Currency in digital form in the following
Publish: 2021-04-24 02:23:06
1.
digital currency is an alternative currency in the form of electronic currency (which can be used for real goods and services transactions)
digital currency has the main characteristics of network packets. 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 currency, the direct benefit of digital currency to the central bank is not only to save the cost of note issuance, circulation and settlement, but also to enhance the central bank's ability to control funds
Electronic money and virtual money are called digital money. According to the definition of the European Central Bank, virtual money is issued by non central banks, credit institutions and e-money institutions, which can be used as the numerical expression of the value of currency substitutes in some cases{rrrrrrr}
extended information:
the process of digital currency trading through the platform is as follows:
(1) investors should register accounts first, and obtain digital currency accounts and US dollar or other foreign exchange accounts at the same time
(2) users can buy and sell digital currency with the money in their cash account, just like buying and selling stocks and futures
(3) the trading platform will sort the buying requests and selling requests according to the rules and start to match them. If they meet the requirements, the transaction will be concluded
(4) e to the difference between the buy and sell volumes submitted by users, a buy or sell request may be partially executed
2. For many people, the concept of digital currency is a mystery. But there is no doubt that digital currency is different from virtual currency
virtual currency is the electronization of illegal currency, and its original issuer is not the central bank. This kind of virtual currency is mainly limited to circulation in a specific virtual environment. Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency
in 2013, the central bank, together with five ministries and commissions, issued the notice on preventing the risk of bitcoin, which clearly defined non legal digital currencies such as bitcoin as virtual commodities, not in the form of currency and legal currency< At the same time, digital currency is different from electronic payment. In the actual use experience, digital money and electronic payment may feel similar, but they are still quite different in essence. Before digital currency, the financial instry has been highly informationized. Such as Internet banking, WeChat, Alipay and so on pay the popularization of electronic technology, physical cash accounts for only a very small part of the total circulation of money. In spite of this, because the money used in the transaction comes from the bank account, it actually corresponds to the banknotes.
virtual currency is the electronization of illegal currency, and its original issuer is not the central bank. This kind of virtual currency is mainly limited to circulation in a specific virtual environment. Digital currency can be used for real goods and services transactions, but only the digital currency issued by the state is legal digital currency
in 2013, the central bank, together with five ministries and commissions, issued the notice on preventing the risk of bitcoin, which clearly defined non legal digital currencies such as bitcoin as virtual commodities, not in the form of currency and legal currency< At the same time, digital currency is different from electronic payment. In the actual use experience, digital money and electronic payment may feel similar, but they are still quite different in essence. Before digital currency, the financial instry has been highly informationized. Such as Internet banking, WeChat, Alipay and so on pay the popularization of electronic technology, physical cash accounts for only a very small part of the total circulation of money. In spite of this, because the money used in the transaction comes from the bank account, it actually corresponds to the banknotes.
3.
The people's Bank of China has not issued digital currency for the time being, so there is no legal digital currency in China at present. At present, digital currency has not been recognized in China, let alone legal
at present, all kinds of digital currencies circulating in the market are basically on the edge of the law. China maintains a neutral attitude, but does not like speculation, which is also the basic attitude of the central bank{ RRRRR}
< H2 > development materialsdigital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English and the alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy
digital currency is different from the virtual currency in the virtual world, because it can be used for real goods and services transactions, not limited to online games. The early digital currency (digital gold currency) is a form of electronic currency named after the weight of gold. Today's digital currency, such as bitcoin, lightcoin and ppcoin, is an electronic currency created, issued and circulated by check sum cryptography. It is characterized by the use of P2P peer-to-peer network technology to issue, manage and circulate currency. In theory, it avoids bureaucratic examination and approval, so that everyone has the right to issue currency
4. 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
digital currency is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of a specific virtual community. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
response time: January 5, 2021. 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
digital currency is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of a specific virtual community. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
response time: January 5, 2021. 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.
Generally, the excellent digital currencies are mostly imported procts, such as bitcoin, Leyte coin, ether coin and so on. However, the domestic Yuanbao coin, Ruitai coin, bitcoin and the tokens of different crowdfunding projects of European crowdfunding are excellent digital currencies
digital currency (English: digital currency) is an alternative currency in the form of electronic currency. At present, no central bank of any government has indicated that it will issue digital currency, and digital currency does not have to have a benchmark currency and a central bank
it is different from the virtual currency in the virtual world, because it can be used for real goods and services transactions, not limited to online games. The early digital currency (digital gold currency) is a form of electronic currency named after the weight of gold. Today's digital currency, such as bitcoin, lightcoin and ppcoin, is an electronic currency created, issued and circulated by check sum cryptography
6. The schele of services for students will be revised ring the summer vacation. The canteen under arrangement, the weekly movie and the change of band time will be posted on the wall of the student club every Wednesday
ring the summer vacation, buses to the town center will leave the hall at half an hour every day. The canteen will provide three meals a day from 7 a.m. to 7 p.m. on weekdays and two meals from noon to 7 p.m. on weekends Students, you may have the wrong number about the canteen time in this place. Please check it yourself.) the library will keep the usual work and rest time ring the working days of each week, but the working hours on Saturdays and Sundays will be shortened. The weekend work and rest time is from noon to 5 p.m
all students who want to use the library borrowing service must have a new summer card
the notice will also be published in the student newspaper next week.
ring the summer vacation, buses to the town center will leave the hall at half an hour every day. The canteen will provide three meals a day from 7 a.m. to 7 p.m. on weekdays and two meals from noon to 7 p.m. on weekends Students, you may have the wrong number about the canteen time in this place. Please check it yourself.) the library will keep the usual work and rest time ring the working days of each week, but the working hours on Saturdays and Sundays will be shortened. The weekend work and rest time is from noon to 5 p.m
all students who want to use the library borrowing service must have a new summer card
the notice will also be published in the student newspaper next week.
7. Bus route: Metro Line 10 → Metro Line 8, the whole journey is about 21.4km
1. Take Metro Line 10 from Hongqiao Railway Station, pass 13 stations, and reach Laoximen station
2. Take Metro Line 8, pass 3 stations, and reach the Chinese Art Palace Station
3. Walk about 650m north to reach Mercedes Benz cultural center
1. Take Metro Line 10 from Hongqiao Railway Station, pass 13 stations, and reach Laoximen station
2. Take Metro Line 8, pass 3 stations, and reach the Chinese Art Palace Station
3. Walk about 650m north to reach Mercedes Benz cultural center
8. 1、 The net borrowers in the financial market are: ()
A, resident sector B, enterprise C, government D, contractual savings institution e, intermediary financial institution
2. The earliest recognized modern central banks are: ()
A, National Bank of Sweden B, bank of England
C, Bank of France D Before 1994, the branches of commercial banks were not implemented in the National Bank of Germany: ()
A, the United States B, the United Kingdom C, France
D, Germany e, Sweden
4. The annual inflation rate below 3% is called ()
A, creeping inflation B, moderate inflation
C, galloping inflation D, hyperinflation
5. According to the statistical caliber of China's money supply, M1 equals: ()
A, cash flow B, enterprise demand deposits
C, ① + ② D, savings deposits
6. The direct cause of inflation is ()< The essential characteristics of modern banks are: ()
A, expanded credit intermediary function
b, credit creation function
C, established partial reserve system
D, implemented non cash circulation system
8, China's interest rate is: ()
A, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B Official interest rate C, public interest rate D, preferential interest rate
9. The following financial instruments belonging to the certificate of ownership are: ()
A, bond B, stock C, commercial paper D, bank paper
10. According to Basel Accord, bank capital shall not be less than () of risk assets; The ratio of core capital shall not be less than ()< br />A、20％ 10％ B、15％ 10％ C、10％ 5％ D、8％ 4%
11. Which theory holds that there is no need to take asset management as the only means for banks to maintain liquidity, and banks can enter the market to borrow funds when they need funds: ()
A, liability management theory B, asset management theory C, commercial loan theory D, liquidity preference theory
12. At present, most countries in the world implement: ()
A, debt management theory B, asset management theory C, commercial loan theory D, liquidity preference theory
12 Single central bank system
b, al central bank system
C, multiple central bank system
D, compound central bank system
13, financial deepening shows that financial and economic development form a state of ()< According to the statistical caliber of China's money supply, M0 is equal to: ()
A, cash flow B, enterprise current deposit
C, ① + ② D, savings deposit
15, which can accurately reflect the general price level changes of final procts and services, But the inflation measurement index which is easily affected by the price structure is ()
A, consumer price index B, wholesale price index
C, GDP deflator D, and household cost of living index
16. According to the monetary hierarchy issued by the people's Bank of China, M1 includes ()
A, current deposit B, cash C, savings deposit D, sum of a and B, sum of a and C
17< According to Friedman's theory of money demand, the function of money demand has the characteristics of ()
A, instability B, uncertainty C, relative stability D, relative instability
19, () is usually not included in the three elements of monetary policy
A, transmission mechanism B, policy instrument C, intermediate index D, policy objective
20, the consistency among the objectives of monetary policy * * is ()
A, economic growth and full employment B, full employment and balance of payments
C, price stability and economic growth D, price stability and full employment
2. Multiple choice questions (2 points each)
1. The following items belong to the category of "quasi currency"< The forms of commercial banks' borrowing in the international financial market are: ()
A, fixed rate certificate of deposit
b, Eurodollar certificate of deposit
C, Eurodollar certificate of deposit with floating rate
D, promissory note e, bond issuance
3, Money demand depends on: ()
A, total wealth B, opportunity cost of holding money
C, proportion of non-human wealth in total wealth D, interest rate level
e, wealth owners' hobby and preference for utility provided by different forms of wealth
4. The discount rate of central bank has the following characteristics:
A, short-term interest rate
b It is a long-term interest rate
C, a market interest rate
D, an official interest rate
e, a standard interest rate or the lowest interest rate
5. The selection of monetary policy intermediary indicators should meet the following criteria:
a, controllability B, testability C, relevance
D, resistance e, feasibility
6. The central bank's fund clearing business is divided into: ()
A, controllability B, testability C, relevance
D, resistance e, feasibility
6 Cash settlement B, non cash settlement
C, centralized bill exchange
D, balance of centralized clearing exchange
e, fund transfer between organizations in different places
7. The three elements of monetary policy refer to (ADE)< The purpose of central bank's centralized custody of national deposit reserve is: ()
A. to ensure the solvency of deposit institutions
B. to control the money creation ability and credit scale of commercial banks by adjusting reserve ratio
C The off balance sheet business of commercial banks includes: ()
A, loan commitment B, bill acceptance or guarantee
C, currency swap D, forward interest rate contract
e, foreign exchange option
10 "Tight" monetary policy refers to (
A, raising interest rate B, lowering interest rate C, relaxing credit D, tightening credit e, increasing money supply
11. The time lag of monetary policy can be divided into () with the central bank as the boundary
A, internal time lag B, external time lag C, cognition time lag D, action time lag e, management time lag
12. Among the objectives of monetary policy, there are more contradictions and conflicts
A, full employment and economic growth B, full employment and price stability
C, price stability and economic growth D, economic growth and balance of payments
e, price stability and balance of payments
13
A, withdrawal ratio B, foreign net assets C, excess reserve ratio D, statutory deposit reserve ratio
e, ratio between fixed deposit and current deposit
14. The advantages of open market business are as follows
A, strong regulation effect B, strong initiative
C, high flexibility D, wide range of influence e, fine-tuning
3, noun explanation (3 points per question)
1, inflation
2, original deposit
3, excess reserve ratio
4, money market
5, business credit
6, financial instruments
4, question and answer (8 points per question)
1 This paper briefly describes the determination and influencing factors of interest rate in China
2. What is the business policy of commercial banks? How do western countries manage the deposit and loan of commercial banks
3. What is the intermediate index of monetary policy? How to choose the intermediate index of monetary policy
4. Briefly describe the advantages and constraints of open market business
1. Multiple choice questions (1 point each)
1, B 2, B 3, a 4, a 5, C 6, d 7, B 8, B 9, B 10, d
11, a 12, a 13, a 14, a 15, C 16, D 17, C 18, C 19, a 20, a
2. Multiple choice questions (2 points each)
1, abd 2, abce 3, ABCD 4, ad 5, ABC 6, CDE 7, ACE 8 ABC
9, ABCDE 10, ad 11, AB 12, BCDE 13, ACDE 14, BCDE
3. Noun explanation (3 points for each)
1. It refers to the monetary phenomenon of currency devaluation and price rise caused by excessive money supply
2. Generally speaking, it refers to the customer's cash accepted by commercial banks (or professional banks) and the central bank's refinancing to commercial banks. It is the basis for commercial banks to engage in asset business
3. It refers to the ratio of reserves retained by commercial banks in excess of legal deposit reserves to total deposits
4. Short term debt instruments with a maturity of less than one year are widely traded in the market
5. Credit provided by non-financial enterprises in the form of selling goods on credit or prepaying loans
6. Written documents generated in credit and financing activities that can prove the amount, term and price of financial transactions< 4. Question and answer questions (8 points each)
1. Answer: the average level of interest rate
supply and demand of funds
the range of price changes
international economic environment
policy factors
2. A: the business policies of commercial banks are as follows:
(1) security policy: it means that banks should minimize asset risks in their business operations
(2) liquidity policy: it means that banks should be able to meet the requirements of depositors to withdraw money at any time
(3) profitability policy: the ultimate goal of a bank is to maximize profits on the premise of ensuring safety. The above three principles are unified and opposite. Only by proceeding from reality, unifying and coordinating, and seeking the best combination, is the ultimate goal of all countries' banks< The management of deposit and loan operation of commercial banks in western countries is mainly reflected in: (1) management of deposit operation. It includes some restrictions on deposit interest rate management, deposit insurance management and deposit taking methods< (2) management of loan operation. Including loan risk management; To manage the long and short term structure of loans; We should pay attention to the proportion of credit loans in all bank loans and encourage banks to carry out mortgage business; In order to prevent favoritism and malpractice, it is necessary to restrict the loans of internal personnel and related households
3. A: the intermediate index of monetary policy refers to the intermediate or conctive financial variable selected to achieve the goal of monetary policy<
the selection criteria of intermediate indicators of monetary policy are:
testability: the central bank can quickly obtain the accurate data of the indicator and make corresponding analysis and judgment
controllability: the indicator can accept the influence of monetary policy in a short time and change according to the direction and strength of the policy
relevance: it means that the indicator is closely related to the ultimate goal of monetary policy, and monetary policy can be basically realized by controlling the indicator
4. Answer: (1) open market business refers to the central bank's policy behavior of trading securities in the financial market to regulate the amount of money in the market
(2) the advantages of open market business are: strong initiative, high flexibility, gentle regulation effect, small vibration and wide influence
(3) constraints of open market business: the financial reality of central bank intervention and control of financial market
A, resident sector B, enterprise C, government D, contractual savings institution e, intermediary financial institution
2. The earliest recognized modern central banks are: ()
A, National Bank of Sweden B, bank of England
C, Bank of France D Before 1994, the branches of commercial banks were not implemented in the National Bank of Germany: ()
A, the United States B, the United Kingdom C, France
D, Germany e, Sweden
4. The annual inflation rate below 3% is called ()
A, creeping inflation B, moderate inflation
C, galloping inflation D, hyperinflation
5. According to the statistical caliber of China's money supply, M1 equals: ()
A, cash flow B, enterprise demand deposits
C, ① + ② D, savings deposits
6. The direct cause of inflation is ()< The essential characteristics of modern banks are: ()
A, expanded credit intermediary function
b, credit creation function
C, established partial reserve system
D, implemented non cash circulation system
8, China's interest rate is: ()
A, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B, market interest rate B Official interest rate C, public interest rate D, preferential interest rate
9. The following financial instruments belonging to the certificate of ownership are: ()
A, bond B, stock C, commercial paper D, bank paper
10. According to Basel Accord, bank capital shall not be less than () of risk assets; The ratio of core capital shall not be less than ()< br />A、20％ 10％ B、15％ 10％ C、10％ 5％ D、8％ 4%
11. Which theory holds that there is no need to take asset management as the only means for banks to maintain liquidity, and banks can enter the market to borrow funds when they need funds: ()
A, liability management theory B, asset management theory C, commercial loan theory D, liquidity preference theory
12. At present, most countries in the world implement: ()
A, debt management theory B, asset management theory C, commercial loan theory D, liquidity preference theory
12 Single central bank system
b, al central bank system
C, multiple central bank system
D, compound central bank system
13, financial deepening shows that financial and economic development form a state of ()< According to the statistical caliber of China's money supply, M0 is equal to: ()
A, cash flow B, enterprise current deposit
C, ① + ② D, savings deposit
15, which can accurately reflect the general price level changes of final procts and services, But the inflation measurement index which is easily affected by the price structure is ()
A, consumer price index B, wholesale price index
C, GDP deflator D, and household cost of living index
16. According to the monetary hierarchy issued by the people's Bank of China, M1 includes ()
A, current deposit B, cash C, savings deposit D, sum of a and B, sum of a and C
17< According to Friedman's theory of money demand, the function of money demand has the characteristics of ()
A, instability B, uncertainty C, relative stability D, relative instability
19, () is usually not included in the three elements of monetary policy
A, transmission mechanism B, policy instrument C, intermediate index D, policy objective
20, the consistency among the objectives of monetary policy * * is ()
A, economic growth and full employment B, full employment and balance of payments
C, price stability and economic growth D, price stability and full employment
2. Multiple choice questions (2 points each)
1. The following items belong to the category of "quasi currency"< The forms of commercial banks' borrowing in the international financial market are: ()
A, fixed rate certificate of deposit
b, Eurodollar certificate of deposit
C, Eurodollar certificate of deposit with floating rate
D, promissory note e, bond issuance
3, Money demand depends on: ()
A, total wealth B, opportunity cost of holding money
C, proportion of non-human wealth in total wealth D, interest rate level
e, wealth owners' hobby and preference for utility provided by different forms of wealth
4. The discount rate of central bank has the following characteristics:
A, short-term interest rate
b It is a long-term interest rate
C, a market interest rate
D, an official interest rate
e, a standard interest rate or the lowest interest rate
5. The selection of monetary policy intermediary indicators should meet the following criteria:
a, controllability B, testability C, relevance
D, resistance e, feasibility
6. The central bank's fund clearing business is divided into: ()
A, controllability B, testability C, relevance
D, resistance e, feasibility
6 Cash settlement B, non cash settlement
C, centralized bill exchange
D, balance of centralized clearing exchange
e, fund transfer between organizations in different places
7. The three elements of monetary policy refer to (ADE)< The purpose of central bank's centralized custody of national deposit reserve is: ()
A. to ensure the solvency of deposit institutions
B. to control the money creation ability and credit scale of commercial banks by adjusting reserve ratio
C The off balance sheet business of commercial banks includes: ()
A, loan commitment B, bill acceptance or guarantee
C, currency swap D, forward interest rate contract
e, foreign exchange option
10 "Tight" monetary policy refers to (
A, raising interest rate B, lowering interest rate C, relaxing credit D, tightening credit e, increasing money supply
11. The time lag of monetary policy can be divided into () with the central bank as the boundary
A, internal time lag B, external time lag C, cognition time lag D, action time lag e, management time lag
12. Among the objectives of monetary policy, there are more contradictions and conflicts
A, full employment and economic growth B, full employment and price stability
C, price stability and economic growth D, economic growth and balance of payments
e, price stability and balance of payments
13
A, withdrawal ratio B, foreign net assets C, excess reserve ratio D, statutory deposit reserve ratio
e, ratio between fixed deposit and current deposit
14. The advantages of open market business are as follows
A, strong regulation effect B, strong initiative
C, high flexibility D, wide range of influence e, fine-tuning
3, noun explanation (3 points per question)
1, inflation
2, original deposit
3, excess reserve ratio
4, money market
5, business credit
6, financial instruments
4, question and answer (8 points per question)
1 This paper briefly describes the determination and influencing factors of interest rate in China
2. What is the business policy of commercial banks? How do western countries manage the deposit and loan of commercial banks
3. What is the intermediate index of monetary policy? How to choose the intermediate index of monetary policy
4. Briefly describe the advantages and constraints of open market business
1. Multiple choice questions (1 point each)
1, B 2, B 3, a 4, a 5, C 6, d 7, B 8, B 9, B 10, d
11, a 12, a 13, a 14, a 15, C 16, D 17, C 18, C 19, a 20, a
2. Multiple choice questions (2 points each)
1, abd 2, abce 3, ABCD 4, ad 5, ABC 6, CDE 7, ACE 8 ABC
9, ABCDE 10, ad 11, AB 12, BCDE 13, ACDE 14, BCDE
3. Noun explanation (3 points for each)
1. It refers to the monetary phenomenon of currency devaluation and price rise caused by excessive money supply
2. Generally speaking, it refers to the customer's cash accepted by commercial banks (or professional banks) and the central bank's refinancing to commercial banks. It is the basis for commercial banks to engage in asset business
3. It refers to the ratio of reserves retained by commercial banks in excess of legal deposit reserves to total deposits
4. Short term debt instruments with a maturity of less than one year are widely traded in the market
5. Credit provided by non-financial enterprises in the form of selling goods on credit or prepaying loans
6. Written documents generated in credit and financing activities that can prove the amount, term and price of financial transactions< 4. Question and answer questions (8 points each)
1. Answer: the average level of interest rate
supply and demand of funds
the range of price changes
international economic environment
policy factors
2. A: the business policies of commercial banks are as follows:
(1) security policy: it means that banks should minimize asset risks in their business operations
(2) liquidity policy: it means that banks should be able to meet the requirements of depositors to withdraw money at any time
(3) profitability policy: the ultimate goal of a bank is to maximize profits on the premise of ensuring safety. The above three principles are unified and opposite. Only by proceeding from reality, unifying and coordinating, and seeking the best combination, is the ultimate goal of all countries' banks< The management of deposit and loan operation of commercial banks in western countries is mainly reflected in: (1) management of deposit operation. It includes some restrictions on deposit interest rate management, deposit insurance management and deposit taking methods< (2) management of loan operation. Including loan risk management; To manage the long and short term structure of loans; We should pay attention to the proportion of credit loans in all bank loans and encourage banks to carry out mortgage business; In order to prevent favoritism and malpractice, it is necessary to restrict the loans of internal personnel and related households
3. A: the intermediate index of monetary policy refers to the intermediate or conctive financial variable selected to achieve the goal of monetary policy<
the selection criteria of intermediate indicators of monetary policy are:
testability: the central bank can quickly obtain the accurate data of the indicator and make corresponding analysis and judgment
controllability: the indicator can accept the influence of monetary policy in a short time and change according to the direction and strength of the policy
relevance: it means that the indicator is closely related to the ultimate goal of monetary policy, and monetary policy can be basically realized by controlling the indicator
4. Answer: (1) open market business refers to the central bank's policy behavior of trading securities in the financial market to regulate the amount of money in the market
(2) the advantages of open market business are: strong initiative, high flexibility, gentle regulation effect, small vibration and wide influence
(3) constraints of open market business: the financial reality of central bank intervention and control of financial market
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