The global situation behind national currency symbols: Five international storms in February

February 2026 is coming to an end, and this month’s information density is truly staggering. From the U.S. Supreme Court overturning tariffs to the flare-up of tensions in Iran, and the final verdict in the Hong Kong Jimmy Lai case, each event is influencing the global economic and political landscape. Connecting these events is an invisible thread—the geopolitical struggles and economic revaluations behind the major national currency symbols.

Ordinary people often see symbols like $, €, ¥ but rarely consider what they truly represent. The major events this month are redefining the significance of these symbols in the global economy.

Trump Tariff Escalation: The Global Currency Battle Behind the Dollar Appreciation

The event just unfolded. The U.S. Supreme Court, in a 6-3 decision, ruled that Trump’s invocation of the International Emergency Economic Powers Act to implement global tariffs was unconstitutional. This should have marked the end of that series of tariff policies.

But what happened next? The Trump administration didn’t wait. It immediately announced an increase in global tariffs from 10% to 15%, even hinting that the previously deemed unconstitutional $175 billion tariffs will not be refunded.

The implications go far beyond the surface. Raising tariffs directly leads to higher prices for goods, meaning importing countries must pay more in their own currency to buy dollars for imports. What does this cause? Increased demand for the dollar globally, leading to dollar appreciation, while other currencies (€, ¥, £) depreciate in relative value.

For Chinese and Hong Kong companies, this means rising import costs. Supply chain firms face dual pressures from exchange rates and tariffs. In the short term, Hong Kong and U.S. stock markets will fluctuate due to economic expectations. In the long run, markets are watching whether Trump’s March visit to China will bring new negotiation leverage.

Iran Tensions Rise: Oil Prices and the Revaluation of Global Energy Currencies

Simultaneously, the Iran crisis escalates. The U.S. conducts multi-front negotiations in Geneva, Turkey, and Oman, while troop deployments in the Middle East continue. Trump publicly states, “In the next 10 days, we’ll see—either a new nuclear deal or limited military action.”

More sensitive is that Iran’s top leaders, Khamenei and his son, are now considered targets for U.S. strikes. Several countries have advised their citizens to evacuate Iran.

How severe is this situation? The UK has openly refused to allow U.S. military use of British bases for operations against Iran, citing potential violations of international law. Such public opposition from an ally is rare during Trump’s tenure.

Energy markets are highly sensitive. If the Iran situation escalates into military conflict, oil prices will spike sharply. This will increase import costs for energy-dependent countries, fueling inflation. Yen (¥), Euro (€), and Renminbi (¥) will face inflationary pressures and exchange rate depreciation. Prices for airline tickets, courier services, and chemical raw materials could rise at any time.

Lake Baikal Tragedy: A Sobering Reminder of Winter Travel Safety

From macroeconomics to personal safety— a Chinese tourist minibus broke through the ice on Lake Baikal, sinking into 18 meters of water. Rescue teams recovered all the bodies, with only one survivor.

This isn’t the first winter accident on Lake Baikal, but this time, the victims are mainly Chinese tourists, drawing heightened domestic attention. No matter where or when, safety always comes first. No scenic spot or social media check-in point is worth risking lives. Those experiencing winter activities on Baikal need to reassess the risks involved.

Hong Kong Jimmy Lai Verdict: A Turning Point in Political Landscape

78-year-old Jimmy Lai was sentenced to 20 years for multiple national security charges. German media headlines proclaimed, “The End of the Free Hong Kong Era.”

Regardless of political stance, this verdict marks the conclusion of the rapid political narrowing since 2019. For many Hong Kong residents, it’s not just a case but a formal farewell to the “Hong Kong of the past.”

From a broader perspective, this reflects a fundamental shift in Hong Kong’s political environment. The likelihood of large-scale street protests reemerging is now very low. The political momentum in Hong Kong is undergoing long-term structural adjustments.

Other Key Events at a Glance

The Epstein leak continues to ferment. Among 3 million pages of documents, names like Trump, Musk, Gates appear, sparking a wave of disassociation. However, officials state that allegations against Trump are “without basis.”

Japan’s Prime Minister Sanae Sato injured her hand after excessive handshaking, missing a key televised debate, and was mocked by opposition parties.

Spring Festival box office has surpassed 5.1 billion RMB, with “Flying Life 3,” “The Silent Chilling,” and “The Dagger: Winds Rise in the Desert” leading the charts.

Lei Jun took a six-day ski holiday during the break, then returned directly to work in Beijing. Netizens joked: “This isn’t a vacation, it’s just a continuous overtime ski trip.”

Global Outlook Under the Major Currency Symbols

Overall, these February 2026 events are reshaping the global economic order on multiple levels. Tariffs, war risks, political shifts, energy prices—all are driving revaluations among the world’s major currencies.

The dollar faces upward pressure, while other key currencies are under depreciation stress. This impacts international trade, commodity pricing, and ultimately consumers’ wallets—imported goods become more expensive, energy costs rise, and investment risks increase.

The reason for this month’s extraordinary information density is that these major events are not isolated; they are simultaneously reconstructing the global economic system across various dimensions. From superpower policy games, to safety threats on icy lakes, to box office figures during the Spring Festival, the world is playing out dramatic changes across multiple channels.

We must understand that behind every major currency symbol, there are different national economic prospects and political choices. The coming months’ currency fluctuations will depend on factors like Iran’s situation, Trump’s China visit negotiations, and Western economic policies.