The impact of the Federal Reserve's digital currency on China

1.

Impact:

1. scale rection has a greater impact on Liquidity: "like interest rate increase, scale rection is the only way for the normalization process of monetary policy of the Federal Reserve. The reason for choosing this opportunity is that the recent US inflation continues to be low and the process of interest rate increase may slow down. We need to scale down to maintain the normalization direction of monetary policy, On the other hand, the abnormally large balance sheet of the Federal Reserve is pushing up asset bubbles and jeopardizes the stability of the financial system. Wang Qing, deputy general manager of research and Development Department of Dongfang Jincheng, a rating agency, said

2. bring appreciation pressure on the US dollar: some analysts believe that "table shrinking" will tighten US dollar liquidity, bring appreciation pressure on the US dollar, and emerging markets will face challenges such as devaluation of local currency and capital outflow. After the Federal Reserve released the news, the dollar index jumped from around 91.66 to around 92.6. The US dollar is stronger, the non US currencies are weaker, and the RMB is no exception

3. the scale rection will not cause obvious external pressure on RMB

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means that the central bank reces the size of the balance sheet. The Federal Reserve can realize the direct recovery of the base currency by directly selling its bonds or stopping the reinvestment of maturing bonds, which is a more stringent tightening policy than raising interest rates

2. I don't know if you are interested in the exam. If you are, I will talk about it briefly. 1. The expansion and contraction of the balance sheet by the central bank is essentially the concept of the United States. Because the US Federal Reserve is a private bank, that is, the central bank's monetary policy has great independence, it is impossible to require the US Federal Reserve to issue money indiscriminately. Therefore, if the US Federal Reserve wants to issue money, the US will issue treasury bonds. The US Federal Reserve will purchase the Treasury bonds and invest the money into the real economy to stimulate the development of the real economy. Therefore, from the perspective of the balance sheet of the central bank, the amount of money issued by the asset side has increased, and the amount of treasury bonds held by the liability side has also increased. This is the so-called expansion of the balance sheet, and the popular explanation is quantitative easing. 2. The Federal Reserve has no ability to directly regulate bank lending, it can only regulate interbank lending rate to affect lending. The result of quantitative easing is to control the quantity of high-energy money, which has no impact on the money multiplier. The adjustment of deposit rate by the Federal Reserve can affect the money multiplier. 3. As for the impact of quantitative easing, it is mainly explained from the perspective of Keynesian economics. Generally speaking, it is to restrain the impulse of citizens to hold money, so as to promote the economic recovery. 4. The general unstable exchange rate of the Federal Reserve, the United States is a floating exchange rate system, the exchange rate is free to float. 5. I would like to say a little more here, because the essence of quantitative easing is that the Federal Reserve has purchased US Treasury bonds, that is to say, issued a large number of treasury bonds, which will lead to the so-called debt problem. Quantitative easing comes down in one continuous line with the US debt problem. 6. In contrast, China's central bank is not independent, so it will indiscriminately issue money at the request of the central bank. After the world economic crisis, China's M2 has soared from 40 trillion to 100 trillion, which is the highest in the world. Of course, we should exclude the amplification effect of money multiplier and capital bank idling, China's finance has come to the brink of collapse, and the consequences will be unimaginable.

3. The pressure of people's devaluation will be relieved

the interest rate increase policy adopted by the Federal Reserve will intensify the pressure of capital outflow in China, and the pressure of RMB devaluation will be even greater. On the other hand, once the Federal Reserve adopts the interest rate rection policy, the pressure of capital outflow from China is expected to be eased, and the trend of RMB depreciation is expected to be postponed

it is worth noting that some analysis points out that in order to stimulate exports, the people's Bank of China actually hopes that the RMB will depreciate steadily, but the pace of depreciation should not be too fast. Therefore, once the Federal Reserve cuts interest rates and the RMB exchange rate rises, the central bank's response is really a mystery

asset bubble burst or postpone

asset bubbles mentioned here, mainly referring to the property price being fired and the stock price suspected to be overestimated. That is to say, combined with the above analysis, after the Federal Reserve increases interest rates, the profit tendency of capital will guide funds to stay in China's real estate market, stock market and other markets

even if the market reaction is more intense, more funds may flow into China's real estate market and stock market. At that time, it is not the delay of the real estate slump trend, but the possibility of the real estate market and stock market soaring again< As mentioned earlier, in order to stimulate exports, the people's Bank of China actually hopes that the RMB will depreciate steadily to a certain extent. On the other hand, once the US Federal Reserve cuts interest rates and the RMB is forced to appreciate in disguised form, China's export business, which is already in a downward trend, will be more difficult

of course, the top management is vigorously promoting innovation to improve the international competitiveness of China's export commodities. Whether China's export business will continue to shrink or "make a comeback" in the future is still unclear.

4. In short, the principle is:
hardware pin detection - generate interrupt - drive to execute interrupt program - report to application layer - application layer print eth0: link up / down

5. What is your server? Operating system? Run this command under Linux:
1. Check the network card model first[ root@rac2 Driver] # kudzu -- Probe -- class = Network
if the return value is:
Broadcom Corporation netxtreme II bcm5709 Gigabit
Ethernet

2[ root@rac2 Driver] # modinfo bnx2

post it.

6. Eth link and DSL link must be on. The former means that your network cable connection is normal, and the latter means that your ADSL line connection is normal. It's wrong not to light up
as for DSL act, some models flash at a fixed frequency, indicating that there is data and it is always on, which may be a cat crash; Some models will flash faster and slower according to the flow rate. If the flow rate is too large and the flash speed is too fast, you can't see that it's flashing. It seems that it's always on, so it's no problem
if you have no problem surfing the Internet, you will be OK. If you can't get on the Internet, the DSL act light should be the first abnormal situation. You can call the telecom company to repair it

7. This is a chain reaction
US Fed's purchase of US government bonds -- & gt; On the market, the supply of long-term US bonds decreases, while the supply of US dollars increases; The value represented by the US dollar is actually declining; If the US dollar depreciates, the creditor's rights of US dollar creditor countries such as China will also depreciate; If the value remains unchanged, the commodity price should rise (otherwise it will be devalued) (so gold, oil, metals and other commodities should rise) - & gt; As commodity prices rise, the value of China's imports will rise, which may rece the balance of import and export trade (because exports are still shrinking in the short term), putting more pressure on China's economic growth

8. bitcoin cash (BCC), English for bitcoin cash, is a kind of point-to-point encrypted e-cash system. It is completely decentralized, has no central bank, and does not need the operation of a trusted third party. It is a new block chain asset generated by a hard bifurcation of bitcoin
although bitcoin cash still adheres to the point-to-point encrypted e-cash system like bitcoin, bitcoin cash removes segwit, cancels the block size limit of 1m, supports a maximum block size of 8m, and adheres to the on chain expansion route.