Recently, the undercurrents of the global economy have been surging, behind which lies an invisible currency war. Some actions you might overlook could cause you to miss key information.

Let's start by explaining how this game is being played. Over the past few decades, certain economies have relied on low-cost manufacturing to support the global supply chain, producing a massive amount of goods for sale worldwide. Buyers only need to print money to exchange for physical goods, and the money earned then flows back into purchasing government bonds — essentially selling goods while borrowing money to spend, making life easy for the other side. But when this model is broken and the supply side no longer wishes to play the "ATM" role, conflicts arise.

So, some start to manipulate: deliberately raising their own inflation while blocking others' export channels through various means. Goods are produced but cannot be sold, excess capacity pressure grows, prices begin to fall, and consumer confidence dims. If this situation persists, the shadow of deflation will lengthen, and finally, others might seize the opportunity to buy core industries at low prices. This move is quite ruthless, directly targeting the economic lifeline of the opponent.

Why is it that, despite printing a lot of money, they still fall into deflation? The problem isn't printing money per se, but external blockades. Export restrictions mean abundant domestic production but fewer buyers, causing prices to naturally fall and consumption to stall. Plus, the real estate sector, which is under strict scrutiny, weakens the transmission mechanism of monetary policy, making deflationary pressure harder to resolve. This is in stark contrast to the inflationary situations in other parts of the world, and the underlying game behind it is self-evident.

Counter-strategies are also quietly unfolding. First is "anti- involution" — stop desperately working overtime to produce, giving ordinary people more time and money to consume, which can naturally ease deflation when domestic demand rises. Second is to unblock the domestic economic cycle by creating a unified large market: resources and labor from the West move east, while funds and technology from the East flow west, solving regional mismatches in supply and demand.

More critically, the focus is on seizing discourse in the currency and energy sectors. Massive accumulation of gold reserves, strengthening the Hong Kong financial market to attract international capital; simultaneously promoting large energy projects to become "powerful energy producers," attempting to anchor the national currency to electricity and other new resources, challenging the existing "US dollar-oil" system. These actions may seem scattered, but they all aim toward one goal — vying for the initiative in currency dominance.

Ultimately, the essence of this game is a contest between two systems: one relies on currency hegemony for its final struggle, while the other leverages vast productive capacity and emerging energy and financial strategies. Who can come out on top in the future depends on whether their currency and new energy systems can outperform the US dollar and traditional oil system.

For those interested in the crypto market and digital assets, this macro-level currency war is also reshaping the entire financial landscape. The struggle for influence over alternative assets like gold, energy, and digital currencies may have a greater impact on future investment logic than you imagine.