How to measure broken virtual currency
however, in China, the price of virtual currency is also affected by policies to a certain extent. Recently, the central bank has tightened its attitude towards digital currency, and the price of bitcoin and other digital currencies has fallen sharply. The digital currency of PBoC is less affected, probably because PBoC has the support of real assets.
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extract code: buf3 this content and open the network disk mobile app, which is more convenient to operateThe concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. According to the idea of Nakamoto, the open source software is designed and released, and the P2P network on it is constructed. Bitcoin is a virtual encrypted digital currency in the form of P2P. Point to point transmission means a decentralized payment system
bitcoin network generates new bitcoin through "mining". In essence, the so-called "mining" is to use computers to solve a complex mathematical problem to ensure the consistency of bitcoin network distributed accounting system. Bitcoin network will automatically adjust the difficulty of mathematical problems, so that the whole network will get a qualified answer about every 10 minutes. Then bitcoin network will generate a certain amount of bitcoin as block reward to reward the person who gets the answer
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realized profit and loss of contract (week)
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realized profit and loss of contract (next week)
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realized profit and loss of contract (month)
bus line: Metro Line 2 → No.100, the whole journey is about 11.9km
1. Walk about 130m from Jianshe No.3 subway station to Jianshe No.3 subway station
2. Take Metro Line 2, pass 6 stations to Qingchun Square Station
3. Walk about 280m to Qingchun Square South Station
4. Take No.100, pass 2 stations to Jiefang Road Qiutao intersection station
5 Walk about 150 meters to China Textile Center clothing city
bus route: no.352 air conditioner → no.566, the whole journey is about 28.5km
1. Walk about 450m from Yiqiao town to Yiqiao dahuatan station
2. Take no.352 air conditioner, after 15 stops, to yangjian station
3. Take no.566, after 11 stops, to Guanyintang District Station
4. Walk about 480m, to Zhongfang central clothing city
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first, the impact of RMB appreciation on China's macro economy
1. Under the condition that other factors remain unchanged, the impact is mainly determined by the price elasticity of import and export. The quantitative analysis of China's trade development since the reform and opening up shows that the elasticity of China's export price is 1, that is, every 1% increase in China's export price relative to the world's export price will rece the growth rate of general trade export by 1%. The elasticity of China's import price is 0.4, that is to say, for every 1% decrease in China's import price relative to the world's import price, the import growth rate will increase by 0.4%
the impact of exchange rate changes on the national economy should not only consider the initial impact caused by changes in import and export prices, but also consider the echo effect (indirect impact) of changes in economic growth caused by changes in exchange rate. For imports, the initial impact of exchange rate appreciation will lead to an increase in imports, but the appreciation will lead to a decline in export demand and a slowdown in GDP growth rate, which will rece the demand for imports. Quantitative analysis shows that China's GDP growth rate decreases by 1 percentage point, and the real import growth rate decreases by 1.33 percentage points, so the echo effect of import plays a certain weakening role. As for exports, as a big economic and trade country, not only the initial impact of exchange rate appreciation will inhibit exports; At the same time, the slowdown of domestic economy and trade will slow down the world economy and trade, and further rece domestic export demand. The quantitative analysis shows that the growth rate of the world economy decreases by 1 percentage point, and the growth rate of China's real exports decreases by 2.7 percentage points. Therefore, the echo effect of exports has a superposition effect on the rection of exports< It can be seen that the effect of currency appreciation on export is greater than that on import, and the impact of domestic and international economic slowdown on import and export is stronger than that of price change on import and export
2. Calculation results and analysis
according to the four situations of RMB appreciation of 1%, 2%, 3% and 5%, the impact of RMB appreciation on the main indicators of national economy is shown in Table 1 and table 2. According to table 1 and table 2, RMB appreciated by 2%, export growth rate decreased by 1.5 percentage points, and import growth rate increased by 0.2 percentage points. According to the data of 2004, it is equivalent to a decrease of US $9.1 billion in exports, an increase of US $1.2 billion in imports, a decrease of trade surplus from US $32 billion to US $21.7 billion, and a decrease of net export demand of RMB 85.2 billion, which affects about 0.6% of the GDP growth rate of that year (the GDP of that year was 14077.6 billion yuan, an increase of 9.5%). After the appreciation of the exchange rate, the prices of imported procts such as energy, raw materials, machinery and equipment will decrease, the prices of corresponding domestic procts will also decrease, the investment cost of enterprises will decrease, and the investment willingness of enterprises may increase; At the same time, the decline of domestic price level and the obstruction of export will also squeeze the profit margin of enterprises and weaken the willingness of enterprises to invest. As a result, nominal investment will drop by 0.2 percentage points and real investment will increase by 0.2 percentage points. The decline of consumer goods prices is concive to the increase of consumption, but affected by the slowdown of economic growth, the income level will decline, and the growth rate of real consumption will decrease by 0.1 percentage point. Taking into account the changes in the three major demands, the growth rate of GDP decreased by 0.5 percentage points, the consumer price index decreased by 0.4 percentage points, employment decreased by 500000 people, the growth rate of fiscal revenue decreased by 0.7 percentage points, the growth rate of RMB deposits in financial institutions decreased by 0.7 percentage points, and the growth rates of money supply M0, M1 and M2 decreased by 0.4, 0.5 and 0.4 percentage points respectively
the model calculation shows that the impact of one-time exchange rate changes on the national economy will decrease with time, the impact will be reced by half in the second year, and the impact will basically disappear after two years< Second, the impact of RMB appreciation on China's major instries
after RMB appreciation, e to the increase of imports, the decrease of exports, the corresponding decrease of consumption demand and the slight increase of investment, the added value of instries with high dependence on foreign trade is affected to varying degrees. The calculation results are shown in Table 3, table 4 and table 5
1. Impact on the three major instries
RMB appreciation of 2%. According to the data of 2004, the added value of the primary instry decreased by 9.4 billion yuan, and the growth rate decreased by 0.4 percentage point, accounting for 6.3% of the growth rate of that year; In the secondary instry, the instrial added value decreased by 54.4 billion yuan, the growth rate decreased by 0.7 percentage points, accounting for 6.1% of the 11.5% growth rate of instrial added value in that year; The added value of construction instry increased by 700 million yuan, the growth rate increased by 0.1 percentage point; The added value of the tertiary instry decreased by 12.2 billion yuan, the growth rate decreased by 0.3 percentage points, accounting for 3.6% of the year's growth rate of 8.3%
2. The impact on some instries
in the instrial sector, instries with a large share of exports, such as textile, machinery, electronics, chemical instry, etc., are more vulnerable to the appreciation of RMB
the appreciation of RMB is 2%, and the export of China's textile instry, as a major exporter, has decreased by US $2 billion; The added value decreased by 9 billion yuan, and the growth rate decreased by nearly 2 percentage points. The export of machinery instry decreased by 1.4 billion US dollars; The added value decreased by 11 billion yuan, and the growth rate decreased by 1.1 percentage points. The export of electronic instry decreased by 1.8 billion US dollars; The added value decreased by 8.5 billion yuan, and the growth rate decreased by 1.5 percentage points. The export of chemical instry decreased by 800 million US dollars; The added value decreased by 8.5 billion yuan, and the growth rate decreased by 1.4 percentage points< In the short term, it has a certain cooling effect on the macro economy, but the impact is not significant
RMB appreciation of 2%, one-time impact on GDP growth by 0.5 percentage points, employment by 500000 people, and consumer price index by 0.4 percentage points. This effect is a theoretical result under the strict assumption that other economic conditions remain unchanged. In fact, as China's exchange rate is adjusted in the boom stage of the national economy, entrepreneurs and consumers still have strong confidence, and the actual impact on the macro economy may not be as large as theoretical calculation. The small adjustment of exchange rate will not bring a greater impact on the macro-economy. On the contrary, in the medium and long term, promoting the reform of RMB exchange rate formation mechanism is concive to easing the imbalance of foreign trade and optimizing the allocation of resources; It is concive to enhancing the independence of monetary policy and improving the initiative and effectiveness of financial regulation; It is helpful for enterprises to change their operation mechanism, enhance their independent innovation ability, accelerate the transformation of foreign trade growth mode, and improve their international competitiveness and anti risk ability; It is concive to optimizing the instrial structure< It's a good time for exchange rate adjustment.
from the perspective of macroeconomic fundamentals, GDP grew by 9.5% in the first half of the year, and still maintained a high-speed growth without obvious inflation or deflation. From January to June, 5.95 million new urban jobs were created, and 2.58 million laid-off workers were re employed, showing a good employment situation. Fiscal revenue grew steadily, financial operation was basically stable, fixed asset investment growth was still at a high level, and consumption growth accelerated. If the macroeconomic situation is good, the ability to resist the impact of RMB appreciation on the economy will be strong, and the negative impact on the economy will be small. From the perspective of financial system and foreign exchange market, at present, China's foreign exchange management is graally relaxed, the construction of foreign exchange market is constantly strengthened, market tools are graally popularized, the reform of state-owned commercial banks has made substantial progress, and the ability of enterprises to resist and avoid exchange rate risks has been enhanced. From the perspective of appreciation expectation, in recent months, the US dollar has strengthened against the euro, yen and other currencies, with an appreciation of 5% - 10%; The interest rate spread between us dollar and RMB is widening. These factors weaken the expectation of RMB appreciation and help to prevent speculation. Therefore, it is a good time to promote the exchange rate reform
3. We should flexibly use macro-control policies to deal with the impact of exchange rate changes
China has adopted a one-time appreciation of 2%, and then implemented a managed floating exchange rate system. Under this system, if the market expectation is much higher than the appreciation rate of RMB, RMB may rise to the highest floating point in several trading days, and there will be excessive appreciation in a short period of time. Profitable speculative capital may also flow out of China rapidly. These problems will bring adverse effects on China's macro-economy, agriculture, textile, machinery, electronics and other instries. Therefore, first, according to the changes in the balance of payments, we should moderately intervene in the foreign exchange market to maintain the basic stability of RMB; Second, we should optimize the structure of imported procts and minimize the impact on agriculture and other instries by using various available trade protection measures; Third, according to the inflow or outflow trend of international hot money, timely adjust macro-control policies to stabilize domestic demand growth