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India-UK delayed trade deal on track_我的网站

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一 | 　　据 Woofun AI 消息，Swan Bitcoin 首席执行官 Cory Klippsten 提出，比特币的价格对需求变化的敏感度远超黄金。这一观点揭示了 Bitcoin 与传统资产在估值逻辑上的本质差异，即其价值并非源于内在收益，而是完全取决于市场对其作为财富储存手段的持有意愿。　　从估值基准来看，传统资产拥有明确的量化支撑，而 Bitcoin 则缺乏此类根本性依据。 London, Oct 20 (UNI) A highly-anticipated free-trade agreement between India and Britain appears to have floundered at the last minute as Liz Truss’ government gets tough on immigration but observers say the “common threat perception” of China means both sides have a reason to cling on to the pact.

Questions have also swirled over the deal’s priority, given that Truss’ governing Conservative Party now seems intent on replacing her – just a month after she was elected party leader, the South China Morning Post reported.

An unprecedented 80 per cent of voters have a negative opinion of Truss, according to a latest poll by YouGov, making her the most unpopular leader in the UK’s recent political history.

The pact, hailed as “the biggest of them all” by former UK leader Boris Johnson earlier this year, was expected to be signed by the Hindu festival of Diwali that takes place this weekend, a deadline set by Indian Prime Minister Narendra Modi and asserted repeatedly by both sides.

It had the potential to double trade between India and Britain, the world’s fifth and the sixth-largest economies, from the current $29 billion. British firms, especially car- and whiskey-makers, were set to gain access to a massive consumer market with notoriously high tariffs and tedious entry barriers, the BBC said.

For India, the deal was expected to draw higher investment flows, boost manufacturing and ease immigration rules for its citizens to the UK.

Then last week, British Trade Secretary Kemi Badenoch said the government was “no longer working to the Diwali deadline”, but added that the two sides “were close” to a deal and that they were “still working” on it.

Indian media reports have quoted sources from the agency confirming that the deal was unlikely any time soon. Speculation in New Delhi was rife that the deal might be signed only next year, the report said.

A Department for International Trade spokesperson told This Week in Asia that it “won’t sacrifice quality for speed and will only sign when we have a deal that meets both countries’ interests”, a sign that London was no longer keen to match pace with a deadline set by Modi.

Two recent events might have driven some of this change in the momentum.

Soon after taking over as Britain’s Home Secretary, Suella Braverman had “reservations” about a possible FTA with India and “having an open border migration policy with India”, since the “largest group of people who overstay are Indian migrants”.

Braverman also criticised a deal signed by the Johnson government with India on action against visa overstayers, saying it had “not necessarily worked very well”.

For many in New Delhi, this was a sign that the Truss administration was hardening its stance on immigration – an issue critical to India’s interests.

It had promoted easier, relaxed immigration rules for its citizens going to Britain on long-term visas as a key policy, partly as a way to shore up domestic support for the trade deal.

In addition, after violence broke out between Hindus and Muslims in England’s Leicester City last month, Braverman sought to connect it with “uncontrolled immigration” and its “failure” to integrate with local communities – a move viewed as another swipe at Indian immigrants.

Analysts say that for Britain and its former colony India, this is an instance of a clash between their domestic and global politics on two key counts – trade and immigration.

Kira Huju, a London School of Economics Fellow in International Relations, said the separation between domestic and global politics was getting “impossible to sustain”.

“India – as Britain’s most important former colony, now surpassing the UK in its economic might – brings out the subliminal anxiety that underlies the ‘Global Britain’ narrative,” Huju said.

“The increasing normalisation of anti-immigration sentiment inside the Conservative Party is crucial here, too. India will want a more generous visa regime, which an increasingly anti-immigration Conservative Party will be hard-pressed to make.”

Yet, analysts believe that even if the deal is delayed and political instability continues in the UK in the short-term, there still remain many binding factors for the two countries in the medium and long term, the BBC reported.

Shairee Malhotra, Europe Fellow at the New Delhi-based think tank Observer Research Foundation, says that a “common threat perception” of China was an aspect that would drive the two together.

“The Indo-Pacific region is a key area where both are concerned about China’s assertiveness,” she said.

“India is also seeking new defence partnerships for collaboration under its Make in India programme as well as technology transfers, and having the UK participate in its indigenous defence manufacturing industry would give this a huge boost,” she added.

UNI MR。企业的价值由其未来现金流决定，债券的价值基于利息和本金偿还，房地产的价值则锚定于租金收入。相比之下，Bitcoin 与黄金一样，仅依赖投资者的持有偏好。　　Woofun AI 整理数据显示，这种缺乏基本面锚定的特性，使得 Bitcoin 的价格形成机制与传统金融资产截然不同，完全由市场心理和供需关系主导。

二 | 　　更关键的变量在于供需机制的差异。Bitcoin 的需求几乎完全源自货币用途，且其新发行量不会随价格上涨而增加，这种固定供应机制意味着需求的突然激增会直接推动价格急剧上涨，直至现有持有者开始抛售。

三 | Klippsten 以 Bitcoin 在一周时间内从 64，000 美元飙升至 80，000 美元以上的走势为例，说明零售投资者和机构投资者涌入引发的剧烈波动。　　值得注意的是，目前仍无法客观判断 80，000 美元这一价格水平的高低，凸显了估值难度的极大化。　　Bitcoin 的角色仍在发展中，其高波动性要求投资者进行谨慎的风险管理。