2025_年年度经济报告（英）_126页_11mb

The Bank for International Settlements (BIS) Annual Economic Report for June 2025 presents a detailed analysis of global economic challenges and innovations in finance. Key themes include the impact of trade tensions on global growth, uncertainty-driven financial market volatility, and structural vulnerabilities in the real economy, fiscal positions, and financial intermediation.

Monetary policy faces heightened uncertainty, with central banks balancing growth support against inflation risks. The report underscores the importance of maintaining price stability and building public trust.

Digital innovation, particularly tokenization, is presented as a transformative force for modernizing financial systems. Tokenized platforms with centralized bank reserves could improve efficiency and enable new contract possibilities. Stablecoins are discussed as potentially useful but falling short of the core requirements for sound money due to issues with singleness, elasticity, and system integrity.

The report calls for bold central bank leadership in driving safe and inclusive transformation, emphasizing collaboration and regulatory frameworks. This involves harnessing technology like AI for enhanced financial stability measures and promoting interoperability across jurisdictions.