团队

2025年8月1日，香港《稳定币条例》生效，标志著中国将逐步参与稳定币市场，并探索如何通过香港这一离岸金融中心，利用稳定币推动人民币国际化。 要回答这一问题，我们需要在当前市场情绪高涨的背景中，理性、客观地理解离岸人民币稳定币的发展逻辑。

We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their portfolios away from EME, while more passive, long term investors such as insurance funds and banks exhibit no significant reaction on average. For active investors, the reallocation out of EME appears stronger under synchronized monetary tightening between the Fed and the ECB. However, these investors may even inject more capital to EME securities when the monetary tightening surprises contain positive news about the Euro Area economy. Issuers’ monetary–fiscal stability may explain the heterogeneous impact of these spillovers.