Central bank digital currency CICC Research Report
however, this kind of currency is generally not a digital currency, but a marketing currency at most. In fact, it does not have any application scenarios and practical value. This kind of currency is naturally different from innovative digital currencies such as bitcoin, Ruitai and Laite.
The business of the central bank includes currency issuance, centralized deposit reserve, loans, rediscount, securities, gold and foreign exchange, and handling fund transfer and clearing for commercial banks and other financial institutions. Related businesses are as follows:
1. Payment and clearing: provide account services. In the practice of payment and clearing of central banks in various countries, the central bank generally acts as the intermediary of inter-bank clearing, providing clearing accounts for banks, and realizing inter-bank transfer through the setting and use of clearing accounts
2. Mortgage: on October 18, 2014, the central bank announced that it would obtain liquidity support through the standing loan facility (SLF), with a total amount of about 200 billion yuan. In addition, the CICC report predicts that the liquidity actually put in by the central bank may be higher than 200 billion yuan, reaching 300-400 billion yuan
Net buying of gold: the highest authority of the International Monetary Fund is the board of directors, which is composed of one director and one deputy director from each member country. Generally, the finance ministers or central bank governors of each country hold a meeting in September every year 
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about cross-border loans of the central bank: on December 27, 2012, the Shenzhen Central Branch of the people's Bank of China announced that the central bank had approved Qianhai District of Shenzhen to carry out cross-border RMB loans between Shenzhen and Hong Kong on a trial basis. Enterprises incorporated in Qianhai and actually operating or investing in Qianhai can borrow RMB funds from banks operating RMB business in Hong Kong
has set up a new milestone in the process of RMB internationalization, though the project is still in pilot nature and the scope of implementation is very limited, but if it is extended, it will eventually help to integrate the offshore RMB market in Hongkong with Chinese mainland financial system. p>
the digital money business of the central bank was put into trial operation in February 2017. The block chain based digital bill trading platform promoted by the central bank has been tested successfully, and the legal digital money issued by the central bank has been put into trial operation on this platform. This means that the people's Bank of China will be the first central bank to issue digital currency and carry out real application in the world
The functions of the central bank are as follows:
1. The function of issuing bank: it means that the central bank monopolizes the currency issuing power and is the only authorized currency issuing institution of a country or a monetary union. The central bank should print and destroy the currency, allocate the treasury funds, and adjust the currency distribution and denomination ratio among regions according to the needs of currency circulation
Banking functions of banks: the central bank acts as the lender of last resort of commercial banks and other financial institutions. The function of bank reflects that the central bank is a special financial institution, which is the basic condition for the central bank to be the core of the financial system. Through this function, the central bank exerts influence on the activities of commercial banks and other financial institutions to achieve the purpose of macroeconomic regulation and control The banking function of the government refers to the central bank providing services for the government, which is the specialized agency for the government to manage the national finance. The state revenue and expenditure generally does not set up another organization to handle specific business, but is entrusted to the central bank, which mainly includes collecting treasury funds, allocating fiscal expenditure and reflecting the implementation of budget revenue and expenditure to the financial department according to the requirements of the state budget Regulatory function: to formulate relevant financial policies and regulations as the criteria for financial activities and the basis and means for the central bank to supervise. According to law, we should make overall plans for the establishment of various financial institutions, examine and approve the establishment, business scope and other important matters of commercial banks and other financial institutions. To supervise the business activities of commercial banks and other financial institutions Regulatory function: the central bank, as the national monetary policy maker and executor, regulates and controls the national monetary and credit activities purposefully and purposefully through financial means, so as to influence the national macro-economy, promote the healthy development of the national economy and achieve its expected monetary policy objectives
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the objects of the central bank's supervision function are commercial banks and other financial institutions. In addition, the central bank also needs to supervise and manage the setting, business activities and operation mechanism of the financial market. With the acceleration of the nationalization process of the central bank, the central bank is responsible for the state. The banking laws of many countries clearly stipulate the identity of the central bank as the government agent, thus realizing the transformation from the central bank to the government bank
In the middle of the 20th century, the central bank did not compete with ordinary commercial banks for interests, exercised the function of managing ordinary banks and became the central institution of the financial system, which marked its transformation into a bank of banks. The central bank's monetary policy is inseparable from the overall goal of a country's economic development. In the specific application, it greatly strengthens and pays attention to its comprehensive function, that is, from the past general application to the comprehensive matching applicationselected financial news
response of the foreign ministry to the European Parliament's cancellation of the China EU comprehensive investment agreement review meeting. What is China's comment on this? Foreign Ministry spokesman Hua Chunying said that the China EU investment agreement is not a "gift" given by one party to the other and is mutually beneficial
source: CCTV news client
central office and state office issued an article: further deepen the reform of tax collection and management
recently, the general office of the CPC Central Committee and the general office of the State Council issued the opinions on further deepening the reform of tax collection and management, and issued a notice, requiring all regions and departments to seriously implement it in combination with the actual situation
source: Xinhua News Agency
the Ministry of transportation interprets the "14th five year" transportation plan, and Sichuan Tibet railway, high-speed maglev, and carbon peak all mentioned
on the afternoon of March 24, the Information Office of the State Council held a press conference. Wang Zhiqing, Vice Minister of the Ministry of transportation, introced the implementation of the "Outline" of the "14th five year" plan in the field of transportation, And speed up the construction of transportation power
the outline of the national "fourteenth five year plan" puts forward a number of tasks for transportation, including the construction of comprehensive transportation channels, networks and hubs, urban agglomeration, metropolitan area, rural transportation development, transportation service improvement, and transportation market reform. Wang Zhiqing said that the "fourteenth five year plan" period is an important stage to speed up the construction of a transportation power, and its significance and role are very important
source: interface news
Ministry of Finance: cancel port construction fee and rece collection standard of Civil Aviation Development Fund
in order to further rece enterprise cost and optimize business environment, Ministry of Finance announced recently that cancel port construction fee and rece collection standard of Civil Aviation Development Fund. According to the announcement, the port construction fee will be cancelled from January 1, 2021. For the port construction fee overe in previous years, the relevant receiving units shall collect it in full, settle it in time, and hand it over to the state treasury in full according to the channels specified by the financial department. The announcement makes it clear that from April 1, 2021, the collection standard of civil aviation development fund payable by airlines will be reced by 20% on the basis of recing 50% in accordance with the notice of the Ministry of Finance on adjusting relevant policies of some government funds. All relevant departments and units shall, in accordance with the provisions of the announcement, formulate relevant supporting measures in a timely manner to ensure the implementation of the above policies
source: Xinhuanet
auto trade ushers in subversion. Musk announced that bitcoin can be directly purchased from Tesla
Tesla is speeding up the pace of bringing bitcoin into the mainstream of Finance. Tesla CEO musk said in a twitter post on March 24 that consumers can now use bitcoin to buy Tesla. However, he did not disclose how to operate. This marks the first time that digital currency will become a way of car payment
source: China first finance and Economics&# 160; &# 160;&# 160;&# 160;&# 160;&# 160; Investment consultant; Cai Jin and Chen 160; Registered Investment Consultant Certificate No.: s0260611090020)
market focus
market comments: index shrinkage adjustment, short-term is still dominated by shocks
on Wednesday, the two market indexes were adjusted by shocks, and the total amount of market turnover decreased compared with the previous trading day. Specifically, the Shanghai stock index closed down 1.3% at 3367.07; The Shenzhen composite index fell 1.47% to 13407.3; Gem fell 1.25% to 2634.61
on the disk, gas supply and heating concept stocks, electric power stocks and environmental protection stocks were active, with the top gainers, while resource stocks were poor, with the top gainers. From the trend point of view, the index is likely to continue to challenge the previous low, and it is still in the stage of repeated shocks and bottoming in the short term
In terms of operation, it is suggested to avoid high-level subject stocks; In terms of opportunities, focus on banks and securities companies with index attributes, as well as carbon environmental protection concept stocks and indivial stocks with good performance(investment consultant & Company); Yu Dechao & Chen 160; Registered Investment Consultant Certificate No.: s0260613080021)
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macro perspective: NPC: deploy and implement policies such as increasing the R & D expense dection proportion of manufacturing enterprises
Premier Li Keqiang presided over the executive meeting of the State Council on March 24 to deploy and implement policies such as increasing the R & D expense dection proportion of manufacturing enterprises, so as to stimulate enterprise innovation and promote instrial upgrading; It is decided to further extend the debt service extension policy and credit loan support plan for inclusive small and micro businesses to the end of this year; The Vocational Ecation Law of the people's Republic of China (Revised Draft) was passed
the meeting pointed out that in accordance with the deployment of the Party Central Committee and the State Council, enterprises should play a better role in innovation, make more use of market-oriented, fair and inclusive incentive policies, leverage enterprises and the whole society to increase R & D investment, enhance the stamina of economic development, and promote the optimization of economic structure. In recent years, the tax preferential policy of R & D expense dection has been increasing, which has effectively promoted enterprise innovation. In order to implement the relevant measures of government work report to support enterprise innovation, the meeting decided: first, from January 1, this year, the proportion of R & D expenses dection of manufacturing enterprises will be increased from 75% to 100%, which is equivalent to 2 million yuan dection from taxable income for every 1 million yuan of R & D expenses invested by enterprises. With the implementation of this policy, it is estimated that on the basis of tax cuts of more than 360 billion yuan last year, another 80 billion yuan will be cut for enterprises this year. This institutional arrangement is the most powerful policy in this year's structural tax rection. The second is to reform the accounting method of R & D expenses, allowing enterprises to choose to enjoy the preferential treatment of R & D expenses by half a year. In the first half of the year, the R & D expenses can be dected from the next year's income tax final settlement to that year's October prepayment, so that enterprises can benefit as soon as possible. At the same time, we should study the tax support policies for technology R & D service enterprises and "innovation and entrepreneurship" enterprises. The meeting called for strengthening the publicity and interpretation of policies, optimizing tax services, streamlining the audit process, improving the convenience of enterprises to enjoy policies, and doing a good job
source: China government website
comments: the implementation of policies such as increasing the proportion of R & D expenses plus dection of manufacturing enterprises deployed at the current National People's Congress is a relevant measure to implement the government work report to support enterprise innovation According to the government work report, it is necessary to "continue to implement the policy of 75% dection for enterprise R & D expenses, and increase the proportion of dection for manufacturing enterprises to 100%". The additional dection of the new deal is equivalent to a tax rection for the manufacturing instry, which means that a large amount of R & D investment of enterprises can be included in the cost many times, which is good for companies with high R & D expenses
Investment consultant; Cai Jin and Chen 160; Registered Investment Consultant Certificate No.: s0260611090020)
Banking: focus on instry annual report disclosure
in the past week, the A-share banking sector fell by 2.27%, while the CSI 300 index fell by 2.71%, and the A-share banking sector beat the CSI 300 index by 0.43 percentage points. According to CITIC's primary instry classification standard, the banking sector ranked 23 / 29. In the past week, the central bank's net withdrawal of funds was 0 billion yuan, of which 50 billion yuan was invested in reverse repurchase, 50 billion yuan was e in reverse repurchase, 100 billion yuan was invested in MLF, and 100 billion yuan was e in MLF. Next week, the reverse repurchase will mature at 50 billion yuan. Interbank lending rate trend differentiation, 7-day / 1-month Shibor rate increased 6BP / 1bp to 2.20% / 2.58%, 6-month Shibor rate decreased 1bp to 2.84%. The yield of one-year treasury bonds remained unchanged at 2.64%, while the yield of 10-year Treasury bonds decreased by 2bp to 3.24%
source: Bank of China Securities Research Report
comments: this week, the banking instry will enter the intensive disclosure period of the annual report. According to the disclosure performance of the previous performance express, most of the bank's annual report data perform well. Economic data shows that the real economy is recovering steadily, which is good for the improvement of bank asset quality. After the recent correction, the current valuation of the banking sector is in a relatively reasonable position. It is suggested to pay attention to the allocation opportunities of the banking sector
(investment consultant Yu Dechao Registered Investment Consultant Certificate No.: s0260613080021)
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new share purchase tips
true love Meijia purchase code 003041, purchase price 18.0 yuan
the purchase code of China Agricultural United is 003042, and the purchase price is 21.56 yuan
the purchase code of Huaya intelligent is 003043, and the purchase price is 19.81 yuan
CICC irradiation purchase code 300962, purchase price 3.4 yuan
recommendation of key indivial stocks
see the full version of morning view (customized by month: Discovery - Information - information procts - Information - morning view; Single article customization path: Discovery - gold medal stock appreciation - morning view)
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a precious pearl is in front of me, and I am ready to sell it
it is so humble that it has been on the market for a whole day, but no customers come to ask for it. Although I know its value, I lose confidence more and more at the moment.
at this time, a man came up to me and I recognized him as a famous local jewelry expert. He picked up the Pearl in surprise, sighed and put it down, and finally burst into laughter: "what a pity, He told me that if we want to sell this pearl, and if we want to sell it at a high price, we have to do so and so
the next day, I found precious fragrant wood and invited a skilled carpenter to make a box for the Pearl, which was filled with cinnamon pepper; Then, on the outside of the box, there are many beautiful patterns and beautiful metal lace
I carefully put the Pearl into the box and took it to the market
soon after coming to the market, many people gathered around to enjoy it; The bid went higher and higher, and in the end it was as high as 200 gold, but I was not moved
on the third day, I came to the market again, but this time, I elaborately designed a sales show. I opened the box and the crowd gathered again. At this time, the jewelry expert crowded in, and the crowd suddenly calmed down and looked at him
he came up to me, picked up the Pearl, looked at it carefully for a long time, nodded and said nothing. After walking, the market was boiling and more people were bidding in front of me. The price soon rose to 2000 gold, but I still didn't sell
on the third day, I came to the market with beads and a hammer, not for self-defense, but to raise the price of beads. When I opened the box, there was another price call in the crowd
I looked at the crowd sadly and calmly and waved my hand; Everybody calm down. I said: "it's a pity that such a rare pearl handed down from my ancestors can only be sold for 2000 gold. Since no one in the world really appreciates it, I don't want it to fall into the hands of people who don't know what to do. "
with that, I picked up the hammer and was about to drop it on the bead
a man jumped out of the crowd and held my hand. He's been standing in front of me for three days and hasn't offered< In the end, I sold the Pearl to him for 20000 gold, together with the beautiful box
it's not stupid for a buyer to return a pearl, but the one who laughs at him is actually the one who misses the market opportunity. When such a story is on every day, what we have to do is to find the right medicine to the case, not to stand aside and laugh
when we are faced with any sales promotion in our life, please remember that how we sell this pearl, we should sell ourselves
when promoting ourselves, in addition to our own quality, there are several things that will determine whether we can seize the opportunity and raise our own value: promotion is a kind of propaganda, so we need eloquence; Sales promotion is a kind of display, so we need our image more; Marketing is a process of using various networks to gain opportunities, so it needs to get along well with people. The ability to connect. This book is from these aspects, step by step let us realize our highest value.