Great Wall Asset digital currency

2. In order to understand the technical principle of bitcoin, we need to understand two important cryptographic techniques: hash code: it converts a long string into a fixed length string, and its conversion is irreversible, that is, it is impossible to guess the original string from hash code. Sha256 is mainly used in bitcoin protocol
public key system: corresponds to a public key and a private key, keeps the private key in the application and publishes the public key. When Party A transmits information to Party B, it can use Party A's private key to encrypt the information, and Party B can use Party A's public key to decrypt the information, so as to ensure that the third party cannot impersonate Party A to send the information; At the same time, when Party A transmits information to Party B, it is encrypted with Party B's public key and sent to Party B, and then Party B decrypts it with his own private key, so as to ensure that the third party cannot eavesdrop on the communication between the two people. RSA is the most common public key system, but the lliptic curve digital signature algorithm is used in bitcoin protocol. What's the difference between cash and bank account? Bitcoin is an electronic currency in BTC. In this article, it is also used to refer to the whole bitcoin system. Like opening an account in a bank, the corresponding concept in bitcoin is address. Everyone can have one or more bitcoin addresses, which are used to pay and collect money. Each address is a string that starts with 1. For example, I have two bitcoin accounts, and. A bitcoin account is uniquely determined by a pair of public key and private key. To save the account, you only need to save the private key file. Unlike bank accounts, banks keep all transaction records and maintain the book balance of each account, while bitcoin's transaction records are jointly maintained by the whole P2P network through a pre agreed protocol. How much money is in my account address? Although the current account balance can be seen by bitcoin software, unlike banks, there is no place to maintain the book balance of each address. It can only calculate the account balance in real time through all historical transactions. How do I pay? When I pay from address a to address B of the other party, the payment amount is e. at this time, both parties will announce the transaction information to each network node, telling address a to pay to address B, and the payment amount is e. In order to prevent the third party from forging the transaction information, the transaction information will be encrypted with the private key of address A. at this time, the network node receiving the transaction information can use the public key of address a to verify that the transaction information is indeed sent by address a. Of course, trading software will help us do these things, we just need to input the relevant parameters in the software. What will the network node do after receiving the transaction information? This is the most important part of the bitcoin system, which needs to be elaborated. For the sake of simplicity, only bitcoin protocol has been implemented. In the current version, each network node will save all transaction information synchronously. There are two kinds of transaction information in history, one is & quot; Verified & quot; The transaction information, that is, the verified transaction information, is stored in a series of "blocks". Each & quot; block" Is the previous & quot; bock" The ID of each block is the hash code of the hash code of the block and the new transaction information (see an actual block). The other category refers to those who also & quot; Unverified & quot; The transaction information just paid above belongs to this category. When a network node receives new unverified transaction information (possibly more than one), it can calculate the book balance of each address at that time because the node keeps all the transaction information in history, so it can calculate whether the transaction information is valid, that is, whether there is enough balance in the payment account. After eliminating the invalid transaction information, it first takes out the last & quot; block" Then, the unverified transaction information is combined with the ID, and a verification code is added to form a new "block". It needs a lot of calculation to build a new block, because it needs to calculate the verification code, so that the above combination becomes a block, that is, the first several bits of the hash code of the block are 1. At present, the first 13 bits need to be 1 (generally, the specific method is uncertain), which means that if the block is generated by enumeration method, the average number of enumerations is 16 ^ 13. Using CPU resources to generate a block is called "gold mining", because the proction of the block will get a certain reward, and the reward information has been included in the block. When a network node generates a new block, it will broadcast to other network nodes. However, this network block may not be accepted by the network, because it is possible that other network nodes have proced the block earlier. Only the earliest block or the block with the largest number of subsequent blocks is valid, and the remaining blocks are no longer used as the initial blocks of the next block. How does the other party confirm that the payment is successful? When the payment information is distributed to the network node, the network node begins to calculate whether the transaction is valid (that is, whether the account balance is enough to pay), and attempts to generate blocks containing the transaction information. When six blocks (one direct block and five subsequent blocks) contain the transaction information, the transaction information is considered "verified", so that the transaction is formally confirmed, and the other party can confirm the successful payment. A possible problem is that I will pay the balance of address a to address B, and at the same time pay to address C. If I only verify that the single comparison transaction is valid. At this point, my way of cheating is to generate six blocks including B to B and six blocks including C to C before the truth is revealed. Because I need a very long CPU time to generate a block, compared with the whole network, the probability of my cheating success is very small. What is the motivation of network nodes to proce blocks? As can be seen from the above description, in order to make the transaction information effective, the network node needs to generate 1 and 5 subsequent blocks to contain the transaction information, and such block generation is very CPU intensive. How to let other network nodes help to proce blocks as soon as possible? The answer is very simple. The agreement stipulates that BTC will be rewarded for the address where the block is proced, as well as the Commission promised by both parties. At present, the reward for procing a block is 50btc, which will be halved every four years in the future. For example, the reward will be 25btc from 2013 to 2016. Is the transaction anonymous? Yes, and No. All bitcoin transactions are visible. We can check all transaction records of each account, such as mine. But what's different from the banking monetary system is that everyone's account itself is anonymous, and everyone can open many accounts. In general, anonymity is not as good as it claims. But bitcoin has another advantage in doing black market trading: it can't be frozen. Even if the police trace a bitcoin address, there is nothing they can do unless they trace the computer used by the exchange based on the Internet address. How to ensure that bitcoin does not depreciate? Generally speaking, in the case of equivalent trading activities, the value of money is inversely proportional to the amount of money issued. Unlike the traditional money market, the central bank can determine the amount of money issued. Bitcoin does not have a central issuing institution. Only by procing blocks can we get a certain amount of BTC currency. Therefore, bitcoin's new amount of money depends on: 1. The speed of procing blocks: bitcoin's agreement stipulates that the difficulty of procing blocks is fixed at an average of 2016 every two weeks, about 10 minutes. Moore's law of doubling CPU speed every 18 months will not speed up the proction of block. 2. The number of rewards for block proction: at present, 50 BTC is awarded for each block proced, which is halved every four years. In 2013, 25 BTC is awarded, and in 2017, 12.5 BTC is awarded. Considering the above two factors, bitcoin's currency issuing speed is not controlled by any single node in the network. Its protocol makes the currency stock known in advance, and the maximum stock is only 21 million BTC

3. Blockchain is a technology to achieve decentralization, and it is an application model of a variety of Internet basic technologies. In essence, blockchain is actually an application model similar to internet protocol. The HTTP we usually log in to is an internet protocol. The Internet connects the global network through the underlying protocol, while the application protocol of blockchain is a new way to connect the network nodes distributed around the world. In the future, more and more people will understand and accept blockchain.

4. Since 1999, Xinda, Huarong and other four asset management companies have been ordered to deal with trillions of non-performing assets of the four major commercial banks. Ten years later, these "bad banks" have taken advantage of the market-oriented springboard to put more bills into the hands of the state. The consequence of such twists and turns is that bad debts do not decrease but increase, and all taxpayers have to pay for them

in order to understand the nature of Huarong Asset Management Company's setting up co managed accounts following the "Xinda model", we must know the past and present of these four asset management companies in China. In 1999, ring the Asian financial crisis, the central financial work conference decided to divest the huge amount of bad debts of 1.4 trillion yuan from the four major banks of instry, agriculture, China and construction, and set up four asset management companies (AMC) of Huarong, great wall, Dongfang and Xinda, in order to obtain the light reform of the financial instry and the overall economy. As the sole shareholder, the Ministry of Finance injected 10 billion yuan into each company, guaranteed that the four AMCs obtained 604.1 billion yuan of refinancing from the central bank, and issued 811 billion yuan of financial bonds to the four state-owned banks and China Development Bank to purchase non-performing assets at a consideration of 1:1

on Wall Street, companies that dispose of non-performing assets are often referred to as "vultures". They rely on those "rotten meat" to make a living and clean up the garbage for the whole economy. The goal of these Chinese financial "vultures" is also to "maximize asset preservation and rece losses" within the ten-year term. Zhou Xiaochuan, the governor of the central bank, once said that "50% of the 1.4 trillion non-performing assets stripped off for the first time are caused by the administrative intervention of governments at all levels, 30% are to support state-owned enterprises, and the remaining 20% are caused by the operation of banks themselves." In short, the establishment of AMC is to wipe the bottom of China's financial instry's transition to a market economy. It is the existence of these four "bad banks" that makes it possible for the four major state-owned banks to become "good banks"< At the end of 2006, official public data showed that AMC had disposed of 1.21 trillion of non-performing assets, accounting for 83.5% of the total amount accepted. The cash recovery was about 211 billion yuan, and the recovery rate was about 20%. There are different opinions on the achievements of asset management in the past ten years. Although it is a highly technical and difficult job to deal with non-performing assets, and the achievements of ICBC and CCB, the four major state-owned banks, which rank in the top two in the global banking instry in terms of profitability, show the correctness of the original decision of "throwing down heavy burdens" and "trading time for space", the data of cash recovery of about 20% still show that AMC has worked hard for more than 10 years, There are still more than 10000 billion yuan of non-performing assets in the banking system, which are only transferred from commercial banks to AMC

considering the cost behind the 20% recovery rate, AMC loaned staff from state-owned banks when it was established, and the cost rate of cash recovery was 8.65%. AMC will be relatively high-quality non-performing assets in the early treatment, after the recovery rate is lower year by year, but the management cost is higher year by year. AMC managers once disclosed: "if you can only get 1 yuan reward for recycling 100 yuan, and you may get 20 yuan rebate for manufacturing 100 yuan, which one do you choose?" Even out of the worry that the future is uncertain after the end of the ten-year term, some AMCs keep their non-performing assets to earn money from other businesses, so as not to be in vain

ring the operation of AMC, the debate about the loss of state-owned assets has been very common. First of all, the time pressure of "the deadline is coming" makes AMC have to implement the "big sale" in the later period for the purpose of quickly clearing the inventory. Instry insiders who have participated in AMC asset package auction said that if the non-performing assets formed e to the economic cycle must be disposed of before the end of 2006 under the administrative instruction, the pit will lead to "cheap sale". He also revealed that AMC is more inclined to sell to the government in order to prevent moral hazard when dealing with private companies, and the price is naturally very low< In 2006, Shenyang Office of Great Wall Asset management company transferred 1.867 billion state-owned non-performing financial assets at a low price, which was less than 1% of the debt. With only one debt (about 1.4% of the total), the buyer not only recovered 18 million yuan of investment, but also earned 8 million yuan. Some people in the instry even denounce it as the behavior of "I don't care about selling yetian.". As a matter of fact, AMC has all the cost and income information of non-performing assets disposal, and has the right of asset discount, but the recovery rate has no rigid index, and the operation loss is borne by the state, which leads to "Rent-seeking" space< At the beginning of 2005, the National Audit Office disclosed that four financial asset management companies (AMCs) had been found to have various kinds of violations and non-standard management problems, with a capital of more than 70 billion yuan, 38 case clues and 6.7 billion yuan involved. Li Jinhua, the then director of audit, pointed out in the circular that some AMCs had lax financial management, made false statements and misappropriated the recovered funds from time to time, and even used the funds to pay high wages and bonus subsidies by making false statements and claiming, withholding income and falsely listing expenses

regulators also note that maximizing asset recovery and minimizing disposal costs do not seem to be at the top of AMC's day-to-day business. With the right to dispose of the debts of tens of thousands of enterprises, AMC has established branches involving leasing, securities brokerage, real estate and trust business. Huarong's official website once showed that it owns the equity of 300 enterprises and owns 10 financial platform companies, with a year-on-year profit growth of 102.9%. However, all AMC's business information, including the most important fund recovery rate, has not been disclosed regularly Karl, author of red capitalism; Walter said frankly that the capital flow between the government and these asset management companies has not been fully transparent since the moment the non-performing loans were stripped off the bank's balance sheet

summing up the "bad debt bank" in the past ten years, the obvious feature is that it has "little effect" in the disposal of trillions of bad assets of state-owned banks. Bad debts have only been moved, but the money has not been cleared. What is more serious is that AMC itself has continuously generated new debts ring its ten-year operation. According to statistics, including the four AMCs in the early days of their establishment and the divestiture of non-performing assets in 2005, the central bank's re loans to AMCs amounted to 1.2 trillion yuan; The 811 billion yuan of bonds issued by AMC to four banks will not be repayable after 10 years

that is to say, after decting various expenses, most of the cash recovered from the four AMCs' policy businesses is used to pay the interest on the central bank's re loans and financial bonds, and the remaining is very little to repay the principal. Take Huarong company as an example. According to the CBRC, as of the end of 2005, Huarong company had recovered 54.39 billion yuan in cash. In the same period, Huarong company paid 38.916 billion yuan in total interest on financial bonds payable to ICBC, 4.578 billion yuan in refinancing interest to the people's Bank of China, and 2.891 billion yuan in accumulated expenses, which amounted to 46.385 billion yuan in total<

the old accounts have not yet been dealt with, and more than one trillion policy business losses have been put on AMC's account. This is the embarrassing reality that "bad debt banks" will face ten years later. However, when AMC chooses the path of follow-up reform, the advantages of "full management" of public institution government are reflected again. In 2009, China Construction Bank announced a 10-year extension of holding 247 billion bonds of Xinda Asset Management Company; Subsequently, China's banking instry followed up the 10-year extension of bonds, and the interest rate remained unchanged at 2.25% per annum. The Ministry of Finance continued to provide guarantee for bonds

in addition, the 573.9 billion re loan owed by AMC to the central bank was suspended. Under normal circumstances, the central bank guarantees that the balance of assets and liabilities is roughly balanced, and every additional debt is related to the corresponding notes. Every time a sum of money is returned, a sum of base currency should also be written off. It means that AMC on the left will no longer have to repay its loans, and AMC on the right will no longer rece its currency. If liquidity stays in the market, it may lead to inflation in the whole society

similar to the above policy, when the "full management" is implemented to the specific asset management company, the "co management account" will be generated when Cinda is transforming into a market-oriented one. In 2010, the State Council approved that Xinda and the Ministry of Finance jointly set up a "co managed account" to separate the huge loss of more than 200 billion yuan in the history from this account, with the ration initially set at 10 years

"co management account" essentially uses the future income to repay the current debt. The method is to replace the stripped non-performing assets with high-quality assets, and the Ministry of finance will issue equal amount of interest paying bonds to Cinda, which will be used as the only shareholder of Cinda to repay the expected dividend and income tax relief in the future. After the introction of the "co managed account" scheme, the Ministry of finance, as the creditor of non-performing assets, does not need to pay cash immediately to resolve the losses, while Xinda's financial statements will become clean and even "healthy", and eventually the new and old accounts will be left to the future< In 2010, securities market weekly pointed out that since AMC received non-performing assets, the so-called "policy acquisition" is a digital game. More than a decade later, AMC owes the central bank about 1 trillion yuan and signs four state-owned banks 820 billion yuan. Only 20% of the original 1.4 trillion yuan non-performing assets are recovered in cash. No matter whether these debts are entered into the "co managed account" or the bond deferred or interest free account, they are just "left pocket for right pocket" under different subjects of the national balance sheet. But debt is debt. Enterprise verification depends on profits, fiscal verification depends on taxes, and central bank verification depends on inflation

these bad debts are hidden in China's GDP benefits and become the real bubble of China's economy. If the later great wall and Dongfang follow the way of Xinda and Huarong, nearly one trillion non-performing assets will not be disposed of in the next decade, and the final result will be apportioned to the whole people, and each person will have to pay nearly 1000 yuan for this. According to Chen Yehua, deputy director of the financial research center of Southwest University of Finance and economics, including the cost of ABC's joint-stock reform, the cost of China's graal financial reform has accumulated 3.2 trillion yuan. If it is written off at one time, 10% of China's GDP in 2009 will be gone

for any capital operation, there must be groups paying for it. The central bank and the Ministry of finance are not profit-making enterprises. It is just a secret saying that taxpayers should bear the cost. The analysis of the specific methods of central finance to save the bad debts of banks can also prove how to pay for the bad debts. When the bad debts accumulate to a certain extent, the bank only uses its own profits to write off the bad debts is the direct payment. If the state uses foreign exchange reserves to inject capital into banks, it is equivalent to directly investing more base money into the market, diluting the welfare of all RMB users in the way of implicit inflation, and Seigniorage the citizens in the way of seigniorage to fill the bottomless hole of banks

in addition, the financial bonds issued by AMC to the four major banks are guaranteed by the central government. Although this form of implicit guarantee is not a direct and one-time payment, it is ultimately paid indirectly and postponed by the central government. Although the central bank's refinancing has stopped interest and accounts, the inflation in the circulation sector has finally led to the rise in prices, and the people have to pay for it. Generally speaking, the initial non-performing assets of banks have not been reced after AMC disposal, but now they are put back into the financial system through market-oriented reform. While bad debts are transferred and delayed in payment, they are still being magnified and worsened, and ultimately only all taxpayers can take over.

5. The Great Wall virtual digital currency was not found on the Internet. This currency either does not exist, or it is a direct selling currency or MLM currency. It is very risky to invest this currency carefully
it is suggested to invest in some digital currencies with good application scenario planning. At present, bitcoin is a small-scale large-scale experiment of socialization, and other competitive currencies are only experimental procts of bitcoin. Ruitai coin is a kind of asset voucher and a kind of digital asset; Dog coin is competitive in the small reward and charity donation market; Qianjin card can be used for Qianfeng mall's payment. These are all innovative attempts. Whether they can succeed or not still needs to be tested by the society.

6.

The history of Chinese currency development:

1. China is one of the earliest countries in the world to use currency, which has a history of more than 4000 years

there were cloth money, knife money, yuan money, five baht money, Tongbao, coin making, silver, silver yuan, copper yuan, as well as victims of gold and silver, grain and silk money and paper money, with a wide variety of forms and materials, which can be called the world's top currency

In the process of its formation and development, ancient Chinese currency has undergone five major evolutions:

the evolution from natural currency to artificial currency, from disordered shape to unified shape, from local coin to central coin, from document weight to Tongbao and Yuanbao, and from metal currency to paper currency "Jiaozi"

From the spring and Autumn period to the Warring States period, China has established four major monetary systems: cloth coin, knife goods, ant nose money and ring money. Later, it went through the Qin, Tang, Han, Wei, Jin, southern and Northern Dynasties, until December 1, 1948, the people's Bank of China was established and issued the first set of RMB

At the beginning of Ming Dynasty, Zhu Yuanzhang carried out the policy of paper money and issued "Daming treasure note" and copper money

However, there was no fixed issue limit and no reserve for Daming banknotes, which soon led to inflation. Therefore, after the Jiajing year in the middle of Ming Dynasty, the banknotes were no longer passable, and the folk mainly used silver and copper

The Qing Dynasty copper coins follow the Ming Dynasty system, mainly casting small flat coins. Xianfeng coins are the most complex of the Qing Dynasty copper coins, which can be divided into Tongbao, chongbao and Yuanbao, with different denominations and different money bureaus. Most of the Qing Dynasty's private businesses use silver, small money uses money, and money and silver are in parallel

In the early Qing Dynasty, silver ingot was the main currency, and in the late Qing Dynasty, silver ingot began to transform into silver yuan

Since the middle of Ming Dynasty, foreign businessmen used their silver dollars to buy Chinese silk, tea, porcelain, etc., which made all kinds of foreign silver dollars popular in China

in the reign of Daoguang in the Qing Dynasty, since the signing of the unequal treaty of Nanjing, the silver yuan used for compensation was "foreign money". At that time, China had no silver yuan in its own country, and the foreign money in stock was not enough to offset the sharply increased amount of foreign compensation, so the government of the late Qing Dynasty was forced to start casting its own silver yuan

7. Article 15 of Chapter 3 of the law of the people's Republic of China on the people's Bank of China stipulates that "the legal currency of the people's Republic of China is RMB". When the people's Bank of China was established on December 1, 1948, it began to issue the first set of RMB; The second set of RMB was issued on March 1, 1955; The third set of RMB was issued on April 15, 1962; The fourth set of RMB was issued on April 27, 1987. At present, the fifth set of RMB is mainly in circulation on the market, and there are some fourth sets of RMB

the unit of RMB is yuan (yuan) (renminbi yuan, abbreviated as "RMB", with "￥" as the code). The subsidiary currency unit of RMB is Jiao Fen. There is no legal gold content in RMB. It performs the functions of value scale, circulation means and payment means

at present, there are 12 types of RMB bonds in circulation, which are 1, 2, 5 points, 1, 2, 5 jiao, 1, 2, 5, 10, 20, 50, 100 yuan respectively. According to the law, the main currency of RMB is more than RMB, and the other dimes and cents are subsidiary currencies. Form the three-step carry system of main and auxiliary coins, that is, 1 yuan = 10 Jiao = 100 Fen. According to the natural properties of materials, there are metal money (also known as coins) and paper money (also known as banknotes). Both banknotes and coins are in circulation

the legal currency of the people's Republic of China is RMB (which can be abbreviated to RMB). The people's Bank of China is the national authority in charge of the management of RMB, which is responsible for the design, printing and issuance of RMB. The unit of RMB is yuan, and the subsidiary units of RMB are Jiao and Fen. One yuan is ten Jiao, and one Jiao is ten Fen. Since the issuance of RMB, the people's Republic of China has lasted for more than 50 years. With the development of economic construction and the needs of people's life, it has graally improved and improved. So far, it has issued five sets of RMB, forming a multi variety and multi series monetary system of paper money and metal money, ordinary commemorative money and precious metal commemorative money. Except for 1, 2 and 5 cent coins, the first, second and third sets of RMB have been withdrawn from circulation. The current circulating RMB is the fourth set of RMB issued by the people's Bank of China since 1987 and the fifth set of RMB issued in 1999. The two sets of RMB are in circulation at the same time< On December 1, 1948, the people's Bank of China established and issued the first set of RMB, with 62 editions of 12 denominations, including 2 yuan bonds, 4 yuan bonds, 4 yuan bonds, 7 yuan bonds, 7 yuan bonds, 7 yuan bonds, 10 yuan bonds, 5 yuan bonds, 6 yuan bonds, 6 yuan bonds, 5 yuan bonds, 4 yuan bonds, 5 yuan bonds, 4 yuan bonds and 2 yuan bonds

the unified issuance of RMB is a major measure taken to meet the national liberation. It eliminated all kinds of currencies issued by the Kuomintang government, ended decades of inflation under the Kuomintang rule and China's nearly 100 years of history of foreign currency, gold and silver currency trading in the market, and promoted the overall victory of the people's Liberation War, It played an important role in the early period of economic recovery<

the second set of RMB

was issued on March 1, 1955, and the first set of RMB was recovered. The conversion ratio between the second set of RMB and the first set of RMB is 1:10000. The second set of RMB has 11 denominations, including 1 Fen, 2 fen, 5 fen, 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan, 3 yuan, 5 yuan and 10 yuan. There are 2 kinds of 1 yuan vouchers, 2 kinds of 5 yuan vouchers, and 2 kinds of notes and coins for 1 Fen, 2 fen and 5 fen vouchers. In order to facilitate circulation, three kinds of coins, one cent, two cent and five cent, have been issued since December 1, 1957, which are equivalent to paper cents. On March 25, 1961 and April 20, 1962, black 1 yuan coupon and brown 5 yuan coupon were issued respectively to adjust and replace the face pattern and pattern. Due to the high technical requirements of large denomination banknotes, 3, 5 and 10 yuan were printed by the Soviet Union at that time

the second set of RMB has clear design theme, advanced printing technology, reasonable structure of main and auxiliary currency, and novel pattern color. The main scene pattern embodies the style of new China's socialist construction, the fighting course of the Communist Party of China's revolution and the theme of great unity of the people of all ethnic groups. In the printing process, in addition to the Fen coin, all other coupons are overprinted with rubber concave. The gravure plate is made by the traditional manual carving method in China, with a unique national style. Its advantages are deep pattern, thick ink layer, and good anti-counterfeiting and anti-counterfeiting function

the third set of RMB was issued on April 20, 1962. There are 7 denominations and 13 editions of the third set of RMB, including 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan, 5 yuan and 10 yuan. Among them, there are 4 kinds of 1 jiao voucher (including 1 kind of coin), 2 jiao, 5 jiao and 1 yuan have 2 kinds of notes and coins. In 1966 and 1967, the 10 cents note was revised twice, mainly by adding full version watermark and adjusting the back color

the third set of RMB face design patterns reflected the policy of China's national economy at that time, which was based on agriculture, led by instry, and developed both agriculture and light instry. In terms of printing technology, the third set of RMB inherits and develops the technical tradition and style of the second set of RMB. In the process of plate making, the combination of machine and traditional manual makes the pattern and pattern fine; The ink color matching is reasonable, and the color is novel and bright; The paper width of the ticket is small and the design is beautiful
this set of RMB is the currency with the most socialist characteristics and innovative consciousness in the world. The theme picture is closely related to the improvement of proctivity and rich in scientific and technological elements. This set of RMB was issued in the era of planned economy. Currency issuance is considered to be a major event directly related to the national economic life and the consolidation of the dictatorship of the proletariat. Socialist planned economy requires that proction, circulation, distribution and consumption be carried out in a planned way. Therefore, currency issuance and material distribution are strictly balanced and arranged by the central government (not the people's Bank of China under the dictatorship). It adheres to currency unification, consolidates independent and long-term stable currency, and becomes a rare stable currency in the world< In order to meet the needs of economic development, further improve China's monetary system and facilitate circulation and transaction accounting, the people's Bank of China has issued the fourth set of RMB since April 27, 1987. There are 9 denominations of dime, dime and dime, 1 yuan, 2 yuan, 5 yuan, 10 yuan, 50 yuan and 100 yuan, of which dime, 5 yuan and 1 yuan have two kinds of notes and coins. Compared with the third set of RMB, it has increased by 50 or 100 yuan in large denominations. In order to meet the needs of anti-counterfeiting RMB work, on August 20, 1992, a revised version of the 1990 version of 50 and 100 yuan voucher was issued, adding a security line

the fourth set of RMB has certain innovation and breakthrough in design idea, style and printing process. Under the leadership of the Communist Party of China, the theme of building socialism with Chinese characteristics is embodied in the design of the main scene. In terms of design style, this set of RMB maintains and carries forward the traditional characteristics of Chinese national art. The pictures on the back of the main coin are drawn from Chinese historical sites and famous mountains and rivers, and the patterns on the back are all full of Chinese national characteristics. In the printing process, the main scene all uses a large number of head portrait watermark, the carving process is complex; Banknote paper adopts full page watermark and fixed portrait watermark, which not only shows the line picture, but also shows the level of light and shade. The technology is very high, which further improves the level of China's banknote printing technology and banknote anti-counterfeiting ability< On October 1, 1999, the people's Bank of China issued the fifth set of RMB in succession, with a total of eight denominations of 10 cents, 5 cents, 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan and 100 yuan, of which 10 cents, 5 cents and 1 yuan have two kinds of notes and coins. According to the needs of market circulation, the fifth set of RMB increased the denomination by 20 yuan and cancelled the denomination of 2 yuan, making the denomination structure more reasonable

the fifth set of RMB inherits the traditional experience of China's printing technology and draws lessons from the advanced technology of foreign banknote design, which has greatly improved its anti-counterfeiting performance and adaptability to the modernization of currency processing. The front of each denomination currency adopts the head portrait of Chairman Mao Zedong in the early days of the founding of the people's Republic of China, the background adopts the Chinese famous flower pattern, and the back main scene pattern fully shows China's long history and magnificent mountains and rivers, and carries forward China's great national culture through the selection of representative patterns with national characteristics<

ordinary commemorative coin

ordinary commemorative coin is RMB with specific theme and limited issue. Since the people's Bank of China issued the first set of ordinary commemorative coins in 1984, it has issued 63 sets of 75 ordinary commemorative coins, with a total circulation of about 850 million. These commemorative coins have rich and colorful topics, unique designs, various specifications and materials, novel and beautiful patterns, and denominations ranging from 1 jiao, 1 yuan, 5 yuan, 10 yuan, 50 yuan and 100 yuan, which condenses the glorious achievements and major historical events of the people's Republic of China in more than 50 years into the size of commemorative coins. These commemorative coins are an important part of the RMB series, which enrich and improve China's monetary system, carry forward China's monetary culture, and constantly explore and innovate, and play a positive role in promoting commodity circulation and economic development and expanding foreign exchanges. The unit is yuan (circle). Issued on December 1, 1948. Take ￥ as the code, take the first letter of the Chinese phonetic alphabet yuan as the capital and two horizontal. After the issue, the local currencies issued by the liberated areas were recovered one after another, and all of them were collected in April 1951. Later, it eliminated all kinds of currency issued by the Kuomintang government by means of exchange. In order to establish an independent and unified RMB market, the State prohibits the circulation of gold, silver and foreign currency in the market. After controlling the continuous inflation since the Anti Japanese War, in order to maintain the long-term stability of the value of RMB and eliminate the vestiges of inflation, the state issued new RMB since March 1, 1953, which was converted into 10000 yuan at the depreciation rate of 1 yuan. Prices, wages and all debts were also converted at this rate. The denominations of RMB are 100 yuan, 50 yuan, 10 yuan, 5 yuan, 2 yuan and 1 yuan in main currency, 5 jiao, 2 jiao, 1 jiao, 5 fen, 2 fen and 1 Fen in subsidiary currency, and 1 yuan, 5 jiao, 2 jiao, 1 jiao, 5 fen, 2 Fen and 1 Fen in metal subsidiary currency. Foreign exchange coupons, which are equivalent to RMB in circulation within a specified range, ceased circulation on July 1, 1995< On December 2, 1947, Mao Zedong sat on the earth Kang of a peasant cave in Northern Shaanxi and read a telegram from Dong Biwu of the Central Working Committee: "Nan Hanchen has been sent to Bohai to discuss with Zhang and Deng on the specific measures for establishing a bank. The name of the bank shall be the people's Bank of China. If yes, please consider compliance. I hope the name will be determined as early as possible. It should be used when printing money. The working committee has agreed... "Mao Zedong read it and handed it to Zhou Enlai, who was sitting across the table< After looking at it, Zhou Enlai said, "Nan Hanchen believes that it is imperative to establish a unified national bank and currency." Mao Zedong said with a smile: "the situation is really a bit like the entry of the Eight Power Allied forces into Beijing. We use border currency in Shanxi, Chahar and Hebei, Southern Hebei, Shandong and Henan, Beihai currency in Shandong, northeast currency in Northeast China, and peasant currency in Northwest China. Once we enter Tianjin and Beiping, we can have seven or eight currencies listed together! However, is it too early to establish a unified national bank

8.

Money market funds (MMF) is an investment fund that invests in short-term (within one year, with an average maturity of 120 days) securities in the money market. The fund's assets are mainly invested in short-term monetary instruments such as treasury bills, commercial bills, certificates of deposit, bank acceptance bills, government short-term bonds, corporate bonds and other short-term securities

there is only one way of dividend in Monetary Fund - dividend reinvestment. Each unit of the money market fund is always kept at 1 yuan, and the income beyond 1 yuan will be automatically converted into fund shares on time. The number of fund shares is the number of assets. While other open-end funds have fixed shares and accumulated net unit value, investors can only rely on the annual dividend of the fund to achieve income

extended data:

development history

the first money market mutual fund in the United States was founded in 1972 as a substitute for bank deposits, which is the best example of financial innovation in the changing market environment

In 1973, there were only four funds with total assets of US $100 million. However, in the late 1970s, e to the inflation for several consecutive years, the market interest rate rose sharply, and the yield of money market instruments such as treasury bills and commercial paper exceeded 10%, far higher than the 5.5% interest rate ceiling paid by banks and savings institutions for savings deposits and time deposits

as customers of savings institutions continue to withdraw funds from savings deposits and time deposits to invest in money market mutual funds with higher returns, the total assets of money market mutual funds have expanded rapidly, from less than US $4 billion in 1977 to more than US $240 billion in 1982, and the total assets of more than 200 funds have surpassed those of stock and bond mutual funds

under the counterattack of banks and other depositors with super now accounts and mmdas, the total assets of money market mutual funds began to decline in late 1982 and early 1983

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