往返

在加密和AI相交的時代，真正重要的故事通常被隱藏在噪音之外。

In an era where encryption and AI intersect, the truly important stories are often hidden outside the noise. In order to find these overlooked truths, PANONY and Web3.com Ventures jointly launched the English video program "The Round Trip". Co-hosted by John Scianna and Cassidy Huang, this episode will deeply analyze the key trends in the current global market, from the India-Pakistan conflict to the breakthrough of cryptocurrency, from the Sino-US trade negotiations to the divergence of global monetary policies, to provide readers with comprehensive market insights.

在加密和AI相交的時代，真正重要的故事通常被隱藏在噪音之外。為了找到這些被忽視的真相，Panony和Web3.com Ventures共同啟動了英語視頻節目“往返”。這一集由約翰·斯基安娜（John Scianna）和卡西迪（Cassidy Huang）共同主持，將深入分析當前全球市場的關鍵趨勢，從印度 - 巴基斯坦衝突到加密貨幣的突破，從中國貿易談判到全球貨幣政策的差異，以為讀者提供全面的市場貨幣貨幣政策，以提供全面的市場洞察力。

Token2049 Dubai Live: Heat Rekindles, Construction Mood Returns

Token2049 Dubai Live：熱燃燒，建築情緒回報

The Token2049 Dubai event was crowded with people, the exchange made a high-profile appearance, and there were many high-quality projects. The rainstorm that plagued the event last year did not reappear, and the overall experience was greatly improved. Market sentiment has warmed up significantly, and the project team has returned to the "construction mode", showing their faith and vision.

Token2049迪拜活動充滿了人們，交易所出現了備受矚目的外觀，並且有許多高質量的項目。去年困擾該活動的暴雨並沒有再次出現，整體經驗得到了極大的改善。市場情緒已經大大變化，項目團隊返回“建築模式”，表現出他們的信仰和遠見。

However, the sideline activities were too dense, and Dubai's traffic was congested, so it often took 30 to 40 minutes to shuttle between the activities. Despite this, the execution and long-term thinking of some founders were still impressive. In addition, there was an interesting episode: the global "pistachio shortage" was partly due to the popular pistachio chocolate in Dubai. It is reported that this chocolate is sold at Costco, and the price has risen from US$7 to US$10, while the original one in Dubai is as expensive as US$20 a piece.

但是，邊線活動太密集了，迪拜的交通擁堵，因此在兩次活動之間通常需要30到40分鐘的時間。儘管如此，一些創始人的執行和長期思考仍然令人印象深刻。此外，還有一個有趣的一集：全球“開心果短缺”部分是由於迪拜受歡迎的開心果巧克力。據報導，這種巧克力是在Costco出售的，價格從7美元上漲至10美元，而迪拜的原始價格與每塊20美元一樣昂貴。

Geopolitical situation: India-Pakistan conflict escalates

地緣政治狀況：印度 - 巴基斯坦衝突升級

The most serious story of the week was the escalation of tensions between India and Pakistan. The conflict dates back to the partition of British India in 1947, and the two countries have fought four major wars since then: the Kashmir War of 1947-48, the Second Kashmir War of 1965, the Bangladesh Liberation War of 1971, and the Kargil War of 1999. Notably, both India and Pakistan have become nuclear-weapon states since 1998, making any conflict potentially more serious.

本週最嚴重的故事是印度和巴基斯坦之間緊張局勢的升級。衝突可以追溯到1947年的英屬印度的分區，兩國自那時以來就進行了四場主要戰爭：1947 - 48年的克什米爾戰爭，1965年的第二次克什米爾戰爭，1971年的孟加拉國解放戰爭，以及1999年的卡爾吉爾戰爭。顯然，印度和帕基斯坦都變得更加嚴重。

The current round of tensions stems from a terrorist attack in Indian-controlled Kashmir on April 22 that killed 26 tourists, mostly Hindus. The attack was claimed by the Resistance Front, a group linked to the Lashkar-e-Taiba (LeT), which was responsible for the 2001 Indian Parliament attack and the 2008 Mumbai attacks. India immediately accused Pakistan of harboring terrorists.

目前的緊張局勢源於4月22日在印度控制的克什米爾襲擊的恐怖襲擊，殺死了26名遊客，主要是印度教徒。這次襲擊是由抵抗戰線聲稱的，該組織與Lashkar-e-Taiba（LET）有關，該組織負責2001年印度國會襲擊和2008年孟買襲擊。印度立即指責巴基斯坦藏有恐怖分子。

Earlier last week, India launched a military operation codenamed "Operation Sindoor" to hit nine targets in Pakistan-controlled Kashmir. India stressed that this was a precision strike against terrorist infrastructure, avoiding Pakistani military targets. However, Pakistan condemned this as an "act of war", reported civilian casualties including women and children, and claimed to have shot down Indian warplanes and carried out retaliatory strikes.

上週早些時候，印度發起了一個代號為“辛多爾行動”的軍事行動，以達到巴基斯坦控制的克什米爾的九個目標。印度強調，這是避免巴基斯坦軍事目標的恐怖基礎設施的精確罷工。但是，巴基斯坦譴責這是一種“戰爭行為”，報導了包括婦女和兒童在內的平民傷亡，並聲稱擊落了印度戰機並進行了報復性罷工。

The conflict continued to escalate, with both sides exchanging fire near the Line of Actual Control (LOC), leading to the evacuation of a large number of civilians. China, as a close ally of Pakistan, expressed serious concern, and Western intelligence even reported that a Chinese J-10 fighter jet shot down an Indian French Rafale fighter jet. The international community, including UN Secretary-General Guterres and US President Trump, called on all parties to exercise restraint, but driven by populist leaders such as Modi, it is difficult for both sides to give in without a "victory".

衝突繼續升級，雙方都在實際控制線（LOC）附近交換大火，從而導致大量平民撤離。作為巴基斯坦的親密盟友，中國表示嚴重關注，西方情報人員甚至報告說，一名中國J-10戰鬥機擊落了印度法國陣風飛機戰鬥機。包括聯合國秘書長古特雷斯和美國總統特朗普在內的國際社會呼籲各方行使克制，但在莫迪等民粹主義領導人的驅動下，雙方都很難在沒有“勝利”的情況下屈服。

Macroeconomic policy divergence: global liquidity and interest rate trends

宏觀經濟政策分歧：全球流動性和利率趨勢

Global macroeconomic policies are clearly diverging. The People's Bank of China lowered its reserve requirement ratio and injected $143 billion into the system, starting a liquidity release mode. It is unclear whether this is a liquidity injection in the context of the trade war or a quiet panic in the market. At the same time, despite lower oil prices, OPEC members agreed to increase production, a decision that may be aimed at stimulating global economic growth.

全球宏觀經濟政策顯然有所不同。中國人民銀行降低了其儲備的需求比率，並向系統注入了1430億美元，開始了流動性釋放模式。目前尚不清楚這是在貿易戰爭背景下的流動性注入還是市場上安靜的恐慌。同時，儘管石油價格較低，但歐佩克成員同意增加產量，這一決定可能旨在刺激全球經濟增長。

In the United States, Fed Chairman Powell kept interest rates unchanged at 4.25%-4.5% despite negative GDP in the first quarter. Whether inflation is under control or whether economic growth is sacrificed remains to be seen. In contrast, the United Kingdom chose to cut interest rates to 4.25%, demonstrating a different monetary policy path.

在美國，儘管第一季度GDP負數為負，但美聯儲主席鮑威爾將利率保持不變的利率為4.25％-4.5％。通貨膨脹是否受到控制，還是犧牲經濟增長還有待觀察。相比之下，英國選擇將利率降低到4.25％，表明貨幣政策路徑不同。

In addition, US President Trump reached a trade agreement with the UK, the first formal agreement since Trump launched a global tariff offensive. The two sides agreed to reduce trade barriers in automobiles, agriculture and steel, with US tariffs on British steel reduced from 25% to 0% and automobile tariffs reduced from 27.5% to 10%. In exchange, the UK will ease access to US cars, ethanol, agricultural products and industrial equipment. The agreement provides targeted tariff reductions, but it is still

此外，特朗普與英國達成了貿易協定，這是特朗普發起全球關稅攻勢以來的第一個正式協議。雙方同意減少汽車，農業和鋼鐵的貿易障礙，美國對英國鋼鐵的關稅從25％降低到0％，汽車關稅從27.5％降低到10％。作為交換，英國將減輕美國汽車，乙醇，農產品和工業設備的通道。該協議提供了有針對性的關稅降低，但仍在