China's official digital currency landing
Publish: 2021-04-27 05:14:53
1. To explore the connotation of digital currency, we must clarify some concepts of model lake. For example, is it legal digital currency dominated by the central bank or illegal private fixed digital currency; Encryption of digital currency or electronic currency; Is it "selling dog meat with sheep's head"; "Bad money". Digital currency can not be said to be a fraud, but has certain risks, because digital gold currency is a form of physical currency, and its deposits are measured in gold rather than legal currency. Therefore, the purchasing power fluctuation of digital gold currency is related to the gold price. If the price of gold goes up, it becomes more valuable. If the price of gold goes down, it loses value
since there is no specific financial regulation to regulate digital gold money suppliers, they operate in a self-regulation way. Digital gold money suppliers are not banks, so banking regulations are not applicable.
since there is no specific financial regulation to regulate digital gold money suppliers, they operate in a self-regulation way. Digital gold money suppliers are not banks, so banking regulations are not applicable.
2. This is really true, and the income is quite high
3. Network gold EGD is a proct that imitates bitcoin. It has no value in itself. The key is speculation. Those so-called websites that can exchange money are all privately supported websites, when they may suddenly be unable to exchange money, and there is no bank recognition. To put it bluntly, a group of people first invent this proct, then hold a large amount of it in their own hands, and then resell it back and forth internally, giving the market a very hot feeling, pushing the price up step by step, and then attracting outside investors to take over the offer. What is worthless in itself is sold at a sky high price. This kind of investment is undoubtedly in the fire, and the state can't admit that there is something wrong with the lazy promotion, the bad effect of the deposit and the burden of the construction, and the investors will lose all their money in the end.
4. Can gold digital currency be invested? I think gold, digital currency, can be invested. For many years, gold has been increasing in value. So I think we can invest.
5. The digital currency should be linked to gold, and then, for example, in exchange for the US dollar, it is linked to gold. The currency fluctuates up and down with the appreciation or depreciation of gold.
6. First of all, let's talk about the interesting places around
1. Woyun mountain is 35 kilometers away from Kunming. It is located in Gulu Yi and Bai Township, Xishan District, Kunming, with an altitude of 2591 meters. It is a unique tourist attraction in the suburbs of Kunming with the largest forest area, the best natural ecology preservation and the richest vegetation community. From the urban area through the black forest shop through the bamboo temple, country park can reach. The pavement is asphalt. The temperature in the scenic spot is slightly lower than that in the urban area. It is full of ups and downs, lush trees, gurgling streams and springs, flowers all over the ground, birds in the forest and fruits on the trees. If you join in the embrace of nature, you will forget the noise of the city and bring you a pleasant feeling. Girls and young men of Yi, Bai and Miao Nationalities living around woyun mountain tourist area will also warmly invite you to participate in traditional ethnic activities such as "three stamping feet" and "Axi tiaoyue", which will add some festive excitement to you< The Qipan mountain in Xishan District is not only beautiful in scenery but also fabulous in legend. It is famous for its high mountains, and it enjoys the victory of nature and humanity. Besides the stone house of huahonglongcong, the top platform of 2480 meters, and the vast forest sea, Tuanjie Township also spent 64 million yuan to build roads, build pavilions and plant trees here Jiulongchi, yangmeiling, HUAHONGDONG and gaoshanhu entertainment area are five scenic spots, which are 39 scenic spots. They are a new tourism area integrating ecological, human geography and mountaineering folk activities. When you come to Qipanshan National Forest Park, you can not only enjoy the beautiful natural scenery and magical ethnic customs, but also participate in the colorful tourism activities such as water recreation, mountain vacation and forest hunting, making your leisure tourism more distinctive
3. Horse racing
there is a racecourse less than 10 kilometers away from the center of Kunming city. You can feel the taste of wildness and the joy of "participation". There are not only the spring scenery with endless flowers, but also exciting horse racing activities, unique horse culture exhibition hall, unique fishing garden, comfortable water curtain cave, and desirable hunting ground Shooting range... In addition, you can have a panoramic view of Dianchi Lake and Kunming in the forest park, and enjoy the real beauty of spring city. In addition to watching the horse racing performance, tourists can also practice riding accompanied by professional riders, or participate in tea picking, shooting, fishing, singing, tug of war, drinking beer and other competitions organized in the park<
4. Grass skiing
18 kilometers west of heilinpu is Huanxi grass skiing field in Tuanjie Township. Kunming is like spring all the year round. Kunming people have no chance to ski, but they can come here to ski and feel their speed and heartbeat. When you skate past the 1900 meter long track, listen to the wind blowing through your ears and watch things move behind you. This kind of self challenging movement will surely make you experience the feeling of conquering the "Guinness world record"
5. Baoziqing is beautiful and quiet
if you want to find a secluded place to relieve your boredom, listen to the sounds of nature and put yourself into the embrace of nature, we can take you to a really quiet place - baoziqing. With its quiet and beautiful aura, baoziqing has nurtured a unique pure land, where there are well preserved plant communities, towering ancient trees, a variety of wild animals, beautiful and quiet rural scenery and strong folk customs. There is a lake hidden in the mountain. The depth of the lake is unpredictable. You can enjoy the folk song on the bamboo raft
6. The original Grand Canyon
more than 10 miles west of chejiabi to the side of Mingming reservoir, "guihuangge" is a good place to explore. When you step into the Grand Canyon, you can see all the wonderful trees, rocks and rocks in front of you. After the swing, you can see a pool of clear water. The local people call it "heimugao", which means mother's lake. Along the Bank of the lake, you can take a raft up about 2000 meters to enter Qingquan gorge. Then you can climb the mountain and cross the raft bridge, which is another world. If you go further, you will arrive at the original "Miao village". You will be warmly treated
7. YuLongWan is the only tourist resort in China that features Southeast Asian culture and integrates cultural exhibition projects with film and television shooting, conference, leisure and other functions. The scenic area is surrounded by mountains and water, with luxuriant vegetation and towering cliffs. In addition, there are Thai Temple, golden pagoda, Myanmar commercial street, Lao dwellings, Vietnamese teahouses, Jinma Biji city which reflects the old appearance of Kunming, and five southern silk cities in Tang, song, yuan, Ming and Qing Dynasties. Here you can enter the "Lilliputian kingdom" and visit the "Mysterious Valley". You can also cross the iron bridge and the ropeway. In addition, you will be amazed by the magnificent waterfall and the wonderful underwater forest; Colorful Southeast Asian songs and dances, traditional folk performances and major festivals and celebrations will make you forget to return
8. Qinglong gorge
from the famous Anning "No.1 soup in the world" to the west of Tanglangchuan for more than 20 kilometers, lies a mysterious pure land Qinglong gorge. In the daytime, you can not only explore the seclusion in the gorge, watch the water wheel and sing ancient songs, but also take a raft to experience the tension and excitement of "the first drift in Central Yunnan". At night, I stay in a Dai style building and hear the frogs in the mountains. This is really a return to nature< There are abundant vegetation and special geographical environment in Fengshan forest bathing beach, so the content of negative oxygen ion in the air is very high. It is very beneficial to human health to bathe in the forest bathing beach frequently. There are also famous Yuntao temple, Huolong temple, Fengshan temple, observation platform and other famous landscapes.
1. Woyun mountain is 35 kilometers away from Kunming. It is located in Gulu Yi and Bai Township, Xishan District, Kunming, with an altitude of 2591 meters. It is a unique tourist attraction in the suburbs of Kunming with the largest forest area, the best natural ecology preservation and the richest vegetation community. From the urban area through the black forest shop through the bamboo temple, country park can reach. The pavement is asphalt. The temperature in the scenic spot is slightly lower than that in the urban area. It is full of ups and downs, lush trees, gurgling streams and springs, flowers all over the ground, birds in the forest and fruits on the trees. If you join in the embrace of nature, you will forget the noise of the city and bring you a pleasant feeling. Girls and young men of Yi, Bai and Miao Nationalities living around woyun mountain tourist area will also warmly invite you to participate in traditional ethnic activities such as "three stamping feet" and "Axi tiaoyue", which will add some festive excitement to you< The Qipan mountain in Xishan District is not only beautiful in scenery but also fabulous in legend. It is famous for its high mountains, and it enjoys the victory of nature and humanity. Besides the stone house of huahonglongcong, the top platform of 2480 meters, and the vast forest sea, Tuanjie Township also spent 64 million yuan to build roads, build pavilions and plant trees here Jiulongchi, yangmeiling, HUAHONGDONG and gaoshanhu entertainment area are five scenic spots, which are 39 scenic spots. They are a new tourism area integrating ecological, human geography and mountaineering folk activities. When you come to Qipanshan National Forest Park, you can not only enjoy the beautiful natural scenery and magical ethnic customs, but also participate in the colorful tourism activities such as water recreation, mountain vacation and forest hunting, making your leisure tourism more distinctive
3. Horse racing
there is a racecourse less than 10 kilometers away from the center of Kunming city. You can feel the taste of wildness and the joy of "participation". There are not only the spring scenery with endless flowers, but also exciting horse racing activities, unique horse culture exhibition hall, unique fishing garden, comfortable water curtain cave, and desirable hunting ground Shooting range... In addition, you can have a panoramic view of Dianchi Lake and Kunming in the forest park, and enjoy the real beauty of spring city. In addition to watching the horse racing performance, tourists can also practice riding accompanied by professional riders, or participate in tea picking, shooting, fishing, singing, tug of war, drinking beer and other competitions organized in the park<
4. Grass skiing
18 kilometers west of heilinpu is Huanxi grass skiing field in Tuanjie Township. Kunming is like spring all the year round. Kunming people have no chance to ski, but they can come here to ski and feel their speed and heartbeat. When you skate past the 1900 meter long track, listen to the wind blowing through your ears and watch things move behind you. This kind of self challenging movement will surely make you experience the feeling of conquering the "Guinness world record"
5. Baoziqing is beautiful and quiet
if you want to find a secluded place to relieve your boredom, listen to the sounds of nature and put yourself into the embrace of nature, we can take you to a really quiet place - baoziqing. With its quiet and beautiful aura, baoziqing has nurtured a unique pure land, where there are well preserved plant communities, towering ancient trees, a variety of wild animals, beautiful and quiet rural scenery and strong folk customs. There is a lake hidden in the mountain. The depth of the lake is unpredictable. You can enjoy the folk song on the bamboo raft
6. The original Grand Canyon
more than 10 miles west of chejiabi to the side of Mingming reservoir, "guihuangge" is a good place to explore. When you step into the Grand Canyon, you can see all the wonderful trees, rocks and rocks in front of you. After the swing, you can see a pool of clear water. The local people call it "heimugao", which means mother's lake. Along the Bank of the lake, you can take a raft up about 2000 meters to enter Qingquan gorge. Then you can climb the mountain and cross the raft bridge, which is another world. If you go further, you will arrive at the original "Miao village". You will be warmly treated
7. YuLongWan is the only tourist resort in China that features Southeast Asian culture and integrates cultural exhibition projects with film and television shooting, conference, leisure and other functions. The scenic area is surrounded by mountains and water, with luxuriant vegetation and towering cliffs. In addition, there are Thai Temple, golden pagoda, Myanmar commercial street, Lao dwellings, Vietnamese teahouses, Jinma Biji city which reflects the old appearance of Kunming, and five southern silk cities in Tang, song, yuan, Ming and Qing Dynasties. Here you can enter the "Lilliputian kingdom" and visit the "Mysterious Valley". You can also cross the iron bridge and the ropeway. In addition, you will be amazed by the magnificent waterfall and the wonderful underwater forest; Colorful Southeast Asian songs and dances, traditional folk performances and major festivals and celebrations will make you forget to return
8. Qinglong gorge
from the famous Anning "No.1 soup in the world" to the west of Tanglangchuan for more than 20 kilometers, lies a mysterious pure land Qinglong gorge. In the daytime, you can not only explore the seclusion in the gorge, watch the water wheel and sing ancient songs, but also take a raft to experience the tension and excitement of "the first drift in Central Yunnan". At night, I stay in a Dai style building and hear the frogs in the mountains. This is really a return to nature< There are abundant vegetation and special geographical environment in Fengshan forest bathing beach, so the content of negative oxygen ion in the air is very high. It is very beneficial to human health to bathe in the forest bathing beach frequently. There are also famous Yuntao temple, Huolong temple, Fengshan temple, observation platform and other famous landscapes.
7.
it should not, because they know that the price of gold will keep rising Gold up! Up! Up! Global trade tensions remain, market risk aversion heats up, coupled with the tide of interest rate cuts by central banks around the world, all these factors are driving the rising trend together among them, the central bank's holdings of gold in April and may were significantly enlarged, which was also the low level of gold so far this year in fact, not only the Central Bank of China, but also the central banks all over the world are buying wildly. According to a report recently released by the world gold association, in the first half of this year, global gold demand increased by 8% year on year to 2181.7 tons, a new high in the same period of nearly three years, mainly e to the record purchase of gold by the central bank
8.
1. In 1919, when the first World War broke out, Britain stopped implementing the gold standard
In 1925, after the first World War, Britain hoped to take the road of recovery with the help of the gold standard system In 1931, the American economic crisis in 1929 triggered the global economic depression, and Britain ended the gold standard In 1933, American President Roosevelt announced that the free trade and export of gold was prohibited, and the people were required to hand over all gold to the bank. The United States abandoned the gold standard In 1944, when World War II was drawing to a close, representatives of 44 countries gathered in Bretton Woods, New Hampshire, USA, and some of the participating countries signed the Bretton Woods Agreement the following yearthe core of the international economic system changed from gold to us dollar, which was supported by 75% of the world's gold reserves at that time. The United States holds more than 20 billion US dollars in gold, but less than 10 billion US dollars in debt, which can be said to be a boom
The official price of gold was35 US dollars an ounce until 1967. At that time, the United States was deeply mired in the Vietnam War, and its huge fiscal deficit hit the credibility of the US dollar many times. As a result, all countries sold their dollars and scrambled for gold. With the deepening of the Vietnam War, the deterioration of the U.S. financial situation finally triggered the dollar crisis
In March 1968, the rush to buy gold in the world led to a huge turnover in London gold market. The United States could no longer maintain the official price of gold, and finally had to give up the market supply of $35 per ounce. Since then, the gold price has officially entered a free floating period However, seven years later, e to the deepening of the US dollar crisis, western countries announced that they would give up the fixed exchange rate system and implement the floating exchange rate system instead. So far, the Bretton Woods monetary system completely collapsed and gold embarked on the process of non monetary reformbut not for long. By 1960, the super position of the U.S. economy had been eroded, and the current assets held by foreigners in that year had increased from 8 billion U.S. dollars in 1950 to 20 billion U.S. dollars. That is to say, if all of them were converted into gold, the bottom of the U.S. gold deposit would be at the bottom
In 1967, France withdrew from the gold poolCharles de Gaulle is on the side of speculators. France is the country with the most gold in the world outside the United States. If it claims to raise the gold level to $70 per ounce, France will make a lot of money
as a result, the United States uses US dollars to make up the balance of payments deficit without restriction, and the US dollar is rampant, which exports the domestic inflation and intensifies the global inflation. However, when the U.S. gold lost a lot, the U.S. dollar as the material base of international reserves was greatly weakened. Finally, its fixed connection with gold was cut off, and the circulation law of paper money took effect. The U.S. dollar is bound to depreciate against gold, and the official price of $35 an ounce of gold is already vulnerable
On November 18, 1967, the pound depreciated for the second time after the war On March 17, 1968, the "Golden Collection" disintegrated On August 8, 1969, the franc devalued by 11.11% On August 15, 1971, US President Nixon made a speech on television, closing the gold window and stopping governments or central banks from holding US dollars to exchange for gold. The US dollar broke free from the prison of gold and floated freely in the foreign exchange market. At that time, the effect of this move also oppressed West Germany and Japan to realize currency appreciation, so as to improve the balance of payments of the United States In 1972, the price of gold in London rose from $46 an ounce to $64 In 1973, the price of gold broke through $100 From 1974 to 1977, the price of gold fluctuated between $130 and $180 In 1978, crude oil soared to $30 a barrel and gold price rose to $244 In 1979, the price of gold rose to $500. The statue of liberty on the cover of BusinessWeek, which was published on March 12 of this year, was full of tears, with the title of "the decline of America". In October, the US inflation rate broke through 12%, and gold became a powerful weapon against inflation 1980 was the year with the most ups and downs in the world gold market. After the Reagan administration came to power, it carried out the high interest rate policy, which made the US dollar exchange rate firm and dealt a great blow to gold investorsthe first gold bull market in contemporary China has come to an end for 12 years. During the 12 years when the price of gold rose from $35 in 1968 to $850 in 1980, there was an annual interest rate of 30%
in 1980, gold investment amounted to US $1.6 trillion, which exceeded the market value of US stock with only US $1.4 trillion. In 1959, gold was only a fifth of the market value of U.S. stocks
the first gold bull market in modern and contemporary China has ended for 12 years
It's a pity that in such a spectacular gold bull market, the real winners are those who supply gold, such as gold miners. Just like the bull market in all kinds of markets, speculators may not make a lot of money. How imaginative is it for gold to rise from $35 to $850! On the contrary, those who are still chasing up at $850 are far more than those who are buying and holding at $40 Bernstein cited such an example. In 1980, the Alaska retirement fund entered the market and bought a ton of gold at the price of $691. At the end of the same year, it bought another ton at the price of $575. In March 1983, it sold the gold at $414the first gold bull market in modern and contemporary China has ended for 12 years
to determine whether the general trend of gold market is upward or downward, fundamental analysis is often needed. There are many factors influencing the trend of gold price, and investors need to analyze them one by one to determine the main factors. The following will list the factors that have a greater impact on the international gold price trend
As the international gold price is denominated in US dollars, the relationship between the trend of gold price and the trend of US dollar exchange rate has become very close. Historical data show that the two are often in reverse interaction. The dollar rose while gold fell; The dollar fell while gold rose
2. Gold price Crude Oil
the international crude oil price is also closely related to the gold market. As we all know, anti inflation is one of the main functions of gold, and the international crude oil price is closely related to the level of inflation. Therefore, there is a positive interaction between the international gold price and the international crude oil price
With the development of BRICs economy, the demand for nonferrous metals and other commodities is increasing. Coupled with the speculation of international hedge funds, the prices of nonferrous metals, precious metals and other international commodities began to rise strongly in 2001. The high prices have aroused the concern of the global economic community It can be seen from the historical data that under normal circumstances, the trend of gold price is opposite to the economic situation and stock trend. If the stock market is a bull market and the prices of stocks and funds rise, a lot of gold investment will be taken away, which means that the price of gold is likely to fall; If the current stock market is a bear market and the prices of stocks and funds are weak, investors will naturally leave the market and choose other investment channels. They may choose to invest in gold, which may push up the price of gold. This change reflects investors' expectation of economic prospects. If investors expect a good prospect of economic development and a prosperous stock market, more funds will naturally be invested in the stock market, and the funds in the gold market will inevitably be affected The gold price is closely related to the supply and demand of the international gold spot market. The gold spot market often has a strong seasonal supply and demand law. The first half of the year is usually the off-season of gold spot consumption. From the data of recent years, the bottom of gold price generally appears in the second quarter, Stimulated by the consumption of developed countries in Europe and the United States, the spot demand of gold will graally reach the peak in the third quarter, making the gold price continue to rise
6, political turmoil
international political situation and wars among countries often affect the gold price. When there is political turmoil or war, the economic development will suffer a very negative blow, which will lead to inflation. People will turn their attention to gold investment. At this time, the price of gold may rise sharply
Central banks are the largest holders of gold in the world. If central banks begin to sell gold, the price of gold will fall in the short term When the financial crisis comes, people will feel that it is not safe to keep money in the bank, so a lot of money will flow to other investment channels, such as buying gold. When the financial system of developed countries such as the United States is unstable, there is a great chance that the price of gold will rise. The global financial crisis triggered by the US subprime mortgage crisis in 2007 resulted in a sharp rise in the price of gold If the price of a country is relatively stable, the purchasing power of its currency is stable. If a country experiences inflation, the purchasing power of its currency will fall. At this time, market funds will turn to the gold market. This will push up the price of gold < H2 > reference materials: Network - gold price
9. The high gold price will not have a substantial impact on China's economy
April 17, 2006 19:28:06
on April 11, the price of gold futures on the New York Mercantile Exchange broke through the $600 per ounce mark, and soared to $604.22 at noon on that day, reaching a new high of 25 years since 1981. Accompanied by this, the international precious metal prices rose comprehensively, breaking through the market psychological price repeatedly
affected by the international market, the domestic gold price "rises with the tide". On April 11, the closing price of 9999 gold on the Shanghai Gold Exchange reached 155.05 yuan per gram. The prices of gold ornaments in various places have also risen in an all-round way. In Beijing, qianzujin has risen from 165 yuan to 175 yuan per gram, in Shanghai it has risen to 180 yuan, and in Guangzhou it has reached a high of 200 yuan, the highest in 20 years<
a few months ago, when gold was in a roundabout position of $550, the market was mixed. Some institutions predict that this year, the price of gold will fall to 350-375 US dollars per ounce. However, with the gold price still strengthening and breaking through the $600 mark in the negative background of the 15th interest rate increase by the Federal Reserve, the bearish voice quietly disappeared, and most international investment institutions graally raised their gold price expectations< On April 13, gold closed at $595.50 an ounce in London, down slightly from $600.18 the previous day. On the same day, Zheng lianghao, managing director of the Far East region of the world gold association, received an exclusive interview with this newspaper<
the rising market will last for a long time
"21st century": now what is the price of this round of high point? Can we break through the 1980 price
Zheng lianghao: I can't say that. Now all the analysis, including those foreign experts, have this view and think it will increase<
"21st century": in this round of growth, not only the price of gold, but also precious metals such as copper, silver and platinum are rising. This seems to be different from the boom in 1980
Zheng lianghao: Yes. In this round of growth, the price surge is not only gold, but also other precious metals. The prices of raw materials, including coal and oil, have risen. The main reason for these commodities to rise is the special pursuit of these commodities by two major developing countries, China and India. Because the overall economic growth of these two countries has driven commodity prices<
21st century: how long do you think the rising market will last
Zheng lianghao: whether the price will go up or not depends on the change of supply and demand. Now that demand is growing, is supply growing? 150 years ago, the annual output of gold was about 25 tons. Due to the discovery of a large number of gold deposits in the 19th century and the improvement of mining technology, the output of gold increased greatly. But in 2004, the reserves of gold mining companies decreased from 17 years in 1992 to 11 years. Many big miners say that in the next five to seven years, the mineral resources of the miners will not increase, because in the past few years, no big new minerals have been found, no new minerals have been found, that is, no new things have come out, so the supply will not increase<
it is expected that the depreciation of the US dollar is the main cause
21st century: this round of market is easy to recall the gold price surge in 1980. What are the similarities and differences between the two causes<
Zheng lianghao: the market in 1980 was based on the political crisis and economic recession at that time. In 1971 and 1973, two devaluations of the US dollar, followed by two oil crises, doubled the price of gold. Especially at the end of 1979, the hostage crisis of the United States in Iran and the dispatch of troops from the former Soviet Union to Afghanistan caused the global political turmoil, resulting in the huge demand for gold in the international market and the rising price. On January 18, 1980, the price of gold in London was as high as US $835.5 per ounce, while the price of gold futures in New York was US $1000 per ounce, reaching the highest price in the history of gold
judging from the factors of the current round of gold rise, what is similar is the geopolitical fluctuation, that is, the recent Iranian nuclear crisis
economically, investors expect the dollar to go down
a very important proof for the expected decline of the US dollar is that the US fiscal deficit and trade deficit reach new highs every year, and investors have great doubts about how the US can solve the deficit<
21st century: is this doubt enough to affect the price of gold<
Zheng lianghao: because the deficit is too big, what may follow is the devaluation of the US dollar. The next step of devaluation is to "pass it on" to the countries that buy their bonds, including China and other Asian countries. The biggest impact of the depreciation of the US dollar is gold. When the depreciation of the US dollar is expected, investors have expectations for gold<
21st century: what is the trend of gold and US dollar
Zheng lianghao: in the past, generally speaking, higher US dollar interest rates were not good for gold. In other words, if the interest rate of putting money in the US dollar is higher, the possibility of buying gold is less. But in this round of market, the United States has been raising interest rates, but the price of gold has also been rising. Maybe investors don't believe that the purchasing power of the dollar can preserve its value - even if I get a high interest, it's useless when I get it<
it will not have a substantial impact on China's economy
21st century: the continuous rise of international gold price has also driven the domestic gold price. What kind of impact will this continuous rise have on China's economy<
Zheng lianghao: my point is that it will not have a substantial impact. Although the proction and processing capacity of China's gold proction enterprises can not be greatly improved in the short term, the increased demand for gold also depends on imports to a large extent, which may cause worries about the pressure on the stability of the RMB exchange rate. But in fact, e to the stability of RMB exchange rate, even the pressure of appreciation, and the abundant foreign exchange reserves, it is difficult for the increased gold imports to have an improper impact on the RMB exchange rate under the premise that RMB is not fully convertible and the gold market is not open to the outside world
21st century: is there any digital support for this view
Zheng lianghao: it's very simple. At present, China's gold consumption remains at about 200 tons for several consecutive years. After the opening of the gold market, the investment demand for gold is expected to rise by a large margin, and the consumption demand is likely to be basically the same as in previous years. For example, in 2004, China's gold market only increased the demand of about 30 tons, even if the increased 30 tons of gold were met by imports, and the required capital was not more than 500 million US dollars. Compared with China's foreign exchange reserves of hundreds of billions of US dollars, the pressure on the RMB exchange rate should be very small, or even negligible. According to international experience, the demand of gold market in the early stage of opening up grows rapidly, and then it will be flat or even lower. Therefore, the impact of gold market opening on RMB exchange rate is within the control range<
21st century: according to your opinion, it seems that the growth of demand for gold mostly comes from investment demand
Zheng lianghao: Yes. In recent years, the demand for investment has increased significantly. According to our calculation, it has increased by at least 30%. Therefore, the growth of demand for gold comes mostly from investment<
21st century: which aspects of investment dominate<
Zheng lianghao: the world's gold demand mainly comes from four aspects: jewelry processing demand, instrial demand for electronic and communication equipment, central bank's money reserve demand, and private investors' storage and investment demand for gold ingots and gold coins. Among them, jewelry gold demand accounts for about 70%. China's gold consumption is mainly jewelry gold, accounting for about 96% of the total market consumption
21st century: as you said, high gold prices attract a lot of investment and speculative funds. Will this bring pressure on China's or the world's financial markets
Zheng lianghao: the gold investment market is still a small part of the overall investment market. In recent years, the price of oil has soared, and the purchasing power of oil procing countries is very high. Some people exchange the money they earn from oil for gold. In addition, there are also a lot of fund investment or speculation in gold. However, the overall investment in the whole gold market is really too small. There are only one or two points for the overall investment market, such as foreign exchange investment, so it will not have much impact
April 17, 2006 19:28:06
on April 11, the price of gold futures on the New York Mercantile Exchange broke through the $600 per ounce mark, and soared to $604.22 at noon on that day, reaching a new high of 25 years since 1981. Accompanied by this, the international precious metal prices rose comprehensively, breaking through the market psychological price repeatedly
affected by the international market, the domestic gold price "rises with the tide". On April 11, the closing price of 9999 gold on the Shanghai Gold Exchange reached 155.05 yuan per gram. The prices of gold ornaments in various places have also risen in an all-round way. In Beijing, qianzujin has risen from 165 yuan to 175 yuan per gram, in Shanghai it has risen to 180 yuan, and in Guangzhou it has reached a high of 200 yuan, the highest in 20 years<
a few months ago, when gold was in a roundabout position of $550, the market was mixed. Some institutions predict that this year, the price of gold will fall to 350-375 US dollars per ounce. However, with the gold price still strengthening and breaking through the $600 mark in the negative background of the 15th interest rate increase by the Federal Reserve, the bearish voice quietly disappeared, and most international investment institutions graally raised their gold price expectations< On April 13, gold closed at $595.50 an ounce in London, down slightly from $600.18 the previous day. On the same day, Zheng lianghao, managing director of the Far East region of the world gold association, received an exclusive interview with this newspaper<
the rising market will last for a long time
"21st century": now what is the price of this round of high point? Can we break through the 1980 price
Zheng lianghao: I can't say that. Now all the analysis, including those foreign experts, have this view and think it will increase<
"21st century": in this round of growth, not only the price of gold, but also precious metals such as copper, silver and platinum are rising. This seems to be different from the boom in 1980
Zheng lianghao: Yes. In this round of growth, the price surge is not only gold, but also other precious metals. The prices of raw materials, including coal and oil, have risen. The main reason for these commodities to rise is the special pursuit of these commodities by two major developing countries, China and India. Because the overall economic growth of these two countries has driven commodity prices<
21st century: how long do you think the rising market will last
Zheng lianghao: whether the price will go up or not depends on the change of supply and demand. Now that demand is growing, is supply growing? 150 years ago, the annual output of gold was about 25 tons. Due to the discovery of a large number of gold deposits in the 19th century and the improvement of mining technology, the output of gold increased greatly. But in 2004, the reserves of gold mining companies decreased from 17 years in 1992 to 11 years. Many big miners say that in the next five to seven years, the mineral resources of the miners will not increase, because in the past few years, no big new minerals have been found, no new minerals have been found, that is, no new things have come out, so the supply will not increase<
it is expected that the depreciation of the US dollar is the main cause
21st century: this round of market is easy to recall the gold price surge in 1980. What are the similarities and differences between the two causes<
Zheng lianghao: the market in 1980 was based on the political crisis and economic recession at that time. In 1971 and 1973, two devaluations of the US dollar, followed by two oil crises, doubled the price of gold. Especially at the end of 1979, the hostage crisis of the United States in Iran and the dispatch of troops from the former Soviet Union to Afghanistan caused the global political turmoil, resulting in the huge demand for gold in the international market and the rising price. On January 18, 1980, the price of gold in London was as high as US $835.5 per ounce, while the price of gold futures in New York was US $1000 per ounce, reaching the highest price in the history of gold
judging from the factors of the current round of gold rise, what is similar is the geopolitical fluctuation, that is, the recent Iranian nuclear crisis
economically, investors expect the dollar to go down
a very important proof for the expected decline of the US dollar is that the US fiscal deficit and trade deficit reach new highs every year, and investors have great doubts about how the US can solve the deficit<
21st century: is this doubt enough to affect the price of gold<
Zheng lianghao: because the deficit is too big, what may follow is the devaluation of the US dollar. The next step of devaluation is to "pass it on" to the countries that buy their bonds, including China and other Asian countries. The biggest impact of the depreciation of the US dollar is gold. When the depreciation of the US dollar is expected, investors have expectations for gold<
21st century: what is the trend of gold and US dollar
Zheng lianghao: in the past, generally speaking, higher US dollar interest rates were not good for gold. In other words, if the interest rate of putting money in the US dollar is higher, the possibility of buying gold is less. But in this round of market, the United States has been raising interest rates, but the price of gold has also been rising. Maybe investors don't believe that the purchasing power of the dollar can preserve its value - even if I get a high interest, it's useless when I get it<
it will not have a substantial impact on China's economy
21st century: the continuous rise of international gold price has also driven the domestic gold price. What kind of impact will this continuous rise have on China's economy<
Zheng lianghao: my point is that it will not have a substantial impact. Although the proction and processing capacity of China's gold proction enterprises can not be greatly improved in the short term, the increased demand for gold also depends on imports to a large extent, which may cause worries about the pressure on the stability of the RMB exchange rate. But in fact, e to the stability of RMB exchange rate, even the pressure of appreciation, and the abundant foreign exchange reserves, it is difficult for the increased gold imports to have an improper impact on the RMB exchange rate under the premise that RMB is not fully convertible and the gold market is not open to the outside world
21st century: is there any digital support for this view
Zheng lianghao: it's very simple. At present, China's gold consumption remains at about 200 tons for several consecutive years. After the opening of the gold market, the investment demand for gold is expected to rise by a large margin, and the consumption demand is likely to be basically the same as in previous years. For example, in 2004, China's gold market only increased the demand of about 30 tons, even if the increased 30 tons of gold were met by imports, and the required capital was not more than 500 million US dollars. Compared with China's foreign exchange reserves of hundreds of billions of US dollars, the pressure on the RMB exchange rate should be very small, or even negligible. According to international experience, the demand of gold market in the early stage of opening up grows rapidly, and then it will be flat or even lower. Therefore, the impact of gold market opening on RMB exchange rate is within the control range<
21st century: according to your opinion, it seems that the growth of demand for gold mostly comes from investment demand
Zheng lianghao: Yes. In recent years, the demand for investment has increased significantly. According to our calculation, it has increased by at least 30%. Therefore, the growth of demand for gold comes mostly from investment<
21st century: which aspects of investment dominate<
Zheng lianghao: the world's gold demand mainly comes from four aspects: jewelry processing demand, instrial demand for electronic and communication equipment, central bank's money reserve demand, and private investors' storage and investment demand for gold ingots and gold coins. Among them, jewelry gold demand accounts for about 70%. China's gold consumption is mainly jewelry gold, accounting for about 96% of the total market consumption
21st century: as you said, high gold prices attract a lot of investment and speculative funds. Will this bring pressure on China's or the world's financial markets
Zheng lianghao: the gold investment market is still a small part of the overall investment market. In recent years, the price of oil has soared, and the purchasing power of oil procing countries is very high. Some people exchange the money they earn from oil for gold. In addition, there are also a lot of fund investment or speculation in gold. However, the overall investment in the whole gold market is really too small. There are only one or two points for the overall investment market, such as foreign exchange investment, so it will not have much impact
10. Affected by the warming of qe3 expectations of the US Federal Reserve, the negotiation of international rescue terms between Spain and euro zone countries, and the increase of gold holdings by large listed funds this week, the precious metal market has a better market this week
but technically, it may need to be called back.
but technically, it may need to be called back.
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