The principle of virtual currency appreciation
Publish: 2021-05-17 23:05:23
1.
in the era of stand-alone games, the protagonist accumulates money by knocking down the enemy, entering the gambling house to win money, etc., which can be used to buy Herbs and equipment, but only in his own game console; The special currency issued by the portal website or instant messaging service provider is used to purchase the services within the website
there are four types of virtual currency in the market:
1. Game currency developed by game operators for players to use as a trading medium in online games
2. A special virtual currency issued by the portal or instant messaging tools for use in the operating cyberspace
3. Interactive virtual currency, which can be used in the issuing entity of virtual currency and can purchase goods and services from non issuing entities
4. Based on cryptography and modern network P2P technology, a special electronic and digital network cryptocurrency is proced through complex mathematical algorithm
the instrialization of virtual money will form a virtual money market. If the emergence of the stock market is the proct of the combination of instrial capital and financial capital, then virtual currency will be the proct of the combination of service capital and financial capital. Modern service instry, especially personalized modern information service instry, will become the instrial foundation of personalized virtual currency
the personalized virtual money market is different from the stock market and derivative financial instrument market. The latter is more established for the needs of instrialization, which is also reflected in meeting the needs of the so-called modern service instry; The instrial foundation of the former is closely related to the demand of informatization
The future of the tertiary instry is different from the service instry, its development direction is the post-modern service instry, that is, the experience instry, that is, more personalized instry to meet the development needs of spirit, culture and entertainment. The stock market will make more use of information to guide the rational investment of instry and service instry, while the personalized virtual money market will make more use of information to guide the perceptual consumption of experience instry2. If two blocks use different virtual landlords, the virtual currency can be appreciated and depreciated. If the exchange rate of a country is relatively high and that of another country is relatively low, the virtual currency based on the blockchain should face even greater depreciation
3. Learning experience of attending the counselor training class of Ministry of ecation
Wang
garrison
2009
year
4
month
19
day -
4
month
30
day, I had the honor to participate in the second post training class of College Counselors in Jilin Province,
sincerely thank the school for creating conditions for me,
provides me with the opportunity to learn from senior leaders and experts in this field, and creates a platform for me and other college counselors to communicate with each other<
this training course is the only one with the highest level of experts, the longest learning time, the most complete learning
content and the most activities I have participated in since I came to China.
it has benefited me a lot< The experts of the training course are Xu Yanguo, director of the ideological and Political Work Department of the Ministry of ecation,
Weng, Deputy Secretary General of Shanghai municipal government,
tie Hui,
professor of China Youth College of political science,
doctoral supervisor,
Lu Shizhen, President of the Youth Development Research Institute of China Youth College of political science,
director of China Mental Health Association, and
fan Fumin, chairman of College Students' psychological counseling professional committee,
Qing Dynasty,
professor and doctoral supervisor of China University,
Bing Zheng, professor and doctoral supervisor of Jilin Academy of Social Sciences,
Secretary General of China Ethics Society,
director of ethics and morality research center of Renmin University of China,
professor of Renmin University of China,
Wu Qiantao, professor and doctoral supervisor of Jilin University Gao Wenxin, doctoral supervisor and assistant to the president, Zhang Yanyan, deputy secretary of the Party committee of Peking University, and other senior leaders and ecation experts on the ideological and political ecation front< The contents of the study include the leaders of the general headquarters of Ideological and political work of our students explaining to us the role orientation of today's counselors, the national policy for counselors, the growth and outlet of today's counselors, etc; There are senior experts from the ecational front of colleges and universities to teach us the characteristics of contemporary youth and the methods of mental health ecation< There are some current
famous leaders of student affairs in Colleges and universities who teach us the ideological and political work in typical colleges and universities
there is an introction about the student work of the key universities of the Ministry of ecation
there is an outstanding representative of counselors working in the front line like us, the national excellent assistant director Li Qin
the training course enables us to receive all-round training in all aspects< During the training period,
we also participated in two forums and two visits to Northeast Normal University, which enhanced our communication and knowledge< Through the training, I have the following experiences, which are reported as follows:
first, I fully realized the importance of counselors' work, understood the relevant background and policies of the state in the ideological and political work in Colleges and universities, and was encouraged
Xu Yanguo, director of the ideological and Political Work Department of the Ministry of ecation, pointed out in the training, The team of counselors is the personal guard of the party and the state, and the task of counselors is to train qualified socialist builders and reliable successors<
"it's easy to get a good teacher,
it's hard to get a good teacher"
,
this sentence puts the role of counselors in the work of ecating people in a lofty position,
as a counselor, we should not only teach students to survive,
but also teach students to be human beings,
it's extremely noble to be a tutor and good teacher< As a teacher who has direct contact with students' study and life,
counselors' speech and behavior not only affect the formation of students' Outlook on life,
world outlook,
values,
but also affect the growth of students< Therefore,
college counselors must fully understand their responsibilities,
further enhance their sense of honor,
sense of responsibility and historical mission,
take on the sacred mission of cultivating excellent talents for the party and the country,
promoting the prosperity and development of the motherland< At the same time, director Xu pointed out that in order to thoroughly implement the spirit of the opinions of the CPC Central Committee and the State Council on Further Strengthening and improving the ideological and political ecation of college students and effectively strengthen the construction of college counselors,
the Ministry of ecation formulated the
regulations on the construction of college counselors on May 20, 2006, which put forward the orientation of college counselors. College counselors are both teachers and administrators, organizers, implementers and instructors of students' daily ideological and political ecation,
they are intimate friends and life mentors for the healthy growth of college students< According to the regulations, counselors should account for a certain proportion in the evaluation and employment of university teachers, the evaluation criteria should be independent, the evaluation criteria should be in line with the actual work of counselors, and the achievement identification should be flexible< Director Xu pointed out that in the future, the Ministry of ecation should organize regular training for counselors in combination with the improvement of their comprehensive quality, and organize the selection of national excellent counselors, so as to create a good platform and environment for the growth of counselors< In combination with the Ministry of ecation '
24
orders, director Xu showed us the importance, background and future development of counselors' work.
the Ministry of ecation's training for college counselors and the training for college counselors in the whole province organized by the research base fully illustrated the importance that the state and higher ecation departments attach to the work of counselors and students,
feel much more drum
dance, more energetic< Second, we should fully realize that we should improve our ability and quality to adapt to the student work in the new period. How to meet these new expectations and requirements and solve the problems existing in the current
student work is a problem that must be faced up to and urgently needed to be solved in order to do a good job of College Counselors in the new period< Through the explanation and teaching of relevant leaders and experts in the training process,
I deeply realize that the counselors in the new period are not the former nanny counselors,
fire brigade counselors and management counselors<
contemporary counselors should understand the importance of their work,
deeply understand and master the knowledge of mental health,
be familiar with the characteristics of the working group,
implement the party's major policies into the student work,
be an expert counselor,
only in this way can
have the ecational effect on students. After listening to the reports of experts, I deeply realize that
I have many shortcomings in student work
these deficiencies include,
insufficient cognition of students,
insufficient level and structure of self-knowledge,
insufficient ability to solve students' psychological problems,
insufficient ability to keep pace with the times and do a good job in students' work,
insufficient theoretical literacy. In the future work, we must face up to these shortcomings,
be determined, planned and step-by-step to supplement and improve, make up for the deficiencies, improve their ability and quality,
strive to be a qualified college counselor,
adapt to the needs of the post,
meet the new requirements and expectations of the majority of students in the new period and new stage
three, fully aware of the advanced nature of the instructor's model, and realize that there is a big gap between
training course. We invite the national excellent counsellor and the national excellent student Huang Lai daughter's counsellor
ring the training, experts have repeatedly mentioned the last national excellent counselors
Fudan University "forgive me", and I was deeply impressed by the touching deeds of the two excellent counselors<
1
, to be a conscientious person
"words of inclusion" is the epitome of the work of an ordinary college counselor, her behavior is very ordinary,
very ordinary,
it can be said that as long as a counselor who has been with students for four years, she will experience the trivial work of inclusion,
as long as she has a little sympathy and a little sense of responsibility
responsible teachers will sincerely pay for the students,
every senior
school counselor has a certain writing ability at the same time,
but why is there only one
inclusive heart language
only one inclusion? It shows that we are not living with our heart,
working with our heart
of course,
we can say that there are too many
trivial tasks that make us have no time,
especially when there are large-scale activities or important periods,
we don't even have time to sleep,
but we can't do it every day, every week, every month,
including diary,
I believe she doesn't have so much time to write diary,
what she wrote was weekly notes
this shows that inclusion is a person who has a heart of
and a heart of
life, he will certainly have a heart of work,
in order to serve the students well in his work,
lead the way<
2
, be a person without regret and selfless dedication
Li Qin put forward his theory of paratroopers in his report: if a person asks a paratrooper, you may be surrounded and arrested by the enemy as soon as you fly,
aren't you afraid? The paratrooper replied:
we paratroopers were born surrounded
- we want to be people who have no regrets,
we want to be people who give selflessly
I think it's very vivid and appropriate for counselors to
talk,
we should agree< The story of Li Qin and his classmates helping Huang Lainu and his father selflessly in his report has infected everyone,
this kind of help has surpassed the level of teachers and students,
and even the level of relatives, which shows that he has fully understood and applied the theory of paratroopers to his work practice.
Wang
garrison
2009
year
4
month
19
day -
4
month
30
day, I had the honor to participate in the second post training class of College Counselors in Jilin Province,
sincerely thank the school for creating conditions for me,
provides me with the opportunity to learn from senior leaders and experts in this field, and creates a platform for me and other college counselors to communicate with each other<
this training course is the only one with the highest level of experts, the longest learning time, the most complete learning
content and the most activities I have participated in since I came to China.
it has benefited me a lot< The experts of the training course are Xu Yanguo, director of the ideological and Political Work Department of the Ministry of ecation,
Weng, Deputy Secretary General of Shanghai municipal government,
tie Hui,
professor of China Youth College of political science,
doctoral supervisor,
Lu Shizhen, President of the Youth Development Research Institute of China Youth College of political science,
director of China Mental Health Association, and
fan Fumin, chairman of College Students' psychological counseling professional committee,
Qing Dynasty,
professor and doctoral supervisor of China University,
Bing Zheng, professor and doctoral supervisor of Jilin Academy of Social Sciences,
Secretary General of China Ethics Society,
director of ethics and morality research center of Renmin University of China,
professor of Renmin University of China,
Wu Qiantao, professor and doctoral supervisor of Jilin University Gao Wenxin, doctoral supervisor and assistant to the president, Zhang Yanyan, deputy secretary of the Party committee of Peking University, and other senior leaders and ecation experts on the ideological and political ecation front< The contents of the study include the leaders of the general headquarters of Ideological and political work of our students explaining to us the role orientation of today's counselors, the national policy for counselors, the growth and outlet of today's counselors, etc; There are senior experts from the ecational front of colleges and universities to teach us the characteristics of contemporary youth and the methods of mental health ecation< There are some current
famous leaders of student affairs in Colleges and universities who teach us the ideological and political work in typical colleges and universities
there is an introction about the student work of the key universities of the Ministry of ecation
there is an outstanding representative of counselors working in the front line like us, the national excellent assistant director Li Qin
the training course enables us to receive all-round training in all aspects< During the training period,
we also participated in two forums and two visits to Northeast Normal University, which enhanced our communication and knowledge< Through the training, I have the following experiences, which are reported as follows:
first, I fully realized the importance of counselors' work, understood the relevant background and policies of the state in the ideological and political work in Colleges and universities, and was encouraged
Xu Yanguo, director of the ideological and Political Work Department of the Ministry of ecation, pointed out in the training, The team of counselors is the personal guard of the party and the state, and the task of counselors is to train qualified socialist builders and reliable successors<
"it's easy to get a good teacher,
it's hard to get a good teacher"
,
this sentence puts the role of counselors in the work of ecating people in a lofty position,
as a counselor, we should not only teach students to survive,
but also teach students to be human beings,
it's extremely noble to be a tutor and good teacher< As a teacher who has direct contact with students' study and life,
counselors' speech and behavior not only affect the formation of students' Outlook on life,
world outlook,
values,
but also affect the growth of students< Therefore,
college counselors must fully understand their responsibilities,
further enhance their sense of honor,
sense of responsibility and historical mission,
take on the sacred mission of cultivating excellent talents for the party and the country,
promoting the prosperity and development of the motherland< At the same time, director Xu pointed out that in order to thoroughly implement the spirit of the opinions of the CPC Central Committee and the State Council on Further Strengthening and improving the ideological and political ecation of college students and effectively strengthen the construction of college counselors,
the Ministry of ecation formulated the
regulations on the construction of college counselors on May 20, 2006, which put forward the orientation of college counselors. College counselors are both teachers and administrators, organizers, implementers and instructors of students' daily ideological and political ecation,
they are intimate friends and life mentors for the healthy growth of college students< According to the regulations, counselors should account for a certain proportion in the evaluation and employment of university teachers, the evaluation criteria should be independent, the evaluation criteria should be in line with the actual work of counselors, and the achievement identification should be flexible< Director Xu pointed out that in the future, the Ministry of ecation should organize regular training for counselors in combination with the improvement of their comprehensive quality, and organize the selection of national excellent counselors, so as to create a good platform and environment for the growth of counselors< In combination with the Ministry of ecation '
24
orders, director Xu showed us the importance, background and future development of counselors' work.
the Ministry of ecation's training for college counselors and the training for college counselors in the whole province organized by the research base fully illustrated the importance that the state and higher ecation departments attach to the work of counselors and students,
feel much more drum
dance, more energetic< Second, we should fully realize that we should improve our ability and quality to adapt to the student work in the new period. How to meet these new expectations and requirements and solve the problems existing in the current
student work is a problem that must be faced up to and urgently needed to be solved in order to do a good job of College Counselors in the new period< Through the explanation and teaching of relevant leaders and experts in the training process,
I deeply realize that the counselors in the new period are not the former nanny counselors,
fire brigade counselors and management counselors<
contemporary counselors should understand the importance of their work,
deeply understand and master the knowledge of mental health,
be familiar with the characteristics of the working group,
implement the party's major policies into the student work,
be an expert counselor,
only in this way can
have the ecational effect on students. After listening to the reports of experts, I deeply realize that
I have many shortcomings in student work
these deficiencies include,
insufficient cognition of students,
insufficient level and structure of self-knowledge,
insufficient ability to solve students' psychological problems,
insufficient ability to keep pace with the times and do a good job in students' work,
insufficient theoretical literacy. In the future work, we must face up to these shortcomings,
be determined, planned and step-by-step to supplement and improve, make up for the deficiencies, improve their ability and quality,
strive to be a qualified college counselor,
adapt to the needs of the post,
meet the new requirements and expectations of the majority of students in the new period and new stage
three, fully aware of the advanced nature of the instructor's model, and realize that there is a big gap between
training course. We invite the national excellent counsellor and the national excellent student Huang Lai daughter's counsellor
ring the training, experts have repeatedly mentioned the last national excellent counselors
Fudan University "forgive me", and I was deeply impressed by the touching deeds of the two excellent counselors<
1
, to be a conscientious person
"words of inclusion" is the epitome of the work of an ordinary college counselor, her behavior is very ordinary,
very ordinary,
it can be said that as long as a counselor who has been with students for four years, she will experience the trivial work of inclusion,
as long as she has a little sympathy and a little sense of responsibility
responsible teachers will sincerely pay for the students,
every senior
school counselor has a certain writing ability at the same time,
but why is there only one
inclusive heart language
only one inclusion? It shows that we are not living with our heart,
working with our heart
of course,
we can say that there are too many
trivial tasks that make us have no time,
especially when there are large-scale activities or important periods,
we don't even have time to sleep,
but we can't do it every day, every week, every month,
including diary,
I believe she doesn't have so much time to write diary,
what she wrote was weekly notes
this shows that inclusion is a person who has a heart of
and a heart of
life, he will certainly have a heart of work,
in order to serve the students well in his work,
lead the way<
2
, be a person without regret and selfless dedication
Li Qin put forward his theory of paratroopers in his report: if a person asks a paratrooper, you may be surrounded and arrested by the enemy as soon as you fly,
aren't you afraid? The paratrooper replied:
we paratroopers were born surrounded
- we want to be people who have no regrets,
we want to be people who give selflessly
I think it's very vivid and appropriate for counselors to
talk,
we should agree< The story of Li Qin and his classmates helping Huang Lainu and his father selflessly in his report has infected everyone,
this kind of help has surpassed the level of teachers and students,
and even the level of relatives, which shows that he has fully understood and applied the theory of paratroopers to his work practice.
4.
because the birth of bitcoin makes many investors abandon the legal currency issued by the government and choose bitcoin one after another, which leads to the appreciation of bitcoin bitcoin now also has a strong development prospect, and has become one of the most popular investment types in the world. Investors are enthusiastic about bitcoin
nowadays, people's life is inseparable from the Internet society. Although virtual currency is a new trend, it is not bitcoin I hope more people will not become victims
5. In the early days, virtual currency could be obtained by playing games and doing tasks. Later, with the development of virtual currency, there was a trading market between virtual currencies, where there was a trade, there was a chance of value-added. For example, for the fast money of ore flow, first buy a certain amount of ore at a low price, and then sell the ore at a high price. There is a price difference between them. This is how the difference between one transaction and one transaction is used to realize value-added. It is worth mentioning that fast currency is not a pure virtual currency. It is supported by physical transactions, so the risk is relatively small.
6.
Last week, a paragraph about bitcoin became popular:
bitcoin broke through 5800 US dollars (about 38280 yuan) . When it was issued in 2009, 1 US dollar was equivalent to 1300 bitcoins. What is investment? It has increased by 7.54 million times in 8 years. At that time, you spent 38000 yuan to buy some bitcoin. Now you are the richest man in China, surpassing Xu Jiayin, who has 290 billion yuan
but just one week later, on October 20, bitcoin broke through the $6000 mark. Although it fell later, it reached more than $6000 again on October 21, reaching a maximum of $6147. In terms of $6000, bitcoin prices have risen 7.8 million times in eight years
according to cryptocompare, a bitcoin data provider, e to China's strict supervision of cryptocurrency trading, the global share of bitcoin market has been greatly changed. Now, in the total trading volume of the world's bitcoin exchanges, the trading volume of RMB versus bitcoin accounts for about 1.6%
} the proportion of RMB and yen in global bitcoin trading volume (photo source: cryptocompare)
the reporter noted that in the first half of this year, after Japan's legislation recognized bitcoin as a legal payment method, bitcoin's trading volume in Japan surged, and Japanese regulatory authorities have issued certificates to 11 cryptocurrency exchanges. About 58% of bitcoin trading currently takes place in the Japanese market, and nearly a third of yen to bitcoin trading takes place on the bitflyer exchange in Tokyo. In addition, the U.S. and South Korea markets also account for a large part of global bitcoin transactions - the U.S. dollar and the Korean won account for 27% and 7% of the total bitcoin transactions, respectively< br />
7. Brother, it's called chain mining. It has nothing to do with nothingness. It's in mcbbs
8. If you're interested in this place, you have to understand chemistry first
9. Since July 2005, when the RMB rose 2% against the US dollar, e to the strong growth of China's economy and the bull market of the stock market, the exchange rate of RMB against the US dollar rose 11% by the end of 2007. Judging from the current domestic economy, trade and exchange rate policies, RMB will continue to appreciate against the US dollar. A country's currency appreciation will inevitably have an impact on all aspects of the economy, such as economic growth, import and export, stock prices, as well as the flow of foreign capital. As an ordinary investor, the most concerned is the impact of the appreciation of RMB against the US dollar on the stock market. This paper attempts to comb the domestic and foreign scholars' theories and relevant empirical studies on the relationship between the rise and fall of currency and the change of stock price, in order to provide reference for investors under the expectation of continuous appreciation of RMB. 1、 According to the stock pricing model, the stock price is the discount of dividends in the future. The size of dividend depends on the cash flow of Listed Companies in each period. Therefore, all the factors that affect the cash flow will affect the stock price. Theoretically, the exchange rate has an impact on the cash flow or stock return rate of the company from the following two aspects: from the perspective of capital market, the appreciation of domestic currency enhances the currency attraction, and it is relatively easy to attract foreign capital, thus increasing the stock return rate and making the stock price rise; On the other hand, from the perspective of the impact on import and export, the appreciation of domestic currency will lead to the relatively more expensive of domestic goods, which will rece the competitiveness, rece the income of related enterprises, rece the profit margin, and make the stock price fall. Many studies show that exchange rate affects stock price mainly from three aspects: the competitiveness of domestic export commodities in foreign markets - when the domestic currency appreciation, the prices of export enterprises' commodities in overseas markets rise, which leads to the decline of sales volume, affects the income of enterprises, and leads to the decline of enterprise shares; The price of imported raw materials -- for the enterprises whose raw materials are imported, the appreciation of domestic currency means that the cost of imported raw materials is reced, and the potential profit is increased, which leads to the rise of stock price; Enterprise value in foreign currency - for overseas investors, if the appreciation of the currency of the country where the stock is invested means that the value of the assets they hold rises, it will attract investors to buy the stock of the country, resulting in the rise of the stock price. Many empirical studies have shown that there is a relationship between exchange rate and stock price, and they influence each other. However, different theories have different explanations for the time relationship between exchange rate change and stock price change. The more well-known theories include monetary quantity school and efficient market theory. The following is an analysis. 1. Friedman's monetary quantitative school analyzes the impact of exchange rate changes on stock prices from two perspectives: (1) from the perspective of money supply, in the short term, e to the expectation of currency appreciation, a large number of hot money will be attracted to the investment market including stocks, which will lead to the rise of stock, real estate and other investment market prices. In recent years, part of the reason for the rise of China's real estate prices and stock prices is that the appreciation expectation attracts hot money to promote the price rise. But on the other hand, if the appreciation expectation falls or the appreciation process ends, this part of hot money will eventually withdraw from the market, which will lead to the decline of asset prices such as stocks. If the hot money withdraws in a short period of time, the stock price will fall too fast, which will easily lead to financial crisis. Since 2006, the regulation and crackdown of domestic regulators on overseas hot money is based on similar reasons 2) From the perspective of trade, trade theory and monetary theory show that in the long run, exchange rate and stock price change are opposite, that is, currency appreciation leads to stock decline; Currency devaluation, stock prices rise. In the short run, currency appreciation may have little impact on the sales of export procts, but in the long run, because of currency appreciation, the procts of export-oriented countries are relatively more expensive in overseas markets, which will eventually lead to the decline of sales and trade income, that is, the trade capital obtained by the whole economy will be reced, and the company's income and profit will be reced, which will lead to the decline of stock price. 2. Efficiency market theory efficiency market theory has different views on the relationship between money supply and stock price from money quantity theory. The theory holds that in an efficient market, the stock price has reflected all the information in the market, because generally speaking, the policy appreciation and depreciation of the exchange rate are predictable. Before the announcement of the government, investors can foresee the possible change of the exchange rate. Therefore, the stock price will not lag behind the change of the exchange rate, but will lead the change of the exchange rate. 2、 The actual impact of currency appreciation on stock price the previous paper theoretically analyzes the relationship between currency appreciation and stock price, as well as the sequential relationship between currency appreciation and stock price. However, in reality, the relationship between currency appreciation and stock price presents different situations because of the differences in the range, timing and macroeconomic situation of the economy. Because of the above reasons, generally speaking, there are two different relationships between currency appreciation and stock price. The following describes the research results of different scholars 1 Ajayi and mougoue (1996) used the data of stock and foreign exchange markets in Canada, France, Germany, Italy, Japan, Netherlands, Britain and the United States to study, and found that there is a phenomenon of co integration between stock market and foreign exchange market; Further research shows that currency devaluation has short-term and long-term effects on the stock market. The inflation effect will lead to the rise of the stock market in the short term, while in the long term, the stock market will turn to bear market e to the impact on imports and asset prices; In addition; In the long run, the effect of inflation will make international investors rece their holdings of the country's assets, thus aggravating the depression of the stock market. In addition, when the domestic stock price rises, it will have a short-term negative impact on the country's currency. The possible reason is that the rising stock price leads to inflation expectations; From the perspective of assets, the continuous rise of stock prices will increase the demand for the country's currency, and the domestic currency will appreciate in the long run. After distinguishing exchange rate and stock price index according to rise or fall, Lin Jianyu (2004) studied the causality between Taiwan stock price index and Taiwan dollar exchange rate, and further analyzed whether there is asymmetric causality between stock price index and exchange rate. The empirical results show that a substantial appreciation of the exchange rate will make the stock price index rise, and the sharp rise and fall of the stock market will also make the exchange rate of the Taiwan dollar rise or fall. This study shows that the correlation between the Taiwan stock market and the exchange rate market is quite significant. Taiwan scholar Fang Wenshuo (2001) took Taiwan market as an example to explore the impact of exchange rate depreciation on stock market return. Researchers estimate the impact of exchange rate depreciation on stock returns by using exchange rate depreciation, stock return volatility and exchange rate depreciation volatility as explanatory variables. The empirical results show that exchange rate depreciation has a negative impact on stock returns; The fluctuation of exchange rate depreciation increases the fluctuation of stock return. The above conclusion obviously supports the hypothesis that exchange rate devaluation has a negative impact on stock market returns, or in other words, currency devaluation will lead to the decline of stock price, while currency appreciation will lead to the rise of stock price 2 Based on the assumption of complete expectation, Hong Xiaowen (1998) discussed the impact of (expected) permanent exchange rate policy changes on stock price under the fixed exchange rate system. The empirical results show that: in the long run, if the policy authorities implement the policy of domestic currency devaluation (increase the exchange rate), the stock price will rise. Once the government implements the devaluation policy announced in advance, the stock price may fall first and then rise or rise unilaterally in the period of implementation after the policy is announced, but it will fall unilaterally after the policy is implemented; Using the data from January 1974 to December 1998, Kim (2003) studied the relationship between S & P 500 stock price index and instrial proction, interest rate, inflation rate and US dollar exchange rate. The results show that there is a long-term negative correlation between S & P500 stock price index and US dollar exchange rate, that is, the appreciation of currency will lead to the decline of stock price 3 Other research results and conclusions of other scholars mainly include: whether the stock price will affect the exchange rate; The leading and lagging relationship between them; The impact on specific instries. Ibrahim (2000) discusses the interaction between stock price and exchange rate in Malaysia from 1979 to 1996. In the co integration analysis of data, researchers show that there is no long-term stable relationship between stock market and exchange rate. In the study of causality, we find that the stock price leads the exchange rate. Griffin and Stulz (2001) studied the relationship between instrial returns and exchange rate changes in six countries, including the United States, Canada, the United Kingdom, France, Germany and Japan. The research data were from January 1975 to June 1997. The results show that the explanatory power of exchange rate changes for instrial returns is very small (R2 less than 0.01). However, the results show that the explanatory power of exchange rate changes to the rate of return is still not high. The author thinks that the possible reasons for this result are that the market can not fully reflect the impact of exchange rate changes, and enterprises generally use financial derivatives to avoid risks. In addition, many scholars at home and abroad have studied the impact of currency appreciation or devaluation on the business of import and export companies. Generally speaking, a typical study takes companies with export ratio of more than 10% as target companies, and takes company size, export ratio, dividend, quick ratio, book value and other variables to explore the impact of exchange rate changes on the business risk of import and export companies. Most of the empirical results show that the export ratio is significantly related to the exchange rate exposure of the company, that is, the more dependent the export company is, the greater the negative impact of currency appreciation on the company, and may even lead to the bankruptcy of the company, while the impact of exchange rate changes on the import company is similar. 3、 It can be seen from the above literature that although the research perspectives are different, different researchers agree that the change of exchange rate has an important impact on the stock market, but the impact direction of currency appreciation or devaluation on the stock price may have different results e to the research period, economic background and other reasons. Some scholars believe that the main reason for the lack of linkage between stock market and foreign exchange market in developing countries is the low openness and high speculation of financial market. International experience shows that with the graal liberalization and globalization of the domestic financial market, there is often a subtle interaction among the three major indicators, stock price, exchange rate and interest rate. Investors regard interest rate as investment cost, and the interest rate will affect their investment intention. When the interest rate decreases, the opportunity cost of investment decreases and the willingness to invest in non fixed income investment tools (such as stocks) increases. For enterprises, the cost of capital decreases and the operating profit increases. In addition, according to the interest rate parity (IRP), the change of interest rate will lead to the adjustment of exchange rate market; When a country's currency devalues, in order to avoid exchange losses, investors withdraw funds from the stock market, which makes a country's stock price fall; In addition, the stock price will reflect the public's expectation of the future exchange rate and interest rate
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