Opinion: Libra's liquidity management will have three impacts on global markets

Yang Xiaochen, a researcher at the Center for Global Economics and International Finance at the Institute of International Finance of the University of Science and Technology of China, and Zhang Ming, a researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences, jointly issued a paper saying that when the scale is large enough, Libra's liquidity management will at least have an impact on the global market. Three aspects of impact: disrupt the pricing logic originally formed in the foreign exchange market and exacerbate market fluctuations; affect the pricing logic of financial markets; financial disintermediation.