How to look at the exchange rate of digital currency
Publish: 2021-05-05 00:50:27
1.
digital currency is an alternative currency in the form of electronic currency (which can be used for real goods and services transactions)
digital currency has the main characteristics of network packets. This kind of data packet is composed of data code and identification code. The data code is the content we need to transmit, while the identification code indicates where the data packet comes from and goes
based on the characteristics of digital currency, the direct benefit of digital currency to the central bank is not only to save the cost of note issuance, circulation and settlement, but also to enhance the central bank's ability to control funds
Electronic money and virtual money are called digital money. According to the definition of the European Central Bank, virtual money is issued by non central banks, credit institutions and e-money institutions, which can be used as the numerical expression of the value of currency substitutes in some cases{rrrrrrr}
extended information:
the process of digital currency trading through the platform is as follows:
(1) investors should register accounts first, and obtain digital currency accounts and US dollar or other foreign exchange accounts at the same time
(2) users can buy and sell digital currency with the money in their cash account, just like buying and selling stocks and futures
(3) the trading platform will sort the buying requests and selling requests according to the rules and start to match them. If they meet the requirements, the transaction will be concluded
(4) e to the difference between the buy and sell volumes submitted by users, a buy or sell request may be partially executed
2. After the digital currency is sold, it is generally universal usdt, or OTC, which can be directly converted into legal currency, that is, RMB, which is not difficult to operate.
3.
1、 What is digital currency RMB
with the development of Internet technology, especially blockchain technology, many so-called & lt; virtual currency;, Such as bitcoin and Wright currency, which are controversial in recent years
as a substitute for M0 (cash in circulation, i.e. cash in circulation outside the banking system), the difference between the central bank's digital currency and the virtual currency such as bitcoin is that bitcoin is decentralized, while the digital currency to be launched by the central bank is centralized
the central bank's digital currency is a legal digital currency issued by the central bank based on national credit, which is exactly the same as RMB cash and is equivalent to cash{ RRRRR}
it can be predicted that the era of digital RMB is coming. For commercial banks and other financial institutions, digital currency will lead to more innovations such as digital credit, digital assets and digital liabilities. In addition, the central bank can improve the efficiency of monetary operation monitoring and enrich monetary policy means after the issuance of digital currency
In addition, the issue of central bank's legal digital currency will make it possible to collect real-time data such as money creation, bookkeeping and flow. After data desensitization, it will conct in-depth analysis through big data and other technical means, so as to provide a useful reference for money supply, formulation and implementation of monetary policy, and provide a useful means for economic regulation In the short term, the introction of digital currency has little impact on the exchange rate; Digital RMB & quot; At present, it seems that the aim is to partially digitize the currency in circulation (so there will be zero interest rate compensation, 100% reserve requirement and limited weakening of financial intermediaries, also known as & lt; Disintermediation, Considering China's current capital account restrictions (especially the restrictions on capital outflow), the introction of digital currency is unlikely to have a great impact on the trend of RMB exchange rate in the short termthe development of Sino US relations, portfolio capital flow, yield advantage and valuation are still the driving factors for RMB. Due to the outbreak of the second wave of the epidemic, there was an outflow of funds from the United States. This should also boost market confidence in the RMB in the short term
2、“ Digital RMB & quot; It is a milestone of RMB internationalization; Digital RMB & quot; The design of settlement technology is very complex and becomes ubiquitous (by making full use of the increasing popularity of mobile phones and Internet applications in China and the inclusion of RMB in the IMF's special drawing rights basket), which may promote the internationalization of RMB and the diversification of the current US dollar centered International Monetary System in the long run
conclusion: when the central bank issues digital currency, it focuses more on domestic factors. On the one hand, it is the trend of the times; on the other hand, it has many advantages. And the internationalization of RMB, more often, is a matter of course. The introction of digital currency by the people's Bank of China is a major change in the monetary system, both domestically and internationally
4. Two of them said the same person said that person. For example, two of them said a, that's where a is
5. 1. The concept of exchange rate
foreign exchange rate is the ratio, price or price converted from one country's currency to another country's currency; It can also be said that it is a foreign currency expressed in domestic currency; Price;. Due to the international trade and non trade exchanges, countries need to handle international settlement, so a country's currency, against the currencies of other countries, all have an exchange rate, but the most important one is against the US dollar and other currencies of a few countries< In order to convert the currency of two countries, it is necessary to determine which country's currency should be used as the standard. Due to the different standards, there are two kinds of quotation methods of foreign exchange rate
one unit or 100 units of foreign currency is used as the standard to convert it into a certain amount of domestic currency, which is called direct quotation. Under the direct pricing method, the amount of foreign currency is fixed, while the amount of domestic currency changes with the change of foreign currency or domestic currency value. Most countries adopt the direct pricing method. In some countries, the value of monetary units is relatively low, such as Japanese yen, Italian lira, etc. now sometimes 100, 000 or 10, 000 is used as the conversion standard
one unit or 100 units of local currency is used as the standard to convert into a certain amount of foreign currency, which is called indirect quotation. Under the indirect pricing method, the amount of domestic currency is fixed, while the amount of foreign currency changes with the change of the value of domestic currency or foreign currency. The United Kingdom and the United States are both countries using indirect pricing< Buying rate, selling rate and intermediate rate are generally concentrated in commercial banks and other financial institutions. The purpose of buying and selling foreign exchange is to pursue profits. The method is to buy at a low price and sell at a high price. The exchange rate used by commercial banks and other institutions to buy foreign currency is called & quot; Buying rate & quot Buying rate), also known as & quot; Purchase price;; The exchange rate used to sell foreign currency is called & quot; Selling rate & quot Selling rate), also known as & quot; Selling price;, The difference between the buying exchange rate and the selling exchange rate is generally between one thousandth and five thousandth, which varies from country to country. The sum of the buying rate and the buying rate, divided by 2, is the medium rate
generally, the foreign exchange rates listed on the foreign exchange market include the buying rate and the selling rate. Under the direct pricing method, a local currency number after a certain foreign currency represents & quot; Purchase price & quot; That is, the amount of local currency paid to the customer when the bank buys foreign currency; The latter local currency number represents & quot; Selling price;, That is, the amount of local currency that banks charge customers when they sell foreign currency. Under the indirect fare method, the situation is just the opposite. The figure of the foreign currency before the local currency is & quot; Selling price;, That is, when the bank receives a certain amount of (1 or 100) local currency and sells foreign currency, the amount of foreign currency it pays the customer; The latter foreign currency figure is & quot; Purchase price;, That is, when a bank pays a certain amount of (1 or 100) local currency to buy foreign currency, the amount of foreign currency it receives from customers
the rise of foreign exchange rate mentioned in economic newspapers and periodicals indicates that foreign currency is more expensive under the direct pricing method, so the amount of local currency converted into foreign currency is less than before. Foreign currency exchange rates fell, but the opposite was true
4 factors that affect the exchange rate change
the actual value of the two currencies is the basis of the exchange rate decision, and under the influence of the following main factors, the exchange rate changes constantly
(1) balance of payments: the balance of foreign trade plays a decisive role in the change of exchange rate. If there is a surplus in foreign trade, the exchange rate of local currency will rise; On the contrary, it will fall. Foreign trade revenue and expenditure directly affect the supply and demand of foreign exchange< (2) inflation is not only directly related to the actual value and purchasing power of money itself, but also related to the external competitiveness of goods and the psychological influence of foreign exchange market. If inflation slows down, the exchange rate of local currency will rise; On the contrary, it will fall< (3) the impact of interest rate on capital flow: under certain conditions, high interest rate can attract international short-term capital inflow and increase the exchange rate of local currency; Low interest rates are the opposite. In the first half of the 1980s, the US dollar was strong, which was the result of the US high interest rate policy< (4) exchange rate policies of various countries: Although exchange rate policies can not change the basic trend of exchange rate, the effect of further measures taken by a country to aggravate the decline or rise of the exchange rate of its own currency according to the trend of its own currency should not be underestimated< (5) speculation: especially the foreign exchange speculation of multinational companies. Sometimes it can make the exchange rate fluctuate beyond the expected reasonable range
(6) political events: sudden major political events in the world, which also have a significant impact on the change of exchange rate
the relationship between the above factors is complex: sometimes all kinds of factors come together and act at the same time; Sometimes indivial factors play a role; Sometimes, the effects of various factors counteract each other; Sometimes the main effect of one factor is suddenly replaced by another. Generally speaking, in a long period of time (such as one year), the balance of payments is an important factor to determine the basic trend of exchange rate; Inflation and exchange rate policies only play a subordinate role, which encourages or weakens the role of balance of payments; Speculation is not only a comprehensive reflection of the above factors, but also plays an important role in boosting the fluctuation of exchange rate on the basis of the trend of exchange rate determined by the balance of payments; In recent years, under certain conditions, the level of interest rate also plays an important role in the fluctuation of a country's exchange rate< 6. Exchange rate conversion and import and export quotation
1. Foreign currency conversion and quotation under spot exchange rate
(1) foreign currency / local currency converted into local currency / foreign currency. If a foreign importer asks me to quote the price of export commodities in the local currency, then quote the price of foreign currency. Just divide 1 by the specific number in the local currency to get how much a local currency is converted into foreign currency
(2) the buying selling price of foreign currency / local currency is converted into the buying selling price of local currency / foreign currency
(3) arbitrage between Unlisted Foreign Currency / local currency and local currency / Unlisted Foreign Currency
the method to calculate the price ratio between local currency and unlisted currency is as follows:
first list the intermediate exchange rate of local currency to a listed major reserve currency. ② Check the central exchange rate of British pound or US dollar against an unlisted currency in major international financial markets such as London and New York (both London and New York publish the ratio of British pound or US dollar to all convertible currencies). ③ The intermediate exchange rate of ① and the intermediate exchange rate of ② are used for arbitrage: ② divided by ①, that is, ② / ① = the price ratio of local currency / Unlisted Foreign currency; ① Divide by ②, that is, ① / ② = the price ratio of Unlisted Foreign Currency / local currency< (4) local currency / a foreign currency and local currency / b foreign currency are converted into a foreign currency / b foreign currency and B foreign currency / a foreign currency
the external quotation of an export commodity often involves many countries and currencies. Therefore, it is necessary to master the arbitrage method between different foreign currencies in order to expand the quotation range and expand the commodity market. If known: 1) the buying and selling prices of the local currency to the foreign currency a; ② The buying and selling prices of local currency to foreign currency B; How to arbitrage: 1) the buying and selling prices of a foreign currency to B foreign currency, 2) the spot exchange rate table to a foreign currency is also the main basis to determine the acceptable level of import quotation. Arbitrage using spot exchange rates of different currencies not only plays an extremely important role in export quotation, but also plays an important role in accounting whether the import quotation is reasonable, Acceptability also plays an important role
① the import quotations of the same commodity in different currencies are converted into RMB according to the RMB exchange rate table for comparison
② the import quotations of the same commodity in different currencies are translated and compared according to the spot exchange rate table of the international foreign exchange market< The difference between the buying price and the selling price of the exchange rate is generally 1 ‰ ~ 3 ‰. The importers and exporters will suffer losses if they don't consider carefully when they translate the price of goods into the foreign quotation and perform their payment obligations, and the calculation is not accurate, and the contract terms are not clear. When using the buying and selling prices of exchange rate, we should pay attention to the following problems:
(1) when converting foreign currency into local currency, we should use the buying price.
if the base price of a Hong Kong Exporter's commodity was originally in local currency (Hong Kong dollar), but the customer requests to use foreign currency for quotation, it should be converted according to the buying price of local currency and foreign currency. The reason for an exporter to convert the local currency into foreign currency at the purchase price is that if the exporter originally received the local currency but now receives the foreign currency instead, he needs to sell the foreign currency to the bank in exchange for the original local currency. When the exporter sells foreign currency, it means that the bank buys it. Therefore, it is translated according to the buying price
(2) the selling price should be used when translating the foreign currency into the local currency.
the base price of the exporter's goods was originally in the foreign currency, but when the customer requests to quote in the local currency, the selling price of the foreign currency and the local currency should be used. The reason for the exporter to convert foreign currency into selling currency is that if the exporter originally received foreign currency but now receives local currency, he needs to buy back the original foreign currency from the bank in local currency. The exporter's purchase is the bank's sale. Therefore, it is converted according to the selling price
(3) when one foreign currency is converted into another, it is converted according to the international foreign exchange market price
whether it is the market price directly or indirectly, the currency of the country where the foreign exchange market is located is regarded as the local currency. If foreign currency is converted into local currency, the selling price is used; If the local currency is converted into foreign currency, the purchase price is used. For example, × year × month × On the same day, on the Paris foreign exchange market (direct list), the price of French franc against US dollar was 1 US dollar (foreign currency), and the buying price was 4.4350 French franc; on the New York foreign exchange market (indirect list), the price of US dollar against French franc was 1 US dollar (local currency), the selling price was 4.4400 French franc (foreign currency), and the buying price was 4.4450 French franc, Then the conversion method between us dollar and French franc is as follows:
① according to the quotation of Paris foreign exchange market (direct quotation):
1 US dollar converted into French franc is 1 × 4.4550 = 4.4550
1 ÷ 4.4350 = 0.2255
② according to the New York foreign exchange market (indirect list price):
1 French franc is equivalent to US $1 ÷ 4400 = 0.2252
1 US dollar is equivalent to 1 French franc × 4.4450 = 4.4450
the above principles of conversion of buying and selling prices are not only applicable to spot exchange rate, but also to forward exchange rate. The conversion of buying price and selling price is a principle that should be mastered by foreign trade workers, but it should be flexibly mastered in combination with specific situations in actual business. For example, when the competitiveness of export commodities is poor, the inventory is large, the style is old and the market is sluggish, the export quotation can also be converted according to the middle price, or even appropriate discount can be given, so as to expand the sales of commodities; But the practical workers should be aware of this principle; Have a good idea< (1) the forward exchange rate of local currency / foreign currency is converted into foreign currency / local currency
foreign exchange rate is the ratio, price or price converted from one country's currency to another country's currency; It can also be said that it is a foreign currency expressed in domestic currency; Price;. Due to the international trade and non trade exchanges, countries need to handle international settlement, so a country's currency, against the currencies of other countries, all have an exchange rate, but the most important one is against the US dollar and other currencies of a few countries< In order to convert the currency of two countries, it is necessary to determine which country's currency should be used as the standard. Due to the different standards, there are two kinds of quotation methods of foreign exchange rate
one unit or 100 units of foreign currency is used as the standard to convert it into a certain amount of domestic currency, which is called direct quotation. Under the direct pricing method, the amount of foreign currency is fixed, while the amount of domestic currency changes with the change of foreign currency or domestic currency value. Most countries adopt the direct pricing method. In some countries, the value of monetary units is relatively low, such as Japanese yen, Italian lira, etc. now sometimes 100, 000 or 10, 000 is used as the conversion standard
one unit or 100 units of local currency is used as the standard to convert into a certain amount of foreign currency, which is called indirect quotation. Under the indirect pricing method, the amount of domestic currency is fixed, while the amount of foreign currency changes with the change of the value of domestic currency or foreign currency. The United Kingdom and the United States are both countries using indirect pricing< Buying rate, selling rate and intermediate rate are generally concentrated in commercial banks and other financial institutions. The purpose of buying and selling foreign exchange is to pursue profits. The method is to buy at a low price and sell at a high price. The exchange rate used by commercial banks and other institutions to buy foreign currency is called & quot; Buying rate & quot Buying rate), also known as & quot; Purchase price;; The exchange rate used to sell foreign currency is called & quot; Selling rate & quot Selling rate), also known as & quot; Selling price;, The difference between the buying exchange rate and the selling exchange rate is generally between one thousandth and five thousandth, which varies from country to country. The sum of the buying rate and the buying rate, divided by 2, is the medium rate
generally, the foreign exchange rates listed on the foreign exchange market include the buying rate and the selling rate. Under the direct pricing method, a local currency number after a certain foreign currency represents & quot; Purchase price & quot; That is, the amount of local currency paid to the customer when the bank buys foreign currency; The latter local currency number represents & quot; Selling price;, That is, the amount of local currency that banks charge customers when they sell foreign currency. Under the indirect fare method, the situation is just the opposite. The figure of the foreign currency before the local currency is & quot; Selling price;, That is, when the bank receives a certain amount of (1 or 100) local currency and sells foreign currency, the amount of foreign currency it pays the customer; The latter foreign currency figure is & quot; Purchase price;, That is, when a bank pays a certain amount of (1 or 100) local currency to buy foreign currency, the amount of foreign currency it receives from customers
the rise of foreign exchange rate mentioned in economic newspapers and periodicals indicates that foreign currency is more expensive under the direct pricing method, so the amount of local currency converted into foreign currency is less than before. Foreign currency exchange rates fell, but the opposite was true
4 factors that affect the exchange rate change
the actual value of the two currencies is the basis of the exchange rate decision, and under the influence of the following main factors, the exchange rate changes constantly
(1) balance of payments: the balance of foreign trade plays a decisive role in the change of exchange rate. If there is a surplus in foreign trade, the exchange rate of local currency will rise; On the contrary, it will fall. Foreign trade revenue and expenditure directly affect the supply and demand of foreign exchange< (2) inflation is not only directly related to the actual value and purchasing power of money itself, but also related to the external competitiveness of goods and the psychological influence of foreign exchange market. If inflation slows down, the exchange rate of local currency will rise; On the contrary, it will fall< (3) the impact of interest rate on capital flow: under certain conditions, high interest rate can attract international short-term capital inflow and increase the exchange rate of local currency; Low interest rates are the opposite. In the first half of the 1980s, the US dollar was strong, which was the result of the US high interest rate policy< (4) exchange rate policies of various countries: Although exchange rate policies can not change the basic trend of exchange rate, the effect of further measures taken by a country to aggravate the decline or rise of the exchange rate of its own currency according to the trend of its own currency should not be underestimated< (5) speculation: especially the foreign exchange speculation of multinational companies. Sometimes it can make the exchange rate fluctuate beyond the expected reasonable range
(6) political events: sudden major political events in the world, which also have a significant impact on the change of exchange rate
the relationship between the above factors is complex: sometimes all kinds of factors come together and act at the same time; Sometimes indivial factors play a role; Sometimes, the effects of various factors counteract each other; Sometimes the main effect of one factor is suddenly replaced by another. Generally speaking, in a long period of time (such as one year), the balance of payments is an important factor to determine the basic trend of exchange rate; Inflation and exchange rate policies only play a subordinate role, which encourages or weakens the role of balance of payments; Speculation is not only a comprehensive reflection of the above factors, but also plays an important role in boosting the fluctuation of exchange rate on the basis of the trend of exchange rate determined by the balance of payments; In recent years, under certain conditions, the level of interest rate also plays an important role in the fluctuation of a country's exchange rate< 6. Exchange rate conversion and import and export quotation
1. Foreign currency conversion and quotation under spot exchange rate
(1) foreign currency / local currency converted into local currency / foreign currency. If a foreign importer asks me to quote the price of export commodities in the local currency, then quote the price of foreign currency. Just divide 1 by the specific number in the local currency to get how much a local currency is converted into foreign currency
(2) the buying selling price of foreign currency / local currency is converted into the buying selling price of local currency / foreign currency
(3) arbitrage between Unlisted Foreign Currency / local currency and local currency / Unlisted Foreign Currency
the method to calculate the price ratio between local currency and unlisted currency is as follows:
first list the intermediate exchange rate of local currency to a listed major reserve currency. ② Check the central exchange rate of British pound or US dollar against an unlisted currency in major international financial markets such as London and New York (both London and New York publish the ratio of British pound or US dollar to all convertible currencies). ③ The intermediate exchange rate of ① and the intermediate exchange rate of ② are used for arbitrage: ② divided by ①, that is, ② / ① = the price ratio of local currency / Unlisted Foreign currency; ① Divide by ②, that is, ① / ② = the price ratio of Unlisted Foreign Currency / local currency< (4) local currency / a foreign currency and local currency / b foreign currency are converted into a foreign currency / b foreign currency and B foreign currency / a foreign currency
the external quotation of an export commodity often involves many countries and currencies. Therefore, it is necessary to master the arbitrage method between different foreign currencies in order to expand the quotation range and expand the commodity market. If known: 1) the buying and selling prices of the local currency to the foreign currency a; ② The buying and selling prices of local currency to foreign currency B; How to arbitrage: 1) the buying and selling prices of a foreign currency to B foreign currency, 2) the spot exchange rate table to a foreign currency is also the main basis to determine the acceptable level of import quotation. Arbitrage using spot exchange rates of different currencies not only plays an extremely important role in export quotation, but also plays an important role in accounting whether the import quotation is reasonable, Acceptability also plays an important role
① the import quotations of the same commodity in different currencies are converted into RMB according to the RMB exchange rate table for comparison
② the import quotations of the same commodity in different currencies are translated and compared according to the spot exchange rate table of the international foreign exchange market< The difference between the buying price and the selling price of the exchange rate is generally 1 ‰ ~ 3 ‰. The importers and exporters will suffer losses if they don't consider carefully when they translate the price of goods into the foreign quotation and perform their payment obligations, and the calculation is not accurate, and the contract terms are not clear. When using the buying and selling prices of exchange rate, we should pay attention to the following problems:
(1) when converting foreign currency into local currency, we should use the buying price.
if the base price of a Hong Kong Exporter's commodity was originally in local currency (Hong Kong dollar), but the customer requests to use foreign currency for quotation, it should be converted according to the buying price of local currency and foreign currency. The reason for an exporter to convert the local currency into foreign currency at the purchase price is that if the exporter originally received the local currency but now receives the foreign currency instead, he needs to sell the foreign currency to the bank in exchange for the original local currency. When the exporter sells foreign currency, it means that the bank buys it. Therefore, it is translated according to the buying price
(2) the selling price should be used when translating the foreign currency into the local currency.
the base price of the exporter's goods was originally in the foreign currency, but when the customer requests to quote in the local currency, the selling price of the foreign currency and the local currency should be used. The reason for the exporter to convert foreign currency into selling currency is that if the exporter originally received foreign currency but now receives local currency, he needs to buy back the original foreign currency from the bank in local currency. The exporter's purchase is the bank's sale. Therefore, it is converted according to the selling price
(3) when one foreign currency is converted into another, it is converted according to the international foreign exchange market price
whether it is the market price directly or indirectly, the currency of the country where the foreign exchange market is located is regarded as the local currency. If foreign currency is converted into local currency, the selling price is used; If the local currency is converted into foreign currency, the purchase price is used. For example, × year × month × On the same day, on the Paris foreign exchange market (direct list), the price of French franc against US dollar was 1 US dollar (foreign currency), and the buying price was 4.4350 French franc; on the New York foreign exchange market (indirect list), the price of US dollar against French franc was 1 US dollar (local currency), the selling price was 4.4400 French franc (foreign currency), and the buying price was 4.4450 French franc, Then the conversion method between us dollar and French franc is as follows:
① according to the quotation of Paris foreign exchange market (direct quotation):
1 US dollar converted into French franc is 1 × 4.4550 = 4.4550
1 ÷ 4.4350 = 0.2255
② according to the New York foreign exchange market (indirect list price):
1 French franc is equivalent to US $1 ÷ 4400 = 0.2252
1 US dollar is equivalent to 1 French franc × 4.4450 = 4.4450
the above principles of conversion of buying and selling prices are not only applicable to spot exchange rate, but also to forward exchange rate. The conversion of buying price and selling price is a principle that should be mastered by foreign trade workers, but it should be flexibly mastered in combination with specific situations in actual business. For example, when the competitiveness of export commodities is poor, the inventory is large, the style is old and the market is sluggish, the export quotation can also be converted according to the middle price, or even appropriate discount can be given, so as to expand the sales of commodities; But the practical workers should be aware of this principle; Have a good idea< (1) the forward exchange rate of local currency / foreign currency is converted into foreign currency / local currency
6. An isosceles right angle triangle has an acute angle and a right angle. Fans are usually obtuse angles. The ruler and the pen are all right angles. A coin has a circumference.
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