The path of virtual currency

1. Author: Feng Chiyu
link: https://www.hu.com/question/22023800/answer/22741288
source: Zhihu
the right belongs to the author. For commercial reprint, please contact the author for authorization. For non-commercial reprint, please indicate the source

the first conclusion: ripple is not a currency, but a payment network; XRP currency used in the network is a kind of currency. Compared with bitcoin, the former is a payment system, while the latter is money, which is not the same kind of things, so there is no substitutability

bitcoin has been fried rotten, and hushang's answer is close to saturation, so we don't need to repeat our work. Let's focus on ripple

what is ripple
ripple is an open payment network. Just like ripple, the word ripple emphasizes the flow and transmission of funds

in life, acquaintances borrow money from each other and may not write IOU. Sometimes, several friends borrow money from each other, generate multi angle debts, and may adjust the relationship of debts and creditor's rights according to the alienation of relatives. For example, a owes B 5 yuan, B owes C 5 yuan, and a and C are familiar with each other. Once three people discuss, they may directly ask a to repay C. In fact, not only between acquaintances, many small shops and small companies will allow acquaintances to write off on credit

that is to say, everyone is more willing to have debt relationship with the people they trust or are familiar with, and through the trust network between people, funds can flow smoothly

the above is the money network between people in the real world. If all this happens in the Internet world, it is the money flow system that ripple is trying to achieve

but in this network, the relationship between you and your trusted acquaintances is transformed into the relationship between you and your trusted gateway. As the name suggests, a gateway is a "gateway" between one network and another, that is, a network gateway. To go from one room to another, you have to go through a door. Similarly, to send information from one network to another, you have to go through a "gateway", which is the gateway. As the interface between network and network, network and the real world, gateway is like a bank counter, which converts your currency into a series of numbers in your account

what happens in ripple is just like the reality. When you change 100 RMB into FCY issued by gateway a through gateway a, you will have an extra amount of 100fcy in your ripple account. You can transfer the 100fcy to a stranger through gateway a, such as Xiao Ming, Xiaoming can exchange the money into real-world RMB through gateway a. In the whole process, the relationship between creditor's rights and debt changes as follows:
1. You deposit 100 RMB into gateway a, and gateway a owes you 100 RMB and gives you a 100fcy IOU
2. You pass the IOU of 100fcy to Xiaoming through gateway A. at this time, gateway a no longer owes you money, but owes Xiaoming RMB 100, because the IOU is in Xiaoming's hands
3. Xiao Ming takes the IOU to go to gateway a to cash RMB 100

in the whole process, you and Xiao Ming only establish a trust relationship with gateway a, but you and Xiao Ming do not need to establish a trust relationship

what is XRP coin
what is XRP coin at the beginning? Its main function is to pay transaction costs

XRP is a kind of cryptocurrency embedded in ripple system. Unlike bitcoin, ripple issued 100 billion XRP coins at the beginning of its establishment, and the total amount is no longer increasing, that is to say, it has g up the mine ahead of time. Each transaction (for example, you transfer 100fcy to Xiaoming) requires a small amount of XRP currency, which is technically destroyed directly. At the same time, XRP coins are also used as margin. When you open a ripple account, you need to put 50 XRP coins in it as a guarantee

according to opencoin, the issuing and maintenance company of ripple, the first 100 billion XRP coins will be given to investors and founders, 50 billion will be distributed free of charge (that is, opening accounts for free for a period of time), and the other 30 billion will be held by opencoin, which will be sold from time to time to make profits. Opencoin also admits that holding and selling XRP coins is the only way to make a profit<

ripple's influence
at the beginning of ripple's birth, rumors abound. Many people claim that ripple is more in line with the operation mode of money flow in reality, and will replace bitcoin in the future

but in fact, it is too early to judge whether ripple system can succeed. As soon as ripple started to operate, many problems have been exposed, including that its security is not as good as the official propaganda

at the beginning, ripple itself is just a new currency circulation system or payment network, and the essence of XRP currency is the lubricant to assist the currency circulation in the system. If this system is successful one day, it will only have a positive impact on the circulation of bitcoin. To say that "Ripple can replace bitcoin" is actually equivalent to saying that "Alipay can replace the renminbi" is wrong: the former is the payment system, the latter is the currency, not the same thing, so there is no replaceability. The emergence of Alipay has facilitated the payment and flow of RMB. Similarly, if the Ripple system is successful, its role is only to facilitate the payment and circulation of legal tender and bitcoin.

editor on February 22, 2014
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the operation of not chasing new fans is not a good code farmer
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@ Feng Chiyu
only mentioned the scene of ripple when users and users pay, but ripple is far more than that. I add two points: trading system and automatic path search

through a gateway, you can deposit RMB, US dollars or virtual currencies, such as bitcoin and Leyte currency, into ripple wallet. And in this system, you can achieve any currency to buy or sell a single transaction. Trading here is better than trading platform. The transaction information of traditional trading platform is not open and opaque. In ripple, every order, cancellation and transaction record can be fully inquired. Through websocket interface, developers can also implement automatic trading program, and basically get real-time data in addition to network delay Network delay depends on the situation, the delay of using US server may be less than 0.1 second!) However, most of the traditional trading platforms have a certain cache time for the API interface. A few seconds of cache time may be fatal to the automatic trading program
with this trading market, ripple can realize a very advanced means of payment - automatic path search
to give a practical example, if I was a Chinese programmer working for a company in the United States, I might get us dollars through Western Union remittance or other ways before, and then I would go to the bank to exchange them for RMB. In the middle of this, the handling cost is relatively high. With ripple, I can do this now:
I trust a RMB gateway, such as ripplecn or ripplechina gateway, which is one of the best RMB gateways in China. Then American companies deposit bitcoin or US dollars through bitsmap gateway and send them to ripple. The service charge is only about 0.000012xrp, It is equivalent to about RMB 0.00000108. Then I will directly receive the CNY quota in the ripple system and withdraw it at the RMB gateway. The service charge for withdrawal is 3% for ripple CN gateway and 6% for ripple China gateway. It only takes a few seconds to complete the automatic exchange payment in ripple system
the full-automatic exchange in the payment step is the automatic path search of ripple, which is the essence of ripple system. Path automatic search relies on the above-mentioned hanging single transaction system. If the above American company deposits bitcoin, the system will complete the following calculation in a few seconds: query the amount of XRP after BTC / XRP exchange, and then the amount of CNY after XRP / CNY exchange. If there is a more appropriate path, such as BTC / USD - & gt; USD/XRP-> XRP / CNY, or BTC / USD - & gt; USD / CNY, the system will also automatically calculate and find the cheapest path for the sender to complete the exchange payment
once, I used ripplecn gateway CNY, and my friend only trusted ripplechina. He wanted me to give him 10 yuan, so I entered the sending interface to input 10 yuan, but the system showed that I only needed to send 9.9998 yuan. Because there is a price difference between the two gateways in the CNY / XRP trading market, the system automatically realizes the path search and provides me with the cheapest payment path
there will be many applications on ripple in the future, and ripple's second payment experience is excellent. If you have a ripple wallet, try clicking send in the wallet and the recipient enters it [email protected] perhaps [email protected] There will be a call fee and Q coin recharge interface, which is an application I made for ripple. You can use XRP, U.S. dollar, RMB, bitcoin and other currencies to purchase q-coin, and exchange it into RMB in seconds to complete the recharge request automatically
ripple is likely to go against the weather in the future. As for bitcoin? His role in the virtual currency instry is similar to that of legal currency, which is totally different from ripple's payment system<
editor on February 27, 2014
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ripple basic concept and principle, others have answered, simply speaking, it is a payment network, anyone can become a node of this network to issue currency and then circulate throughout the network. There are some innovations
but in the long run, it must grow faster than bitcoin, otherwise it is likely to lose in the competition, because at present, most of its functions can be realized in bitcoin network
from a technical point of view, because bitcoin has "dyeing" technology, anyone can issue currency, stocks, funds and so on by becoming a node on the bitcoin network. Assuming that the bitcoin is fully legalized, Alipay will turn 1 bitcoin "dyed" into the one and only special bitcoin that is unique and unforgery in the bitcoin network. Then it will promise the public that the stained coin can be exchanged for Alipay by 1 yuan. So the public can use Renminbi to exchange Alipay's "bit yuan" for consumption and payment. So these special bitcoins have what experts call "guarantee" or "anchor". As long as Alipay is credible, these "bit yuan" will always be valuable and can be used safely. At the same time, as bitcoin transactions are open throughout the network, everyone can see how much Alipay has issued "bit yuan", whether it has spammed money and oversold its own assets to guarantee the currency. So the only advantage of ripple in technology is that it can transfer money quickly. It doesn't need bitcoin to wait for dozens of minutes. But in the long run, bitcoin can speed up the transfer speed to a few minutes in the future through technical upgrading

2.

In the past year, the number of cryptocurrencies has been growing rapidly, including bitcoin led cryptocurrencies focusing on payment and Ethereum led functional cryptocurrencies focusing on infrastructure. No matter what kind of cryptocurrency you are optimistic about, the most important thing you are concerned about is the rise of the currency price. However, in the process of many currency price rises and falls, the most important thing is the rise of the currency price, There is a type of cryptocurrency that is most sought after by investors. That is the trading points launched inside the trading platform, which is also known as platform currency

the BC points of bgj.io, the money manager, will be sold to the public from May 3, with a total amount of 60 million pieces and a daily quota of 8 million pieces for seven days. The sales of 300000 pieces in a single account will be limited. As of May 9, all of them have been snapped up. It can be seen that money friends are very optimistic about the points of this platform. I believe every senior investor has heard or experienced the grand competition of HT. On January 26, the amount of ht28.56 million was robbed in 32 seconds! The players who get it are jubilant, while those who don't get it are dejected. Why are platform points so popular? In fact, it's very simple. Just refer to coin an's BNB. According to the data of coin market cap platform, the global average price of BNB at the beginning of its issuance was US $0.1, which rose to US $2.6 in less than a month, up 26 times! In addition to the currency price income, the platform will also give fixed dividend income to the platform currency holders. Take coin an as an example, the daily dividend of coin an is as high as more than 20 million yuan. However, when these well-known platform currencies rise to the present, it is not meaningful to buy them again, because the space for currency price rise is extremely limited. Today, Xiaobian will dig out a high-quality platform currency and exchange for you - currency Manager (bgJ. IO) and platform integral BC (guanjiayuan), so as to give you more investment options

Xiaobian learned about the exchange because the platform recently launched its own platform, coin BC. As a "steady" old leek, he is very interested in the platform points launched by various exchanges. After a detailed understanding of the exchange, he thinks that the platform has great potential, In particular, the sales and dividend model of the platform's points make Xiaobian's eyes bright. The following Xiaobian lists several highlights of the exchange based on the information she inquires, so that investors can judge the pros and cons by themselves

the first bright spot: the steady growth of user volume

as a blockchain asset trading platform, coin housekeeper was officially launched in March. Although the launch time was short, coin housekeeper has accumulated hundreds of thousands of users in more than one month. And it is understood that the daily growth of money manager's user registration is stable at 70% - 85%. In such a competitive situation of the exchange, it is not easy for a new exchange to have such a large number of user growth in a short time, which is enough to show that the trading platform has at least achieved the ultimate in user experience<

the second bright spot: the highest platform bonus in all exchanges

money manager recently launched the platform bonus BC (family currency), with a total issue of 200 million pieces (never increasing), of which 100 million pieces were locked for one to three years, and released in batches in three years after the platform was launched for one year. In order to ensure the currency deflation, the platform promised that after the platform was launched for one year, Every quarter, 20% of the profit will be used for BC repurchase to ensure that there will be no more than 100 million pcs in the market, which is similar to coin an's BNB

the biggest difference between BC and BNB is that all users holding BC will participate in the dividend except for the locking part of the platform, and the dividend proportion is 80% of the monthly transaction fee profit of the platform! According to the announcement of the platform, this substantial profit transfer is in the hope that the whole people will hold shares and jointly promote the development of money management. And in the later dividend process, adjust the dividend date at any time according to the number of users and profit status, and carry out dividend every week or every day. Coin an's daily dividend can be as high as more than 20 million. Over time, the daily dividend amount of BC, which has the largest dividend strength, should be more exaggerated

the third bright spot: BC's unlimited rising space

no matter what kind of platform currency, there are few on-line currencies that don't rise, and they all soar, which is a tacit fact in the currency circle, because platform currency reflects the strength and reputation of an exchange. BNB (currency security currency), at the beginning of its launch, was US $0.1, only 10 months after it was launched, with a maximum increase of 245 times. At present, the currency price is US $13.76, even though it has dropped a lot, it has also increased 138 times compared with the original

the development path of BC is similar to BNB in many aspects, including the amount of currency issued and the quarterly repurchase ratio. The only difference is that BC has greater dividend strength and is more friendly to ordinary investors

for users, they can pay transaction fees and enjoy a certain discount after purchasing BC. In addition, you can give priority to experience some new functions and have exclusive activities. With the continuous expansion of money manager business, BC will also undertake the function of legal money circulation. Users with BC can purchase cryptocurrency without handling charge and without the influence of block confirmation speed, and further enjoy platform dividends and share platform profits

in a word, whether BC can rise or not depends on the earning power of money manager platform. Money manager can stand out from many competitors and maintain stable user growth every day, relying on good user experience, excellent exchange currency, professional and responsible customer service attitude and maximum dividend mode. With the increase of transaction volume and profit of money manager platform, there is no doubt that BC will rise in the future. According to the current development trend of money manager, 100 times BC is not impossible

3. Can be transferred to other disk, or even transferred to the mobile hard disk, portable

with the increasing capacity of bitcoin blockchain data, the client wallet data is installed on Disk C by default. If Disk C is not large enough, you need to find a way to move the data from disk C to other disks
examples are as follows: (Note: close the client first)
1. Find bitcoin's data folder:
XP --- C: & # 92; Documents and Settings\ username\ Application Data\ Bitcoin
vista,win7---C:\ Users\ username\ AppData\ Roaming\ Bitcoin
2. Copy this bitcoin folder to other disk with large space, such as disk D (to avoid operation error, it is recommended to it first and delete disk C after it runs normally, so as to save disk C space)
3. Edit the bitcoin shortcut on the desktop (if there is no shortcut on the desktop, there are two ways: one is to find the installation folder, find "bitcoin QT. Exe", right-click, and select Create Shortcut to cut the shortcut to the desktop or any location; For the second method, if it is a green installation free version, you can find this installation folder, find "bitcoin-qt.exe", right-click and select Create Shortcut to cut the shortcut to the desktop or anywhere.) Right click on the shortcut, select "properties", enter the following in the "target" column and confirm:

& quot; C:\ Program Files\ Bitcoin\ bitcoin-qt.exe" - datadir=D:\ Bitcoin
(red is the target location of the added part)

now, double-click the bitcoin shortcut on the desktop, the client will start, and all data updates will be stored in disk D, and disk C will no longer occupy space. This method can also avoid data re download caused by deleting Disk C e to system re installation, and can also protect wallet files.

4. In Daming dragon power, after the role level reaches level 15, you can find the mine owner Wu Datong in bashiling. After completing the task of "unclean mine cave", you can get the corresponding amount of ore (the amount of ore depends on the level. The higher the level, the more ore you get). Note: 20 times of "unclean mine" tasks can be completed every day. Adopted
thank you

5. I have been in the coin circle for nearly three years, and I still have a certain understanding of the coin circle. Of course, I also have a certain popularity. Copywriting planning, corporate public relations and brand planning are also our basic business. If necessary, you can contact us

especially in the virtual currency circle, we have done many big companies in the currency circle.

6. The Bank of China has not made any transition with the virtual currency, and the central bank's attitude towards the special currency is cautious and indifferent
at the end of 2013, the central bank and other five ministries and commissions jointly issued a bitcoin risk notice, in which bitcoin was clearly defined as a special Internet commodity. People can buy and sell bitcoin freely at their own risk, denying its monetary attribute, and no finance can participate in bitcoin related business. Bitcoin home has the full text<

Zhou Xiaochuan, the governor of the central bank, said that bitcoin is a tradable asset like a stamp, which is not issued by the central bank, and the central bank has no right to ban bitcoin.

7. Young people catching the bus
"thank you for your interest in registering bitfinex account. However, e to the excessive demand, we decided to suspend the creation of new account. Bitfinex focuses on serving professional traders, and we have decided to suspend the acceptance of new account registration because we can't let new small accounts inundate our system, thereby damaging the quality of service we provide to existing traders. "
this is a notice that the virtual currency exchange has suspended the registration of new users. It seems that it is inevitably arrogant. However, they have no choice but to do it. There are too many young people rushing to get on the bus
data show that in the second half of 2017, coin an (
binance) added nearly 250000 users a day, coinbase added 100000 + users a day, Kraken added 50000 users a day...
who are these new users
they are onlookers after seeing the birth of invisible rich people in the currency circle. They feel that they have missed 100 million yuan, and finally join them in their anxiety to become a member of the currency speculation
they are middle-class white-collar workers who can't breathe under the pressure of life and work. They are still doing nothing when they are in their thirties. They are looking forward to the investment of virtual currency in exchange for the cars and houses they can get a foothold in
they are unemployed young people in Africa. They learned this way to get rich in the virtual currency investment crash course, hoping to walk out of a different life path from their parents by their own "intelligence"
they are also self-motivated young people who have nothing to worry about but are never satisfied with. They always feel that they should not miss every opportunity of the "era" and should create their own brilliance and glory
...
these young people, who are coerced by the anxiety of the times, miss the real estate and the Internet, and regard virtual currency as the gateway of the next era. For many people, investing in virtual currency may be the only chance to realize wealth freedom in this lifetime, and we will never look back
"you have to get on the bus once in your life. If you don't get on the bus, you will be left in the wilderness."“ If the time for reading chicken soup or complaining is used to discover new opportunities and do something meaningful, the world will become a better place
these people see hope in virtual currency and give new hope to virtual currency
the power of belief is invincible
when a person gives too much connotation and sustenance to a thing, the nature will inevitably change. From the initial money making and investment, it graally becomes a kind of touching spiritual belief, and the power of belief is invincible
when investment becomes a belief, every risk warning is regarded as a provocation, which only arouses the morale of investors
for virtual currency investment, Mr. Buffett, who has been enthralled in the speculative market, once suggested that "generally speaking, as far as cryptocurrencies are concerned, I can almost say that they will have a bad ending... As for when or how they will happen, I don't know."
investors refute the famous "Clark's three laws", implying that Buffett is old and stubborn
"1. If a distinguished and venerable scientist says something is possible, he may be right; But if he says something is impossible, he must be wrong
2. The only way to find out whether something is possible is to cross the boundary and never run to the possibility
3. Any very advanced technology is no different from magic at first sight
under this logic, the more authoritative experts prompt for risks, the more reliable it will be and the more they want to buy it
when the rise becomes a belief, every time the regulation and singing down will only usher in a bigger rise
in the view of many people, the price of bitcoin, which is naturally deflationary, will be higher and higher. "One currency, one villa" is a true reflection of many people. In their eyes, any decline is an opportunity
in August 2017, bitcoin ushered in its first bifurcation, which means the division of the community. However, after a short correction, the market ushered in a retaliatory rise, reaching a new high
in September 2017, China ushered in the new regulations of ICO and virtual currency regulation. After the market fell for a short time, investors and institutions went abroad, and the prices reached new highs again. On the contrary, a pile of air currencies ushered in more leeks around the world
since November 2017, Russia, India, South Korea, the US SEC, the world bank and Europol have successively prompted the risks and hidden dangers of virtual currency. Every "heavyweight" prompt has injected new vitality into the currency circle afterwards
...
every decline ushers in a faster rise. To some extent, singing down has become a good medicine to save the currency price
blockchain, which adds the wings of science and technology to "belief"
from the perspective of economic logic, price rise is nothing more than strong demand and insufficient supply. In the virtual money market, there are more and more "believers", but there are not enough currencies for investment
under the invisible hand of market law, more and more people join the ranks of issuing currency. In China, if ICO is the red line, move the server to foreign countries, launch foreign exchanges, and the team operates in China, so as to "serve" domestic investors. In terms of publicity, since token can no longer be talked about, let's talk about blockchain
a few days ago, a venture capital FA asked me to talk about blockchain. After meeting, I found that the blockchain project in the other party's mouth was just token issuance. It suddenly dawned on me that in recent years, the concept of blockchain has become very popular in the circle of friends and mainstream media. Many people will talk about blockchain when they meet, and several articles about blockchain have become popular again. It turns out that this blockchain is not the other blockchain, and the focus of attention has always been on tokens. In many cases, blockchain is just a layer of sheepskin for the "compliance" publicity project of the coin circle
in fact, over the years, the coin circle and the chain circle have gone further and further. They are totally two groups. The former are mainly indivials and small teams, busy with ICO issuing tokens; The latter is dominated by institutions and entrepreneurs, busy reshaping the instry and changing the world
in terms of wealth effect, the virtual currency represented by bitcoin is soaring, and the coin circle has made countless billionaires. The chain circle is still busy experimenting and landing, and the money circle leaders don't see the hardships of the chain circle in starting a business
in terms of policy environment, there are also differences between cloud and soil. Virtual currency has become a policy forbidden area, which is a red line, while blockchain has been written into the national planning, which has become a hot potato in financial technology
it is precisely because the policy environment is becoming more and more stringent that the coin circle, which makes money but has compliance risks, has begun to make the idea of blockchain to engage in the business of token issuance in the name of blockchain. At this time, the token becomes the value medium in the blockchain project
from the perspective of investors, blockchain also provides technological support for their belief in currency speculation. Learn more about blockchain on weekends, so that their "belief" in currency speculation is more firm, and they will be more and more firm on the road of wealth freedom relying on currency speculation
when leeks have faith
in view of the fact that more and more countries are beginning to prompt for the risk of virtual currency, since January 2018, the virtual currency market has gone out of the falling trend again, and the price of bitcoin has been cut off from the highest point. Seems to be able to stand up to the risk, but please believe me, any risk tips are inevitable afterwards
under the call of "faith", the decline only provides a better opportunity to buy, and more and more people will get on the bus. According to the statistics released by wiseapp, an app analysis company in South Korea, the number of cryptocurrency app users in South Korea has increased 14 times in the past 11 weeks, reaching about 2 million. The average daily operation time is 26 minutes, which is twice that of the securities app. In Brazil, the number of money holders is more than twice that of shareholders. In Russia, more than 60% of the people plan to invest in virtual currency in 2018...
in the zero sum game of speculation, virtual currency always goes up and down. For a few people, fluctuation is the best reward. The K-line reflects the perfect curve of growth and cutting of leeks; For the vast majority of people, fluctuation is the real slaughterhouse, but when leeks have faith, one crop will always rise.

8. Recently, the "third Shanghai Financial Forum" held in Shanghai once again focused on the current hot topic - promoting the reform of the international monetary system and the international use of RMB. In the current situation of promoting RMB internationalization has become a consensus, which path to choose has become the focus of market attention. Experts believe that from the perspective of international experience, several major reserve currencies have different ways of internationalization, and RMB should choose a more market-oriented mode according to its own situation in the process of going to the international stage. We should learn more from the market-oriented mode. At present, there are three typical ways to realize Currency Internationalization: first, the US dollar mode, relying on the global currency exchange rate system, becomes the only international unit of valuation and the international reserve currency linked with gold; Second, the euro model, on the basis of regional economic integration, transfers monetary sovereignty and finally forms a single currency of regional community; The third is the Japanese yen model. Through foreign exchange liberalization, trade liberalization, current account liberalization, capital flow liberalization, interest rate liberalization and financial market liberalization, the Japanese yen model has become a more commonly used currency in international economic activities. Analysts believe that the success of the US dollar model is accompanied by the establishment of the Bretton Woods system, and this kind of currency internationalization, which relies on the reconstruction of the international monetary system, has special historical causes, and the RMB cannot be copied. At present, many problems have been exposed when the euro is promoted through regional currency, which also determines that RMB can not take this road“ The dollar model is the proct of the special international environment, which can not be copied; The euro model leaves many hidden dangers e to the lack of unified finance. " Chen Xuebin, executive vice president of the Financial Research Institute of Fudan University (microblog), said that in contrast, the Japanese yen has greater reference significance for China through the mode of market internationalization. Relying on the domestic economic development and policy stability, we can promote the financial deepening reform and development on the basis of the full development of economic strength and comprehensive national strength. Qiao Yide, Secretary General of the Shanghai Development Research Foundation, said that "the unstable value of reserves, aggravating the imbalance of international payments, the lack of final borrowers in the international monetary system and not concive to recing the global gap between the rich and the poor" have become the four major defects of the international monetary system. The international monetary system is facing reform, which also provides a better opportunity for the internationalization of RMB. Yang Tao (micro blog), a researcher at the Institute of finance, Chinese Academy of Social Sciences, believes that there is no universal model for currency internationalization. At present, the main focus of RMB internationalization is as a trade settlement currency, focusing on emerging markets with close economic ties with China, and will graally expand to more countries and regions in the future. In addition, we need to promote more infrastructure construction, steadily promote the internationalization of financial markets, and promote the RMB based pricing of financial procts market. Currency internationalization needs three key factors. Experts believe that with the development of the world economy, international currency often has several key characteristics: high unit value, long-term stable currency value, issuing country is a big economic and trade country, and financial market is relatively developed“ The instrial competitiveness of a country's real economy is the basic and long-term factor supporting its currency internationalization. Without the support of the real economy, internationalization is impossible. " Chen Xuebin said. In terms of economic strength, China has surpassed Japan to become the second largest country in the world, he said; In terms of trade, although the proportion of China's import and export in GDP has declined, the proportion is still very high. In the early 20th century, the export of the United States graally surpassed that of the United Kingdom, which laid a good economic foundation for the internationalization of the US dollar. The international market demand for a currency is also one of the key factors to guide currency internationalization. Instry analysts believe that although the internationalization of the U.S. dollar has consolidated its position through the Bretton Woods system, e to the chaos of the international monetary system after World War II, it is in urgent need of a strong currency to act as an international savings currency. At this time, only the U.S. dollar has such conditions, and there is a strong demand for the U.S. dollar in the international market. In the same way, after the collapse of the Bretton Woods system in the last century, the US dollar depreciated sharply, and the international community needed some other currencies to share the risk, so the internationalization of the German mark and the Japanese yen came into being. In the change of the international monetary system, the change of the status of various savings currencies at each stage is inseparable from the international demand. In addition, the stability of currency value accompanied by the trend of appreciation is concive to the internationalization of the currency. Fei Fangyu, vice president of the China Institute of finance at Shanghai Jiaotong University (microblog), said that a currency should be accepted by the international community, one is to maintain a stable currency value, and the second is to have a certain appreciation trend. Both the internationalization of the Deutsche mark in the last century and the decline of the reserve status of the US dollar after the collapse of the Bretton Woods system are closely related to the rise and fall of the currency value. International cooperation helps RMB internationalization. Although with the development of China's economy, more and more RMB is held abroad, the international use and internationalization of RMB is still a long-term process. And regional bilateral or changeable cooperation will be an effective way to promote the international use of RMB. In fact, since the start of RMB internationalization, monetary cooperation at the government level has been a bright spot. Take Japan as an example. As the scale of Sino Japanese trade continues to expand, enterprises are calling for direct currency exchange between the two countries in trade settlement. The monetary authorities of China and Japan plan to set up a joint meeting this month to promote direct currency exchange between the two countries. Market analysts believe that if the two countries achieve direct currency exchange, trade and investment between the two countries can be further activated, which will play a positive role in promoting the internationalization of RMB. Moreover, ring 2011, the scale of currency swap between China and other countries continued to expand. China signed a total of 117.7 billion yuan currency swap with New Zealand, Uzbekistan, Mongolia, Kazakhstan, Thailand and Pakistan, renewed the currency swap with South Korea and Hong Kong, and increased it by 180 billion yuan and 200 billion yuan respectively, So far, 14 countries (regions) have participated in RMB currency swap, with a total amount of more than 1.3 trillion yuan. After Malaysia, Austria's central bank obtained the qualification to invest in China's bond market, and Japan's foreign exchange reserve management department also joined the application. Cao Yuanzheng, chief economist of the Bank of China, believes that there is no prospect for the reform of the international monetary system, but it can be done in the Asian region“ The central bank's bilateral swap mechanism can become a multilateral arrangement, which will help stabilize the economy in the Asian region, and then stabilize its economic growth and development. " In addition to international cooperation in the region, the development of offshore market is also an important channel for the international use of RMB. With the radial development centered on Hong Kong, Taiwan, London, Tokyo and other financial centers are willing to actively participate in the construction of RMB offshore market. The developed offshore market can further promote the internationalization of local currency and make it gain a more favorable position in the international currency competition. Share to: welcome to comment, I want to comment