After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US ...After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US debt exhibited an exponential expansion trend,unbound by any substantial constraints.The so-called debt ceiling is a partisan game rather than a rigid fiscal constraint on the United States.As long as there are no fundamental changes in the global monetary system,the international credit of US Treasuries will stay stable,and their trend of infinite expansion will be sustained.Massive quantitative easing policies have failed to significantly shake this stability,and the notion of global investors offloading US Treasuries is more an illusion than a fact.The exorbitant privilege of US Treasuries grants its federal government the“freedom to borrow,”shielding the American financial sector from due penalties during global financial crises and securing excessive returns in global capital cycles.In the old days when running“twin surpluses”on capital and current accounts,China kept the value of Renminbi low to support its export manufacturing sector along the southeast coast.As a result,China accumulated huge foreign exchange reserves,mainly US Treasuries.Nowadays,this practice is no longer necessary,yielding low returns and posing significant security risks.展开更多
In 2015 and 2016,China’s capital and foreign exchange(Forex)markets experienced several fluctuations.The plunge in stocks and Forex caused such panic that the upper and middle class had an anxious impulse to transfer...In 2015 and 2016,China’s capital and foreign exchange(Forex)markets experienced several fluctuations.The plunge in stocks and Forex caused such panic that the upper and middle class had an anxious impulse to transfer money out of China.This resulted in China’s foreign exchange reserve dropping from its peak of more than USD4 trillion to USD3 trillion.More than 90%of economic and financial experts reportedly asserted that the exchange rate of RMB against the USD would fall to 7:1 in 2016.展开更多
新型冠状病毒(以下简称新冠)疫苗的推广使用极大降低了新冠感染导致的重症和死亡。既往新冠疫苗的效果评估,常常针对年轻和健康群体,在老年群体中的应用效果仍需进一步探讨。本文通过计算机检索Medline、Web of science、中国科学引文...新型冠状病毒(以下简称新冠)疫苗的推广使用极大降低了新冠感染导致的重症和死亡。既往新冠疫苗的效果评估,常常针对年轻和健康群体,在老年群体中的应用效果仍需进一步探讨。本文通过计算机检索Medline、Web of science、中国科学引文数据库和Pubmed关键词,检索截至2023年5月30日,分析了新冠疫苗在老年群体中的安全性和有效性,并探讨了加强剂、混合免疫和异源接种的效果。以期根据老年群体的特点合理研发疫苗,制定适合老年群体的疫苗接种策略。展开更多
文摘After the decoupling of the US dollar from gold in 1971,US Treasuries replaced gold as the value benchmark of the international monetary system and acquired an exorbitant privilege.Subsequently,the total amount of US debt exhibited an exponential expansion trend,unbound by any substantial constraints.The so-called debt ceiling is a partisan game rather than a rigid fiscal constraint on the United States.As long as there are no fundamental changes in the global monetary system,the international credit of US Treasuries will stay stable,and their trend of infinite expansion will be sustained.Massive quantitative easing policies have failed to significantly shake this stability,and the notion of global investors offloading US Treasuries is more an illusion than a fact.The exorbitant privilege of US Treasuries grants its federal government the“freedom to borrow,”shielding the American financial sector from due penalties during global financial crises and securing excessive returns in global capital cycles.In the old days when running“twin surpluses”on capital and current accounts,China kept the value of Renminbi low to support its export manufacturing sector along the southeast coast.As a result,China accumulated huge foreign exchange reserves,mainly US Treasuries.Nowadays,this practice is no longer necessary,yielding low returns and posing significant security risks.
文摘In 2015 and 2016,China’s capital and foreign exchange(Forex)markets experienced several fluctuations.The plunge in stocks and Forex caused such panic that the upper and middle class had an anxious impulse to transfer money out of China.This resulted in China’s foreign exchange reserve dropping from its peak of more than USD4 trillion to USD3 trillion.More than 90%of economic and financial experts reportedly asserted that the exchange rate of RMB against the USD would fall to 7:1 in 2016.
文摘新型冠状病毒(以下简称新冠)疫苗的推广使用极大降低了新冠感染导致的重症和死亡。既往新冠疫苗的效果评估,常常针对年轻和健康群体,在老年群体中的应用效果仍需进一步探讨。本文通过计算机检索Medline、Web of science、中国科学引文数据库和Pubmed关键词,检索截至2023年5月30日,分析了新冠疫苗在老年群体中的安全性和有效性,并探讨了加强剂、混合免疫和异源接种的效果。以期根据老年群体的特点合理研发疫苗,制定适合老年群体的疫苗接种策略。
