中国提高财政和货币刺激，以消费和减轻贸易战争的影响

这种中央银行刺激措施通常会导致全球流动性增加，这可能会溢出到包括比特币在内的各种风险资产中。

China unveiled plans on Wednesday to ramp up fiscal and monetary stimulus in a bid to boost consumption and mitigate the effects of an escalating trade war with the United States. Such central bank stimulus measures often lead to increased global liquidity, which can spill over into various risk assets, including bitcoin.

中国周三宣布了计划加强财政和货币刺激，以增加消费和减轻与美国的贸易战不断升级的影响。这种中央银行刺激措施通常会导致全球流动性增加，这可能会溢出到包括比特币在内的各种风险资产中。

Historically, expansive stimulus policies in major economies have coincided with bullish trends in the cryptocurrency markets. A study by S&P Global found that both bullish and bearish trends in the crypto market have occurred during periods of ultra-loose monetary policy and significant tightening.

从历史上看，主要经济体的广泛刺激政策与加密货币市场的看涨趋势相吻合。 S＆P Global的一项研究发现，在超浮动货币政策和大幅收紧时期，加密货币市场的看涨和看跌趋势已经发生。

In September 2024, bitcoin surged 12.3%, not bad for one month, and clocked one of its best September performances. This rally aligned with China’s previous stimulus efforts, which included cutting short-term interest rates and reducing banks' reserve requirements to support its housing and equity markets. Additionally, TradingView data indicates a positive correlation between bitcoin’s price and the People's Bank of China’s (PBOC) balance sheet over the past eight years.

2024年9月，比特币飙升了12.3％，一个月的时间还不错，并获得了9月最佳表演之一。这次集会与中国以前的刺激努力保持一致，其中包括降低短期利率以及减少银行的储备要求，以支持其住房和股票市场。此外，TradingView数据表明比特币的价格与中国人民银行（PBOC）的资产负债表之间存在正相关。

A Nexo spokesperson highlighted the potential implications of China's latest stimulus for alternative assets.

NEXO发言人强调了中国最新刺激对替代资产的潜在影响。

"In previous instances when China has ramped up monetary stimulus and injected excess liquidity into the system, in 2015 and in 2020, excess liquidity found its way into alternative assets," the spokesperson told The Block. "Such stimulus could have broader implications for global markets, increasing appetite across equities and alternative assets."

发言人告诉该街区：“在以前的情况下，中国增加了货币刺激并将过量的流动性注入了该系统，并在2015年和2020年将过多的流动性进入了替代资产。” “这种刺激可能对全球市场具有更广泛的影响，从而增加股票和替代资产的食欲。”

However, the Nexo spokesperson also cautioned that China’s strict regulatory controls limit direct participation in crypto markets.

但是，NEXO发言人还警告说，中国严格的监管控制限制了直接参与加密货币市场。

"State-backed alternatives may absorb some of the liquidity, or capital could flow into traditional safe-haven assets like gold," they added.

他们补充说：“国家支持的替代方案可能会吸收一些流动性，或者资本可以流入传统的避风港资产等资产。”

On Wednesday, China’s annual government work report announced a 5% GDP growth target, a fiscal deficit target of 4% of GDP, and a focus on boosting private consumption through various measures.

周三，中国的年度政府工作报告宣布了GDP增长目标5％，财政赤字目标占GDP的4％，重点是通过各种措施来促进私人消费。

"China remains in a slow positive economic momentum, not a boom," Nansen Principal Research Analyst Aurelie Barthere told The Block.

南森（Nansen）首席研究分析师奥雷利·巴特雷（Aurelie Barthere）告诉该街区：“中国仍然处于慢速积极的经济势头，而不是繁荣的潮流。”

So far, she added, Chinese developments do not weigh as much as U.S. policy changes for crypto markets, despite positive signaling around AI investment by the central government.

她补充说，到目前为止，尽管中央政府围绕AI投资的积极信号，尽管中国的发展对加密市场的政策变化不如美国政策变化。

China braces for Trump tariff impact

特朗普关税影响的中国牙套

According to Reuters, Chinese Premier Li Qiang, speaking at the opening of the annual meeting of China's parliament, warned that "changes unseen in a century are unfolding across the world at a faster pace." The ongoing trade war, which began with U.S. President Donald Trump's imposition of tariffs on Chinese goods in 2018, continues to threaten China’s industrial sector. This challenge is further complicated by weak domestic consumption and a deteriorating, debt-laden property market, rendering China’s economy increasingly vulnerable.

据路透社报道，中国总理李·齐安（Li Qiang）在中国议会年度会议的开幕式上发表讲话，警告说：“一个世纪以来看不见的变化正在以更快的速度展开。”持续的贸易战争始于美国总统唐纳德·特朗普（Donald Trump）在2018年对中国商品的关税，继续威胁中国的工业部门。由于国内消费疲软和债务不断的房地产市场恶化，使中国的经济越来越脆弱，这一挑战更加复杂。

On the global growth front, analysts remain cautious in terms of risk asset appreciation.

在全球增长方面，分析师在风险资产升值方面仍然谨慎。

"From a pure macro perspective, bitcoin's performance appears to be most dominated by global growth expectations," Bitwise European Head of Research Europe André Dragosch noted.

比特欧洲研究欧洲研究负责人安德烈·德拉格斯（AndréDragosch）指出：“从纯粹的宏观角度来看，比特币的表现似乎最受了全球增长期望。”

And those expectations have recently been repressed due to the threat of further U.S. tariffs, he added.

他补充说，由于进一步的美国关税威胁，这些期望最近受到压制。

"If we do see a broad-based deterioration in global growth expectations, I think that would factor negatively into bitcoin's performance," Dragosch said.

Dragosch说：“如果我们确实看到了全球增长期望的基础广泛的恶化，我认为这将对比特币的表现负面影响。”

"With U.S. inflation data and the Federal Reserve's interest rate decision looming, it is time to brace for further turbulence in the markets this week," cryptocurrency and financial markets analyst Richard Ptardio told The Block.

加密货币和金融市场分析师理查德·帕迪奥（Richard Ptardio）告诉该街区：“随着美国通货膨胀数据和美联储的利率决策迫在眉睫，现在是时候在本周的市场上进行进一步的动荡。”

"A prolonged consolidation for bitcoin might be the best we can hope for over the coming months as the cryptocurrency attempts to build a base for the next leg of its bull market."

“长时间的比特币合并可能是我们希望在接下来的几个月中最好的选择，因为加密货币试图为下一个牛市的下一个领域建立基础。”