團隊

香港金融管理局以本地銀行體系為錨，本年4月發出首批穩定幣發行人牌照後，外界對銀行業參與穩定幣發行寄予厚望。合規銀行既可藉此提升支付與結算效率，也有望拓展跨境金融服務，並推動數字資產生態與實體經濟進一步連接。

隨着全球貨幣數字化發展日趨成熟，穩定幣市場正醞釀一項意義重大的新動向。據報道，Visa、Stripe等逾百家金融與科技機構聯手組成 Open Standard 聯盟，預計於年內推出美元穩定幣 Open USD。

香港大學經管學院金融學副教授劉洋表示，全球地緣政治環境變遷強化了香港的相對優勢，高淨值人士越來越傾向將資產分散至多個司法轄區，近年來許多亞洲客戶將財富重新轉回香港。

Lack of comovement between consumption differentials and real exchange rates is a traditional indicator of a disconnect of foreign exchange markets from economic fundamentals. We present novel empirical evidence for the disconnect between the volatilities, as opposed to the levels, of these variables. The volatility correlations are below one, but they are larger than the level correlations. We discuss the economics of volatility disconnect anomaly in settings with complete and incomplete markets and provide an explanation of our empirical findings based on international risk sharing of expected growth and volatility news shocks.

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。

Do real assets protect against inflation? Stocks’ core inflation betas are negative, while their energy betas are positive. Currencies, commodities, and real estate mostly hedge against energy inflation, but not core inflation. These hedging properties are reflected in the prices of inflation risks: only core inflation carries a negative risk premium, and its magnitude is consistent within and across asset classes, uniquely among macroeconomic risk factors. Energy inflation has become more procyclical and volatile since the 1990s, which helps explain the time-varying correlation between stock and bond returns. A two-sector New Keynesian asset pricing model accounts for these facts quantitatively.

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。

This paper proposes a conditional asset pricing model that integrates environmental, social, and governance (ESG) demand and supply dynamics. Shocks in the demand for sustainable investing represent a novel risk source, characterized by diminishing marginal utility and positive premium. Green assets exhibit positive exposure to ESG demand shocks, hence commanding higher premia. Conversely, time-varying convenience yield leads to lower expected returns for green assets. Moreover, ESG demand shocks have positive contemporaneous effects on unexpected returns, contributing to large positive payoffs in the green-minus-brown portfolio over extended horizons. The model predictions align closely with evidence on return spreads between green and brown assets, further reinforcing the apparent gap between realized and expected spreads.

港大經管學院金融學副教授劉洋接受《灼見名家》訪問時表示2025/26年度的財政預算案屬預料之中，並且認為香港的財政狀況依然健康。他表示政府審慎處理財政預算，形容政府削減開支的行動很快，對政府能有效控制和減少日常開支感樂觀，相信經營開支再略降就能解決問題。 劉教授強調，政府在資金運用上需綜合考量社會與經濟效益，以及應加速推動長遠項目發展，例如北部都會區及大學科研項目。他指出，這些計畫需由政府提供基礎科研資源及設施建設支持，方能有效吸引人才。不過，他建議政府不要投資「風險企業」，強調「香港一向是小政府，要繼續保持好」。 至於香港政府利用法定機構自行發債來推動好的項目發展，例如機場管理局和市區重建局，劉教授認為這能夠帶動經濟增長和增加就業機會。他提到，香港的發債計劃應保持簡單易明，較易讓市民有信心入手認購。 劉洋強調公共財政應以「抓大放小」的原則來考量，認為太花時間人力鑽研和實行削減一些佔用實質資源較少的項目，例如長者交通優惠，可能更不划算。他亦不主張公務員減薪，認為這會影響工作積極性。