團隊

2026年4月，香港金融管理局向香港上海滙豐銀行有限公司和碇點金融科技有限公司發出首批穩定幣發行人牌照。滙豐是香港最大的銀行之一，兼有發鈔行的特殊地位。

2026年4月，香港金管局向滙豐銀行和碇點金融發出穩定幣牌照，港元穩定幣發行破冰在即。 這是穩定幣作為鏈上金融基礎設施在香港正式啟航的重要標誌。 “十五五”規劃綱要明確提出鞏固提升香港國際金融、貿易中心地位，強化國際資產與財富管理中心功能。

For a large sample of countries, this article shows that non-banks curtail their syndicated lending by significantly more than banks during financial crises in borrower countries. Differences in the value of lending relationships explain most of the gap. Relationships with non-banks are less valuable in general and thereby do not improve borrowers’ access to credit during crises. Non-banks are also less likely to form lasting relationships with borrowers. These findings imply that the rise of non-banks could increase the importance of transaction-based lenders and exacerbate the repercussions of financial shocks.

2025年8月1日，香港《穩定幣條例》生效，標誌著中國將逐步參與穩定幣市場，並探索如何通過香港這一離岸金融中心，利用穩定幣推動人民幣國際化。 要回答這一問題，我們需要在當前市場情緒高漲的背景中，理性、客觀地理解離岸人民幣穩定幣的發展邏輯。

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.