Tunisian central bank denies digital currency
Publish: 2021-04-27 06:22:59
1. On the issue of issuing their own digital currency, central banks are always less thunderous. Central banks around the world are considering issuing their own digital currencies to compete with cryptocurrencies such as bitcoin, but they have been unable to do so for a long time
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
2. The gold standard ended in 1970. At present, no country issues currency based on gold reserves. After World War II, major countries held a monetary conference in Bretton Woods of the United States, which decided to establish the gold exchange standard based on the US dollar and gold. Its essence is to establish an international monetary system with us dollar as the center. The basic contents include US dollar pegged to gold, currencies of other countries pegged to us dollar and the implementation of fixed exchange rate system. In other words, other currencies can only be exchanged for us dollars, not gold, but only US dollars can be exchanged for gold. However, in the 1960s and 1970s, the United States was deeply mired in the Vietnam War, with huge fiscal deficit, worsening international income situation, and a large number of capital fled. All countries sold their own US dollars and snapped up gold, which led to a sharp decrease in US gold reserves. In order to rece the loss of gold reserves, the United States, together with the United Kingdom, Switzerland, France, West Germany, Italy, the Netherlands and Belgium, established a gold general Treasury in October 1961. The central banks of the eight countries took out 270 million US dollars of gold. The Bank of England acted as the agent of the gold general Treasury, and took various measures to prevent foreign governments from exchanging US dollars for gold. In the half month of March 1968, US gold reserves flowed out more than US $1.4 billion. On March 14, the trading volume of London gold market reached a record breaking number of 350-400 tons. The United States has no ability to maintain the official price of gold. After consulting with members of the gold general Treasury, it announced that it would no longer supply gold to the market at the official price of $35 per ounce, and the market price of gold would float freely. The free floating of the U.S. dollar against gold price means that the issuance of the U.S. dollar is no longer based on gold reserves. The gold standard of the Bretton Woods system came to an end. Since then, currency issuance in various countries no longer follows the practice of pegging US dollars to gold indirectly
at present, there are two main monetary systems in different countries. In fact, it is a credit monetary system that takes the credit of the issuer or the government as the guarantee
1. Linked exchange rate. We should still maintain the pegged US dollar and issue our own currency with us dollar foreign exchange reserves as reserves. In other words, we should issue as many currencies as there are US dollars. Most of the countries that implement linked exchange rate are undeveloped or developing emerging countries. Because of their weak national strength, they can not guarantee the currency credit, so they link the US dollar to maintain the credit After all, the United States is still the number one power in the world, the strongest in politics, economy and culture. Another point is that although the US dollar is divorced from the gold standard, it is still the currency for pricing gold or other commodities, especially oil. Only the US dollar can buy oil. And most international trade uses US dollars.) The currency with linked exchange rate is called us dollar currency, which is fixed in price comparison with us dollar. The Hongkong area is a typical linked exchange rate currency Chinese mainland before 2005.
2. Floating exchange rate. It is based on the supply and demand of the market. It is mainly based on national credit. The implementation countries are mainly developed areas with strong national strength. Sterling, euro and yen are typical examples. After 2005, the floating exchange rate of RMB was also implemented. These currencies are collectively referred to as non US currencies.
at present, there are two main monetary systems in different countries. In fact, it is a credit monetary system that takes the credit of the issuer or the government as the guarantee
1. Linked exchange rate. We should still maintain the pegged US dollar and issue our own currency with us dollar foreign exchange reserves as reserves. In other words, we should issue as many currencies as there are US dollars. Most of the countries that implement linked exchange rate are undeveloped or developing emerging countries. Because of their weak national strength, they can not guarantee the currency credit, so they link the US dollar to maintain the credit After all, the United States is still the number one power in the world, the strongest in politics, economy and culture. Another point is that although the US dollar is divorced from the gold standard, it is still the currency for pricing gold or other commodities, especially oil. Only the US dollar can buy oil. And most international trade uses US dollars.) The currency with linked exchange rate is called us dollar currency, which is fixed in price comparison with us dollar. The Hongkong area is a typical linked exchange rate currency Chinese mainland before 2005.
2. Floating exchange rate. It is based on the supply and demand of the market. It is mainly based on national credit. The implementation countries are mainly developed areas with strong national strength. Sterling, euro and yen are typical examples. After 2005, the floating exchange rate of RMB was also implemented. These currencies are collectively referred to as non US currencies.
3. On January 28, ElBaradei, the leader of Egyptian reformists, returned home to demonstrate
on January 29, in the 2011 Australian Open women's singles final, Li Na was defeated by Clijsters and ranked second
on February 3, the tallest building in Northeast China caught fire
on February 4, the EU summit opened in Brussels
on February 5, there was a fight between Hong Kong tour guides and mainland tourists< On February 6, the 7th Asian Winter Games came to an end in Kazakhstan. China's sports delegation won 11 gold medals, 10 silver medals and 14 bronze medals, ranking fourth in the medal list. This is the worst place for the Chinese delegation in the 25 year history of participating in the Asian Winter Games
on February 7, Thailand and Cambodia exchanged fire in the border area
on February 9, the central bank raised interest rates by 0.25 percentage points
on February 10, Egyptian President Mubarak partially handed over power to Vice President Suleiman< On February 11, Egyptian President Mubarak announced his resignation< According to xinhuanet.com, Liu Zhijun, Secretary of the Party group and Minister of the Ministry of railways, is suspected of serious violations of discipline and is currently under investigation. The Central Committee has been removed from the post of secretary of the Party group, and Sheng Guangzu has been appointed to take over the post of secretary of the Party group of the Ministry of railways
recently, there has been no effective precipitation for more than 140 days in most parts of Shandong Province, and the ration has reached the historical extreme. If there is no large-scale effective precipitation by the end of March, the meteorological drought level of the whole province will reach once in a thousand years.
on January 29, in the 2011 Australian Open women's singles final, Li Na was defeated by Clijsters and ranked second
on February 3, the tallest building in Northeast China caught fire
on February 4, the EU summit opened in Brussels
on February 5, there was a fight between Hong Kong tour guides and mainland tourists< On February 6, the 7th Asian Winter Games came to an end in Kazakhstan. China's sports delegation won 11 gold medals, 10 silver medals and 14 bronze medals, ranking fourth in the medal list. This is the worst place for the Chinese delegation in the 25 year history of participating in the Asian Winter Games
on February 7, Thailand and Cambodia exchanged fire in the border area
on February 9, the central bank raised interest rates by 0.25 percentage points
on February 10, Egyptian President Mubarak partially handed over power to Vice President Suleiman< On February 11, Egyptian President Mubarak announced his resignation< According to xinhuanet.com, Liu Zhijun, Secretary of the Party group and Minister of the Ministry of railways, is suspected of serious violations of discipline and is currently under investigation. The Central Committee has been removed from the post of secretary of the Party group, and Sheng Guangzu has been appointed to take over the post of secretary of the Party group of the Ministry of railways
recently, there has been no effective precipitation for more than 140 days in most parts of Shandong Province, and the ration has reached the historical extreme. If there is no large-scale effective precipitation by the end of March, the meteorological drought level of the whole province will reach once in a thousand years.
4. What are the gold reserves of the major countries in the world today? The Chinese mainland accounts for 1 of the total foreign exchange reserves, 8135.5 of the United States, 75.92 of Germany, 3422.5 of 62.93, the International Monetary Fund 3217.34, France 2709.6, 57.45, Italy 2451.8 65.86 Switzerland 1290.1 1290.1, the European Central Bank, Holland, China, Taiwan, Spain and Spain. 5.2 13 Russia 402.8 2.8 14 Portugal 382.6 79 15 India 357.7 4.1 16 Venezuela 357.1 20.4 17 UK 310.2 13.8 18 Austria 288.7 46.5 19 Lebanon 286.8 31.2 20 Belgium 227.7 35.2 21 Algeria 173.6 4.3 22 bis 171.9 23 Sweden 157.9 11.9 24 Liberia 143.8 4.9 25 Philippines 143.7 13.2 26 Saudi Arabia 143 11.9 27 New Gabor 127.4 1.9 28 South Africa 124.1 10.2 29 Turkey 116.1 3.7 30 Greece 111.8 86 31 Romania 104.7 7.2 32 Poland 102.9 4.2 33 Indonesia 96.4 4.7 34 Thailand 84 2.6 35 Australia 79.8 2.8 36 Kuwait 79 11.5 37 Egypt 75.6 6.4 38 Kazakhstan 67.3 6.7 39 Denmark 66.5 4.5 40 Pakistan 65.3 10.7 41 Argentina 54.7 3.7 42 Finland 49.1 13 9 43 Bulgaria 39.8 7.5 44 WAEMU 36.5 9.9 45 Malaysia 36.4 0.9 46 Slovakia 35.1 5.2 47 Peru 34.7 4.2 48 Bolivia 28.3 18.2 49 Ecuador 26.3 25.9 50 Morocco 22 2.2 51 Nigeria 21.4 1.1 52 Belarus 19.9 27.7 53 Ukraine 17.5 1.7 54 Cyprus 14.5 5 5.1 55 Korea 14.3 0.1 56 Brazil 13.7 0.3 57 Czech Republic G 13.5 0.9 58 Netherlands Antilles 13.1 34.3 59 Jordan 12.7 3.8 60 Cambodia 12.4 18.5 61 Serbia 11.8 2.1 62 Ghana 8.7 8.1 63 Latvian 7.7 3.6 64 El Salvador 7.3 7.6 65 Myanmar 7.2 12 66 Central African Economic and Monetary Community 7.1 1 1.7 67 Colombia 6.9 0.9 68 Guatemalan 6.9 3.6 69 Macedonian 6.8 7 7 70 Tunisia 6.8 2 71 Mongolia 6.7 13.2 72 Lack 5.9 0.9 73 Lithuania 5.8 2 74 Ireland 5.5 12.9 75 Sri Lanka 5.2 3.9 76 Bahrain 4.7 0.5 77 Mexico 3.8 0.1 78 Bangladesh 3.5 2 79 Canada 3.4 0.2 80 Slovenia 3.2 6.7 81 Aruba 3.1 16.3 82 Hungary 3.1 0.3 83 Mozambique 3 5.1 84 Kyrgyzstan 2.6 6 6.8 85 lucenburg 2.3 18.6 86 Albania 2.2 2.5 87 Hong Kong 2.1 0 88 Iceland 21.8 89 Papua New Guinea 22.9 90 Mauritius 1.9 3.1 91 Trinidad and Tobago 1.9 0.9 92 Yemen 1.6 0.7 93 Tajikistan 1.4 14.8 94 Suriname 1.1 10 95 Cameroon 0.9 1.3 96 Honras 0.7 0.5 97 Qatar 0.6 0.2 98 Dominica 0.6 0.5 99 Gabon 0.4 0.7 100 Malawi 0.4 5.9 2, how much role does gold reserve play? Gold reserve refers to the gold held by a country's monetary authority as a financial asset to balance the balance of payments, maintain or influence the exchange rate. It plays a special role in stabilizing the national economy, curbing inflation and improving international credit. The significance of gold reserve management is to realize the maximum possible liquidity and profitability of gold reserve. As one of the main forms of international reserves, gold reserves have their own limitations in liquidity, so we should consider its moderate scale. The significance of correctly understanding the concept of gold reserve lies in: first, it is helpful to determine a reasonable scale of gold reserve; Second, it can avoid being confused with the gold assets in the daily operation of commercial banks, which is concive to the normal operation of banking business; Third, it is concive to the Central Bank of the gold control country to formulate the gold management policy correctly, and promote the healthy development of the domestic gold instry and related instries. As a part of international reserves, gold reserves are only one aspect of measuring national wealth. High gold reserves strengthen the ability to resist the impact of international investment funds, help to make up the balance of payments deficit and maintain a country's economic stability. However, excessive gold reserves will increase the holding cost of the central bank, Because the yield of gold reserve is basically zero in the long run, and the importance of gold reserve has been greatly reced after the disintegration of the gold standard system. At present, China's gold reserves are about 600 tons, or 600 million grams, with an average of less than 0.5 grams per person. The number of notes issued by the state is certainly more than that. Its function is to regulate and control the total money supply in the market from the perspective of money and banking. The reference factors to determine the scale of gold reserves are: 1. Balance of payments; 2. Foreign debt level; 3. Foreign exchange reserve level. The forms of gold reserves are mainly divided into direct operation, indirect turnover and asset portfolio. 1. Direct operation: a country's monetary authority takes advantage of various opportunities in the international financial market and adopts various operation means to directly participate in the trading activities of the gold market. 2. Indirect turnover: a country's Monetary Authority indirectly realizes the purpose of increasing the value and maintaining the value of gold reserves by making and selling gold coins, carrying out gold leasing, handling gold lending and other business. 3. Asset portfolio: according to the principle of liquidity and profitability, a certain amount of gold reserves should be timely converted into foreign exchange reserves with high profitability and strong liquidity, and then appropriately adjusted according to the changes of market exchange rate. There are two main ways to use gold reserves in China: (1) through the international gold market, we should adopt spot, futures and option trading methods to improve the yield of gold reserve operation 2 By issuing and distributing all kinds of gold coins, the value of gold in stock can be increased. The purpose of gold reserves: why should countries reserve gold? It is decided by the commodity property of gold currency that every country should reserve gold. Due to the excellent characteristics of gold, gold has been used as currency in history, such as value scale, means of circulation, means of storage, means of payment and historical currency. With the development of social economy, gold has withdrawn from circulation. In the 1970s, the Bresson system collapsed, gold was decoupled from the US dollar, and the monetary function of gold was weakened, but it still maintained a certain monetary function. At present, gold still plays an important role in the international reserves of many countries, including the major western countries. Gold is the most reliable means of preserving value. It has its own value, so its purchasing power is relatively stable. Under the environment of inflation, the price of gold rises at the same time. On the other hand, in the case of deflation, gold prices will not fall, because historically, there has been a rush to buy gold in every political and financial turmoil. Gold reserves are completely within the power of national autonomy, and a country with gold can control it independently without external intervention. Compared with paper money, gold has relative internal stability, while paper money is affected by the credit and solvency of issuing countries or financial institutions, so the creditor's rights are passive and not as reliable as gold. As a national reserve, the role of gold can not be ignored. Today, the total amount of gold exchange reserves in various countries is about 32000 tons. The practical role of gold reserves, why do countries want to make gold reserves so large? 1. Diversified reserves. In any portfolio, it's not wise to put eggs in one basket. Although the price of gold will fluctuate, the exchange rate of the currency in the reserve will fluctuate as well as the interest rate. Diversification of reserves usually has a more stable return on investment than single reserve. Therefore, our personal investment should not put eggs in one basket. 2. As a country's economic security, gold reserve plays an important role in a country's economy and plays an important positive role in stabilizing the state-owned economy and maintaining the stability of currency value. And gold is a unique asset, it is not directly affected by any country's monetary policy and finance. Therefore, gold will not depreciate when inflation occurs in the country. Therefore, there will be no risk, so saving some gold at home is not afraid of inflation. 3. Material security. In the past, many countries have implemented foreign exchange control, and even frozen all foreign exchange assets. These measures often have a significant impact on the reserves made up of foreign securities. When gold is reasonably held in reserves, the impact will be weakened. The function of reserves is to prepare for urgent needs. So complete liquidity is essential, there is no doubt that gold has this characteristic. 4. Gold plays the role of "war fund". In a state of emergency, countries may need to flow resources. Gold has liquidity, which is generally accepted by all countries. In addition, gold can be mortgaged. 5. The development of gold reserves can be used as a sign of the strength of countries. At present, the world's total gold reserves are 37.650 tons, about 13 times of the world's annual gold proction. Among them, the countries and organizations with more than 1000 tons are: the United States, Germany, France, Italy, Switzerland and the International Monetary Fund. Among these countries, the United States has the largest reserves of 8136.9 tons. There are 32 countries and regions with more than 100 tons, and 47 countries and regions with less than 10 tons. China's gold reserves have reached 600 tons. From the above figures, the powerful countries also have large gold reserves. This shows that gold is still a symbol of the comprehensive strength of various countries. Therefore, gold reserves are still valued by all countries in the world, especially the developed countries. Therefore, as indivials, a country wants to reserve more gold. Why don't we keep more gold? If we don't save some, we can't have an emergency. 6. National deposit is for strategic reserve. Gold is the main body of national strategic reserve, which can not be ignored. For example, the United States has 65.5% of its war reserve gold, the Netherlands 45.5%, France 41.9%, Italy 45.9%, Switzerland 39.9%, Pakistan 32.6%, Kazakhstan 22.2% and Zimbabwe 39.9%. Therefore, there is a saying in China that "with the sound of a big gun, there will be ten thousand taels of gold.". 7. Because gold is not easy to damage, and it is not as easy to depreciate as paper money. So a government holding gold will increase public confidence. Some countries clearly recognize that gold has a strong support for their currencies. In addition, gold reserves are concive to improving solvency. The main function of the official gold reserves of various countries is to serve as a reserve for international payments. The amount of a country's gold reserves is closely related to its foreign debt solvency. If there is gold in a country's reserves, the rating agencies will also give the green light to it. Therefore, gold reserves are concive to improving the credibility of a country. This is true for a country and a unit. As we all know, there are always 100 taels of gold in the "Tongrentang" store, which enhances the credit. If you also have 100 taels of gold in your home, your credit rating must be very high. 8. Holding gold can be regarded as an insurance premium. In case of some emergencies, the payment responsibility shall be guaranteed at any time. In a word, the state has many advantages in holding gold, so every family should also like the state. If we want to maintain stability, we should also save some gold. 3. Is the proportion of China's gold reserves too small? Liu Tao, an expert on gold issues and chief strategic analyst of Shanghai Yuanfu Enterprise Management Consulting Co., Ltd., said in an interview with our reporter that it is very necessary to increase China's gold reserves. At present, after the recent exchange rate reform of RMB into a reference basket of currencies, whether there is gold in this basket of currency system is still worthy of attention. At present, the international political and economic situation is turbulent, terrorist attacks continue to occur, the situation in the Middle East is sometimes unstable, and the US dollar fluctuates violently against major currencies. No matter how the exchange rate mechanism is reformed, it is necessary to increase foreign exchange reserves accordingly
5. 1. What are the gold reserves of the major countries in the world today? The number of countries (regions), the number of gold (1) gold, foreign exchange reserves, 8135.5, 75.92, Germany 3422.5 62.93, International Monetary Fund 3217.34, France 2709.6 57.45, Italy 2451.8 65.86 Switzerland 1290.1 1290.1 Japan ecstatic European Central Bank Holland Taiwan China Chinese mainland Ya 416.8 45.2 13 Russia 402.8 2.8 14 Portugal 382.6 79 15 India 357.7 4.1 16 Venezuela 357.1 20.4 17 UK 310.2 13.8 18 Austria 288.7 46.5 19 Lebanon 286.8 31.2 20 Belgium 227.7 35.2 21 Algeria 173.6 4.3 22 bis 171.9 23 Sweden 157.9 11.9 24 Libya 143.8 4.9 25 Philippines 143.7 13.2 26 Saudi Arabia Arab 143 11.9 27 Singapore 127.4 1.9 28 South Africa 124.1 10.2 29 Turkey 116.1 3.7 30 Greece 111.8 86 31 Romania 104.7 7.2 32 Poland 102.9 4.2 33 Indonesia 96.4 4.7 34 Thailand 84 2.6 35 Australia 79.8 2.8 36 Kuwait 79 11.5 37 Egypt 75.6 6.4 38 Kazakhstan 67.3 6.7 39 Denmark 66.5 4.5 40 Pakistan 65.3 10.7 41 Argentina 54.7 3.7 42 Finland 49.1 13.9 43 Bulgaria 39.8 7.5 44 WAEMU 36.5 9.9 45 Malaysia 36.4 0.9 46 Slovakia 35.1 5.2 47 Peru 34.7 4.2 48 Bolivia 28.3 18.2 49 Ecuador 26.3 25.9 50 Morocco 22 2.2 51 Nigeria 21.4 1 52 Belarus 19.9 27.7 53 Ukraine 17.5 1.7 54 Cyprus 14 5.5.1 55 South Korea 14.3 0.1 56 Brazil 13.7 0.3 57 Czech 13.5 0.9 58 Netherlands Antilles 13.1 34.3 59 Jordan 12.7 3.8 60 Cambodia 12.4 18.5 61 Serbia 11.8 2.1 62 Ghana 8.7 8.1 63 Latvian 7.7 3.6 64 El Salvador 7.3 7.6 65 Myanmar 7.2 12 66 Central African Economic and Monetary Community 7.1 1 1.7 67 Colombia 6.9 0.9 68 Guatemalan 6.9 3.6 6 9 Macedonia 6.8 7.7 70 Tunisia 6.8 2 71 Mongolia 6.7 13.2 72 Iraq 5.9 0.9 73 Lithuania 5.8 2 74 Ireland 5.5 12.9 75 Sri Lanka 5.2 3.9 76 Bahrain 4.7 0.5 77 Mexico 3.8 0.1 78 Bangladesh 3.5 2 79 Canada 3.4 0.2 80 Slovenia 3.2 6.7 81 Aruba 3.1 16.3 82 Hungary 3.1 0.3 83 Mozambique 3 5.1 84 Kyrgyzstan 2.6 6.8 85 Luxembourg 2.3 18.6 86 Albania 2.2 2.5 87 Hong Kong, China 2.10 88 Iceland 2.8 89 Papua New Guinea 2.9 90 Mauritius 1.9 3.1 91 Trinidad and Tobago 1.9 0.9 92 Yemen 1.6 0.7 93 Tajikistan 1.4 14.8 94 Suriname 1.1 10 95 Cameroon 0.9 1.3 96 Honras 0.7 0.5 97 Qatar 0.6 0.2 98 Dominica 0.6 0.5 99 Gabon 0.4 0.7 100 Malawi 0.4 5.9
6. 1. What are the gold reserves of the major countries in the world today
number countries (regions) organization quantity (ton) gold accounts for foreign exchange reserves%
1 75.9
2 3422.5 62.9
3 International Monetary Fund 3217.3
4 France 2709.6 57.4
5 Italy 2451.8 2451.8 Switzerland 1290.1 1290.1 Japan Japan 765.2 765.2 euro 765.2 European Union Central Bank 641.7 641.7 Holland 640.9 Chinese mainland 600 1.2
11 Taiwan 423.3 3.2
12 Spain 416.8 45.2
13 Russia 402.8 2.8
14 Portugal 382.6 79
15 India 357.7 4.1
16 Venezuela 357.1 20.4
17 UK 310.2 13.8
18 Austria 288.7 46.5
19 Lebanon 286.8 31.2
20 Belgium 227.7 35.2
21 Algeria 173.6 4.3
22 international settlement Bank 171.9
23 Sweden 157.9 11.9
24 Libya 143.8 4.9
25 Philippines 143.7 13.2
26 Saudi Arabia 143 11.9
27 Singapore 127.4 1.9
28 South Africa 124.1 10.2
29 Turkey 116.1 3.7
30 Greece 111.8 86
31 Romania 104.7 7 7 7.2
32 Poland 102.9 4.2
33 Indonesia 96.4 4.7
34 Thailand 84 2.6
33 />35 Australia 79.82.8
36 Kuwait 79 11.5
37 Egypt 75.66.4
38 Kazakhstan 67.36.7
39 Denmark 66.54.5
40 Pakistan 65.310.7
41 Argentina 54.73.7
42 Finland 49.113.9
43 Bulgaria 39.87.5
44 WAEMU 36.59.9
45 Malaysia 36.40.9
46 Slovakia 35.15.2
47 Peru 34.7 4.2
48 Bolivia 28.3 18.2
49 Ecuador 26.3 25.9
50 Morocco 22 2.2
51 Nigeria 21.4 1.1
52 Belarus 19.9 27.7
53 Ukraine 17.5 1.7
54 Cyprus 14.5 5.1
55 South Korea 14.3 0.1
56 Brazil 13.7 0.3
57 Czech 13.5 0.9
58 Netherlands Antilles 13.1 34.3
59 Dan 12.7 3.8
60 Cambodia 12.4 18.5
61 Serbia 11.8 2.1
62 Ghana 8.7 8.1
63 Latvian 7.7 3.6
64 El Salvador 7.3 7.6
65 Myanmar 7.2 12
66 Central African Economic and Monetary Community 7.1 1 1.7
67 Colombia 6.9 0.9
68 Guatemalan 6.9 3.6
69 Macedonian 6.8 7
70 Tunisia 6.8 2
71 Mongolia 6.7 13.2
72 Iraq 5.9 0.9
73 Lithuania 5.8 2
74 Ireland 5.5 12.9
75 Sri Lanka 5.2 3.9
76 Bahrain 4.7 0.5
77 Mexico 3.8 0.1
78 Bangladesh 3.5 2
79 Canada 3.4 0.2
80 Slovenia 3.2 6.7
81 Aruba 3.1 16.3
82 Hungary 3.1 0.3
83 Mozambique 3 5.1
84 Kyrgyzstan 2.6 6.8 < br />85 Luxembourg 2.318.6
86 Albania 2.22.5
87 Hong Kong 2.10
88 Iceland 21.8
89 Papua New Guinea 22.9
90 Mauritius 1.93.1
91 Trinidad and Tobago 1.90.9
92 Yemen 1.60.7
93 Tajikistan 1.414.8
94 Suriname 1.110
95 Cameroon 0.91.3
96 Honras 0.70.5
96 />97 Qatar 0.60.2
98 Dominica 0.60.5
99 Gabon 0.40.7
100 Malawi 0.45.9
2. How much role does gold reserve play
gold reserve refers to the gold held by a country's monetary authority as a financial asset to balance the balance of payments, maintain or influence the exchange rate. It plays a special role in stabilizing the national economy, curbing inflation and improving international credit. The significance of gold reserve management is to realize the maximum possible liquidity and profitability of gold reserve. As one of the main forms of international reserves, gold reserves have their own limitations in liquidity, so we should consider its moderate scale
the significance of correctly understanding the concept of gold reserves lies in: first, it is concive to determine a reasonable scale of gold reserves; Second, it can avoid being confused with the gold assets in the daily operation of commercial banks, which is concive to the normal operation of banking business; Third, it is concive to the Central Bank of the gold control country to formulate the gold management policy correctly, and promote the healthy development of the domestic gold instry and related instries<
as a part of international reserves, gold reserves are only one aspect of measuring national wealth. High gold reserves enhance the ability to resist the impact of international investment funds, help to make up the balance of payments deficit, and help maintain a country's economic stability. However, excessive gold reserves will increase the holding cost of the central bank, Because the yield of gold reserve is basically zero in the long run, and the importance of gold reserve has been greatly reced after the disintegration of the gold standard system. At present, China's gold reserves are about 600 tons, or 600 million grams, with an average of less than 0.5 grams per person. The number of notes issued by the state is certainly more than that
its function is to regulate and control the total money supply in the market from the perspective of money and banking
reference factors for determining the scale of gold reserves:
1. Balance of payments
2. Foreign debt level
3. Foreign exchange reserve level
the forms of using gold reserves are mainly divided into direct operation, indirect turnover and asset portfolio
1. Direct operation: a country's monetary authority takes advantage of various opportunities in the international financial market and adopts various operation means to directly participate in the trading activities of the gold market
2. Indirect turnover: a country's Monetary Authority indirectly realizes the purpose of increasing the value and maintaining the value of gold reserves by making and selling gold coins, carrying out gold leasing, handling gold lending and other business
3. Asset portfolio: a certain amount of gold reserves should be converted into foreign exchange reserves with high yield and strong liquidity in time according to the principle of liquidity and profitability, and then adjusted appropriately according to the changes of market exchange rate< There are two main ways to use gold reserves in China:
(1) through the international gold market, we should adopt spot, futures and option trading methods to improve the yield of gold reserve operation
(2) through the issuance and distribution of all kinds of gold coins, the value of gold in stock can be increased<
the purpose of gold reserve
Why do countries reserve gold
it is decided by the commodity attribute of gold currency that countries reserve gold. Due to the excellent characteristics of gold, gold has been used as currency in history, such as value scale, means of circulation, means of storage, means of payment and historical currency. With the development of social economy, gold has withdrawn from circulation. In the 1970s, the Bresson system collapsed, gold was decoupled from the US dollar, and the monetary function of gold was weakened, but it still maintained a certain monetary function. At present, gold still plays an important role in the international reserves of many countries, including the major western countries
gold is the most reliable way to maintain its value. It has its own value, so its purchasing power is relatively stable. Under the environment of inflation, the price of gold rises synchronously. On the other hand, in the case of deflation, gold prices will not fall, because historically, there has been a rush to buy gold in every political and financial turmoil<
gold reserves are completely within the power of national autonomy, and a country with gold can control it independently without external intervention
compared with paper money, gold has relative internal stability, while paper money is affected by the credit and solvency of issuing countries or financial institutions, so the creditor's rights are in a passive position, which is not as reliable as gold
as a reserve of various countries, the role of gold can not be ignored. Today, the total amount of gold exchange reserves in various countries is about 32000 tons<
the practical role of gold reserves
Why do countries make such large gold reserves
1. Diversified reserves
in any portfolio, it is not very wise to put eggs in one basket. Although the price of gold will fluctuate, the exchange rate of the currency in the reserve will fluctuate as well as the interest rate. Diversification of reserves usually has a more stable return on investment than single reserve. Therefore, our personal investment should not put eggs in one basket< As the economic security of a country, gold reserve plays an important role in the economy of a country, and plays an important positive role in stabilizing the state-owned economy and maintaining the stability of currency value. And gold is a unique asset, it is not directly affected by any country's monetary policy and finance. Therefore, gold will not depreciate when inflation occurs in the country. Therefore, there will be no risk, so saving some gold at home is not afraid of inflation< 3. Material guarantee
in the past, many countries implemented foreign exchange control, and even frozen all foreign exchange assets. These measures often have a significant impact on the reserves made up of foreign securities. When gold is reasonably held in reserves, the impact will be weakened. The function of reserves is to prepare for urgent needs. So complete liquidity is essential, there is no doubt that gold has this characteristic< 4. Gold plays the role of "war fund"
in a state of emergency, all countries may need to flow resources. Gold has liquidity, which is generally accepted by all countries. In addition, gold can be mortgaged
5. The development of gold reserves can be used as a sign of the strength of countries
at present, the world's total gold reserves are 37.650 tons, about 13 times of the world's annual gold proction. Among them, the countries and organizations with more than 1000 tons are: the United States, Germany, France, Italy, Switzerland and the International Monetary Fund. Among these countries, the United States has the largest reserves of 8136.9 tons. There are 32 countries and regions with more than 100 tons, and 47 countries and regions with less than 10 tons. China's gold reserves have reached 600 tons. From the above figures, the powerful countries also have large gold reserves. This shows that gold is still a symbol of the comprehensive strength of various countries. Therefore, gold reserves are still valued by all countries in the world, especially the developed countries. Therefore, as indivials, a country wants to reserve more gold. Why don't we keep more gold? If we don't save some, we can't have an emergency< 6. National deposit is for strategic reserve
gold is the main body of national strategic reserve, which can not be ignored. For example, the United States has 65.5% of its war reserve gold, the Netherlands 45.5%, France 41.9%, Italy 45.9%, Switzerland 39.9%, Pakistan 32.6%, Kazakhstan 22.2% and Zimbabwe 39.9%. Therefore, there is a saying in China that "with the sound of a big gun, there will be ten thousand taels of gold."
7. Because gold is not easy to be damaged, it is not as easy to depreciate as paper money
therefore, a government holding gold will increase public confidence. Some countries clearly recognize that gold has a strong support for their currencies. In addition, gold reserves are concive to improving solvency. The main function of the official gold reserves of various countries is to serve as a reserve for international payments. The amount of a country's gold reserves is closely related to its foreign debt solvency. If there is gold in a country's reserves, the rating agencies will also give the green light to it. Therefore, gold reserves are concive to improving the credibility of a country. This is true for a country and a unit. As we all know, there are always 100 taels of gold in the "Tongrentang" store, which enhances the credit. If you also have 100 taels of gold in your home, your credit rating must be very high
8. Holding gold can be regarded as an asset
number countries (regions) organization quantity (ton) gold accounts for foreign exchange reserves%
1 75.9
2 3422.5 62.9
3 International Monetary Fund 3217.3
4 France 2709.6 57.4
5 Italy 2451.8 2451.8 Switzerland 1290.1 1290.1 Japan Japan 765.2 765.2 euro 765.2 European Union Central Bank 641.7 641.7 Holland 640.9 Chinese mainland 600 1.2
11 Taiwan 423.3 3.2
12 Spain 416.8 45.2
13 Russia 402.8 2.8
14 Portugal 382.6 79
15 India 357.7 4.1
16 Venezuela 357.1 20.4
17 UK 310.2 13.8
18 Austria 288.7 46.5
19 Lebanon 286.8 31.2
20 Belgium 227.7 35.2
21 Algeria 173.6 4.3
22 international settlement Bank 171.9
23 Sweden 157.9 11.9
24 Libya 143.8 4.9
25 Philippines 143.7 13.2
26 Saudi Arabia 143 11.9
27 Singapore 127.4 1.9
28 South Africa 124.1 10.2
29 Turkey 116.1 3.7
30 Greece 111.8 86
31 Romania 104.7 7 7 7.2
32 Poland 102.9 4.2
33 Indonesia 96.4 4.7
34 Thailand 84 2.6
33 />35 Australia 79.82.8
36 Kuwait 79 11.5
37 Egypt 75.66.4
38 Kazakhstan 67.36.7
39 Denmark 66.54.5
40 Pakistan 65.310.7
41 Argentina 54.73.7
42 Finland 49.113.9
43 Bulgaria 39.87.5
44 WAEMU 36.59.9
45 Malaysia 36.40.9
46 Slovakia 35.15.2
47 Peru 34.7 4.2
48 Bolivia 28.3 18.2
49 Ecuador 26.3 25.9
50 Morocco 22 2.2
51 Nigeria 21.4 1.1
52 Belarus 19.9 27.7
53 Ukraine 17.5 1.7
54 Cyprus 14.5 5.1
55 South Korea 14.3 0.1
56 Brazil 13.7 0.3
57 Czech 13.5 0.9
58 Netherlands Antilles 13.1 34.3
59 Dan 12.7 3.8
60 Cambodia 12.4 18.5
61 Serbia 11.8 2.1
62 Ghana 8.7 8.1
63 Latvian 7.7 3.6
64 El Salvador 7.3 7.6
65 Myanmar 7.2 12
66 Central African Economic and Monetary Community 7.1 1 1.7
67 Colombia 6.9 0.9
68 Guatemalan 6.9 3.6
69 Macedonian 6.8 7
70 Tunisia 6.8 2
71 Mongolia 6.7 13.2
72 Iraq 5.9 0.9
73 Lithuania 5.8 2
74 Ireland 5.5 12.9
75 Sri Lanka 5.2 3.9
76 Bahrain 4.7 0.5
77 Mexico 3.8 0.1
78 Bangladesh 3.5 2
79 Canada 3.4 0.2
80 Slovenia 3.2 6.7
81 Aruba 3.1 16.3
82 Hungary 3.1 0.3
83 Mozambique 3 5.1
84 Kyrgyzstan 2.6 6.8 < br />85 Luxembourg 2.318.6
86 Albania 2.22.5
87 Hong Kong 2.10
88 Iceland 21.8
89 Papua New Guinea 22.9
90 Mauritius 1.93.1
91 Trinidad and Tobago 1.90.9
92 Yemen 1.60.7
93 Tajikistan 1.414.8
94 Suriname 1.110
95 Cameroon 0.91.3
96 Honras 0.70.5
96 />97 Qatar 0.60.2
98 Dominica 0.60.5
99 Gabon 0.40.7
100 Malawi 0.45.9
2. How much role does gold reserve play
gold reserve refers to the gold held by a country's monetary authority as a financial asset to balance the balance of payments, maintain or influence the exchange rate. It plays a special role in stabilizing the national economy, curbing inflation and improving international credit. The significance of gold reserve management is to realize the maximum possible liquidity and profitability of gold reserve. As one of the main forms of international reserves, gold reserves have their own limitations in liquidity, so we should consider its moderate scale
the significance of correctly understanding the concept of gold reserves lies in: first, it is concive to determine a reasonable scale of gold reserves; Second, it can avoid being confused with the gold assets in the daily operation of commercial banks, which is concive to the normal operation of banking business; Third, it is concive to the Central Bank of the gold control country to formulate the gold management policy correctly, and promote the healthy development of the domestic gold instry and related instries<
as a part of international reserves, gold reserves are only one aspect of measuring national wealth. High gold reserves enhance the ability to resist the impact of international investment funds, help to make up the balance of payments deficit, and help maintain a country's economic stability. However, excessive gold reserves will increase the holding cost of the central bank, Because the yield of gold reserve is basically zero in the long run, and the importance of gold reserve has been greatly reced after the disintegration of the gold standard system. At present, China's gold reserves are about 600 tons, or 600 million grams, with an average of less than 0.5 grams per person. The number of notes issued by the state is certainly more than that
its function is to regulate and control the total money supply in the market from the perspective of money and banking
reference factors for determining the scale of gold reserves:
1. Balance of payments
2. Foreign debt level
3. Foreign exchange reserve level
the forms of using gold reserves are mainly divided into direct operation, indirect turnover and asset portfolio
1. Direct operation: a country's monetary authority takes advantage of various opportunities in the international financial market and adopts various operation means to directly participate in the trading activities of the gold market
2. Indirect turnover: a country's Monetary Authority indirectly realizes the purpose of increasing the value and maintaining the value of gold reserves by making and selling gold coins, carrying out gold leasing, handling gold lending and other business
3. Asset portfolio: a certain amount of gold reserves should be converted into foreign exchange reserves with high yield and strong liquidity in time according to the principle of liquidity and profitability, and then adjusted appropriately according to the changes of market exchange rate< There are two main ways to use gold reserves in China:
(1) through the international gold market, we should adopt spot, futures and option trading methods to improve the yield of gold reserve operation
(2) through the issuance and distribution of all kinds of gold coins, the value of gold in stock can be increased<
the purpose of gold reserve
Why do countries reserve gold
it is decided by the commodity attribute of gold currency that countries reserve gold. Due to the excellent characteristics of gold, gold has been used as currency in history, such as value scale, means of circulation, means of storage, means of payment and historical currency. With the development of social economy, gold has withdrawn from circulation. In the 1970s, the Bresson system collapsed, gold was decoupled from the US dollar, and the monetary function of gold was weakened, but it still maintained a certain monetary function. At present, gold still plays an important role in the international reserves of many countries, including the major western countries
gold is the most reliable way to maintain its value. It has its own value, so its purchasing power is relatively stable. Under the environment of inflation, the price of gold rises synchronously. On the other hand, in the case of deflation, gold prices will not fall, because historically, there has been a rush to buy gold in every political and financial turmoil<
gold reserves are completely within the power of national autonomy, and a country with gold can control it independently without external intervention
compared with paper money, gold has relative internal stability, while paper money is affected by the credit and solvency of issuing countries or financial institutions, so the creditor's rights are in a passive position, which is not as reliable as gold
as a reserve of various countries, the role of gold can not be ignored. Today, the total amount of gold exchange reserves in various countries is about 32000 tons<
the practical role of gold reserves
Why do countries make such large gold reserves
1. Diversified reserves
in any portfolio, it is not very wise to put eggs in one basket. Although the price of gold will fluctuate, the exchange rate of the currency in the reserve will fluctuate as well as the interest rate. Diversification of reserves usually has a more stable return on investment than single reserve. Therefore, our personal investment should not put eggs in one basket< As the economic security of a country, gold reserve plays an important role in the economy of a country, and plays an important positive role in stabilizing the state-owned economy and maintaining the stability of currency value. And gold is a unique asset, it is not directly affected by any country's monetary policy and finance. Therefore, gold will not depreciate when inflation occurs in the country. Therefore, there will be no risk, so saving some gold at home is not afraid of inflation< 3. Material guarantee
in the past, many countries implemented foreign exchange control, and even frozen all foreign exchange assets. These measures often have a significant impact on the reserves made up of foreign securities. When gold is reasonably held in reserves, the impact will be weakened. The function of reserves is to prepare for urgent needs. So complete liquidity is essential, there is no doubt that gold has this characteristic< 4. Gold plays the role of "war fund"
in a state of emergency, all countries may need to flow resources. Gold has liquidity, which is generally accepted by all countries. In addition, gold can be mortgaged
5. The development of gold reserves can be used as a sign of the strength of countries
at present, the world's total gold reserves are 37.650 tons, about 13 times of the world's annual gold proction. Among them, the countries and organizations with more than 1000 tons are: the United States, Germany, France, Italy, Switzerland and the International Monetary Fund. Among these countries, the United States has the largest reserves of 8136.9 tons. There are 32 countries and regions with more than 100 tons, and 47 countries and regions with less than 10 tons. China's gold reserves have reached 600 tons. From the above figures, the powerful countries also have large gold reserves. This shows that gold is still a symbol of the comprehensive strength of various countries. Therefore, gold reserves are still valued by all countries in the world, especially the developed countries. Therefore, as indivials, a country wants to reserve more gold. Why don't we keep more gold? If we don't save some, we can't have an emergency< 6. National deposit is for strategic reserve
gold is the main body of national strategic reserve, which can not be ignored. For example, the United States has 65.5% of its war reserve gold, the Netherlands 45.5%, France 41.9%, Italy 45.9%, Switzerland 39.9%, Pakistan 32.6%, Kazakhstan 22.2% and Zimbabwe 39.9%. Therefore, there is a saying in China that "with the sound of a big gun, there will be ten thousand taels of gold."
7. Because gold is not easy to be damaged, it is not as easy to depreciate as paper money
therefore, a government holding gold will increase public confidence. Some countries clearly recognize that gold has a strong support for their currencies. In addition, gold reserves are concive to improving solvency. The main function of the official gold reserves of various countries is to serve as a reserve for international payments. The amount of a country's gold reserves is closely related to its foreign debt solvency. If there is gold in a country's reserves, the rating agencies will also give the green light to it. Therefore, gold reserves are concive to improving the credibility of a country. This is true for a country and a unit. As we all know, there are always 100 taels of gold in the "Tongrentang" store, which enhances the credit. If you also have 100 taels of gold in your home, your credit rating must be very high
8. Holding gold can be regarded as an asset
7. 1、 July domestic part:
1. On the eve of the 94th anniversary of the founding of the Communist Party of China, on the morning of June 30, I cordially met with the outstanding county Party Secretaries in Beijing. On behalf of the Central Committee of the Communist Party of China, I expressed warm congratulations to the outstanding county Party secretaries who have been commended, and extended holiday greetings to the broad masses of Communist Party members and party workers all over the country< On June 30, the Ministry of human resources and social security released the annual report on the development of China's social insurance 2014. This is the first time that in the name of government departments, the social insurance system construction, management and operation, handling services and other aspects are released to the public comprehensively, systematically and objectively, marking that China's social insurance information disclosure work has graally entered the institutionalized and standardized track
3. On June 30, the "China standard" EMU with completely independent intellectual property rights and speed of 350 km / h started the test work in the ring test base of China Academy of Railway Sciences in Beijing, which marks that the research and development of China standard EMU has made important achievements and will lay a solid foundation for the realization of China's EMU's autonomy and standardization< On the afternoon of April 1, he presided over the 14th meeting of the central leading group for comprehensively deepening reform and delivered an important speech. He stressed that it is an important test for leading cadres to comprehensively deepen reform to see whether they are strict in self-cultivation, power utilization and self-discipline, and whether they should be practical in planning, entrepreneurship and conct. It is necessary to put the requirements of "three strictness and three practicality" throughout the whole process of reform, guide the majority of Party members and cadres, especially leading cadres, to vigorously carry forward the spirit of seeking truth from facts and being pragmatic, understand that reform should be realistic, plan for reform should be realistic, and implement reform should also be realistic. They should be both promoters and doers of reform< On July 3, the China Securities Regulatory Commission announced that China Securities Finance Co., Ltd. will increase its capital and shares for the third time. The existing shareholders will increase their capital, increasing the existing registered capital from 24 billion yuan to about 100 billion yuan
9. On the occasion of the 78th anniversary of the outbreak of the national anti Japanese War, he went to the memorial hall of the Chinese people's Anti Japanese war on July 7 to visit the theme exhibition "historical contributions to the great victory" commemorating the 70th anniversary of the victory of the Chinese people's Anti Japanese War and the world anti fascist war
10. At the invitation of Russian President Vladimir Putin, he arrived in Ufa on July 8 to attend the seventh BRICs leaders' meeting and the 15th meeting of the Council of heads of state of SCO member states< On July 10, the 15th meeting of the Council of heads of state of SCO member states was held in UFA, Russia
on July 13, the 45th "top 500 supercomputers in the world" was released at the 2015 international supercomputing conference in Frankfurt, Germany. The tianhe-2 supercomputing system developed by the University of Defense Science and technology once again ranked first. This is the fifth time that tianhe-2 has been ranked first in the world's top 500 supercomputing companies since its launch in June 2013< The State Power Investment Corporation (hereinafter referred to as the State Power Investment Corporation) was officially established on July 15. The State Power Investment Corporation is a large-scale state-owned backbone enterprise with a registered capital of 45 billion yuan and total assets of 722.3 billion yuan. It is the only comprehensive energy enterprise group with hydropower, thermal power, nuclear power and new energy assets in China
14. According to the data of 2014 central final accounts released by the Ministry of finance, the total expenditure of "three public affairs" of central departments was 5.88 billion yuan, a decrease of 1.135 billion yuan or 16.2% over the previous year; It was 1.271 billion yuan less than the budget, a decrease of 17.8%. This is the largest drop in the central department's "three public" funds in recent years
15. According to the data released by the foreign exchange bureau on July 17, as of the end of March this year, China's full caliber foreign debt balance was 10276.8 billion yuan (equivalent to 1673.2 billion US dollars), which is the first time that China has released full caliber foreign debt data
17. Ten ministries and commissions: the "basic law" of Internet finance was promulgated
18. The 32 pieces of gold ornaments of the Qin state from dabaozishan site in Lixian County, Gansu Province, which have been lost abroad for more than 20 years, have been officially handed over to Gansu Provincial Museum for collection
19. From July 20 to 21, the opening ceremony of BRICs New Development Bank (hereinafter referred to as "BRICs bank") was held in Shanghai
on June 22, the Ministry of instry and information technology announced the development of instrial communication instry in the first half of 2015. According to Zhang Feng, chief engineer of MIIT spokesman, by the end of June, the total market value of listed Internet enterprises had increased by 96.5% year-on-year, and 12 Internet enterprises had entered the top 30 in the global market value, a record high
24. In 2015, China's railway fixed assets investment is 800 billion yuan, and the new railway lines are planned to be put into operation for more than 8000 km, of which 6500 km are put into operation in the central and western regions, accounting for 81%. It is estimated that by the end of this year, the operating mileage of Railways in China will reach 120000 km, of which more than 90000 km will be in the central and western regions, accounting for 76%
25. On July 26, the offline entity of "Ningbo cloud hospital", the first cloud hospital in China, opened, marking the full penetration of o2o collaboration platform of "Ningbo cloud hospital"“ Ningbo cloud hospital "offline entity has built a large-scale third-party medical equipment and service platform shared by primary medical institutions and primary doctors, equipped with a variety of high-end inspection and testing equipment, which can provide a full range of medical services from outpatient to inspection and testing, remote consultation, health management, etc< According to the data released by the State Administration of Taxation, in the first half of the year, China's tax revenue was 5937.3 billion yuan, a year-on-year increase of 6.3%. Since the implementation of "replacing business tax with value-added tax" in 2012, the accumulated tax rection has reached 484.8 billion yuan< On July 27, Premier Li attended the Symposium on national science and technology strategy and delivered an important speech. On behalf of the Party Central Committee and the State Council, he extended warm congratulations on the 60th anniversary of the founding of the academic department of the Chinese Academy of Sciences
28. The 500m spherical radio telescope under construction in Qiannan, Guizhou Province, is the largest and most powerful single antenna radio telescope under construction in the world. After completion, it will become a world-class Radio Astronomy Research Center
29.on July 28, the 2015 Beijing World Potato Conference opened in Yanqing. More than 1000 potato experts and scholars from 37 countries and regions jointly described the development blueprint of potato instry
30. The blue book on the development of China's credit card instry (2014) issued by the bank card professional committee of China Banking Association shows that in 2014, the average transaction volume of China's credit card was 33000 yuan, 1.6% lower than that of the previous year, showing negative growth for the first time in recent years
on July 29, Huadian (Xinghua) solar power generation project, the largest water photovoltaic power generation base in China, located in Huangge village, Lizhong Town, Xinghua City, Jiangsu Province, generated more than 1 billion kwh of electricity
32.on July 29, the technical investigation report of "7.26" elevator safety accident in Jingzhou City, Hubei Province was released. The report showed that the main cause of the accident was that the structural design of the cover plate involved in this type of proct of Shenlong Elevator Co., Ltd. was unreasonable. The secondary reason is that the quality system of Hubei Defu Electromechanical Equipment Co., Ltd. is not standardized enough, the maintenance records are incomplete, the basic information and technical parameters of the elevator are not filled in, and five records have not been signed by the personnel of Hubei Anliang Department Store Group Co., Ltd< It was learned from China Iron and steel instry association that in the first half of the year, China's crude steel output declined for the first time in nearly 20 years, steel prices repeatedly hit new lows, and the main business of steel enterprises suffered serious losses, which made the instry face a very serious situation< On July 30, the meeting of the Political Bureau of the CPC Central Committee deliberated and passed the report on the investigation and handling of Guo Boxiong's organization issued by the Commission for Discipline Inspection of the Central Military Commission, and decided to expel Guo Boxiong from the party and transfer the suspected serious bribery crime and clues to the supreme people's Procuratorate, which authorized the military procuratorial organ to handle according to law
35. According to the data released by the Ministry of finance, the scale of national government procurement in 2014 was 1730.534 billion yuan, an increase of 92.424 billion yuan, an increase of 5.6%, and a decrease of 11.6 percentage points, accounting for 11.4% and 2.7% of national fiscal expenditure and GDP respectively< At the invitation of President Putin of the Russian Federation, he will go to UFA, Russia to attend the seventh BRICs leaders' meeting from July 8 to 9
2. An Indonesian military transport plane carrying 113 people crashed on June 30 in Medan, the capital of North Sumatra province. Zukifri, an official of the Indonesian Red Cross Society, told the media that search and rescue personnel had found the bodies of 72 victims at the scene of the crash< On July 1, US President Barack Obama announced at the White House that the US and Cuba would officially resume diplomatic relations. The two sides have reached an agreement on reopening their embassies in Havana and Washington< Comprehensive report: according to the statistics released by the Greek interior ministry, on the morning of July 6, Beijing time, all the votes in the Greek referenm have been cast, 61.3% of the voters opposed the creditor rescue plan, and only 38.7% of the voters supported it. This means that Greece vetoed the draft agreement< On July 4, Tunisian President Joseph essibsi announced a 30 day state of emergency to prevent and control the risk of terrorist attacks and stop the further spread of terrorism in Tunisia< On July 8, British Chancellor of the exchequer Osborne officially announced the first budget since the Conservative Party came to power alone, among which the most remarkable is the content of recing social welfare. The first purpose of the British government's action is to rece the government's fiscal deficit. The other purpose is to get rid of the welfare malpractice and correct the long-standing "welfare dependence"
8. The new horizons probe flew close to Pluto at 7:49 (Beijing time) on July 14, becoming the first human probe to detect this distant dwarf planet
9. The Vienna negotiations between the United States, Britain, France, Russia, China and Germany, which ended on July 14, have brought a comprehensive settlement agreement to the Iranian nuclear issue, which has lasted for more than 12 years
on July 15, amid strong protests and opposition inside and outside the parliament, the ruling party of Japan forcibly voted on a series of security bills supporting the lifting of the ban on the right of collective self-defense at the Special Committee on peace, security and legal system of the house of Representatives
11. NATO announced on July 15 that it will hold the largest "Trident contact 2015" joint military exercise in Europe from October to November in more than a decade< The 56th International Olympic mathematics competition was held in Chiang Mai, Thailand from July 4 to 16. According to the results published on the official website of the Olympic mathematics competition, the United States won the championship, while China and South Korea finished second and third respectively. This time, after the United States won the championship in 1994, it won it again 21 years later. In the meantime, the first winner is usually China
13. The price of gold continued to fall on Monday as the demand for gold, a traditional safe haven investment, declined sharply e to the enhanced expectation of the Federal Reserve to raise interest rates, the BBC reported. The trading price of gold on the Asian exchange market fell to a five-year low
14. The Geneva based World Trade Organization announced on July 20 that the 54 members participating in the information technology agreement (ITA) extension negotiations have reached an agreement on the main topics in the negotiations on July 18, which means that about 200 kinds of information procts with a total value of US $1 trillion may enjoy tariff free treatment in international trade in the future
15. South Korea's ambassador to the United Nations, Wu Jun, will be elected as the new president at the meeting of the United Nations Economic and Social Council (ECOSOC) on July 24, the foreign ministry said on July 22. This is the first time that a Korean has served as president of the UN Economic and Social Council
16. After nearly a year
1. On the eve of the 94th anniversary of the founding of the Communist Party of China, on the morning of June 30, I cordially met with the outstanding county Party Secretaries in Beijing. On behalf of the Central Committee of the Communist Party of China, I expressed warm congratulations to the outstanding county Party secretaries who have been commended, and extended holiday greetings to the broad masses of Communist Party members and party workers all over the country< On June 30, the Ministry of human resources and social security released the annual report on the development of China's social insurance 2014. This is the first time that in the name of government departments, the social insurance system construction, management and operation, handling services and other aspects are released to the public comprehensively, systematically and objectively, marking that China's social insurance information disclosure work has graally entered the institutionalized and standardized track
3. On June 30, the "China standard" EMU with completely independent intellectual property rights and speed of 350 km / h started the test work in the ring test base of China Academy of Railway Sciences in Beijing, which marks that the research and development of China standard EMU has made important achievements and will lay a solid foundation for the realization of China's EMU's autonomy and standardization< On the afternoon of April 1, he presided over the 14th meeting of the central leading group for comprehensively deepening reform and delivered an important speech. He stressed that it is an important test for leading cadres to comprehensively deepen reform to see whether they are strict in self-cultivation, power utilization and self-discipline, and whether they should be practical in planning, entrepreneurship and conct. It is necessary to put the requirements of "three strictness and three practicality" throughout the whole process of reform, guide the majority of Party members and cadres, especially leading cadres, to vigorously carry forward the spirit of seeking truth from facts and being pragmatic, understand that reform should be realistic, plan for reform should be realistic, and implement reform should also be realistic. They should be both promoters and doers of reform< On July 3, the China Securities Regulatory Commission announced that China Securities Finance Co., Ltd. will increase its capital and shares for the third time. The existing shareholders will increase their capital, increasing the existing registered capital from 24 billion yuan to about 100 billion yuan
9. On the occasion of the 78th anniversary of the outbreak of the national anti Japanese War, he went to the memorial hall of the Chinese people's Anti Japanese war on July 7 to visit the theme exhibition "historical contributions to the great victory" commemorating the 70th anniversary of the victory of the Chinese people's Anti Japanese War and the world anti fascist war
10. At the invitation of Russian President Vladimir Putin, he arrived in Ufa on July 8 to attend the seventh BRICs leaders' meeting and the 15th meeting of the Council of heads of state of SCO member states< On July 10, the 15th meeting of the Council of heads of state of SCO member states was held in UFA, Russia
on July 13, the 45th "top 500 supercomputers in the world" was released at the 2015 international supercomputing conference in Frankfurt, Germany. The tianhe-2 supercomputing system developed by the University of Defense Science and technology once again ranked first. This is the fifth time that tianhe-2 has been ranked first in the world's top 500 supercomputing companies since its launch in June 2013< The State Power Investment Corporation (hereinafter referred to as the State Power Investment Corporation) was officially established on July 15. The State Power Investment Corporation is a large-scale state-owned backbone enterprise with a registered capital of 45 billion yuan and total assets of 722.3 billion yuan. It is the only comprehensive energy enterprise group with hydropower, thermal power, nuclear power and new energy assets in China
14. According to the data of 2014 central final accounts released by the Ministry of finance, the total expenditure of "three public affairs" of central departments was 5.88 billion yuan, a decrease of 1.135 billion yuan or 16.2% over the previous year; It was 1.271 billion yuan less than the budget, a decrease of 17.8%. This is the largest drop in the central department's "three public" funds in recent years
15. According to the data released by the foreign exchange bureau on July 17, as of the end of March this year, China's full caliber foreign debt balance was 10276.8 billion yuan (equivalent to 1673.2 billion US dollars), which is the first time that China has released full caliber foreign debt data
17. Ten ministries and commissions: the "basic law" of Internet finance was promulgated
18. The 32 pieces of gold ornaments of the Qin state from dabaozishan site in Lixian County, Gansu Province, which have been lost abroad for more than 20 years, have been officially handed over to Gansu Provincial Museum for collection
19. From July 20 to 21, the opening ceremony of BRICs New Development Bank (hereinafter referred to as "BRICs bank") was held in Shanghai
on June 22, the Ministry of instry and information technology announced the development of instrial communication instry in the first half of 2015. According to Zhang Feng, chief engineer of MIIT spokesman, by the end of June, the total market value of listed Internet enterprises had increased by 96.5% year-on-year, and 12 Internet enterprises had entered the top 30 in the global market value, a record high
24. In 2015, China's railway fixed assets investment is 800 billion yuan, and the new railway lines are planned to be put into operation for more than 8000 km, of which 6500 km are put into operation in the central and western regions, accounting for 81%. It is estimated that by the end of this year, the operating mileage of Railways in China will reach 120000 km, of which more than 90000 km will be in the central and western regions, accounting for 76%
25. On July 26, the offline entity of "Ningbo cloud hospital", the first cloud hospital in China, opened, marking the full penetration of o2o collaboration platform of "Ningbo cloud hospital"“ Ningbo cloud hospital "offline entity has built a large-scale third-party medical equipment and service platform shared by primary medical institutions and primary doctors, equipped with a variety of high-end inspection and testing equipment, which can provide a full range of medical services from outpatient to inspection and testing, remote consultation, health management, etc< According to the data released by the State Administration of Taxation, in the first half of the year, China's tax revenue was 5937.3 billion yuan, a year-on-year increase of 6.3%. Since the implementation of "replacing business tax with value-added tax" in 2012, the accumulated tax rection has reached 484.8 billion yuan< On July 27, Premier Li attended the Symposium on national science and technology strategy and delivered an important speech. On behalf of the Party Central Committee and the State Council, he extended warm congratulations on the 60th anniversary of the founding of the academic department of the Chinese Academy of Sciences
28. The 500m spherical radio telescope under construction in Qiannan, Guizhou Province, is the largest and most powerful single antenna radio telescope under construction in the world. After completion, it will become a world-class Radio Astronomy Research Center
29.on July 28, the 2015 Beijing World Potato Conference opened in Yanqing. More than 1000 potato experts and scholars from 37 countries and regions jointly described the development blueprint of potato instry
30. The blue book on the development of China's credit card instry (2014) issued by the bank card professional committee of China Banking Association shows that in 2014, the average transaction volume of China's credit card was 33000 yuan, 1.6% lower than that of the previous year, showing negative growth for the first time in recent years
on July 29, Huadian (Xinghua) solar power generation project, the largest water photovoltaic power generation base in China, located in Huangge village, Lizhong Town, Xinghua City, Jiangsu Province, generated more than 1 billion kwh of electricity
32.on July 29, the technical investigation report of "7.26" elevator safety accident in Jingzhou City, Hubei Province was released. The report showed that the main cause of the accident was that the structural design of the cover plate involved in this type of proct of Shenlong Elevator Co., Ltd. was unreasonable. The secondary reason is that the quality system of Hubei Defu Electromechanical Equipment Co., Ltd. is not standardized enough, the maintenance records are incomplete, the basic information and technical parameters of the elevator are not filled in, and five records have not been signed by the personnel of Hubei Anliang Department Store Group Co., Ltd< It was learned from China Iron and steel instry association that in the first half of the year, China's crude steel output declined for the first time in nearly 20 years, steel prices repeatedly hit new lows, and the main business of steel enterprises suffered serious losses, which made the instry face a very serious situation< On July 30, the meeting of the Political Bureau of the CPC Central Committee deliberated and passed the report on the investigation and handling of Guo Boxiong's organization issued by the Commission for Discipline Inspection of the Central Military Commission, and decided to expel Guo Boxiong from the party and transfer the suspected serious bribery crime and clues to the supreme people's Procuratorate, which authorized the military procuratorial organ to handle according to law
35. According to the data released by the Ministry of finance, the scale of national government procurement in 2014 was 1730.534 billion yuan, an increase of 92.424 billion yuan, an increase of 5.6%, and a decrease of 11.6 percentage points, accounting for 11.4% and 2.7% of national fiscal expenditure and GDP respectively< At the invitation of President Putin of the Russian Federation, he will go to UFA, Russia to attend the seventh BRICs leaders' meeting from July 8 to 9
2. An Indonesian military transport plane carrying 113 people crashed on June 30 in Medan, the capital of North Sumatra province. Zukifri, an official of the Indonesian Red Cross Society, told the media that search and rescue personnel had found the bodies of 72 victims at the scene of the crash< On July 1, US President Barack Obama announced at the White House that the US and Cuba would officially resume diplomatic relations. The two sides have reached an agreement on reopening their embassies in Havana and Washington< Comprehensive report: according to the statistics released by the Greek interior ministry, on the morning of July 6, Beijing time, all the votes in the Greek referenm have been cast, 61.3% of the voters opposed the creditor rescue plan, and only 38.7% of the voters supported it. This means that Greece vetoed the draft agreement< On July 4, Tunisian President Joseph essibsi announced a 30 day state of emergency to prevent and control the risk of terrorist attacks and stop the further spread of terrorism in Tunisia< On July 8, British Chancellor of the exchequer Osborne officially announced the first budget since the Conservative Party came to power alone, among which the most remarkable is the content of recing social welfare. The first purpose of the British government's action is to rece the government's fiscal deficit. The other purpose is to get rid of the welfare malpractice and correct the long-standing "welfare dependence"
8. The new horizons probe flew close to Pluto at 7:49 (Beijing time) on July 14, becoming the first human probe to detect this distant dwarf planet
9. The Vienna negotiations between the United States, Britain, France, Russia, China and Germany, which ended on July 14, have brought a comprehensive settlement agreement to the Iranian nuclear issue, which has lasted for more than 12 years
on July 15, amid strong protests and opposition inside and outside the parliament, the ruling party of Japan forcibly voted on a series of security bills supporting the lifting of the ban on the right of collective self-defense at the Special Committee on peace, security and legal system of the house of Representatives
11. NATO announced on July 15 that it will hold the largest "Trident contact 2015" joint military exercise in Europe from October to November in more than a decade< The 56th International Olympic mathematics competition was held in Chiang Mai, Thailand from July 4 to 16. According to the results published on the official website of the Olympic mathematics competition, the United States won the championship, while China and South Korea finished second and third respectively. This time, after the United States won the championship in 1994, it won it again 21 years later. In the meantime, the first winner is usually China
13. The price of gold continued to fall on Monday as the demand for gold, a traditional safe haven investment, declined sharply e to the enhanced expectation of the Federal Reserve to raise interest rates, the BBC reported. The trading price of gold on the Asian exchange market fell to a five-year low
14. The Geneva based World Trade Organization announced on July 20 that the 54 members participating in the information technology agreement (ITA) extension negotiations have reached an agreement on the main topics in the negotiations on July 18, which means that about 200 kinds of information procts with a total value of US $1 trillion may enjoy tariff free treatment in international trade in the future
15. South Korea's ambassador to the United Nations, Wu Jun, will be elected as the new president at the meeting of the United Nations Economic and Social Council (ECOSOC) on July 24, the foreign ministry said on July 22. This is the first time that a Korean has served as president of the UN Economic and Social Council
16. After nearly a year
8. Unknown_Error
9. Unknown_Error
Hot content