中國和德國的財政火箭筒是市場的生命線

正如合成代謝類固醇是健美運動員一樣，財政和貨幣刺激也是市場和經濟的生命線。在過去的幾十年中，民族國家在很大程度上依靠這些財政注入來增強市場和各自經濟體。

As bodybuilders use anabolic steroids to bulk up their bodies, fiscal and monetary stimuli have been the lifeline for markets and the economy. Over the decades, nation-states have relied heavily on these fiscal injections to buff up markets and respective economies.

隨著健美運動員使用合成代謝類固醇來堆積身體，財政和貨幣刺激一直是市場和經濟的生命線。在過去的幾十年中，民族國家在很大程度上依靠這些財政注入來增強市場和各自經濟體。

Now, to the delight of BTC and risk asset bulls, China, the world's second-largest economy, and European Union's heavyweight Germany have announced fresh fiscal bazookas. That might help calm crypto and traditional market nerves about the negative impact of the Trump administration's plan to reduce spending and the President's tariffs policies.

現在，為BTC和風險資產公牛的喜悅，中國，世界第二大經濟體以及歐盟的重量級德國宣布了新鮮的財政碎石油。這可能有助於平息加密貨幣和傳統市場神經，內容涉及特朗普政府減少支出和總統關稅政策的負面影響。

The National People's Congress opened in Beijing today, targeting 5% GDP growth for 2025 while raising the fiscal deficit target to 4% of GDP, a full 100 basis points higher than the previous year's 2% target.

全國人民大會今天在北京開業，目標是2025年GDP增​​長5％，同時將財政赤字目標提高到GDP的4％，比上一年的2％目標高100個基點。

"An increasingly complex and severe external environment may exert a greater impact on China in areas such as trade, science, and technology," Premier Li Qiang said in his speech.

李·齊安（Li Qiang）在講話中說：“在貿易，科學和技術等領域，越來越複雜和嚴重的外部環境可能對中國產生更大的影響。”

Notably, the plan showed that boosting domestic demand and consumption has become a top priority, in line with Beijing's long-term plan to be a more consumer-driven growth model than an investment-driven one.

值得注意的是，該計劃表明，增加國內需求和消費已成為重中之重，這與北京的長期計劃相比，比投資驅動的計劃更為消費者驅動的增長模式。

The decision to maintain the 5% target indicates that "policymakers continue to have confidence in stabilising growth despite stronger external headwinds," ING said.

維持5％目標的決定表明，“儘管外部受風更大，決策者仍對穩定增長有信心。”

Meanwhile, earlier this week, Germany said it would unlock hundreds of billions of euros for defence and infrastructure investments, abandoning its famed fiscal rectitude.

同時，本週早些時候，德國表示，它將為國防和基礎設施投資釋放數千億歐元，放棄其著名的財政正規。

"The massive shift in fiscal policy likely gives the struggling German economy a shot in the arm. A jump in defence spending might provide a cyclical boost, the proposed infrastructure package could deliver notable potential output gains in the long run," Bloomberg economists said.

彭博經濟學家說：“財政政策的巨大轉變很可能使陷入困境的德國經濟在手臂上開槍。國防支出的增加可能會帶來週期性的提升，從長遠來看，擬議的基礎設施方案可以帶來顯著的潛在產出增長。”

Asian and European equity markets rallied early today, cheering the fiscal bazooka from China and Germany. Bitcoin, too, has risen nearly 3% to $90,000, having defended the 200-day average Tuesday.

亞洲和歐洲股票市場今天早些時候集會，歡呼來自中國和德國的財政火箭筒。比特幣也已經上漲了近3％至90,000美元，這是為期200天的平均水平。

Aside from potentially compensating for any fiscal tightening in the U.S., China and Germany's fiscal plan could also work its magic through the FX channel by putting the dollar under pressure.

除了有可能補償美國的任何財政收緊之外，中國和德國的財政計劃還可以通過將美元承受壓力來通過FX渠道來發揮其魔力。

When a country increases its borrowing, it typically signifies that bond supply will rise, placing downward pressure on bond prices and driving yields higher. This, in turn, enhances the appeal of the domestic currency.

當一個國家增加借貸時，它通常表示債券供應將上升，對債券價格下降壓力和驅動收益率更高。反過來，這增強了國內貨幣的上訴。

That's already happening. Germany's 10-year bond yield has jumped 36 basis points to 2.73% since Feb. 25, reaching the highest since November 2023, according to charting platform TradingView. As such, the spread between yields on the 10-year U.S.-German government bond yields has tanked to 1.49% in the USD-negative manner, hitting the lowest since September and down significantly from the high of 2.31% in December.

那已經在發生。根據Charting Platform Tradingview的數據，自2月25日以來，德國的10年債券收益率已躍升至2.73％，至2023年11月以來最高。因此，在10年美國政府債券收益率上的收益率之間的差異已以美元陰性的方式降至1.49％，自9月以來的最低率從12月的2.31％下降了。

The narrowing of the yield spread has lifted the EUR/USD, the most liquid FX pair, spurring a broad-based USD selling and pushing the dollar index below 105.00 for the first time since November.

收益率差的縮小使歐元/美元是最流利的FX對，促使自11月以來首次以低於105.00的美元銷售，並將美元指數推向105.00以下。

Weakness in the greenback, a global reserve, tends to ease financial conditions worldwide, spurring increased risk-taking in financial markets.output: Just as anabolic steroids are to bodybuilders, fiscal and monetary stimuli have been the lifeline for markets and the economy. Over the decades, nation-states have relied heavily on these fiscal injections to buff up markets and respective economies.

全球儲備的綠色弱點傾向於在全球範圍內緩解金融條件，從而刺激了金融市場的冒險越來越大。在過去的幾十年中，民族國家在很大程度上依靠這些財政注入來增強市場和各自經濟體。

Now, to the delight of BTC and risk asset bulls, China, the world's second-largest economy, and European Union's heavyweight Germany have announced fresh fiscal bazookas. That might help calm crypto and traditional market nerves about the negative impact of the Trump administration's plan to reduce spending and the President's tariffs policies.

現在，為BTC和風險資產公牛的喜悅，中國，世界第二大經濟體以及歐盟的重量級德國宣布了新鮮的財政碎石油。這可能有助於平息加密貨幣和傳統市場神經，內容涉及特朗普政府減少支出和總統關稅政策的負面影響。

The National People's Congress opened in Beijing today, targeting 5% GDP growth for 2025 while raising the fiscal deficit target to 4% of GDP, a full 100 basis points higher than the previous year's 2% target.

全國人民大會今天在北京開業，目標是2025年GDP增​​長5％，同時將財政赤字目標提高到GDP的4％，比上一年的2％目標高100個基點。

"An increasingly complex and severe external environment may exert a greater impact on China in areas such as trade, science, and technology," Premier Li Qiang said in his speech.

李·齊安（Li Qiang）在講話中說：“在貿易，科學和技術等領域，越來越複雜和嚴重的外部環境可能對中國產生更大的影響。”

Notably, the plan showed that boosting domestic demand and consumption has become a top priority, in line with Beijing's long-term plan to be a more consumer-driven growth model than an investment-driven one.

值得注意的是，該計劃表明，增加國內需求和消費已成為重中之重，這與北京的長期計劃相比，比投資驅動的計劃更為消費者驅動的增長模式。

The decision to maintain the 5% target indicates that "policymakers continue to have confidence in stabilising growth despite stronger external headwinds," ING said.

維持5％目標的決定表明，“儘管外部受風更大，決策者仍對穩定增長有信心。”

Meanwhile, earlier this week, Germany said it would unlock hundreds of billions of euros for defence and infrastructure investments, abandoning its famed fiscal rectitude.

同時，本週早些時候，德國表示，它將為國防和基礎設施投資釋放數千億歐元，放棄其著名的財政正規。

"The massive shift in fiscal policy likely gives the struggling German economy a

“財政政策的巨大轉變可能使陷入困境的德國經濟