资产，金本位下的国际支付体系走向终结。 布雷顿森林体系中美元支付崛起（1944—1971年） 1944年建立的布雷顿森林体系确立"美元黄金汇兑本位"制度，形成黄金—美元—各国货币多层级锚定结构，美元成为国际支付中心货币。美国则通过掌控 ...

对特朗普而言，这种痛苦日益源于国内，而解决之道却在国外。他在国内的处境越是糟糕——他 的民调支持率低迷且毫无好转迹象——他就越容易受到诱惑，转而寻求海外援助。 几乎每一位美国总统都会随着任期的推移而将重心转向外交政策，这对于特朗普来说并无太多借 鉴意义。他已经明白，规避国际法的礼貌性虚构远比规避美国法院的裁决容易得多。上周六，特 朗普在解释为何下令绑架委内瑞拉总统尼古拉斯·马杜罗时，援引了一份美国逮捕令。他派警长 深入丛林，抓捕一名逃避美国司法制裁的逃犯。结果出奇地成功。只要目标在火力上处于劣势， 成功便指日可待。 特朗普越来越自信地认为自己可以不受制约地掌控美国的战争机器。因此，丹麦的担忧并非毫无 道理。上周日，在马杜罗讲话后，特朗普主动提及格陵兰岛。此后，他多次重申"我们需要"格陵 兰岛。丹麦首相梅特·弗雷德里克森表示，"谈论占领格陵兰岛的必要性完全没有道理"。对此， 特朗普只是重申格陵兰岛对美国安全至关重要。 "你知道丹麦最近为了加强格陵兰岛的安全做了什么吗？"他问道，"他们增加了一辆狗拉雪橇。" Trump really wants Greenland 受委内瑞拉行动的鼓舞，特朗普正寻求用外国行动来缓 ...

Key Takeaways PayPal trades at 10.25X forward P/E, well below industry peers, after shares fell 10.6% in three months.PYPL's 2025 and 2026 earnings estimates were revised higher, signaling improving fundamentals not priced in.PYPL is expanding via agentic commerce partnerships, BNPL features, an ads manager and plans for PayPal Bank.PayPal Holdings (PYPL) shares are trading cheap, as suggested by the Value Score of A. In terms of forward 12-month price-to-earnings (P/E), PayPal is currently trading at 10.24 ...

一如乔布斯，以尼采为师的马斯克，这个移民后代改变了美国，也改变了世界。 马斯克12岁就开始叩问生命的意义，从亚里斯多德到尼采，无数哲学家都是他思维、精神和魂灵的源泉。经过几十年不断地叩问，马斯克最终找到了自己 的内驱力。真正有本事的人，都有强大的内驱力。因为内驱力，是自我成长的根本动力。 今天分享的这篇文章，是马斯克关于内驱力的演讲。他说，他成功的关键是"内驱力"，而世界上最可怕的事情是没有"内驱力"。 马斯克的内驱力在于——"我要做的是有意义的事情，尽我的所能使这个世界变得更加美好，这是我想做的事情。我想改变世界，希望能够尽我的努力， 创立一个新世界，使人们享受生活。" 我一直有种存在的危机感 小时候，人们常会问我，长大要做什么，我其实也不知道。后来我想，搞发明应该会很酷吧，因为科幻小说家亚瑟.克拉克（《2001太空漫游》作者）曾 说过，"任何足够先进的科技，都与魔法无异。" 想想看，三百年前的人类，如果看到今天我们可以飞行、可以远距沟通、可以使用网路、可以马上找到世界各地的资讯，他们一定会说，这是魔法。要是 我能够发明出很先进的科技，不就像是在变魔法吗？ 我一直有种存在的危机感，很想找出生命的意义何在、万 ...

Core Viewpoint - PayPal Holdings, Inc. (NASDAQ:PYPL) has recently attracted negative attention from investment banks, leading to downgrades and reduced price targets, indicating potential challenges for the company moving forward [2][3]. Group 1: Downgrades and Price Target Cuts - Morgan Stanley downgraded PayPal's shares from Equalweight to Underweight and cut the price target from $74 to $51, citing sluggish checkout integrations that may impact margins [2]. - Deutsche Bank also lowered its price target for PayPal from $75 to $65 while maintaining a Hold rating, following UBS's reiteration of a Hold rating with an $80 price target [2]. - Jim Cramer described the Morgan Stanley downgrade as "devastating," highlighting concerns over earnings risk and a slowdown in Venmo's growth [3]. Group 2: Market Sentiment - There is a prevailing negative sentiment towards PayPal, with multiple analysts expressing concerns about the company's performance and market position [3]. - Cramer emphasized that the stock could decline significantly, reflecting broader market apprehension regarding PayPal's future prospects [3].

The banking industry is entering a moment of transition. After several years of economic uncertainty, shifting consumer behavior, and rapid technological change, the industry is now adjusting to a new reality. As the new year approaches, experts are closely watching how banks evolve and what those changes could mean for everyday customers. Here’s what they predict for banking in 2026 — and how these shifts could impact the way you spend, save, and borrow. Read more: Your money in 2026: What to expect in ...

Core Insights - Elon Musk described his departure from PayPal as a "palace coup" orchestrated by the executive team and board members who were concerned about his risky decisions [3][4]. Company Insights - Musk claimed he was the CEO of PayPal and that Peter Thiel, who reportedly fired him, actually reported to him, making it impossible for Thiel to terminate his position [3][4]. - Musk stated he was the largest shareholder in PayPal, asserting that no one could take his shares away from him [3][4]. Industry Insights - Tesla has solidified its status as the most valuable automaker globally, with a market capitalization exceeding $1.58 trillion, surpassing the combined market cap of major competitors like Toyota, BYD, Ford, and General Motors [4]. - Despite the high valuation, Tesla's sales in the U.S. have declined by 23% in November, reflecting a broader downturn in electric vehicle demand, although the company maintains a 56% market share in the U.S. EV sector [5].

Who will have the most impact on the banking, fintech and payments world in 2026? American Banker's reporters and editors compiled this alphabetical list of the 26 people we expect to make a difference — positive or negative — for bankers in the coming year. Processing Content John AllisonChairman and CEO, Home BancSharesHome BancShares in Conway, Arkansas, has returned to the bank merger-and-acquisition arena, and from all appearances John Allison, the company's longtime chairman and CEO, couldn't be mo ...

Core Insights - The mobile payments landscape is rapidly evolving, driven by the adoption of smartphones and fintech innovations, leading to a decline in cash reliance and ATMs [2][3][4] - The global mobile payments market is projected to grow from $3.84 trillion in 2024 to $26.53 trillion by 2032, reflecting a 27% CAGR, indicating significant long-term potential [4] Industry Overview - Mobile payments are reshaping financial transactions globally, integrating digital wallets and technologies like NFC and QR codes to enhance consumer and business interactions [2][3] - The rise of super apps, such as WeChat Pay and Alipay, is changing consumer behavior by combining various services into unified platforms [3] - E-commerce growth and improved digital infrastructure are further propelling the mobile payments sector, benefiting small businesses through faster settlements and better cash flow visibility [4] Competitive Landscape - Competition is intensifying as companies like Nu Holdings, ACI Worldwide, and Bread Financial expand their services through partnerships with banks and merchants [5] - Regulatory frameworks are evolving to enhance security, data privacy, and financial inclusion, with initiatives like FedNow in the U.S. and UPI in India [5] Company Highlights - **Nu Holdings**: Offers mobile payment capabilities through its Nubank platform, serving over 127 million customers, with a strong presence in Latin America [9][10] - **ACI Worldwide**: Provides the infrastructure for mobile payments, enabling real-time transactions and supporting over 200 digital wallets across 70 countries [11][14] - **Bread Financial**: Focuses on embedded financing solutions, allowing merchants to integrate buy now, pay later options into mobile checkouts, enhancing consumer flexibility [15][18]

Core Insights - The report highlights the projected growth of e-commerce sales in Europe, expected to surpass €565 billion by 2029, with a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029 [35][32][29] - PayPal is identified as a leading digital payment brand in the UK, with an 82% brand awareness among consumers, indicating its strong market position [55][109][110] - The purchasing power of Europeans is projected to increase to €18,768 in 2024, reflecting a positive economic outlook for consumer spending [20][18] Economic Projections - The GDP of selected European countries is forecasted to reach €25,644 billion in 2024 and €26,987 billion in 2025, indicating steady economic growth [12][14] - The report anticipates a significant increase in consumer sentiment in the UK, with a noted improvement in economic conditions [24] E-commerce Trends - The report indicates that cross-border e-commerce is gaining traction, with 68.5% of consumers expressing interest in purchasing from international retailers [38][36] - Social media platforms are becoming increasingly important for brand discovery, with Facebook and TikTok leading in consumer engagement [48][49] Payment Preferences - PayPal remains the most preferred payment method among UK consumers, with 39% of users favoring it over other options like Klarna and Apple Pay [54][109] - The report notes that 66% of consumers prioritize security when choosing an online payment method, highlighting the importance of trust in digital transactions [51][60] Consumer Behavior - A significant portion of consumers (73%) indicate that comfort is a key factor influencing their purchasing decisions, particularly in the clothing sector [74][73] - The report also emphasizes the growing influence of social media and influencers on consumer purchasing behavior, with 50% of respondents acknowledging their impact [89][93]