中国和德国的财政火箭筒是市场的生命线

正如合成代谢类固醇是健美运动员一样，财政和货币刺激也是市场和经济的生命线。在过去的几十年中，民族国家在很大程度上依靠这些财政注入来增强市场和各自经济体。

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.

随着健美运动员使用合成代谢类固醇来堆积身体，财政和货币刺激一直是市场和经济的生命线。在过去的几十年中，民族国家在很大程度上依靠这些财政注入来增强市场和各自经济体。

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.

现在，为BTC和风险资产公牛的喜悦，中国，世界第二大经济体以及欧盟的重量级德国宣布了新鲜的财政碎石油。这可能有助于平息加密货币和传统市场神经，内容涉及特朗普政府减少支出和总统关税政策的负面影响。

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.

全国人民大会今天在北京开业，目标是2025年GDP增​​长5％，同时将财政赤字目标提高到GDP的4％，比上一年的2％目标高100个基点。

"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·齐安（Li Qiang）在讲话中说：“在贸易，科学和技术等领域，越来越复杂和严重的外部环境可能对中国产生更大的影响。”

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，该计划表明，增加国内需求和消费已成为重中之重，这与北京的长期计划相比，比投资驱动的计划更为消费者驱动的增长模式。

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

维持5％目标的决定表明，“尽管外部受风更大，决策者仍对稳定增长有信心。”

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

同时，本周早些时候，德国表示，它将为国防和基础设施投资释放数千亿欧元，放弃其著名的财政正规。

"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.

彭博经济学家说：“财政政策的巨大转变很可能使陷入困境的德国经济在手臂上开枪。国防支出的增加可能会带来周期性的提升，从长远来看，拟议的基础设施方案可以带来显着的潜在产出增长。”

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.

亚洲和欧洲股票市场今天早些时候集会，欢呼来自中国和德国的财政火箭筒。比特币也已经上涨了近3％至90,000美元，这是为期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.

除了有可能补偿美国的任何财政收紧之外，中国和德国的财政计划还可以通过将美元承受压力来通过FX渠道来发挥其魔力。

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.

当一个国家增加借贷时，它通常表示债券供应将上升，对债券价格下降压力和驱动收益率更高。反过来，这增强了国内货币的上诉。

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.

那已经在发生。根据Charting Platform Tradingview的数据，自2月25日以来，德国的10年债券收益率已跃升至2.73％，至2023年11月以来最高。因此，在10年美国政府债券收益率上的收益率之间的差异已以美元阴性的方式降至1.49％，自9月以来的最低率从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.

收益率差的缩小使欧元/美元是最流利的FX对，促使自11月以来首次以低于105.00的美元销售，并将美元指数推向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.

全球储备的绿色弱点倾向于在全球范围内缓解金融条件，从而刺激了金融市场的冒险越来越大。在过去的几十年中，民族国家在很大程度上依靠这些财政注入来增强市场和各自经济体。

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.

现在，为BTC和风险资产公牛的喜悦，中国，世界第二大经济体以及欧盟的重量级德国宣布了新鲜的财政碎石油。这可能有助于平息加密货币和传统市场神经，内容涉及特朗普政府减少支出和总统关税政策的负面影响。

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.

全国人民大会今天在北京开业，目标是2025年GDP增​​长5％，同时将财政赤字目标提高到GDP的4％，比上一年的2％目标高100个基点。

"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·齐安（Li Qiang）在讲话中说：“在贸易，科学和技术等领域，越来越复杂和严重的外部环境可能对中国产生更大的影响。”

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，该计划表明，增加国内需求和消费已成为重中之重，这与北京的长期计划相比，比投资驱动的计划更为消费者驱动的增长模式。

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

维持5％目标的决定表明，“尽管外部受风更大，决策者仍对稳定增长有信心。”

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

同时，本周早些时候，德国表示，它将为国防和基础设施投资释放数千亿欧元，放弃其著名的财政正规。

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

“财政政策的巨大转变可能使陷入困境的德国经济