Reasons for the appreciation of digital currency
Publish: 2021-05-11 10:55:00
1. The value of a digital currency can be measured by the following methods:
1. The market depth of a digital currency, such as bitcoin and Leyte, is very deep
2. The application scenarios of a digital currency, for example, the digital currency on the coin Ying China platform will correspond to the corresponding physical assets, which are regarded as the digital currency of assets
3. The social recognition of a digital currency, bitcoin, has been widely recognized in the world.
1. The market depth of a digital currency, such as bitcoin and Leyte, is very deep
2. The application scenarios of a digital currency, for example, the digital currency on the coin Ying China platform will correspond to the corresponding physical assets, which are regarded as the digital currency of assets
3. The social recognition of a digital currency, bitcoin, has been widely recognized in the world.
2. There may be two situations. One is the emergence of a globally recognized digital currency, which can circulate globally. Another situation is the emergence of a super strong situation, just like the current international situation. This kind of digital currency may be issued by a powerful country or alliance, and other countries will also have their own digital currency, but it mainly plays a supporting role. Bitcoin, Ruitai coin and vitality coin may only exist as an asset class at that time.
3. The performance of 4790 CPU is very strong. It can be used for live broadcast. You can start with less than 1000 yuan. Intel's selling point is the single core performance, which can be improved by about 5-10 frames in the game.
4.
1、 The first step of financial freedom is to start with financial fairy tale. Suitable for all ages
3) Magic Book of convertible bond investment
4) graded funds and investment strategies is a book that systematically introces graded funds
5. The collection starts with a bundle (1000 pieces). Two jiao 100 pieces (one knife)
two jiao 1 jiao 0.25 yuan, one pack 280 yuan
two jiao 3 yuan, one pack 330 yuan
two jiao 5 jiao 0.75 yuan, one pack 650 yuan
in 2010, one jiao 5 jiao issued new three crowns (the second is the number) is not worth money..
two jiao 1 jiao 0.25 yuan, one pack 280 yuan
two jiao 3 yuan, one pack 330 yuan
two jiao 5 jiao 0.75 yuan, one pack 650 yuan
in 2010, one jiao 5 jiao issued new three crowns (the second is the number) is not worth money..
6. Not all digital currencies will keep rising. Just look for valuable currency, not air currency!
7. The measure of value is also one of the functions of money. Because digital currency is also currency, it has the general property of currency.
8. From the perspective of economics, it may be based on the following aspects:
first, the RMB exchange rate has not been adjusted for nearly 10 years since 1994, and China's economy and national strength have undergone profound changes in these 10 years< Second, since the 1990s, some authoritative international institutions and trading partners have always believed that RMB is undervalued to varying degrees
thirdly, according to the theory of international economics, excessive foreign exchange surplus itself indicates that foreign currency is priced too high, local currency is priced too low, and local currency has appreciation pressure
Fourth, since 2001, the currencies of the world's major currencies, including those of Southeast Asian countries, have all appreciated significantly against the US dollar. Only the exchange rate of RMB against the US dollar has not been adjusted, that is, RMB has actually depreciated significantly with the US dollar against other currencies. Not to mention whether the RMB was over depreciated or underpriced in the 1990s, in recent years, the currencies of other countries have greatly appreciated against the US dollar. Only if the exchange rate of RMB against the US dollar remains unchanged can we judge that the value of RMB against the US dollar may be undervalued< (3) International Political Analysis
the issue of RMB exchange rate is not only an economic issue, but also an international political issue. Some scholars especially pointed out that there are other reasons behind the frequent calls for RMB appreciation in some western countries. Some are out of jealousy, some are to shift the blame from the domestic authorities, and some are to win the votes of the domestic manufacturing instry. For example, western countries simply associate the value of RMB with the decline of their manufacturing instry, trying to force RMB appreciation. It is not China, but the invisible hand of global competition that causes the decrease of employment opportunities in the United States. There are no more than the following reasons for the foreign clamour for RMB appreciation: first, the RMB exchange rate is too low. Some people suggest that the exchange rate of RMB should be set at about 4.2 yuan per US dollar. Second, China's foreign exchange reserves are too high. Since China's accession to the WTO, there has been no surge in imports. On the contrary, the trade surplus has increased significantly. Third, China's massive export of cheap goods has caused world deflation. Some people think that in recent years, China's massive export of cheap procts has led to deflation in Japan, Europe and the United States. China should make the RMB appreciate and take corresponding responsibility in the world economy
the reason why the U.S. puts pressure on RMB appreciation is that China's "pegging to the U.S. dollar exchange rate" policy fails to give full play to the positive effect of the depreciation of the U.S. dollar, but only "greatly enhances the export competitiveness of Chinese enterprises and stimulates the export of Chinese procts", especially when the U.S. dollar depreciated in 2002, However, the US foreign trade deficit reached a historical peak of 435.2 billion US dollars, and the trade deficit with China reached 103.1 billion US dollars. In fact, the reason for the sharp increase of US foreign trade deficit does not lie in China's RMB exchange rate policy itself, but in the comprehensive effect of many factors, such as the adjustment of US instrial structure, the expansion of foreign direct investment, the growth of personal consumption expenditure, and the J-curve effect of us dollar depreciation
as an extension of military hegemony and economic hegemony, the United States, relying on its dominant position in the international monetary system, arbitrarily and compulsorily carries out its policies according to its own will, continuously gains hegemonic profits and maintains its status as a "financial hegemonic country". By devaluing the US dollar, the United States can not only rece its foreign debt burden, but also stimulate the export of its procts and pass on various economic crises, becoming the main form of its exploitation of other countries. The fundamental purpose of the RMB exchange rate dispute is that the United States hopes to block the large-scale entry of Chinese goods into the United States through the appreciation of RMB. Pressure on RMB appreciation, together with the U.S. anti-mping policy against China, constitutes the new content of the Bush administration's adjustment of economic and trade policy toward China
in recent years, the discussion on "sub yuan" has become more and more hot, and who can become the leading sub yuan in the future has become an increasingly sensitive topic. Japan's economy has been sluggish for a decade, so the possibility of the yen playing a leading role in Asia is diminishing. Due to the rapid economic growth, China has graally become the "locomotive" of Asian economic development and the "engine" of world economic development. Therefore, the value of RMB has become increasingly obvious, and a "RMB zone" has begun to form in China's neighboring countries, which leads to Japan's worry. Under the background of Japan's US $5 billion surplus with China in 2002, Japanese finance minister masaro Yanchuan proposed a motion to ask the group of seven countries to pass "a document similar to the" Plaza Agreement "against the Japanese yen in 1985" to force the appreciation of the RMB and push the global voice of suppressing the appreciation of the RMB to the peak. The purpose is to defeat the challenge of the RMB against the Japanese yen through the appreciation of the RMB, Ensure the future dominance of the yen
in recent years, China's foreign economic frictions have become increasingly fierce, but more of them are only limited to micro economic frictions. After China's entry into WTO, China is in the stage of system adjustment. More and more attention has been paid to the institutional factors in China's economic development. The United States, Japan, Europe and other countries put pressure on RMB appreciation, which makes the share of institutional economic friction in China's foreign economic friction begin to increase< (4) the objective function of RMB appreciation
1. Strengthen the ability of economic self circulation
when the change of exchange rate reflects the supply and demand of foreign currency, enterprises and families can adjust their strategies in time to make more effective use of foreign currency. Moreover, if domestic enterprises take advantage of the cost advantage brought by favorable exchange rate for a long time, the easier it is to earn profits by exporting low-end procts, the less motivation domestic enterprises have to invest in proct R & D. This is not concive to the long-term development of the country's competitiveness< In order to maintain the fixed exchange rate of RMB against the US dollar, the people's Bank of China must buy US dollars from the market and put in RMB. This makes it difficult for the central bank to keep the money supply within the target range. In order to offset the impact of foreign exchange, the people's Bank of China must carry out the so-called "local and foreign currency hedging operation", that is, to buy US dollars and sell government bonds or central bank bills through open market operation, so as to recover funds from the market. Appropriately expanding the fluctuation range of RMB can increase the freedom of monetary policy
3. It is consistent with easing the current concern of "overheating economy"
under the fixed exchange rate, the pressure of appreciation will be transformed into inflationary pressure, which is caused by the increase of money supply caused by foreign exchange. However, the practice of issuing central bank bills to collect foreign exchange is not rable, and will lead to the rise of the government's financial burden. Expanding the floating range of RMB will ease the pressure from appreciation to inflation: RMB appreciation will exert downward pressure on domestic prices, because: 1) the decrease of foreign exchange accounts leads to the decrease of money supply; 2) Currency appreciation will lower import prices, which may depress domestic prices
what is the real purpose of RMB appreciation? The decision made by the central government will not be made for a certain reason, unless the pressure of this reason is so great that the government can not avoid or block it. In my opinion, there are three reasons:
first, to resolve the expectations and pressures of various countries and funds on RMB appreciation
Second, graally get rid of the mode of pegging to the US dollar and prepare for RMB to become a hard currency
thirdly, we should take this opportunity to narrow the exchange rate gap between the Hong Kong dollar and the RMB and strive to reach 1:1. Then, at an appropriate time, the RMB, the Hong Kong dollar and the Australian dollar will merge to form a single currency
RMB is pegged to the US dollar. RMB has been in the trend of appreciation in the past 10 years. The appreciation of RMB is reflected in the form of the decline of RMB exchange rate, that is, the amount of RMB converted from 1 US dollar has decreased. The average exchange rate of RMB was 8.6212 in 1994, 8.3490 in 1995, 8.3143 in 1996 and 8.2770 in 2003 (National Bureau of statistics, 2004). The exchange rate of RMB has dropped by 4.1% in recent 10 years. Since 2001, the RMB exchange rate has been relatively stable at 8.2770 for three consecutive years. From January to May 2004, the RMB exchange rate is still 8.2770 on average. Since 2003, the RMB is once again facing the pressure of appreciation. The international calls for RMB appreciation have been increasing. The United States, the European Union and Japan have been pressing for RMB appreciation. Some theorists at home and abroad have estimated the "range of RMB appreciation" based on various models. The high estimate is more than 50%, and the low estimate is more than 15%
the reason for RMB appreciation comes from the internal power of China's economic system and external pressure. Internal factors include balance of payments, foreign exchange reserves, price level and inflation, economic growth and interest rate. Since 1994, China's current account balance of payments has been in surplus. China's foreign exchange reserves reached 286.4 billion US dollars in 2002, an increase of 5.55 times over 1994. From the perspective of PPP, China's price level is only 21% of that of the United States (World Bank, 2002). From the difference of inflation rate, the average inflation rate of the United States since 1998 is 2.23%, and the average inflation rate (CPI) of China in the same period is - 0.3%, which is 2.53% lower than that of the United States. From 1978 to 2003, China's GDP grew by 9.3% annually. In the past 25 years, China's economic growth is undoubtedly the fastest in the world. From the difference of interest rates between China and the United States, the interbank offered rate in China was 2.7% at the end of 2002, and the federal funds rate in the United States was 1.25%. China's short-term interest rate is 1.5 percentage points higher than that of the United States. In China, the RMB deposit rate is also 1.4 percentage points higher than the US dollar deposit rate. In addition, since the first half of 2002, the U.S. dollar has weakened, and the RMB has depreciated along with the U.S. dollar, which deviates from the trend of RMB appreciation. With the rapid growth of China's relative labor proctivity (from 1993 to 1999, the growth rate of labor proctivity of China's manufacturing instry was at least 1.5 percentage points higher than that of the United States manufacturing instry in the same period), on the contrary, with the devaluation of the US dollar, the trade deficit of the countries with trade deficit became larger and larger, which constituted the external pressure of RMB appreciation<
countermeasures:
first, ease the pressure of RMB exchange rate appreciation
the pressure of exchange rate appreciation comes from many aspects, and the rapid growth of exports, capital inflows and foreign exchange reserves are all important factors. However, at present, China's economic growth is highly dependent on foreign trade, so it is not easy to rece the pressure of RMB appreciation from foreign trade. However, among China's foreign trade partners, China has the largest surplus with the United States and the greatest pressure from the United States. Therefore, we can rece our dependence on the U.S. market by adjusting the geographical structure of foreign trade. In view of the pressure brought by capital inflow, while continuing to encourage the inflow of foreign capital, our enterprises can moderately consider entering other countries' markets by means of foreign direct investment. In view of the pressure brought about by the rapid growth of foreign exchange reserves, we can take measures to appropriately control the growth rate. In addition, QDII system can also be considered. Through these measures, we can alleviate the pressure of RMB appreciation to a certain extent and lay a foundation for the graal adjustment of RMB exchange rate
Second, in the context of globalization, we should weigh the issue of RMB appreciation and make timely adjustments
first, the RMB exchange rate has not been adjusted for nearly 10 years since 1994, and China's economy and national strength have undergone profound changes in these 10 years< Second, since the 1990s, some authoritative international institutions and trading partners have always believed that RMB is undervalued to varying degrees
thirdly, according to the theory of international economics, excessive foreign exchange surplus itself indicates that foreign currency is priced too high, local currency is priced too low, and local currency has appreciation pressure
Fourth, since 2001, the currencies of the world's major currencies, including those of Southeast Asian countries, have all appreciated significantly against the US dollar. Only the exchange rate of RMB against the US dollar has not been adjusted, that is, RMB has actually depreciated significantly with the US dollar against other currencies. Not to mention whether the RMB was over depreciated or underpriced in the 1990s, in recent years, the currencies of other countries have greatly appreciated against the US dollar. Only if the exchange rate of RMB against the US dollar remains unchanged can we judge that the value of RMB against the US dollar may be undervalued< (3) International Political Analysis
the issue of RMB exchange rate is not only an economic issue, but also an international political issue. Some scholars especially pointed out that there are other reasons behind the frequent calls for RMB appreciation in some western countries. Some are out of jealousy, some are to shift the blame from the domestic authorities, and some are to win the votes of the domestic manufacturing instry. For example, western countries simply associate the value of RMB with the decline of their manufacturing instry, trying to force RMB appreciation. It is not China, but the invisible hand of global competition that causes the decrease of employment opportunities in the United States. There are no more than the following reasons for the foreign clamour for RMB appreciation: first, the RMB exchange rate is too low. Some people suggest that the exchange rate of RMB should be set at about 4.2 yuan per US dollar. Second, China's foreign exchange reserves are too high. Since China's accession to the WTO, there has been no surge in imports. On the contrary, the trade surplus has increased significantly. Third, China's massive export of cheap goods has caused world deflation. Some people think that in recent years, China's massive export of cheap procts has led to deflation in Japan, Europe and the United States. China should make the RMB appreciate and take corresponding responsibility in the world economy
the reason why the U.S. puts pressure on RMB appreciation is that China's "pegging to the U.S. dollar exchange rate" policy fails to give full play to the positive effect of the depreciation of the U.S. dollar, but only "greatly enhances the export competitiveness of Chinese enterprises and stimulates the export of Chinese procts", especially when the U.S. dollar depreciated in 2002, However, the US foreign trade deficit reached a historical peak of 435.2 billion US dollars, and the trade deficit with China reached 103.1 billion US dollars. In fact, the reason for the sharp increase of US foreign trade deficit does not lie in China's RMB exchange rate policy itself, but in the comprehensive effect of many factors, such as the adjustment of US instrial structure, the expansion of foreign direct investment, the growth of personal consumption expenditure, and the J-curve effect of us dollar depreciation
as an extension of military hegemony and economic hegemony, the United States, relying on its dominant position in the international monetary system, arbitrarily and compulsorily carries out its policies according to its own will, continuously gains hegemonic profits and maintains its status as a "financial hegemonic country". By devaluing the US dollar, the United States can not only rece its foreign debt burden, but also stimulate the export of its procts and pass on various economic crises, becoming the main form of its exploitation of other countries. The fundamental purpose of the RMB exchange rate dispute is that the United States hopes to block the large-scale entry of Chinese goods into the United States through the appreciation of RMB. Pressure on RMB appreciation, together with the U.S. anti-mping policy against China, constitutes the new content of the Bush administration's adjustment of economic and trade policy toward China
in recent years, the discussion on "sub yuan" has become more and more hot, and who can become the leading sub yuan in the future has become an increasingly sensitive topic. Japan's economy has been sluggish for a decade, so the possibility of the yen playing a leading role in Asia is diminishing. Due to the rapid economic growth, China has graally become the "locomotive" of Asian economic development and the "engine" of world economic development. Therefore, the value of RMB has become increasingly obvious, and a "RMB zone" has begun to form in China's neighboring countries, which leads to Japan's worry. Under the background of Japan's US $5 billion surplus with China in 2002, Japanese finance minister masaro Yanchuan proposed a motion to ask the group of seven countries to pass "a document similar to the" Plaza Agreement "against the Japanese yen in 1985" to force the appreciation of the RMB and push the global voice of suppressing the appreciation of the RMB to the peak. The purpose is to defeat the challenge of the RMB against the Japanese yen through the appreciation of the RMB, Ensure the future dominance of the yen
in recent years, China's foreign economic frictions have become increasingly fierce, but more of them are only limited to micro economic frictions. After China's entry into WTO, China is in the stage of system adjustment. More and more attention has been paid to the institutional factors in China's economic development. The United States, Japan, Europe and other countries put pressure on RMB appreciation, which makes the share of institutional economic friction in China's foreign economic friction begin to increase< (4) the objective function of RMB appreciation
1. Strengthen the ability of economic self circulation
when the change of exchange rate reflects the supply and demand of foreign currency, enterprises and families can adjust their strategies in time to make more effective use of foreign currency. Moreover, if domestic enterprises take advantage of the cost advantage brought by favorable exchange rate for a long time, the easier it is to earn profits by exporting low-end procts, the less motivation domestic enterprises have to invest in proct R & D. This is not concive to the long-term development of the country's competitiveness< In order to maintain the fixed exchange rate of RMB against the US dollar, the people's Bank of China must buy US dollars from the market and put in RMB. This makes it difficult for the central bank to keep the money supply within the target range. In order to offset the impact of foreign exchange, the people's Bank of China must carry out the so-called "local and foreign currency hedging operation", that is, to buy US dollars and sell government bonds or central bank bills through open market operation, so as to recover funds from the market. Appropriately expanding the fluctuation range of RMB can increase the freedom of monetary policy
3. It is consistent with easing the current concern of "overheating economy"
under the fixed exchange rate, the pressure of appreciation will be transformed into inflationary pressure, which is caused by the increase of money supply caused by foreign exchange. However, the practice of issuing central bank bills to collect foreign exchange is not rable, and will lead to the rise of the government's financial burden. Expanding the floating range of RMB will ease the pressure from appreciation to inflation: RMB appreciation will exert downward pressure on domestic prices, because: 1) the decrease of foreign exchange accounts leads to the decrease of money supply; 2) Currency appreciation will lower import prices, which may depress domestic prices
what is the real purpose of RMB appreciation? The decision made by the central government will not be made for a certain reason, unless the pressure of this reason is so great that the government can not avoid or block it. In my opinion, there are three reasons:
first, to resolve the expectations and pressures of various countries and funds on RMB appreciation
Second, graally get rid of the mode of pegging to the US dollar and prepare for RMB to become a hard currency
thirdly, we should take this opportunity to narrow the exchange rate gap between the Hong Kong dollar and the RMB and strive to reach 1:1. Then, at an appropriate time, the RMB, the Hong Kong dollar and the Australian dollar will merge to form a single currency
RMB is pegged to the US dollar. RMB has been in the trend of appreciation in the past 10 years. The appreciation of RMB is reflected in the form of the decline of RMB exchange rate, that is, the amount of RMB converted from 1 US dollar has decreased. The average exchange rate of RMB was 8.6212 in 1994, 8.3490 in 1995, 8.3143 in 1996 and 8.2770 in 2003 (National Bureau of statistics, 2004). The exchange rate of RMB has dropped by 4.1% in recent 10 years. Since 2001, the RMB exchange rate has been relatively stable at 8.2770 for three consecutive years. From January to May 2004, the RMB exchange rate is still 8.2770 on average. Since 2003, the RMB is once again facing the pressure of appreciation. The international calls for RMB appreciation have been increasing. The United States, the European Union and Japan have been pressing for RMB appreciation. Some theorists at home and abroad have estimated the "range of RMB appreciation" based on various models. The high estimate is more than 50%, and the low estimate is more than 15%
the reason for RMB appreciation comes from the internal power of China's economic system and external pressure. Internal factors include balance of payments, foreign exchange reserves, price level and inflation, economic growth and interest rate. Since 1994, China's current account balance of payments has been in surplus. China's foreign exchange reserves reached 286.4 billion US dollars in 2002, an increase of 5.55 times over 1994. From the perspective of PPP, China's price level is only 21% of that of the United States (World Bank, 2002). From the difference of inflation rate, the average inflation rate of the United States since 1998 is 2.23%, and the average inflation rate (CPI) of China in the same period is - 0.3%, which is 2.53% lower than that of the United States. From 1978 to 2003, China's GDP grew by 9.3% annually. In the past 25 years, China's economic growth is undoubtedly the fastest in the world. From the difference of interest rates between China and the United States, the interbank offered rate in China was 2.7% at the end of 2002, and the federal funds rate in the United States was 1.25%. China's short-term interest rate is 1.5 percentage points higher than that of the United States. In China, the RMB deposit rate is also 1.4 percentage points higher than the US dollar deposit rate. In addition, since the first half of 2002, the U.S. dollar has weakened, and the RMB has depreciated along with the U.S. dollar, which deviates from the trend of RMB appreciation. With the rapid growth of China's relative labor proctivity (from 1993 to 1999, the growth rate of labor proctivity of China's manufacturing instry was at least 1.5 percentage points higher than that of the United States manufacturing instry in the same period), on the contrary, with the devaluation of the US dollar, the trade deficit of the countries with trade deficit became larger and larger, which constituted the external pressure of RMB appreciation<
countermeasures:
first, ease the pressure of RMB exchange rate appreciation
the pressure of exchange rate appreciation comes from many aspects, and the rapid growth of exports, capital inflows and foreign exchange reserves are all important factors. However, at present, China's economic growth is highly dependent on foreign trade, so it is not easy to rece the pressure of RMB appreciation from foreign trade. However, among China's foreign trade partners, China has the largest surplus with the United States and the greatest pressure from the United States. Therefore, we can rece our dependence on the U.S. market by adjusting the geographical structure of foreign trade. In view of the pressure brought by capital inflow, while continuing to encourage the inflow of foreign capital, our enterprises can moderately consider entering other countries' markets by means of foreign direct investment. In view of the pressure brought about by the rapid growth of foreign exchange reserves, we can take measures to appropriately control the growth rate. In addition, QDII system can also be considered. Through these measures, we can alleviate the pressure of RMB appreciation to a certain extent and lay a foundation for the graal adjustment of RMB exchange rate
Second, in the context of globalization, we should weigh the issue of RMB appreciation and make timely adjustments
9. This is a bug in the national service. Many people ask the customer service and explain that it's not a bug. They say that it's ok if they don't get it online. However, some customers have tried that some numbers are OK. Now the customer service doesn't mean to fix it. It's easier to use the daily service. I'm the same person. The small size has a reward, but the large size doesn't. Nothing with
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