【Text by Observer Net, Zhang Yixin; Editor by Tao Lifeng】
On October 17, 2025, the School of Economics at Fudan University held the 6th "Nantu International Financial Policy Roundtable," focusing on a deep discussion on "Gold, Bitcoin, and Recent International Financial Situations." The roundtable was hosted by Professor Yang Changan, Director of the Department of International Finance at Fudan University. Experts discussed the evolution and challenges of the current international financial system from multiple dimensions, including the mechanism of monetary anchoring, digital financial innovation, great power rivalry, and asset allocation. Observer Net provided exclusive coverage.
Professor Sun Lijian, Director of the Fudan University Financial Research Center, pointed out that the current international monetary system is facing the dilemma of "missing anchoring." The traditional US dollar hegemony has exposed the Triffin Dilemma—difficulty in balancing liquidity demand and currency value stability. In the era of globalization, the US dollar relies on Chinese production capacity to absorb its liquidity, but after decoupling, the dollar lacks physical support and turns to technology as a new anchor.
Sun Lijian emphasized that digital financial innovations such as Bitcoin, stablecoins, and RWA (Real World Assets) are essentially attempts by private capital to restructure the functions of money. He proposed that China should explore a path integrating CBDC (Central Bank Digital Currency) as a unit of account, combined with the exploration of RMB stablecoins and RWA. This would avoid the disconnection between high-frequency and low-frequency assets' values and seek a balance between security and efficiency.
Professor Cao Xiao, Deputy Dean of the School of Finance at Shanghai University of Finance and Economics, pointed out that Bitcoin and stablecoins have evolved from marginal innovations into mainstream financial assets. The United States has consolidated its dominant position in digital finance through regulatory inclusiveness. Cao Xiao believes that stablecoins are payment tools driven by efficiency rather than currency issuance. Their linkage with the US dollar further strengthens the dollar's hegemony. He called for China to moderately open up digital financial innovation, using regulatory inclusiveness to stimulate market vitality and avoid being marginalized in the competition of financial technology.
Zhang Yidong, General Manager of Xishirun Investment Management Co., Ltd., analyzed from a geopolitical perspective, pointing out that the Sino-US rivalry has escalated from economic competition to a comprehensive confrontation in technology and financial systems. The US maintains its financial hegemony through the AI industry chain and capital expenditure expansion, while China activates social wealth through its capital markets, directing it towards the "new quality productive forces." Zhang Yidong believes that Hong Kong can become a test field for the internationalization of the RMB and digital financial innovation. He recommends investors, in addition to investing in the technology sector, also allocate strategic assets like gold and rare earths to cope with global turbulence and debt crises.
Guan Xin, General Manager of Xishirun Investment Management Co., Ltd., based on his 20 years of experience in the gold market, pointed out that the fundamental reason for the rise in gold prices since 2018 is the "great changes of the century." Debt expansion, the Ukraine-Russia war, and the trend of de-dollarization have driven global investors to increase their holdings of gold, making gold a more independent safe asset and weakening the impact of the US dollar factor. Guan Xin, through historical background and form analogy, pointed out that the gold price trends since the 21st century are highly similar to the multipolar period of the 1970s, and the price may break through $8,000 in the future. He emphasized that gold and the US stock market have a negative correlation in the long term. If the US stock market adjusts due to high valuations, gold may experience a new wave of growth. From the current situation, the displacement effect of virtual currencies on gold in the global asset allocation has already marginally declined, and the digitalization of gold may further boost demand. Additionally, drawing lessons from the period between 1980-2000, under certain conditions, the upward trend of gold prices may come to an end in the future.
Host Professor Yang Changan summarized that the international monetary system is losing its "flexibility"—the inherent stability and inclusiveness of the system. The safety of US debt is in doubt, the center position of the dollar is declining, and the rise of digital encryption have led to the normalization of asset price fluctuations. He cited an IMF report, indicating that there is a risk of volcanic eruptions beneath the surface calm of global finance. Yang Changan proposed that although the "Cambrian Explosion" of digital finance has impacted the existing system, it may not solidify the dollar's hegemony. China can rely on its real economy and the "Belt and Road" initiative to promote the application of RMB stablecoins and gain voice in the new system.
This roundtable revealed that the international financial order is at a historic turning point: Gold and Bitcoin, as representatives of old and new safe-haven assets, reflect the reconstruction of the monetary anchoring mechanism, the rise of digital finance, and the deepening of great power rivalry. Experts reached a consensus that the future needs to focus on the balanced allocation of technology and strategic assets, while seizing opportunities through institutional innovation in turbulent times.
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Original article: https://www.toutiao.com/article/7562874317692748328/
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