What is the relationship between SDR and Chinese digital currenc
Publish: 2021-05-12 02:32:13
1. They don't mean the same thing at all. Digital China refers to the statistical data of China's national economy and people's livelihood. digital currency, however, is only currency or money represented by computer program code.
2. Block Tianyan: digital currency is an alternative currency in the form of electronic currency (which can be used for real goods and services transactions). In short, it is the electronization of RMB, which is equivalent to paper currency, but more flexible than paper currency. It can track the flow of your money and pay without the Internet
digital currency has the main characteristics of network packet. 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 money, the direct benefit of digital money to the central bank is not only to save the cost of paper money issuance, circulation and settlement, but also to enhance the central bank's ability to control funds.
digital currency has the main characteristics of network packet. 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 money, the direct benefit of digital money to the central bank is not only to save the cost of paper money issuance, circulation and settlement, but also to enhance the central bank's ability to control funds.
3. Yes, after you give him space, the track he used to guide can't be found. You can download a guide tool and rebuild the guide.
4. 1. Digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English. It is an alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy
2. China UnionPay was established in March 2002 with the approval of the State Council and the approval of the people's Bank of China
response time: October 21, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
2. China UnionPay was established in March 2002 with the approval of the State Council and the approval of the people's Bank of China
response time: October 21, 2020. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
5. Zhou Xiaochuan, the governor of China's central bank, said that joining the SDR has the following purposes: China can become a pricing country for many international commodities, China can borrow at a lower cost in the international capital market, and RMB can be demanded by more countries. These purposes are economic ones, but the economic benefits brought by SDR discussed above are limited to China. In fact, it is not necessary for RMB to join SDR to achieve the above goals. RMB internationalization and capital account opening can achieve these goals, and joining SDR is only one of various efforts of RMB internationalization
if RMB becomes an international currency and China's capital account is open, China will naturally be qualified to act as a pricing country in the international market; The financing cost of Chinese enterprises' foreign investment will also be reced; International capital will naturally flow into China. The entry of RMB into SDR can only accelerate the process of RMB internationalization. When many internal conditions for RMB internationalization in China are not mature, the international community can first recognize the fact that RMB is being internationalized
in order to promote the internationalization of RMB, China also needs relevant financial market reform measures. For example, the most obvious reform is the marketization of the RMB exchange rate. If the pricing of RMB in the international market is not completed by the market, RMB will not become a reserve currency generally accepted by other countries in the world. To make the RMB exchange rate market-oriented, the premise is the RMB interest rate market-oriented. Otherwise, if the price of RMB itself is not determined by the market, its price relative to other currencies cannot be determined by the market. However, the marketization of RMB interest rate must be coordinated with the comprehensive and deeper financial market reform. It is not that the central bank cancels the upper limit of RMB deposit interest rate is equal to the marketization of interest rate. In addition, we should distinguish between the nominal exchange rate liberalization and the real exchange rate liberalization, because the latter is the real marketization, which is helpful to the formulation of RMB independent policy. Therefore, it is a systematic project for China to promote the opening of international capital account and the internationalization of RMB. But we also need to understand the risks and dangers of "pulling out the seedlings to encourage the growth"
the second main advantage of RMB joining SDR is to gain recognition and improve the reputation of RMB.
China has become the second largest economy in the world, and is eager to enhance its reputation in IMF and global economic structure by joining SDR. The recognition of RMB and China's economic strength is a political demand. Whether this demand should be met through the IMF is unknown, because the IMF itself has institutional problems. In a sense, China's advocacy of building the aiib also contains China's disappointment with the IMF
the IMF created SDR, hoping to partially replace the US dollar as the world's major reserve currency. However, the defects of SDR design and the inconsistent interests of IMF member countries have seriously hindered the development of SDR. So far, SDR accounts for less than 4% of global reserves. SDR brings limited economic benefits to Member States, especially e to the unreasonable distribution, many member states do not get much benefit from SDR. The main significance of RMB joining the basket of SDR reserve currency is to cooperate with the process of RMB internationalization and enhance the position and proportion of RMB in the international market. When RMB is really changed from RMB to CNY, many demands of China in the international economic and financial markets will naturally be met
if RMB becomes an international currency and China's capital account is open, China will naturally be qualified to act as a pricing country in the international market; The financing cost of Chinese enterprises' foreign investment will also be reced; International capital will naturally flow into China. The entry of RMB into SDR can only accelerate the process of RMB internationalization. When many internal conditions for RMB internationalization in China are not mature, the international community can first recognize the fact that RMB is being internationalized
in order to promote the internationalization of RMB, China also needs relevant financial market reform measures. For example, the most obvious reform is the marketization of the RMB exchange rate. If the pricing of RMB in the international market is not completed by the market, RMB will not become a reserve currency generally accepted by other countries in the world. To make the RMB exchange rate market-oriented, the premise is the RMB interest rate market-oriented. Otherwise, if the price of RMB itself is not determined by the market, its price relative to other currencies cannot be determined by the market. However, the marketization of RMB interest rate must be coordinated with the comprehensive and deeper financial market reform. It is not that the central bank cancels the upper limit of RMB deposit interest rate is equal to the marketization of interest rate. In addition, we should distinguish between the nominal exchange rate liberalization and the real exchange rate liberalization, because the latter is the real marketization, which is helpful to the formulation of RMB independent policy. Therefore, it is a systematic project for China to promote the opening of international capital account and the internationalization of RMB. But we also need to understand the risks and dangers of "pulling out the seedlings to encourage the growth"
the second main advantage of RMB joining SDR is to gain recognition and improve the reputation of RMB.
China has become the second largest economy in the world, and is eager to enhance its reputation in IMF and global economic structure by joining SDR. The recognition of RMB and China's economic strength is a political demand. Whether this demand should be met through the IMF is unknown, because the IMF itself has institutional problems. In a sense, China's advocacy of building the aiib also contains China's disappointment with the IMF
the IMF created SDR, hoping to partially replace the US dollar as the world's major reserve currency. However, the defects of SDR design and the inconsistent interests of IMF member countries have seriously hindered the development of SDR. So far, SDR accounts for less than 4% of global reserves. SDR brings limited economic benefits to Member States, especially e to the unreasonable distribution, many member states do not get much benefit from SDR. The main significance of RMB joining the basket of SDR reserve currency is to cooperate with the process of RMB internationalization and enhance the position and proportion of RMB in the international market. When RMB is really changed from RMB to CNY, many demands of China in the international economic and financial markets will naturally be met
6. Experts said that in the long run, Chinese people will be able to use RMB to travel, shop and invest abroad directly, rece exchange costs and avoid exchange rate risks
savings: the value of RMB is stronger
SDR basket currency is usually regarded as a safe haven currency, which will undoubtedly increase the use of RMB by the public and private sectors in the world. With the increasing demand for RMB in the international market, it is more likely that the RMB exchange rate will remain basically stable or even firm in the future
as of March 2015, the scale of global foreign exchange reserves is US $11.43 trillion. The accession of RMB to SDR will further encourage global central banks and sovereign wealth funds to hold RMB denominated assets, thus enhancing the status of RMB as a reserve currency. Especially under the background of strong expectation of US dollar interest rate increase, it will help the people of our country to have stronger RMB in their hands and rece their worries about the shrinking of their own purse
consumption: take RMB to spend directly abroad
from the consumption level, e to the expansion of RMB pricing function, many bulk commodities are priced in RMB, which will avoid the risk of exchange rate fluctuations and rece the purchase cost“ It's more cost-effective for traveling and studying abroad. " Lian Ping, chief economist of Bank of communications, said that with the entry of RMB into SDR, more and more countries recognize RMB and are willing to accept RMB, or use RMB to carry out a wide range of transactions. In this way, it will be more convenient to go abroad for shopping, tourism and other consumption in the future
in the major tourist spots around the world, the exchange of RMB and foreign currency will become more convenient. You can travel abroad with RMB without exchange of foreign currency. As RMB can be used directly in shopping, there will no longer be the trouble caused by the exchange rate change in the previous interbank foreign exchange settlement
Investment: buying a house and speculating in stocks abroad is not a dream
under the premise of opening capital and financial accounts, if RMB maintains a stable situation, it will be concive to investors' asset allocation and trading in the world. In the future, it will be more convenient for Chinese people to allocate overseas assets, invest in real estate, stocks and bonds abroad, and it will no longer be a dream to buy a house abroad with RMB. Foreign investors can enjoy more channels of domestic stocks, funds, treasury bonds and P2P for investment and financing. Domestic indivial cross-border investment and foreign institutional investors' investment in Chinese capital will be more free and convenient
in addition, e to the increasing demand for RMB in the international market, the RMB exchange rate will be supported in the future, which is also concive to cross-border investment, transaction, acquisition, merger, purchase of resources, services, technology, etc.
savings: the value of RMB is stronger
SDR basket currency is usually regarded as a safe haven currency, which will undoubtedly increase the use of RMB by the public and private sectors in the world. With the increasing demand for RMB in the international market, it is more likely that the RMB exchange rate will remain basically stable or even firm in the future
as of March 2015, the scale of global foreign exchange reserves is US $11.43 trillion. The accession of RMB to SDR will further encourage global central banks and sovereign wealth funds to hold RMB denominated assets, thus enhancing the status of RMB as a reserve currency. Especially under the background of strong expectation of US dollar interest rate increase, it will help the people of our country to have stronger RMB in their hands and rece their worries about the shrinking of their own purse
consumption: take RMB to spend directly abroad
from the consumption level, e to the expansion of RMB pricing function, many bulk commodities are priced in RMB, which will avoid the risk of exchange rate fluctuations and rece the purchase cost“ It's more cost-effective for traveling and studying abroad. " Lian Ping, chief economist of Bank of communications, said that with the entry of RMB into SDR, more and more countries recognize RMB and are willing to accept RMB, or use RMB to carry out a wide range of transactions. In this way, it will be more convenient to go abroad for shopping, tourism and other consumption in the future
in the major tourist spots around the world, the exchange of RMB and foreign currency will become more convenient. You can travel abroad with RMB without exchange of foreign currency. As RMB can be used directly in shopping, there will no longer be the trouble caused by the exchange rate change in the previous interbank foreign exchange settlement
Investment: buying a house and speculating in stocks abroad is not a dream
under the premise of opening capital and financial accounts, if RMB maintains a stable situation, it will be concive to investors' asset allocation and trading in the world. In the future, it will be more convenient for Chinese people to allocate overseas assets, invest in real estate, stocks and bonds abroad, and it will no longer be a dream to buy a house abroad with RMB. Foreign investors can enjoy more channels of domestic stocks, funds, treasury bonds and P2P for investment and financing. Domestic indivial cross-border investment and foreign institutional investors' investment in Chinese capital will be more free and convenient
in addition, e to the increasing demand for RMB in the international market, the RMB exchange rate will be supported in the future, which is also concive to cross-border investment, transaction, acquisition, merger, purchase of resources, services, technology, etc.
7. Special drawing right is the abbreviation of special drawing right, translated as "special drawing right", which is to distinguish the original ordinary drawing right. It is only a Book asset, and a reserve asset and unit of account created by the International Monetary Fund itself. For Member States, it is a right to use funds allocated to them. When a member state has a balance of payments deficit, it can exchange foreign exchange with other Member States designated by IMF to repay the balance of payments deficit or IMF loans. It can also act as an international reserve like gold and freely convertible currency. However, it is not a real currency. When it is used, it must be changed into other currencies and cannot be directly used for payment. So it's called special drawing rights
the impact of joining it on China: this "G20 Nanjing meeting" talked about SDR, which I think is to ince RMB exchange rate liberalization reform and capital account opening. In short, it is to let us open the currency rashly like Japan when conditions are not mature. Let's not be fooled by Mr. Sarkozy. As a big country like China, all policies must be steadily promoted. We are still a country with many domestic problems and prominent contradictions. It will take time for us to go to the world. We can't be in a hurry!
the impact of joining it on China: this "G20 Nanjing meeting" talked about SDR, which I think is to ince RMB exchange rate liberalization reform and capital account opening. In short, it is to let us open the currency rashly like Japan when conditions are not mature. Let's not be fooled by Mr. Sarkozy. As a big country like China, all policies must be steadily promoted. We are still a country with many domestic problems and prominent contradictions. It will take time for us to go to the world. We can't be in a hurry!
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