往返

在加密和AI相交的时代，真正重要的故事通常被隐藏在噪音之外。

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相交的时代，真正重要的故事通常被隐藏在噪音之外。为了找到这些被忽视的真相，Panony和Web3.com Ventures共同启动了英语视频节目“往返”。这一集由约翰·斯基安娜（John Scianna）和卡西迪（Cassidy Huang）共同主持，将深入分析当前全球市场的关键趋势，从印度 - 巴基斯坦冲突到加密货币的突破，从中国贸易谈判到全球货币政策的差异，以为读者提供全面的市场货币货币政策，以提供全面的市场洞察力。

Token2049 Dubai Live: Heat Rekindles, Construction Mood Returns

Token2049 Dubai Live：热燃烧，建筑情绪回报

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迪拜活动充满了人们，交易所出现了备受瞩目的外观，并且有许多高质量的项目。去年困扰该活动的暴雨并没有再次出现，整体经验得到了极大的改善。市场情绪已经大大变化，项目团队返回“建筑模式”，表现出他们的信仰和远见。

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，边线活动太密集了，迪拜的交通拥堵，因此在两次活动之间通常需要30到40分钟的时间。尽管如此，一些创始人的执行和长期思考仍然令人印象深刻。此外，还有一个有趣的一集：全球“开心果短缺”部分是由于迪拜受欢迎的开心果巧克力。据报道，这种巧克力是在Costco出售的，价格从7美元上涨至10美元，而迪拜的原始价格与每块20美元一样昂贵。

Geopolitical situation: India-Pakistan conflict escalates

地缘政治状况：印度 - 巴基斯坦冲突升级

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.

本周最严重的故事是印度和巴基斯坦之间紧张局势的升级。冲突可以追溯到1947年的英属印度的分区，两国自那时以来就进行了四场主要战争：1947 - 48年的克什米尔战争，1965年的第二次克什米尔战争，1971年的孟加拉国解放战争，以及1999年的卡尔吉尔战争。显然，印度和帕基斯坦都变得更加严重。

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.

目前的紧张局势源于4月22日在印度控制的克什米尔袭击的恐怖袭击，杀死了26名游客，主要是印度教徒。这次袭击是由抵抗战线声称的，该组织与Lashkar-e-Taiba（LET）有关，该组织负责2001年印度国会袭击和2008年孟买袭击。印度立即指责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.

上周早些时候，印度发起了一个代号为“辛多尔行动”的军事行动，以达到巴基斯坦控制的克什米尔的九个目标。印度强调，这是避免巴基斯坦军事目标的恐怖基础设施的精确罢工。但是，巴基斯坦谴责这是一种“战争行为”，报道了包括妇女和儿童在内的平民伤亡，并声称击落了印度战机并进行了报复性罢工。

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".

冲突继续升级，双方都在实际控制线（LOC）附近交换大火，从而导致大量平民撤离。作为巴基斯坦的亲密盟友，中国表示严重关注，西方情报人员甚至报告说，一名中国J-10战斗机击落了印度法国阵风飞机战斗机。包括联合国秘书长古特雷斯和美国总统特朗普在内的国际社会呼吁各方行使克制，但在莫迪等民粹主义领导人的驱动下，双方都很难在没有“胜利”的情况下屈服。

Macroeconomic policy divergence: global liquidity and interest rate trends

宏观经济政策分歧：全球流动性和利率趋势

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.

全球宏观经济政策显然有所不同。中国人民银行降低了其储备的需求比率，并向系统注入了1430亿美元，开始了流动性释放模式。目前尚不清楚这是在贸易战争背景下的流动性注入还是市场上安静的恐慌。同时，尽管石油价格较低，但欧佩克成员同意增加产量，这一决定可能旨在刺激全球经济增长。

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.

在美国，尽管第一季度GDP负数为负，但美联储主席鲍威尔将利率保持不变的利率为4.25％-4.5％。通货膨胀是否受到控制，还是牺牲经济增长还有待观察。相比之下，英国选择将利率降低到4.25％，表明货币政策路径不同。

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，特朗普与英国达成了贸易协定，这是特朗普发起全球关税攻势以来的第一个正式协议。双方同意减少汽车，农业和钢铁的贸易障碍，美国对英国钢铁的关税从25％降低到0％，汽车关税从27.5％降低到10％。作为交换，英国将减轻美国汽车，乙醇，农产品和工业设备的通道。该协议提供了有针对性的关税降低，但仍在