Research Report on virtual currency

2. The negative effects of the "great unification" monetary policy and the countermeasures to correct them, The implementation of no difference management. In this way, the state can regulate and control the total social supply and demand from the total amount, and promote the basic balance between the two, so as to ensure the realization of macroeconomic goals“ The "one size fits all" monetary policy operation seldom takes into account the level difference of regional economic development. Due to the imbalance of regional economic development, the different depth and breadth of finance, and the large gap between the social basis and economic development conditions of monetary policy, the role of monetary policy in regional economic development is different. The effect difference of monetary policy in economic development between less developed areas and more developed areas is obvious, which has a certain negative impact< (1) the implementation of undifferentiated management of monetary policy operation is not concive to the harmonious development of the whole society
the differences in different economic systems and economic development levels
determine that there are differences in economic fluctuation cycles in different regions, and the regulatory effect of monetary policy is also in a certain contrast. After a new round of macro-control, the central bank's contractionary monetary policy orientation has a significant effect on preventing economic overheating in developed areas such as southern Jiangsu, but for less developed areas, the financial macro-control policy appears to be premature. In the first quarter of 2004, the investment in fixed assets of less developed Xinghua City increased by 13.12% year on year, 53.58% and 73.48% lower than that of the whole province and the south of Jiangsu Province, respectively. The macro-control monetary policy since 2003 will undoubtedly have a greater inhibitory effect on Xinghua City, which has just entered a new round of economic growth cycle< Since 2004, with a series of macro-control measures launched by the state, Taizhou's real estate market, which is in a healthy development cycle, has been cooling down prematurely. The proportion of real estate investment in the total social investment has declined for the first time since the establishment of the city, and even there has been a rare phenomenon of queuing up to buy houses in recent years< However,
the credit resources occupied by the frontier are relatively low. It is not difficult to see from the regional distribution of new
increased loans in 2005 that the proportion of new loans in Taixing and Jingjiang, which are listed in the forefront of the province's development along the Yangtze River, are respectively
11% and 19%, 34 and 26 points lower than Hailing. The credit investment and the current hot land area of proction and investment are misplaced, and the dominant position and location conditions of the development along the
River have not been fully displayed< (2) the implementation of undifferentiated management of monetary policy operation is not concive to the survival and sustainable development of residents and enterprises. In economically underdeveloped areas, the Engel coefficient of urban and rural residents is generally greater than 45%, which is 10-15% higher than that in economically developed areas. The economically developed areas have entered the affluent society, while the less developed areas have just entered the well-off stage, and a considerable number of people have only solved the problem of food and clothing. Therefore, in less developed areas, the conditions and ability of urban and rural residents to undertake monetary policy are very limited, and the required funds are mainly solved by self raised funds and private loans, which increases the burden of residents and enterprises to a large extent. According to the survey of 68 enterprises in Taizhou area, after the state strengthened macro-control in 2004, the private financing interest rate increased significantly. In 2003, the interest rate of enterprises financing to indivials was about 8 ‰,
right, and it was about 10 ‰ in May 2004.
in the fourth quarter of 2004, Taizhou financial institutions issued a total of 577 million yuan of loans, and the amount of investment dropped significantly. At the end of 2004, the private financing interest rate rose to about 11 ‰. Another
according to the typical survey of 20 rural families: Xinghua City in Taizhou
after the macro-control in 2004, the total scale of private financing increased by 16000 yuan compared with the same period, and the financing cost increased by 25%; According to the special survey,
the total amount of private financing in 2004 was 567 million yuan, an increase of 189 million yuan compared with that in 2003, with an increase of 50%, of which the proportion of investment in "hot instries" was 37%. It can be concluded that: after the regulatory role
appears, even in the case of rising financing costs, more micro
small enterprises mainly prefer private financing, and the main financing behavior is not
affected by the "depth" of national macro-control< However, in less developed areas, the organization scale of small and medium-sized enterprises is too small, the operation and credit status are poor, and the credit rating is low.
the credit guarantee system of local small and medium-sized enterprises is not perfect, and the satisfaction degree of small and medium-sized enterprises, especially small enterprises, is low, It has become a blind area that is difficult to be covered by monetary policy. After the macro-control in 2004,
the "Matthew effect" in Taizhou became more obvious. The financing difficulty of small and medium-sized enterprises and areas with relatively weak economy is increasing. According to the survey, the financing difficulty of small and medium-sized enterprises in rural areas is more prominent. In 2005, the proportion of newly increased loans and the ratio of newly increased deposits to loans in counties under their jurisdiction were only 50% and 41.4%, which decreased by 15.06 percentage points and 16.9 percentage points respectively; According to the survey of 26 small private enterprises in Huangqiao old district in the fourth quarter of 2005, the satisfaction rate of bank loans was only 38.57%, which was 24.16 percentage points lower than that in the same period< (3) the implementation of undifferentiated management of monetary policy operation is not concive to the effective transmission of monetary policy signals, It is difficult to avoid the phenomenon of "one size fits all" in credit supply after the bank regulatory authorities comprehensively cleaned up all fixed asset loans at the end of March 2004. Some commercial financial institutions have not been able to fundamentally get out of the situation of "live as soon as you release, and die as soon as you control". Credit
lending once showed a significant downward trend. At a certain point, there was a phenomenon of "only collecting but not releasing". The new deposits and loans in the whole year were relatively large, and there was an imbalance in the degree. In the first quarter of 2004, the net increase of loans was
3.915 billion yuan, with a year-on-year increase of 36.41%. From April to November, the effect of macro-control was obvious, and the growth rate of loans continued to accelerate, reaching the bottom in October, with a net decrease of 421 million yuan; In December, affected by the start of some new reserve projects and the relaxation of credit plan at the end of the year, there was a significant rebound in recovery, with a net increase of
775 million yuan, an increase of 1.452 billion yuan over the same period last year. There are obvious deviations between the loan growth and the proction and operation cycle of enterprises, and the demand of economic development on the timeliness and effectiveness of credit supply< The proportion of new loans in the first quarter and December was as high as 74%, up 37 percentage points year on year. At the end of the year, the proportion of new
increase of medium and long-term loans increased by 4.93 percentage points, while the proportion of short-term loans decreased by 10.13 percentage points
the operation of financial institutions, the perfection of financial service organization system and the development of financial market have a great impact on the effectiveness of monetary policy transmission through financial institutions. From the perspective of regional structure, new loans are further concentrated in developed regions. In 2005, the amount of new loans in urban areas accounted for 50% of the total new loans, accounting for an increase of 10 percentage points compared with the previous year. Xinghua City and Jiangyan City, with relatively weak economy, only accounted for 11% and 9% of the new loans, respectively, 5% and 7% lower than the previous year. In the current round of macro-control, in the less developed area of Xinghua City, the scale of commercial banks is relatively small and the rate of non-performing loans is relatively high. The pressure of "double drop" is very big and the ability of credit supply is greatly reced. In this case,
most commercial banks receive loans from branches, while County branches have no right to loan; The deposit and loan ratio of the four major state-owned commercial banks is low, and it is difficult for more deposits to be converted into loans. It is difficult for monetary policy to support local economic development by increasing credit supply through banking and financial institutions; Securities and insurance institutions are small in scale and quantity, the total amount of capital transactions in the market is small, and the financial market as a whole is underdeveloped
as the role of macro-control continues to appear, the capital
chain of some enterprises will be affected to varying degrees, and the stock loans of enterprises still have the risk of deterioration. At the end of 2005, excluding policy divestiture and write off, Taizhou's non-performing loans actually increased by 130 million yuan compared with the beginning of the year, and its wholly-owned commercial banks in China increased by 288 million yuan, while other commercial banks increased by 16 million yuan< (4) the implementation of undifferentiated management in monetary policy operation is not concive to the realization of the regulatory objectives.
after the macro-control, the low-income class and downstream enterprises bear the pressure of price rise, which has a negative impact on the local economy. The central bank's goal of stabilizing currency value and curbing inflation is far from being achieved. First, the life of the low-income group is becoming more difficult. Grain, oil,
meat, vegetables, coal and liquefied petroleum gas are important aspects of residents' living consumption. If the price increase of more than 20% of the above commodities is affordable to the middle-income class, it is unbearable to the low-income class. The price trend of high-level operation has great impact on the urban and rural areas The steady growth of rural residents' income has a negative impact. Second,
some downstream proction enterprises are difficult to sustain. Coal, electricity, oil, transportation, agricultural procts and iron and steel are the most important proction factors of instrial enterprises. In the case of oversupply of consumption
procts, the increase of proction cost is difficult to be transferred and digested. The price rise has a certain impact on the transportation and chemical instry. According to the investigation of Xinghua transportation company, after the macro-control in 2004, the direct cost of each passenger car per day will increase by 70 yuan e to the increase of fuel price. From January to December, the cost will increase by 27 million yuan e to the increase of fuel price, and the cost will increase by 18%. According to the investigation of Taixing Chemical Instry Development Zone, the total cost of its leading procts increased by 25% from January to December 2005, of which 88% was caused by the rising price of coal. From January to December, the total profit decreased by 45.12% compared with that of
and decreased by 26 million yuan. Thirdly, the efficiency of some instrial
enterprises has declined. According to the situation of 30 instrial prosperity enterprises monitored and measured by our central sub branch in 2005, the judgment index of purchase price of raw materials and comprehensive price level of means of proction of enterprises increased by 21 and 15 percentage points respectively, compared with the same period, and most of the middle and lower reaches of the enterprises

3. Example

the scenery in my eyes
the samsara of the four seasons of every year is always in front of me, but I have a special preference for autumn
- inscription
autumn and sorrow
at this time of year, I am always inexplicably sad. For a long time, I look at a piece of cloud in a daze. The sky passes by several lonely birds from time to time, which is particularly dazzling against the background of the blue sky. The ancients often linked "autumn" and "sorrow", but in my eyes, "sorrow" is also its beauty“ Since ancient times, autumn is sad and lonely. I say that autumn is better than spring. The beauty of "sorrow" is lonely, and the sadness is inexplicable. When the autumn wind sweeps the fallen leaves, I only hear the rustling sound of the leaves. Because of your sadness, I still can't touch you in my infinite reverie. It was an unspeakable beauty of sadness. This kind of autumn gives me more intriguing feeling...
autumn and joy
golden paddy fields, fragrant wheat, autumn is also the harvest season“ Harvest "brought us joy, I do not know how many busy days, how much sweat from the cheek slip, and finally got a golden harvest. You are no longer just sentimental, there is no sense of sadness, and now, you belong to a joy, a hearty laughter, a bright smile. Autumn, let me feel your lovely<
autumn and thinking
"the autumn wind suddenly rises, and the leaves fall." whenever this time, it reminds us of our missing for our family. A few leaves, sustenance of our sincere love, autumn, you have such a great fraternity, our thoughts passed to the distant family. You are so gentle, whenever I raise my head to tears, you will use your mother like warm hands to dry my tears
"the Mid Autumn Festival of Wanmei is the best.". Autumn gives the earth a layer of gauze, showing warm, quiet, dreamlike beauty.

4. If there is China Merchants Bank in your city, you can also learn about the financial management of China Merchants Bank: at present, there are many ways of personal investment and financial management of China Merchants Bank: fixed term, treasury bonds, entrusted financial management, funds, gold and other portfolio investment. The investment starting point of different procts is different, and the corresponding risk level is also different. It is suggested that you open the CMB homepage and click online customer service for further consultation.

5. 1 The purpose of the survey and the time and objects of the survey
the purpose of this social questionnaire is to explore and study the current situation of the internal management of monetary funds of small and medium-sized enterprises in our province through the data obtained from the questionnaire survey of some small and medium-sized enterprises, and find out the reasons and some solutions, so as to improve the internal system of monetary funds, And make the enterprise management pay attention to the internal management of Monetary Fund, really improve the internal management of Monetary Fund of small and medium-sized enterprises, and promote the vigorous development of small and medium-sized enterprises. According to the arrangement of the school, I concted a social questionnaire survey from December 29 to January 14. The objects of this questionnaire survey are mainly small and medium-sized enterprises in Zhejiang Province, including private enterprises, family style indivial small enterprises, private enterprises, etc. A total of 50 questionnaires were sent out, 50 questionnaires were returned, and the recovery rate reached 100%
(2) the basic idea of the questionnaire and the main methods of the survey
through the investigation of enterprises, we should improve the internal system of Monetary Fund and attach importance to the management decision to solve the problems existing in the internal management of Monetary Fund of small and medium-sized enterprises, The internal control system of whether there are more than two employees to deal with all kinds of counter cash income business is tested by field observation and sampling inspection; Whether the postal remittance order is opened by an independent staff; Whether all kinds of reserve funds are kept by special personnel; Check the style of important vouchers, invoices and sales documents< The internal control of Monetary Fund of small and medium-sized enterprises refers to the various control policies and proceres established by enterprises in order to ensure the safety and integrity of Monetary Fund, the rationality, legality and effectiveness of monetary fund collection and payment business, and the authenticity of monetary fund collection, payment and deposit information. Its goal is the basic starting point for enterprise management to establish and improve internal control. According to the investigation and analysis, SMEs in our province generally believe that the internal management of monetary fund is important, but from the reality, we find that the internal control problem is the biggest obstacle to the implementation of monetary fund management of SMEs. According to the extensive investigation and research of domestic scholars, we can outline the actual situation of the implementation of Monetary Fund Internal Control of SMEs in our country< (1) there are loopholes in the internal management of Monetary Fund
cash is the most liquid asset, and the private enterprises in our province have not established a clear internal control goal, nor adopted effective management methods, so the phenomenon of theft, misappropriation and even corruption is serious. At present, the main problem of cash management is that the system does not exist. Whether the system is fully implemented and controlled by the main leaders in charge of cash. According to the data collected by us, there are the following problems in the internal management of monetary funds of small and medium-sized enterprises:
1. The management of monetary funds is subjective and arbitrary, and the internal management is chaotic, which is prone to corruption and fraud. The cash management of enterprises lacks planning and overall consideration. Special funds and key projects are occupied by face projects and consumption funds, which leads to the arbitrariness of the money and makes the cash management a mere formality. According to the statistical analysis of data, 58% of the private enterprises are lack of control, the will and emotion of leadership replace the plan and system seriously, the perfect cash management system restricts their hands and feet, and the management intention is to meet their own needs, which leads to the out of control of cash management, the democratic financial management has become a form, and the lack of openness and transparency; It is also common that family style small enterprises are controlled by one person's policy level and moral level
2. The internal control system of cash management is fictitious and the department setting is unreasonable
e to the above problems, the system is fictitious. Enterprises generally believe that the relevant laws and regulations issued by the Ministry of finance are applicable. They also attach great importance to the role of internal control in management, and establish and implement a certain internal control system of monetary funds. However, 90.58% of the enterprises surveyed set up financial and accounting departments, while 38.67% of the enterprises surveyed set up audit department and legal department
Figure 1-1: post analysis chart of accounting department of small and medium-sized enterprises
3. One pen approval, but relevant regulations are not strictly implemented
through investigation and interview, we found that most small and medium-sized enterprises do not rely on internal accounting control for authorized approval, but mainly rely on "one pen" for approval. Because of the allure of cash, the arbitrariness and blindness of cash use, cash management is often not in place and lack of control. The will of leadership replaces the plan, and the emotion replaces the system. It is not willing to use the perfect cash management system to restrain its own hands and feet, and the management intention is to meet its own needs, It leads to the phenomenon that cash management is out of control< 4. Small and medium-sized enterprises do not know enough about the internal management of Monetary Fund.
the Ministry of finance has promulgated and implemented the "internal accounting control standard Monetary Fund (Trial)" for more than six years. Enterprises should grasp and implement this law as effectively as possible, and the understanding of it is the premise and basis of implementation. However, small and medium-sized enterprises do not know enough about the internal management system of Monetary Fund. According to the survey and analysis, 80% of the enterprises are not familiar with the enterprise, which is summarized in the following table:
TABLE-1 analysis of the understanding of the internal management of Monetary Fund
5. The implementation of the internal management of monetary fund is not active enough, 80% of the private enterprises are mainly led by the enterprise management. Due to the low requirements of the national regulatory authorities for the establishment and improvement of the relevant internal control of small and medium-sized enterprises, their own limited business scale and relatively simple organizational structure make it easier to regulate the fund management. According to the analysis of the questionnaire collected by us, the main channels for these enterprises to get to know the internal control norms of monetary funds are as follows:
Figure 2-1: the main channels for SMEs to understand the internal control of monetary funds
(2) the reasons for the lack of internal management of monetary funds
1. The uneven quality of accounting personnel leads to the confusion of accounting data The phenomenon of leakage
because most of the enterprises investigated are private enterprises, some of them are built with bare hands, have low ecation level, do not know management, and do not learn management, sometimes their vision is not long-term enough, which makes them lack of overall consideration and long-term plan in financial management. But we don't understand the actual situation of cash management, and we don't start from the actual economic problems of the unit, but take it for granted to rely on experience and subjective will for fund management, which makes the fund management with an extreme emotional tendency. According to the survey and analysis, the ecation background of enterprise accounting positions is as follows:
Figure 3-1 ecation background of enterprise staff
the cronyism of small and medium-sized enterprise owners leads to the generally low quality of accounting personnel. Some accounting personnel are "half baked" and not proficient in business, which is convenient for those "intentional people" to embezzle cash by various means. For example: using the convenience of work, less receipts, concealing income; Alter the amount of the original voucher to achieve the purpose of spending more.

6. The fourth task of Central Radio and TV University formative assessment Finance (former monetary Science)
[social survey] the recent development of China's monetary policy

from 1984 to 1995, China has been pursuing the al objectives of monetary policy, that is, developing economy and stabilizing currency. This approach is in line with China's past planned economic system, especially in the case of direct distribution of bank credit as resources, the total amount control of money and the distribution of credit investment are planned, and the two goals of economic development and monetary stability are relatively easy to coordinate. However, the practice of more than 10 years after the reform and opening up shows that in most cases, the al goals of policy orientation can not be achieved at the same time. The "law of the people's Bank of China" promulgated and implemented in March 1953 amended the "al goals" and determined that the goal of monetary policy is "to maintain the stability of the value of money and thus promote economic growth". This goal embodies two requirements: first, we should not equate currency stability with economic growth. From the primary and secondary point of view, currency stability is always the main thing. In terms of order, stable currency comes first. The central bank should promote economic growth by keeping the currency stable. Second, we must adhere to the basic foothold of monetary stability even if we take into account the requirements of economic growth in the short term< Second, the intermediary index and operational index of China's monetary policy:
in the 1980s, China's monetary policy followed the practice before the reform and opening up in the choice of intermediary target, that is, the loan scale and cash issuance were used as the intermediary index of monetary policy
the theoretical basis of taking the loan scale as the intermediary index is that money is supplied through the loan channel, "loan = deposit + cash". As long as the loan is controlled, the money supply can be controlled. With the establishment of market-oriented financial operation system, fundamental changes have taken place in the basis and environment for the implementation of monetary policy. As an intermediary index of monetary policy, the scale of loans has graally lost two conditions for survival: first, the allocation of funds has changed from plan to market; second, the scale of loans has graally lost two conditions for survival; Second, the proportion of national bank deposits in the total amount of social financing tends to decline, while the proportion of direct financing of other banks and financial institutions, especially the financial market, has increased rapidly. Therefore, the central bank's mandatory loan scale should not be used as an intermediary index, but as a guiding variable. The people's Bank of China concts monthly statistical monitoring to facilitate the regulation of money supply< In 1994, the decision of the State Council on the reform of the financial system clearly pointed out that there will be four intermediary indicators of China's monetary policy in the future: money supply, total credit, inter-bank lending rate and bank excess reserve ratio. At present, in practice, the main operational indicators of monetary policy are the base money, the excess reserve rate of banks, the interest rate of interbank market and the repo rate of interbank bond market; Intermediary indicators are mainly money supply and total credit represented by total loans of commercial banks and transaction volume of money market< Third, the selection of monetary policy tools in China
after the promulgation of the law of the people's Republic of China on the people's Bank of China, China's monetary policy regulation has graally changed from direct regulation to indirect regulation. There are several monetary policy tools coexisting in the transitional period, such as loan scale, refinancing, interest rate, deposit reserve, open market business and rediscount. Among them, the role of indirect control tools is graally strengthened, while the influence of direct control tools is graally weakened. For example, China has abandoned loan scale management in 1998. With the advancement of interest rate marketization, the use of interest rate means is more market-oriented
since the reform of the deposit reserve system in 1998, the deposit reserve ratio has been constantly adjusted, which has become one of the frequently used policy tools in the monetary policy operation of the Central Bank of China< Fourthly, under the adverse external environment and the great risk of landslide, the government has decided to implement the positive fiscal policy and moderately loose monetary policy. I think we can start from the following aspects:
first, reasonably expand the scale of bank credit. We should maintain the reasonable growth of money and credit, abolish the restrictions on the credit scale of commercial banks, expand the credit scale reasonably, ensure the sufficient liquidity of the financial system, and provide liquidity support to financial institutions in a timely manner. We will increase support for key projects, energy conservation and emission rection, environmental protection, independent innovation, agriculture, rural areas, small and medium-sized enterprises, infrastructure and service instries, and foster and consolidate growth points of consumer credit
Second, further broaden the financing channels of enterprises. We will accelerate the development of non-financial enterprise debt financing instruments such as corporate bonds, corporate bonds, short-term financing bonds and medium-term notes, and expand enterprise financing channels. Accelerate the development of inter-bank bond market with institutional investors as the main body, and provide a platform for the implementation of active fiscal policy and moderately loose monetary policy. Promote the stable and healthy development of the stock market and increase the proportion of direct financing
Third, continue to lower interest rates and deposit reserve ratio. In order to prevent the economy from retrogression, the central bank will further relax monetary policy. Lowering interest rates and deposit reserve ratio are the most powerful monetary policy tools of the central bank. The former can rece the financing cost of enterprises, while the latter can provide more credit funds for banks. The central bank will make full use of a variety of policy tools to increase support for promoting economic growth, Effectively meet the reasonable demand of the real economy for financial services< Fourthly, implement differential monetary policy to promote economic transformation. The moderately loose monetary policy will not treat all instries and enterprises equally, but will adhere to the principle of "holding pressure, differential treatment", so as to reflect the country's instrial policy orientation, promote the optimization and upgrading of instrial structure and the transformation of economic growth mode, and make the economic structure change to the expected direction of policy. Monetary policy will guide the flow of funds by means of differential deposit reserve ratio, differential interest rate, window guidance, credit policy guidance, etc. through policy guidance or direct intervention, funds will be invested in strategic areas, leading instries and pillar instries on more favorable terms than market finance, At the same time, the policy of "two high and one capital" should be strictly implemented to restrict the credit supply of instries and enterprises< To sum up, only by adopting the monetary policy applicable to our country can we provide a relatively loose financing environment for enterprises, so as to promote the proction and operation activities of enterprises< On the evening of July 21, 2005, the people's Bank of China issued an announcement on improving the reform of RMB exchange rate formation mechanism: first, from now on, China began to implement a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies. The RMB exchange rate is no longer pegged to the single US dollar, forming a more flexible RMB exchange rate mechanism; Second, at 19:00 on July 21, 2005, the exchange rate of RMB against the US dollar appreciated by 2%, adjusted to 8.11 yuan per US dollar; Third, the daily fluctuation range of RMB exchange rate against US dollar is no more than 3%. The reform of exchange rate system is of great significance to improve the effectiveness of China's monetary policy and the direction of monetary policy implementation in the future

the so-called monetary policy refers to the sum of the policies and measures adopted by the central bank to adjust and control the money supply and then influence the macro-economy in order to achieve specific economic goals. The macroeconomic goals of the central bank through monetary policy mainly include price stability, economic growth, full employment and balance of payments

the goal of monetary policy is achieved through monetary policy tools. Monetary policy tools can not directly act on the ultimate goal, but must rely on intermediary indicators. The selection of intermediary indicators should meet the five standards of measurability, controllability, relevance, anti-interference and good adaptability with economic system and financial system. Generally, we choose financial variables such as interest rate, money supply, excess reserve and base money, and some also include exchange rate. There is a transmission mechanism for monetary policy tools to achieve the ultimate goal of monetary policy by means of intermediary indicators, and the length of time lag directly affects the effect of monetary policy< The monetary policy measures since 2000 mainly focus on the following aspects:

1. In order to promote the market-oriented reform of China's interest rate and promote the economic opening to the outside world, the people's Bank of China has decided to implement a new foreign currency interest rate management system from September 21. The specific contents are as follows: (1) foreign currency loan interest rate, large foreign currency time deposit interest rate of single US $3 million (including US $3 million) or equivalent of other six major foreign currencies, foreign currency deposit interest rate (regardless of amount) other than seven major foreign currencies, and all foreign currency interest rates among financial institutions shall be determined by financial institutions independently 2) The small deposit interest rates of seven major foreign currencies are set by the banking association and implemented by all financial institutions< 2. Actively promote the construction of personal credit system and implement the real name system of savings. In order to standardize the behavior of savings and promote the construction of personal credit system, the people's Bank of China decided to implement the real name system of savings deposits from April 1

3. Encourage commercial banks to carry out financial business innovation. On February 14, the people's Bank of China and the China Securities Regulatory Commission jointly issued a document, announcing the "measures for the administration of pledged loans by securities companies", which allows commercial banks to obtain loans from securities companies by means of stock pledge< 4. Strengthen the guidance of credit policy and guide the flow of funds. In April, the people's Bank of China issued a document to allow financial institutions other than the postal savings and exchange bureau to set up "ecational savings deposits" free of interest income tax; In August, the "measures for the implementation of student loans" was announced; In June, it jointly issued a document with the State Economic and Trade Commission, requiring all commercial banks to support the good and limit the bad in strict accordance with the requirements of the national instrial policy, restrict or prohibit loans for obsolete backward proction capacity, instries, procts and repetitive construction projects, and promote the adjustment and optimization of the economic structure. In September, in view of some problems existing in the implementation of closed loans, the notice on adhering to the conditions of closed loans and strictly controlling the issuance of closed loans was issued, requiring strict control of the issuance conditions of closed loans to prevent risks< 5. Actively promote the construction of money market. The second batch of securities companies are approved to enter the interbank market to engage in financing business. In June, in order to develop the money market and broaden the financing channels of financial companies of enterprise groups, financial companies were allowed to enter the national interbank lending market and bond market. On November 9, the bill business department of instrial and Commercial Bank of China, the first professional bill business organization in China, was allowed to open. This is concive to promoting the development of bill business, forming a unified national bill market, and providing broad space for the central bank's rediscount operation< 6. Improve rural financial services, support rural economic development, guide and standardize private credit. In July, it was decided that the postal savings funds at and below the county level should be returned to the rural credit cooperatives in the form of refinancing to support the credit investment of the rural credit cooperatives in farmers, rural areas and agricultural proction, and focus on providing loans to farmers, timely meeting the reasonable capital needs of farmers engaged in planting and breeding, processing and transportation of agricultural and sideline procts, and rural consumption credit. In December, it issued the report on improving rural finance

7. The first is the way of exchange rate regulation
a managed floating exchange rate system based on market supply and demand and with reference to a basket of currencies. The RMB exchange rate is no longer pegged to a single dollar, but floating according to a basket of currencies and market supply and demand. Here's & quot; A basket of currencies;, According to the actual situation of China's foreign economic development, it means to select several major currencies and give corresponding weights to form a currency basket. It also needs to take the relationship between market supply and demand as another important basis to form a managed floating exchange rate. This will help to increase exchange rate flexibility, restrain unilateral speculation and maintain multilateral exchange rate.
Second, the determination of the middle price and the daily floating range
the people's Bank of China will announce the closing price of the dollar and other trading currencies against RMB in the interbank foreign exchange market on that day after the market closes on each working day as the middle price of the currency against RMB in the next working day. At the present stage, the daily US dollar to RMB trading price in the interbank foreign exchange market is still floating within the range of 0.3% of the US dollar trading middle price announced by the people's Bank of China, and the floating rate of non US dollar to RMB trading price is stable within the range of 3% of the US dollar trading middle price announced by the people's Bank of China< The third is the adjustment of initial exchange rate
at 19:00 on July 21, 2005, the trading price of US dollar to RMB was adjusted to 8.11 yuan per US dollar, which was used as the middle price of transactions between designated foreign exchange banks in the next day's inter-bank foreign exchange market. Designated foreign exchange banks can adjust the listed exchange rate of their customers from then on. This is a one-time small appreciation of 2%, not the first step of RMB exchange rate adjustment of 2%, there will be further adjustment afterwards. Because the reform of RMB exchange rate system focuses on the reform of RMB exchange rate formation mechanism, rather than the increase or decrease of RMB exchange rate level in quantity. This adjustment range is mainly determined according to the degree of China's trade surplus and the needs of structural adjustment, and also takes into account the adaptability of domestic enterprises to structural adjustment.

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