Today (March 5, 2026), the National People's Congress opened, with Beijing clearly signaling a policy focus on stabilizing growth and structural transformation. Against the backdrop of a largely stable RMB exchange rate, fiscal spending surpassing 30 trillion yuan for the first time, and a deficit scale reaching 5.89 trillion yuan, the GDP growth target for 2026 is set at 4.5%-5%. Although the growth target has been lowered, China's economy has already exceeded 20 trillion USD, still contributing about 30% to global economic growth. The "14th Five-Year" plan further emphasizes the construction of a modern industrial system, with R&D investment accounting for over 3.2% of GDP, and proposes that by 2030, the value added of core digital economy industries will account for 12.5% of GDP, with the "AI+" initiative accelerating implementation. These signals mean that a controlled slight appreciation of the RMB will ease capital outflow pressure, while possibly suppressing retail investor demand for hedging through Bitcoin and USD stablecoins. The digital asset and RWA (real-world assets) markets will reshape capital flows under a more prudent and structured policy framework, benefiting the integration of blockchain and AI in the long term.
U.S. Developments: Eric Trump Claims Major Banks Lobby to Suppress High-Yield Stablecoins
Eric Trump tweeted today, directly stating that major U.S. banks are actively lobbying Congress to prevent ordinary Americans from accessing higher savings yields and obstructing crypto platforms from offering returns or rewards of 4-5% on stablecoins. He criticized that banks pay only 0.01%-0.05% interest on ordinary savings accounts, while the Federal Reserve pays banks rates as high as 4% or even more, creating a significant interest rate spread. Lobbying groups such as the American Bankers Association are spending millions of dollars opposing legislation such as the "Clarity Act," aiming to maintain a low-interest monopoly and prevent deposits from flowing to crypto platforms. This statement further highlights the conflict of interest between traditional finance and high-yield crypto stablecoins, which may influence U.S. regulatory attitudes towards stablecoins.
Hong Kong Regulation and Law Enforcement Dual Focus: Severe Penalties for Money Laundering + GenA.I. Sandbox +++ Tokenization Infrastructure Upgrade
The Hong Kong police recently cracked a money laundering case involving puppet accounts and cryptocurrency exchange shops, with two mainland individuals sentenced to 28 months and 43 months in prison for setting up 43 local bank accounts and laundering approximately 17.3 million HKD in scam funds (with a total of 230 million HKD involved), highlighting a zero-tolerance approach to cross-border crypto money laundering.
Meanwhile, the Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority, and Mandatory Provident Fund Authority today jointly launched the GenA.I. Sandbox++ in Cyberport, expanding from the successful first phase in 2024 to include banks, securities, asset management, insurance, mandatory provident funds, and stored-value payments, focusing on risk management, anti-fraud, and customer experience, promoting an "AI against AI" strategy. Participating institutions can use the Cyberport AI supercomputing center's GPU resources for free to test applications such as smart chatbots, fraud detection, and insurance claims in a controlled environment.
The CEO of the Hong Kong Securities and Futures Commission, Ashley Alder, emphasized at the 2026 Asian Securities and Financial Markets Association event that it is essential to comprehensively upgrade market infrastructure, particularly in the areas of financial product segmentation and clearing and settlement, where distributed ledger technology (DLT) and tokenization provide solutions. The programmable characteristics of tokenization can cover products like bonds, funds, and gold, requiring effective integration of traditional financial confidence and DeFi efficiency to further release liquidity. She also revealed that the Hong Kong Securities and Futures Commission has jointly led the Asia-Pacific Anti-Cyber Fraud Working Group with Australia's ASIC and participated in the formulation of global digital asset standards.
Today's Cryptocurrency and Stock Market Dynamics
- Cryptocurrency Market: Bitcoin (BTC) is currently trading in the range of 72,000-73,000 USD, significantly rebounding about 2-6% compared to yesterday (with an intraday high touching over 73,000 USD), demonstrating resilience; Ethereum (ETH) fluctuates around 2,100 USD. Overall crypto trading volume has remained relatively stable under macro pressure in February, but the market is still in a recovery phase following the pullback from the 2025 peak.
- Stock Market: Supported by the favorable outlook from the National People's Congress, Asian stock markets have risen broadly. The Shanghai Composite Index rose about 0.8%-0.9% to around 4,115-4,120 points; the Hong Kong Hang Seng Index rose about 1%-1.5% to the range of 25,400-25,600 points, with the Hang Seng Tech Index also rebounding in tandem.
- RMB Exchange Rate: Today it remains largely stable, with 1 USD approximately equal to 6.89-6.90 RMB, fluctuating slightly, in line with the policy tone of "maintaining basic stability."
- Token Unlocking: Today's focus is on the **Power Protocol (POWER)** approximately 23 million USD token unlocking (about 12 million tokens, a significant proportion of circulating supply), as part of a large-scale unlocking totaling 5.8 billion USD in March (others include RAIN, ASTER, SUI, ZRO, etc.). The market should be wary of short-term supply pressure, but most projects' unlocking ratios are manageable.
- New Listings/Trading Pairs: Binance has introduced new spot trading pairs AVAX/USDT, LINK/USDT, LTC/USDT, PAXG/USDT, ZEC/USDT starting at 11:00 today, enhancing liquidity. No significant new cryptocurrencies have been launched yet, but the market continues to pay attention to potential TGE projects (such as the rumored OPN) and AI + blockchain related presales (such as IONIX Chain, etc.).
Summary and Outlook: The opening of the National People's Congress today injects policy certainty into the market, with the stability of the RMB and long-term digital economy planning being beneficial for blockchain, RWA, and AI-driven digital assets. Breakthroughs in domestically produced chips, the Hong Kong regulatory sandbox, and tokenization upgrades create a positive synergy; while controversies surrounding U.S. stablecoins and global unlocking pressures constitute short-term variables. Investors need to balance macro benefits with supply risks, focusing on high-quality projects under the framework of structural transformation. The cryptocurrency market is seeking a new balance after trading shrinkage, with the integration of the digital economy and traditional finance becoming a core narrative for 2026.
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