Contents

RMB Internationalization

BIS Triennial Central Bank Survey: OTC Foreign Exchange Turnover in April 2025 by Monetary And Economic Department

RMB Tracker Monthly Reporting and Statistics on Renminbi (RMB) Progress Towards Becoming an International Currency by SWIFT

White Paper on RMB Internationalization of Bank of China-RMB in Multilateral Cooperation by Bank Of China

RMB Internationalization to Greatly Stabilize Global Financial System by Wang Fang

New Features of Cross-Border RMB: Based on an Enterprise Questionnaire Survey by Tu Yonghong, Wang Jingye

Anchoring the Future: A New Course for RMB Internationalization in the Tide of Stablecoins by Wang Bo, Zhang Yibo

Geoeconomic Risks and Internationalization of the RMB by Lu Liping, Dong Hongyi, Liu Renping, Zhang Borui

Deepening Geoeconomic Risks and the Strategy for RMB Internationalization by Wang Daoping, Shen Xinyan, Wang Yedong

New World Order

Cutting Through the Noise - Exercising Good Judgment in a World of Change by Christine Lagarde

Sustaining Financial Stability Amid Uncertainty, Fragmentation and Rapid Innovation by Darryl Chan

World Economic Outlook Update, July 2025: Opening Remarks by Pierre-Olivier Gourinchas

The Developmental Characteristics of Stablecoins and Their Potential Impact on the International Monetary System by E Zhihuan

The Evolutionary Logic of Geo-Economic Risks and Implications for International Monetary System Reform by Qian Zongxin

From Fragmentation to Alignment by Gu Jing

Engine of Prosperity by Pedro Barragán

Global Trade in 2025: Resilience under Pressure by Un Trade And Development

Poorest Countries and Fragile States Are Increasingly Falling Behind by Guillaume Chabert, Robert Powell

Initiative Aims to Address Global Governance Deficit by China Daily

Climate Change

US Tariffs Propel Global Clean Energy Shift by Nick Robins and Bob Ward

Digitalisation

Private Versus Public: US and Europe Diverge over Stablecoins by Udaibir Das

HK Takes Lead in Stablecoin Regulation as China Explores a Digital Future by Song Ke

Europe Doubles Down on Public Money for Digital Finance by John Orchard and Lewis Mclellan

Reserve Managers Overwhelmingly Reject Digital Assets by John Orchard

Debt Issues

Global Debt Remains Above 235% of World GDP by Vitor Gaspar, Carlos Eduardo Goncalves, Marcos Poplawski-Ribeiro

China

Growth Engine Fires Up by Yu Yongding

Working Paper

Belt and Road Initiative: Driving Innovation in Tech Enterprises through Global Value Chains by Wensheng Dai