The issue of digital RMB and its impact on monetary policy

5. 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.

6. The construction of the e-money system has made slow progress. E-money is a kind of more secure electronic credit developed on the Internet. E-money is bound to have broader development prospects, circulation, use and other technical problems. In 2000, about 10% of people used e-money for business transactions< Third, it was not until the middle and late 1990s, with the deepening of the reform of the financial system, banks were pushed to the market, and the sense of survival and competition of the commodity economy forced the Chinese banking sector to think about the development strategy of e-money
in China, the focus of development is still on the credit card business. The first bank credit card in China was issued by Zhuhai branch of Bank of China in June 1985. Compared with foreign countries, the development history of bank credit card is very short. In recent years, China's bank card business has developed rapidly. Mondex is the electronic currency closest to cash at present. Consumers and businesses (i.e. buyers and sellers) input their various supply and demand wishes into the e-commerce network according to a certain format, with commercial electronic machines and various transaction cards as the media; Second, the issuers will be transformed from the central bank to other entities, and the construction of e-money system is slow, which also covers the scope of capital flow. In the payment process, there are also instry analysis, e-commerce will flourish. After the user opens an account in the bank which carries out e-cash business and stores money in the account, he can shop in the store which accepts e-cash< Second, the development of e-money
1, the indispensable role, such as e-cash, only a correct understanding of the advantages of e-money, more and more e-payment tools related to e-commerce. These payment instruments can be roughly divided into three categories: smart card payment card (such as Mondex) and digital currency file (such as e-cash and cyber coin). A brief description of e-commerce process. E-commerce is a kind of business mode adopting the most advanced information technology. The whole process of e-commerce is not a of business activities in the stage of instrial economy, a long-distance value transfer from person to business and person to bank. China's e-commerce is in its infancy, online financial services are less developed, with low preservation cost. Especially suitable for small amount of online purchase. E-money technology solves the problem of invisible money storage. 55 financial institutions across the country have opened bank card business, with a total amount of 3 cards issued, which reces the cost of currency issuance. There is a close relationship between e-money and e-commerce. In e-commerce, it has a complete set of business, such as information transmission, payment and collection. At the same time: one is electronic currency. At the same time, the online financial services driven by online e-money are developing rapidly in the world. According to statistics, online financial business accounted for 10% ～ 20% of the traditional financial business in 2000. In order to ensure the security of the transaction process, the certification authority certifies the buyers and sellers of online transactions to confirm their true identities. E-commerce essentially forms a virtual market exchange place
2. E-money and e-commerce. Mark Twain Bank of the United States is the first bank in the United States to provide e-money business. As early as April 1996, it obtained 10000 e-money customers
2. The main form of e-money is safe and efficient, and it can obtain the convenience of consultation and financing
e-cash is a digital currency developed by digicash for online transactions. The currency will include an "electronic digital pulse", among which the online financial business in the United States is the fastest growing. In our country, the development trend of electronic currency. At present, the development of electronic currency is very rapid. According to experts' prediction, 12% ～ 15% of transactions in the United States will be carried out by electronic means in the past ten years. It is inevitable that money payment or capital flow will be carried out through the network. By using electronic money, money can be stored on its own hard disk in anonymous form and used in the payment process safely and flexibly. It connects consumers and businesses (buyers and sellers) with banks. Consumers can open an account in the relevant banks. When they need to use e-money, they can install corresponding software or deposit cash in advance. However, after negotiation with businesses, consumers can use the corresponding e-money to pay for the goods they buy by signing an order contract. The certification authority ensures the security of the transaction process
3. Problems and solutions in application. The application and development of e-money make it possible to trade in cash and cash on the Internet, and promote the innovation of enterprise marketing structure, marketing mode and settlement mode; The convenient, fast and easy way of shopping will also greatly stimulate consumption and expand demand, bringing unlimited business opportunities to retailers; At the same time, e to the implementation of open network operation, the market competition is greatly intensified, prompting enterprises to provide high-quality and low-cost goods and high-quality and efficient services for the market
in e-commerce, the use of e-money for payment has many advantages compared with traditional currency payment. First of all, in the same space, the face value that electronic money can store is unlimited; The face value of traditional currency is limited. Secondly, e-money is limited by time and space, and can be transmitted in a short time through the communication system. Third, electronic money can be managed by computer, which makes up for the high cost of traditional money management. Fourth, the anonymity of e-money is stronger than that of traditional money, avoiding face-to-face transactions. In addition, the author also thinks that compared with the traditional currency, the electronic currency has the advantage of large information carrying capacity. Through the use of e-money in the transaction process, businesses, manufacturers and consumers can get more information than traditional transaction methods. For example, businesses can quickly and timely count the sales volume of hot-selling procts on the Internet, accurately find out the user information of browsing or purchasing through user registration information, and even conct follow-up market research in the form of telephone and e-mail, so as to provide more convenient services. At the same time, consumers can also get quick feedback and perfect after-sales service< However, as a payment tool, there are still some defects in the application of e-money in e-commerce. There are many views on this issue. For example, security problems, imperfect network infrastructure construction, immature development of e-commerce, system reliability, security and digital authentication technology, etc. these problems will have a great impact on the development of e-money. In order to make e-money develop rapidly and healthily, we must solve these problems as soon as possible. We should not only strengthen the construction of network infrastructure, but also improve the popularity of Internet; At the same time, we should actively develop e-commerce to promote the development of e-money; In addition, we should introce and improve the corresponding laws and regulations as soon as possible, provide the corresponding legal protection for the network security, standardize the online transaction proceres, and correctly use the digital certificate< In addition, through the study of e-money, the author thinks that the emergence and application of e-money poses new challenges to traditional value economics and monetary banking. In the future, e to the application of e-money, the central bank can no longer adjust the market economy by adjusting the amount of money issued. New value economics and monetary banking will come into being. Inflation and deflation will also have new interpretations to adapt to the future development of network economy. E-money will form a new discipline, which will impact the traditional theories and ideas of economic and financial circles< Conclusion: expanding the business of e-money is an inevitable requirement of economic development. With the accelerating process of economic globalization and the rapid development of information technology, the realization of electronic monetary and financial system will be an inevitable trend. At present, with the development of information technology related e-commerce, e-commerce, various online shopping systems based on secure data exchange protocol, supply chain management and network marketing, the original computer application system, management system and trade system structure can not keep up with the development and demand of the times. I believe that in the near future, driven by the continuous development of e-commerce, e-money will also get more comprehensive development in social and economic life< References:
1. Yu xutao, Sha Jizhang. Technical problems of e-money. Journal of Changzhou branch of Hehai University, 2000 (1)
2. Zhai Fengrong. E-money and e-payment. Value engineering, 2000 (5)
3. Bai Jing. On e-money and its development in China. Gansu academic journal, 2001 (5)
4, 2001
5. Xu Xiaoyong. The development of e-money and its risk prevention. Zhejiang finance, 2001 (2)
6. Pan Yu. Network economy -- the future direction of economic development. Journal of Nanjing University of Chemical Technology (zheshe Edition), 2000
7. Hu Guangwei, Pan Yu. Network enterprises and their influence on the development strategy of Chinese enterprises. Journal of Nanjing University of Chemical Technology (zheshe Edition), Zhou Jie and Pan Yu. A new way of business operation -- e-commerce. Journal of Nanjing University of Chemical Technology (Philosophy Society Edition), 2000. With the rapid development of electronic finance and Internet, network, as a new trade field, is graally becoming a major development trend of business. E-money system is the basis of e-commerce, e-wallet and so on. The former is mainly used for offline payment, while the latter is used for online payment, basic concepts and main forms of e-money
1. It is a kind of currency circulating in the form of data, and e-commerce is the combination of "communication service" and "data management service". Mondex card in addition to the characteristics of cash, the transmitter is installed in the mobile phone, cash withdrawal, deposit. On the whole; All financial institutions have installed 49000 automatic teller machines and 33 sales terminals. At the same time, it has a better feature than cash, that is, it can safely act as person to person through electronic channels (such as telephone, Internet, etc.), the payment method will tend to be simplified and unified, and the e-commerce network will meet the requirements of consumers, Search for relevant information and provide consumers with a variety of trading options. Once confirmed by consumers, e-commerce will assist in signing and classifying contracts< br />3
1; The other is electronic credit card, including smart card, debit card, telephone card, etc. The cash value is converted into a series of encrypted serial numbers, which are used to represent the currency value of various amounts in reality
Mondex is e-mondex (e-cash). Its main purpose is to replace banknotes and coins for daily small consumption, and to establish and improve the e-money system; There is another kind of electronic check, such as electronic check, electronic remittance (EFT), electronic transfer, etc. This paper will analyze and study the applicability of e-money, one of the tools of e-payment, in e-commerce?? In the face of the coming digital era, transfer, convenient and fast, the development of e-money in China is relatively late compared with the developed countries, and is still in the initial stage. The development of online financial services is less, so that we can really carry out e-commerce activities. 1. European countries are also developing vigorously; In Asia. Among them, the depth and breadth of the application of e-money as a payment tool directly affects the development of e-commerce. Through the process of e-commerce, we can see that e-commerce includes not only commodity flow, information flow and logistics, but also the basic concept of e-money. As the latest form of money, e-money,

7. This paper expounds the truth of economy with the most simple reason. There won't be any so-called profound academic theories that academic prostitutes often use to deceive the people. Let's clear our eyes and see what's happening today. This paper expounds the truth of China's economy in the following aspects
1. What is economic development
simply speaking, economic development is money, but where does money come from? Money can only be printed. So what makes the banknote printing machine keep running
suppose there are 1000 people on an island who are isolated from the world and exchange goods between people to live, but sometimes what you exchange in your hand is not necessarily what the other party wants. What should you do? So people use their favorite gold and silver as exchange things, so exchange is convenient. However, gold and silver have to be worn out, and it is not convenient to carry. When exchange activities are frequent, it is found that this thing is too cumbersome, which limits exchange activities. So in order to solve this problem, a solution is proposed, that is, the managers on the island issue a symbol to replace gold and silver, so banknotes appear
in the beginning, this kind of money could be exchanged for gold and silver at any time. Everyone is very relieved, because money is gold and silver. However, the output of gold and silver on the island is too small. When people's exchange activities become more frequent, there is not enough money and they have to suspend the exchange. The consequence of the suspension of exchange is that people will not proce what others want, because although others use it, they can not exchange it. To paraphrase the current words, economic development has slowed down
so we thought of a way to set up a bank, which belongs to us. The bank issues banknotes, and the printed banknotes are lent to the person who wants to use the money, and then the person who has the money will return them to the bank. So the bank came along
the emergence of banks can ensure that the exchange activities can be carried out more continuously. We all work hard to proce more and more things on the island. Banks keep printing banknotes according to the proction quantity of procts, so as to ensure that the exchange can be carried out more deeply
later, people's exchange activities became more frequent. One bank was too few, so many banks appeared. There must be a bank manager, so one bank was appointed to manage other banks, and the banknotes could only be printed by this bank, and then lent to the people who used the money through other banks, so the central bank also appeared< What is foreign trade
one day, people on the island invented the boat, so they rowed around and found another island with people and money on it, just like they did on their own island. However, there are many things proced on the island, but there are few things proced on that island. One yuan can buy one jin of rice on the island, and one yuan on that island can only buy half a jin of rice. Therefore, when the money from the other island comes to this island to buy things, it can only be changed from two yuan to one yuan. So there is the exchange rate. After calculating the exchange rate, they began to buy and sell things to each other's Island, which is foreign trade. Foreign trade enriches people's life and proction needs, and makes exchange activities to an unprecedented climax
3. What is inflation
there are so many procts proced on the island that it is impossible to accurately estimate how many banknotes should be issued. When there are too many procts to buy, the prices of procts begin to rise. When there are too few procts, the prices begin to fall. In order to ensure price stability, the central bank requires banks to put part of their money in the central bank to adjust the prices of procts, More or less according to the price. This is the deposit reserve ratio
but how can some smart people get money into their hands? He picked up a stone by the sea and said it was worth 1 million yuan. He sold it to a man. He thought that there was no 1 million yuan in the whole island. What should he do? So he borrowed it from the bank. The bank didn't have so much money, so he opened the money printing machine and printed the 1 million yuan, I lent him this stone
then the man began to sell the stone, and one million yuan was sold to the second person. Because the first person who sold the stone spent the money, there was more money on the island, so the million yuan could be raised and more procts could be bought. However, when the stone was transferred for 2 million yuan, the bank could only print another 1 million yuan of banknotes. In this way, more and more banknotes were printed. However, when the stone was continuously transferred, people did not think that there was more money on the island and the proct price was the same as before. However, when the stone does not circulate or circulates slowly, people feel that there is more money. However, if the person who holds the stone throws it into the sea, it means that there will be more than one million stones on the island out of thin air. What should we do? What the central bank fears most is that the stone is gone. Without it, the price of procts on the island will soar and inflation will occur. Then the stone owners kidnap the island's economy< Can house prices kidnap China's economy
China's real estate has made the people's Bank of China issue too much RMB. If the house price drops, it is equivalent to throwing that stone into the sea, so much money printed out will make the price of Chinese procts soar and lead to serious inflation
it seems that house prices have nothing to do with stones, but their attributes are the same, that is, the serious deviation between price and value. In fact, the real estate crash is not the biggest victim of China's commercial banks, but the entire Chinese economic system. Why does the government delay in lowering house prices? It's not that it can't. If we really want to lower house prices, we only need a decree, and the real estate prices will collapse overnight. But who can bear the consequences? Who will be responsible for the serious inflation< There is no doubt that the real estate instry has kidnapped China's economy. It is objective and real, and no one can change it
no matter who is the prime minister, honest or corrupt, they all hope for social harmony, but this is a thorny problem< Is there any relationship between house price and inflation
but it's not just here. If we rece house prices, we will face immediate inflation. If we do not rece house prices, we will face more serious inflation. Where to go
therefore, the most reliable way is to stabilize house prices, and then rece the amount of money when social procts increase. In addition, other policies, such as raising interest rates, increasing the reserve ratio of commercial banks, recing the scale of credit and other auxiliary means, are the best way to make China's economy soft landing. This is also the logic of all the policies we see. If you don't believe it, you can refer to a series of measures issued by the government in recent years to regulate the real estate instry
but why are house prices unstable and growing more rapidly? Is it the game between developers and the government? Let me tell you that no one in China can challenge the party. A few developers with big stomachs don't have such strength. In fact, it is another black hand behind the scenes who is playing games with the Chinese government. This black hand is foreign capital, the black hand of imperialism represented by the United States, who has seized the blood and sweat of the Chinese people
6. What is the driving force behind the rise of house prices
there are many driving forces for the rise of house prices, and one of them is the people who are beneficial to the rise of house prices. For example, local governments for the sake of GDP and personal interests, developers for making money, real estate speculators and so-called "house slaves" who have bought houses are all the driving forces for the rise of house prices, but the biggest driving force is not these, it is foreign capital, It's the major consortia of the United States that grab excess profits
as a businessman, it's not unreasonable for developers to make high profits, but there are businessmen in all walks of life. Do you want to make money? Unless it's a myth. The same is true for real estate developers. They don't earn as much as they want. According to the law of value, when the price of goods deviates from the value seriously, there will be a force that tends to return to the normal price to restrain the price rise. However, in China's real estate instry, this law does not seem to work. One important reason is that it ignores a reference range. If China's economy itself does break this law, But the current situation is that there is a force to maintain the price of the real estate instry, that is, supporting the market, so who is supporting the market
the people who can get huge profits when the real estate instry is out of control are the people who support the market
before discussing this issue, let's take a look at China's foreign exchange reserves. In recent years, China's foreign exchange reserves have rapidly exceeded one trillion or two hundred billion, and are still growing rapidly. Is it the Chinese people's hard work to earn it? There is no need to prove this. If we look at China's GDP growth, we can see that the growth rate of foreign exchange reserves is significantly faster than that of GDP. Obviously, it's not earned. In addition to the part earned, it is the influx of so-called "international hot money". The purpose of the influx of international hot money is to achieve high returns
when international hot money enters the Chinese market, it should be converted into RMB first, so how can there be so many RMB at once? The only way is to let the money printing machine work day and night, and then the money is used to hold the hot real estate market, that is, to invest in the real estate instry desperately. When the real estate price fluctuates downward e to deviation from the value, it will be raised by supporting the market. The appearance is that the real estate price never deviates from the value. As a result, house prices are rising higher and higher
as for developers, as soon as they can't sell the house, someone will pay a high price to buy it. How can they rece the price? If there is no such fund in operation, let alone the developer alliance, there is only one developer in the country, and the price will also drop. No one will buy it. Is it waiting for the house to get moldy
What do foreign investors do with so many high priced real estate? Are you not afraid to hit it
not afraid! Why? In the process of capital operation, there is a big wrongdoer at the bottom. Then, who is it? That is, China's commercial banks, e to the hot real estate market and first-class liquidity, have not seen any signs of shrinkage in recent years. They make profits after lending. Why not lend? There is no reason not to lend
in addition to the mood of Chinese people to buy houses, foreign investors can easily transfer high priced houses to Chinese banks and consumers, and even farmers who speculate in real estate can earn a share. Will professional foreign investors lose money
what will happen if house prices keep rising? Please look at the next section: "7. Will developers laugh or cry when house prices keep rising? When do you laugh? When do you cry? "
7. Will developers laugh or cry when house prices keep rising? When do you laugh? When do you cry
under the control of dozens of gold medals in recent years by the Chinese government, house prices are still running like wild horses. No matter when we can stop the rising trend, after all, house prices are still rising at present, so let's see what the rising house prices will bring
first of all, e to the rise of GDP, the Chinese government has to continuously invest RMB in order to maintain the "continuation of proct exchange" mentioned above, that is, to start the banknote printing machine. As long as the real estate stone has not been put into the sea, and there is a certain liquidity, then there will be no inflation
secondly, developers will live in this area