The influence of digital RMB on money supply
Publish: 2021-05-06 05:56:49
1.
The digital RMB red envelope of 10 million yuan issued by Shenzhen city has brought the development of e-money back to the people's vision
in fact, since April 2020, small-scale pilot projects of digital RMB have been carried out in Shenzhen, Cheng, Suzhou and xiong'an, and the pilot scale will be expanded to 28 provinces and cities in August 2020
as a socially recognized "super outlet", in addition to the high investment of digital currency related enterprises, its impact on the financial market is also of great research value
Policy evolution of the development of digital RMBas early as 2014, the central bank has concted research layout on digital RMB, and discussed the development framework of digital RMB with major international financial institutions and research institutions in the 2016 digital currency seminar
after six years of development, China has initially developed the "pbctfp blockchain platform" and continuously promoted the pilot activities of digital RMB. It can be predicted that as today's technology and policy outlet, digital RMB will have excellent development prospects and extremely fast development speed in the next few years
Figure 1: Policy Evolution of digital RMB
with the improvement of China's national strength, digital RMB provides an opportunity to establish a "new system of RMB cross border settlement", which can promote RMB payment activities around the world and realize the internationalization of RMB
2. Digital currency is a development trend in the future. Digital currency makes the world smaller and more open to communication. Take bitcoin as an example. Bitcoin is a consensus network, contributing to a new payment system and a fully digital currency. It is the first decentralized peer-to-peer payment network, which is controlled by its users without a central management organization or middleman. From the user's point of view, bitcoin is much like Internet cash. Bitcoin can also be regarded as the most outstanding three style bookkeeping system
bitcoin is valuable because it is useful as a form of currency. Bitcoin has the mathematical characteristics of money (persistence, portability, interchangeability, scarcity, separability and identifiability) rather than relying on physical characteristics (such as gold and silver) or the trust of central authorities (such as fiat money). In short, bitcoin is backed by mathematics. With these characteristics, a form of money to have value requires trust and use. In contrast, this can be reflected in its growing base of users, businesses and start-ups. Like all currencies, the value of bitcoin comes directly from people who are willing to accept it as a means of payment, which is the only source.
bitcoin is valuable because it is useful as a form of currency. Bitcoin has the mathematical characteristics of money (persistence, portability, interchangeability, scarcity, separability and identifiability) rather than relying on physical characteristics (such as gold and silver) or the trust of central authorities (such as fiat money). In short, bitcoin is backed by mathematics. With these characteristics, a form of money to have value requires trust and use. In contrast, this can be reflected in its growing base of users, businesses and start-ups. Like all currencies, the value of bitcoin comes directly from people who are willing to accept it as a means of payment, which is the only source.
3. This should not have any impact.
4. The digital currency issued by the central bank is only a substitute for banknotes and coins. In fact, it is a kind of electronic cash, which has little impact on monetary policy and commercial banks. In the traditional currency issuance, the cash in circulation is actually the direct debt of the central bank to the public, only because of technical constraints and cost considerations, the central bank issues cash through commercial banks. With the progress of technology, it is possible for the central bank to issue money directly to indivial and enterprise accounts in the form of digital currency. E-cash flow is still through the central bank and financial institutions, and then to enterprises and indivials. In terms of money manufacturing channels, circulation links and functions, e-cash flow is exactly the same as paper money
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
5. The above content comes from Dy (underground castle 2 Figure 14 final boss strategy)
twin magic image
lineup recommendation:
6 stars or above; In the aspect of lineup, we recommend the saint dragon general, the Pope, the legendary mage and the divine knight; In the case of sufficient milk, good equipment and fast speed, one moon Pope plus three 5-star-60 can also pass; Therefore, Xiaobian's lineup recommendation is mainly based on their own configuration
skill setting:
General Shenglong always mocks, occasionally releases counterattack, and occasionally releases shield strike
the Pope has always maintained 100% of his friends and 50% of himself; Other skills are not released
legendary mage can only cure himself and his teammates at about 60%; Always release the big fireball
the paladin always treats his teammates 100%; Heal yourself 45% and don't release other skills
equipment requirements:
paladin armor should be at least 120, and the rest depends on the other three milks. The amount of Pope's milk should be 800, mage's 650, and paladin's 1000 +; In addition to the Dragon Knight heap armor, the other three are equipped with full heap speed. The faster the speed of the milk, the less likely it is to roll over
precautions:
priority to kill the magic image on the right. The armor is low. The shield strike of the dragon knight can achieve 1000 + damage, and the killing speed is faster. If you kill the magic image, you can hang up the rest;
twin magic image
lineup recommendation:
6 stars or above; In the aspect of lineup, we recommend the saint dragon general, the Pope, the legendary mage and the divine knight; In the case of sufficient milk, good equipment and fast speed, one moon Pope plus three 5-star-60 can also pass; Therefore, Xiaobian's lineup recommendation is mainly based on their own configuration
skill setting:
General Shenglong always mocks, occasionally releases counterattack, and occasionally releases shield strike
the Pope has always maintained 100% of his friends and 50% of himself; Other skills are not released
legendary mage can only cure himself and his teammates at about 60%; Always release the big fireball
the paladin always treats his teammates 100%; Heal yourself 45% and don't release other skills
equipment requirements:
paladin armor should be at least 120, and the rest depends on the other three milks. The amount of Pope's milk should be 800, mage's 650, and paladin's 1000 +; In addition to the Dragon Knight heap armor, the other three are equipped with full heap speed. The faster the speed of the milk, the less likely it is to roll over
precautions:
priority to kill the magic image on the right. The armor is low. The shield strike of the dragon knight can achieve 1000 + damage, and the killing speed is faster. If you kill the magic image, you can hang up the rest;
6.
Yes, this motherboard is launched by ASUS for Internet cafes
7. A country's currency internationalization can bring seigniorage, deficit financing and other potential benefits, but it will also have some negative effects, especially in the effectiveness of monetary policy. Some foreign scholars have studied how currency internationalization affects monetary policy from different perspectives. Aliber (1964) and Bergsten (1975) believe that the internationalization of the US dollar weakens the ability of the us to implement independent monetary policy and use devaluation policy. Arize (1991) thinks that the interest rate difference between domestic and foreign currencies will cause currency substitution, and then lead to the failure of monetary policy. Tavalas (1997) believes that under the pegged exchange rate system, currency internationalization may destroy the central bank's ability to control the base currency e to the transfer of foreigners' preferences; Under the floating exchange rate system, the internationalization of currency leads to a large change of exchange rate, which may limit the effectiveness of domestic monetary policy. Otani (2002) analyzed Japan as a sample, and pointed out that the internationalization of yen will expand the external impact of Japan's monetary policy, so when Japan formulates monetary policy, it needs to consider its impact on East Asian countries
cross border trade RMB settlement business has developed rapidly since it was launched on July 6, 2009. According to the data released by the people's Bank of China, the RMB settlement business of cross-border trade in 2013 totaled 4.63 trillion yuan, up 57% from 2.94 trillion yuan last year, reflecting the rapid growth of currency utilization under the continuous promotion of RMB internationalization. At present, although there is still a big gap between RMB and other major international currencies in the world, such as US dollar, euro, British pound and Japanese yen, RMB has been circulating in neighboring countries, and the pace of internationalization is accelerating day by day. According to swift, RMB has become the second most commonly used international trade financing currency after the US dollar. As of October 2013, the proportion of international trade denominated and settled in RMB has increased to 8.66%. In the open economy, the transmission mechanism of monetary policy will become more complex, and the effect of monetary policy implementation will face greater uncertainty. In the process of RMB internationalization, the analysis and prediction of the factors that affect the effectiveness of monetary policy is not only the premise to solve the problem of the decline of the effectiveness of monetary policy, but also an important issue in the process of RMB internationalization.
cross border trade RMB settlement business has developed rapidly since it was launched on July 6, 2009. According to the data released by the people's Bank of China, the RMB settlement business of cross-border trade in 2013 totaled 4.63 trillion yuan, up 57% from 2.94 trillion yuan last year, reflecting the rapid growth of currency utilization under the continuous promotion of RMB internationalization. At present, although there is still a big gap between RMB and other major international currencies in the world, such as US dollar, euro, British pound and Japanese yen, RMB has been circulating in neighboring countries, and the pace of internationalization is accelerating day by day. According to swift, RMB has become the second most commonly used international trade financing currency after the US dollar. As of October 2013, the proportion of international trade denominated and settled in RMB has increased to 8.66%. In the open economy, the transmission mechanism of monetary policy will become more complex, and the effect of monetary policy implementation will face greater uncertainty. In the process of RMB internationalization, the analysis and prediction of the factors that affect the effectiveness of monetary policy is not only the premise to solve the problem of the decline of the effectiveness of monetary policy, but also an important issue in the process of RMB internationalization.
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