Opening report of virtual currency

1. This problem is too extensive:
first, for the country, it is not concive to its exports; For foreign countries, it is not concive to their imports
Second, it also has an impact on some countries around China, such as Japan, where the appreciation of RMB also drives the rise of its shares< First, the benefits of RMB appreciation:
the appreciation of RMB may mean the improvement of the status of RMB and the status of China's economy in the world economy
1) the wealth in the hands of the Chinese people is more valuable. As soon as the RMB appreciation, the money in the hands of the people will be more valuable, and the global ranking of China's per capita GDP can also move forward
2) the pressure of China's foreign debt has been reced and its purchasing power has been enhanced< Second, the disadvantages of RMB appreciation: China's economic growth will slow down under the influence of RMB appreciation. There are four aspects:
1) RMB appreciation will affect China's foreign trade and export< 2) affect the comprehensive competitiveness of Chinese enterprises and many instries
3) destroy the long-term development of China's economy and make China's financial crisis break out
4) after appreciation, speculation inevitably prevails

3: the world focuses on RMB again in the face of global deflation pressure.

2. China is one of the earliest countries in the world to use money, with a history of 5000 years. In the process of its formation and development, ancient Chinese currency has undergone six major evolutions: first, the evolution from natural currency to artificial currency. In Chinese characters, most of the characters related to value have changed from "Bei". From this we can see that Bei is the earliest currency in China. With the rapid development of commodity exchange, the demand for money is increasing. Seashells have been unable to meet people's needs. People began to imitate seashells with copper. The appearance of copper shell is an important evolution from natural currency to artificial currency in ancient Chinese currency history. With the extensive use of artificial coins, seashells, as a natural currency, graally withdrew from China's currency stage. 2、 From the appearance of Tongbei in Shang Dynasty to the Warring States period, China's currency graally formed four systems characterized by the domination of the feudal lords, namely, shovel coin, Dao coin, ring coin and Chu coin (yuan Jin and Yi Bi Qian). After Qin unified China, the first emperor of Qin promulgated the earliest currency law of China in 210 BC, which stipulated that half Liang coins with round square holes of Qin state could be used throughout the country. The circulation of Qin banliang coins with round square holes in the whole country ended the disordered state of different shapes and great weight differences of ancient Chinese coins, which was a significant evolution from disordered shape to standard shape in the history of ancient Chinese coins. The shape of this round square hole determined by the Qin banliang coins continued until the early Republic of China. 3、 The evolution from local coinage to central coinage according to the records of Shi Huo Zhi in the book of Han Dynasty, after the founding of the Han Dynasty, Liu Bang allowed the people to make coins privately. The gentry, the rich businessmen and the local forces took advantage of the opportunity to make money. In the reign of Emperor Wen, "Dr. Deng Tong also made money for the king." In the fourth year of Yuanding (1115 years ago), Emperor Wu of the Han Dynasty took back the minting right of the prefecture, and the central government minted five baht coins. From then on, it was determined that the central government should be responsible for the unified management of coin casting and issue, which was a significant evolution from local coin to central coin in the history of ancient Chinese currency. Since then, the central government has been in charge of the coinage. The return of the minting right to the central government played an important role in stabilizing the political situation and economic development of the dynasties. 4、 The evolution from the weight of documents to Tongbao and Yuanbao coins since the Qin and Han Dynasties are usually clearly marked with the weight of money, such as "half Liang", "five baht", "four baht" and so on (24 baht is one or two). In the fourth year of Wude (621), Emperor Gaozu of the Tang Dynasty, Li Yuan decided to reform the currency system, abolish the ancient coins of different weights, and cast "Kaiyuan Tongbao" coins with the meaning of "opening up a new era". Kaiyuan Tongbao is a change from the weight of documents to Tongbao and Yuanbao in ancient China. Kaiyuan Tongbao coin is the earliest Tongbao coin in China. Since then, copper coins in China no longer use money to mark the weight, but use Tongbao and Yuanbao. It has been used until the "Tongbao of the Republic of China" after the 1911 Revolution. 5、 In the Northern Song Dynasty, e to the shortage of copper materials, the government made a large number of iron coins in some areas to make up for the shortage of copper coins. According to the records of the history of Song Dynasty, the cast iron coins in Sichuan at that time always weighed 25 Jin and 8 Liang. To buy a piece of silk in Sichuan, you have to pay 130 Jin of iron. Iron money is so cumbersome and inconvenient that paper money jiaozi came into being in Sichuan. The appearance of Jiaozi is an important evolution from metal currency to paper currency in ancient Chinese currency history. Jiaozi is not only the earliest banknote in China, but also the earliest banknote in the world. 6、 In the late Qing Dynasty, with the graal introction of foreign advanced science and technology, people began to buy coin making machines abroad in Guangxu period to make silver and copper coins. Later, Guangdong began to use machine-made holes when ten copper. Because of the huge profits of the manufacturers, many provinces followed suit. The emergence of mechanism currency in the late Qing Dynasty is the evolution from manual coinage to mechanism currency. That's all I know. Do you meet your requirements?

3. I suggest that you don't rush to write now, first read more relevant reports, newspapers, abstracts and magazines,
even political issues,
pay more attention to international financial issues,
the Internet is a good way to complete it with your own search, won't it have more sense of achievement

instead of putting problems here and waiting for others to feed you
"Hey, tell me how to do this and what should be the answer to that question"
this is a typical Chinese cramming ecation, which is a failure of ecation and a tragedy of society
Why do people have so many innovations and inventions

because others are doing research..

4. Hello, have you decided the topic of your opening report? Did the teacher agree with the topic selection of the opening report? Which direction are you going to write
have you downloaded the format requirements of your opening report? Have you read the school opening report? Because the format requirements of each school opening report are different
finally, I wish you a successful topic selection


now I'll elaborate on my experience of this opening report< First, I feel that it is very difficult for me to change my role freely when I have just stepped into graate school from an undergraate. In the past, we used to take classes and examinations step by step, with the teacher's planned arrangement. But now it's all by self-consciousness, the master leads in, and the cultivation depends on a

person. It's really difficult to cultivate the habit of independent learning, and the motivation for learning is insufficient, so we always muddle along

today, I realized that even if the cattle only rely on the whip to advance, even if they finally complete the task, the process is doomed to be

arous. The seniors and sisters are practicing, and they are very tired of teaching, and they have to write papers, which is really very hard, so some people want to be perfunctory. However, all the tutors are very responsible. They have carefully read every opening newspaper and found problems, and given constructive guidance to students, which shows their responsible attitude towards students, their rigorous academic style and their respect for their own work. Every suggestion of the tutor is the precipitation of years of experience, which is a great treasure for us. Therefore, I think that since I have chosen the path of graate students, I must keep in mind the sentence "never forget the original intention, then I can always" and steadily read, study,

practice and research, so as to improve my personal cultivation. Moreover, I am a master of ecation, and I am responsible for the future of the national ecation instry. Therefore, only by constantly improving my theoretical level and applying it to practice, can I become a qualified ecator< Second, thinking about topic selection


"theme" is the essence and eye of a paper. Through it, we can not only understand the paper, but also pry into the author's inner thoughts. The following are my thoughts:


1. The topic must be "new"

the so-called "new" is not "new" for the sake of "new". To create a fairy tale like thing out of thin air for research, it is just building castles in the air, and there is no solid support at all. In my opinion, novelty means "looking at a ridge horizontally and forming a peak on the side, with different heights in the distance", that is, a new perspective. Let's not talk about other fields and majors. As far as the major of Ideological and political ecation is concerned, there are numerous research achievements in our country. It seems that we can't find a virgin land to develop. It's these smoke bombs that have blinded us. Aren't we the most innovative and unique in the world? Can anyone us completely? No, so stand in your own perspective, use your own experience to think about problems, don't try to dig holes from others to study, your own ideas will always be an innovation that others can't . Today, several tutors repeatedly mentioned that we are masters of ecation and have the opportunity to teach in the front line, which is a condition that academic postgraates do not have. Therefore, we should make full use of this advantage and find problems in our own teaching practice. There are many problems in our country's ecation. It is meaningless to discuss them only from the theoretical level. The problems found in our teaching are the real problems that need to be solved urgently. In addition, our major is to train middle school ideological and political ecation teachers, which is a limitation. If we focus on this subject, we should highlight the characteristics of the subject and not talk about the problems in all subjects. Therefore, as for the topic selection of my thesis, I think it needs a period of teaching practice to put forward more valuable and novel ideas


2

so-called "essence" means narrowing the scope of the subject to the essence, finding a core point to explore deeply, like throwing a stone in the water. We can not only study how beautiful the ripples on the surface of the water are, but the key should be the condition of the stones entering the water. As the saying goes, everything is not available. The same is true of topic selection. As a graate student, our ability is limited, and the problems at the national and social levels are beyond our ability. If they are too broad, they are "false, big and empty". Therefore, we just need to do a good job in front of us. We should study the problems in our own discipline, grade, even class, and a certain class. The smaller the scope, the more new and deeper we can dig, The more we can get to the essence. For example, there is a paper called "Research on filial piety of contemporary middle school students". The tutors said that the topic is very good, and "filial piety" is a new problem, but the definition is too broad, which can be reced to "Research on filial piety in middle school ideological and Political Ecation", which improves the depth of the research. Another example is the paper "Inquiry Teaching in & lt; Cultural life & gt; The tutor pointed out that not every lesson in cultural life needs to use inquiry teaching, and it is better to refine to a specific
lesson. Of course, "precision" also needs to grasp a certain scale to ensure that there is something to say and something to dig under the premise of accuracy

3

the so-called "accurate" is to define accurately

general science research should strive to be accurate and use numbers without any error. Although the humanities can not be quantified, many concepts are very similar. More words and less words will change the original meaning. If the topic is not defined correctly, it is easy to go in the wrong direction in the future research. For example, there is a paper called "Research on the current situation, problems and Strategies of mental health ecation for secondary vocational school students". The tutor proposed that "mental health ecation" here refers to "mental health ecation course" in a narrow sense or "mental health ecation" in a broad sense. The two are quite different. If they are not clearly defined, readers will misunderstand them. Therefore, academic research should pay attention to the accuracy of language< 4. Topic selection must be true

the so-called "truth" is what really happens and exists. When we choose a topic, we often groan for the sake of innovation, and we can enlarge the discussion of the trivial problem, just because no one has studied it. This is a vicious circle, and its disadvantage will be that the academic will deviate from its effectiveness more and more. As mentioned earlier, when writing a thesis, the master of ecation must focus on practical research, which is our characteristic and advantage. Therefore, if we want to choose the topic "true", only practice can proce true knowledge. A paper is a summary of teaching experience. The first-hand materials that you see with your own eyes and hear with your own ears are definitely more valuable and convincing than what you see in the book. Therefore, we should get rid of the bad habit of high opinion and low hand, bow our head to practice, learn by action, and solve problems with sincerity

5. Other questions about topic selection

in addition to the problems discussed in detail above, I think topic selection should also pay attention to the following aspects: practicality, subject learning, feasibility and Appropriateness. The tutor didn't focus on the explanation. I sorted out these points by looking up the class notes, and I think they are also worth learning< Third, thinking about literature review is a summary report of a lot of preparatory work in the early stage of writing. It is not only necessary to sort out the literature read, but also to put forward their own opinions. Literature review reflects the breadth and depth of literature reading, so we need to pay attention to the following issues:

1. The literature should be as comprehensive as possible. We say that if a teacher wants to give his students a glass of water, he must have a bucket of water, and so is writing a thesis. Only by consulting a large number of relevant literature can we have a comprehensive understanding of the development of topics, including foreign and domestic ones. It is difficult to write a thesis without enough ink in his chest. This enlightens me to read more books, read good books, make full use of Library and network resources, broaden the scope of knowledge

2. In order to better reflect the characteristics of the times, it is easier for us to combine with the reality

3. Select representative, scientific and reliable literature. As the old saying goes, if you are in a hurry, you can go to a doctor. When we write, we often have such a problem that we can't find the key point or even consider the reliability of the literature by reading all the literature related to the topic selection. As a result, we can't tell which is better and which is worse. Therefore, the selection of literature should go to the authority to search, pay attention to screening, do not trust< 4. Be faithful to the references. We often have such a kind of psychology, that is, all the selected materials serve for the thesis, so when there is something inconsistent with the viewpoint of the thesis, we will selectively tamper with some materials to meet the needs of the thesis. I have made such mistakes myself. In the future research, we should respect science, maintain a rigorous scientific research attitude and seek truth from facts< The framework is the skeleton of the whole paper and the reflection of the author's thinking. I think we should pay attention to the following problems when writing the framework of the paper:

1. Clear thinking. It includes two aspects, one is the relevance of each headline. That is to say, the title of the paper should have a certain order

, such as the common "purpose meaning status quo problem strategy" style, which should be logical, and there is generally no problem in this aspect. The second is the fit of the content under a certain title. Our paper will involve three or even four levels of titles. The more levels, the more likely it is to be confused. The content that should belong to this title is written under another title. The content does not match the title very well. It seems that it is suitable for this title and that title. Therefore, as mentioned above, the topic selection should be accurate, and then the thinking should be closely related to the theme, with strong pertinence, so it is not easy to be confused

2. This should be combined with the topic selection. A common problem in today's opening report is putting the cart before the horse. We all put forward a question for research based on our own practice. In writing, we first introce the relevant theoretical knowledge of this question, such as purpose, significance, principle, etc., and then begin to talk about the practical significance. The train of thought is right, but it is too long to discuss the theory. These theories are summarized and put into books by predecessors. There is no need to put them out at a long time, so that people can't see new ideas. It's like a pile of ideas. The practice part should be the focus, but it's ignored. This phenomenon is common when we do a paper. When we collect a lot of relevant information, we hope to write it all in the paper to show how good we are. In fact, it is not. This will make readers admire your reading amount and think that you have no self. therefore

5. Despite the Mid Autumn Festival holiday, the market's attention to the RMB exchange rate has not stopped for a moment, especially the approval of China's exchange rate bill by the US House Ways and Means Committee. The RMB has been rising for several days, while the central banks of Japan, Colombia, Vietnam and other countries have intervened one after another to prevent the excessive appreciation of their currencies. The US dollar is also under pressure under the expectation of the US Federal Reserve's subsequent quantitative easing
the central parity rate of RMB against the US dollar has risen for 10 consecutive trading days, with an appreciation rate of more than 800 basis points. In eight trading days, RMB has successively reached a new high since the exchange rate reform. On the 21st, the central parity rate of RMB against US dollar was 6.6997, breaking through 6.7 in one fell swoop
when talking about the reasons for the rise of RMB, experts analyze it from two different perspectives: the overall situation at home and abroad, and the medium and long term.

6. 2. With the deepening of the financial crisis, the impact of the financial crisis on China's economy is graally emerging. In response to the challenges brought about by the financial crisis, the meeting of the Political Bureau of the CPC Central Committee held on July 25 of this year took maintaining steady and rapid economic development and controlling the excessive price rise as the primary tasks of the current macro-control. Since then, the central government and relevant departments have issued a series of policies to promote economic growth< In terms of tax policy, in order to ease the difficulties of textile enterprises, stabilize exports and ensure employment, the Ministry of Finance and other departments announced on July 31 that the export tax rebate rate of some textiles and clothing will be increased from 11% to 13% and that of some bamboo procts will be increased to 11% from August 1 this year. On October 21, the Ministry of Finance and the State Administration of Taxation announced that the export tax rebate rate of 3486 items of goods will be increased from November 1, accounting for about 25.8% of the total number of goods in China's customs tariff. This is also the biggest time that China has adjusted its export tax rebate policy since 2004
Shi Yaobin, director of the tax department of the Ministry of finance, said that the adjustment of tax policy is mainly to cope with the challenges faced by China's current slowdown in economic growth, especially the slowdown in export growth. By recing the operating pressure of export enterprises, it can promote the self-development of export enterprises and improve their ability to cope with risks< In terms of credit policy, in early August, the central bank increased the credit scale of China's commercial banks to ease the financing and guarantee difficulties of small and medium-sized enterprises. In mid August, the central bank raised the maximum amount of small loans for labor-intensive SMEs from 1 million yuan to 2 million yuan. In mid September, the central bank decided to lower the benchmark interest rate of RMB loans and the RMB deposit reserve ratio of small and medium-sized financial institutions from September 16 to solve the problem of liquidity shortage of small and medium-sized enterprises
in October, the central bank lowered the benchmark interest rate of RMB deposits and loans of financial institutions twice, releasing signals of increasing liquidity, maintaining economic growth and stabilizing market expectations. Guo Tianyong, director of the banking research center of Central University of Finance and economics, pointed out that by recing interest rates, on the one hand, it can effectively rece the cost of enterprise capital, on the other hand, it can ensure that the banking system has sufficient liquidity, which can provide a loose monetary environment for the whole society and encourage enterprises to carry out proction and operation
recently, the central bank disclosed that it has no longer imposed hard constraints on the credit planning of commercial banks, which can effectively release the vitality of bank funds and inject new impetus into economic growth< In terms of fiscal policy, in order to promote the development of small and medium-sized enterprises, the central government has substantially increased the funds used to support the credit guarantee of small and medium-sized enterprises this year, with a total amount of 1.8 billion yuan; 1.9 billion yuan will be allocated to support technological innovation and progress of small and medium-sized enterprises; We will allocate 1.2 billion yuan to support small and medium-sized enterprises to "go global" and carry out international economic cooperation. At the same time, efforts should be made to clean up all kinds of charges to further rece the burden on small and medium-sized enterprises< In order to stimulate domestic demand, the Ministry of Finance and the Ministry of Commerce jointly issued a notice in late October, which decided to further expand the pilot scope of "home appliances to the countryside" from Shandong, Henan and Sichuan provinces to 12 provinces. The national finance directly subsidizes farmers' purchase of home appliances to the countryside procts according to the export tax rebate rate< The executive meeting of the State Council held on October 17 pointed out that we should not only fully estimate the complexity and severity of the international environment, but also correctly understand our favorable conditions and positive factors; In accordance with the requirements of the scientific outlook on development, we should adopt flexible and prudent macroeconomic policies, introce targeted fiscal, credit, foreign trade and other policies and measures as soon as possible, and continue to maintain steady and rapid economic growth. At the same time, we should promote structural adjustment and transformation of the mode of development

3. Countermeasures under the current financial crisis situation
3. 1. Guide China's export trade
the risk that China's exports are highly dependent on the United States and Europe has already appeared, which makes it particularly important for China to strengthen the implementation of market diversification strategy. At present, China's export growth to Latin America, Africa and other developing countries has accelerated, which is the result of China's past market diversification strategy, and also enhances the confidence of further opening up the markets of developing countries in Asia, Africa and Latin America. The free trade strategy put forward by the 17th National Congress of the Communist Party of China points out that increasing the negotiations on free trade areas with developing countries in Asia, Africa and Latin America is an important means to open up markets of developing countries and neighboring countries and expand export market channels. The data of the first half of 2008 also shows that the decline of China's exports to the United States has been largely eliminated by other markets, especially the growth of exports to developing countries has made up for the decline in exports to the United States. At present, China is building 12 free trade zones with 29 countries and regions in Asia, Oceania, Latin America, Europe and Africa. These free trade zones cover one fourth of China's total foreign trade. With the graal formation of China's free trade zone network, it will further broaden the international market space, increase trade channels, and disperse the risk of over concentration of exports in a few developed countries

3, 2 flexible and tight monetary policy
in the face of the al pressure of inflation and slowing economic growth, we should adopt flexible and tight monetary policy to avoid the "hard landing" of the economy. The monetary policy is still tight, but it should be adjusted flexibly according to the actual situation of economic operation to prevent excessive tightening, and the interest rate can be increased cautiously. The current credit control has increased the capital cost of enterprises in essence, and further raising the interest rate may have a great impact on the economy. At present, the demand is weakening, some enterprises have difficulties in operation, investment is declining, and domestic demand is sluggish. At this time, appropriate monetary policy, expanding the scale of investment and starting domestic demand are necessary
3. Active fiscal policy< (1) expand government investment. The decline in exports will do some harm to the growth of domestic investment, and we need to expand government investment to mitigate this part of the impact. The key areas of investment should be infrastructure and agricultural infrastructure which are greatly affected by snow disaster and earthquake< (2) increase government expenditure and subsidies. Continue to expand the coverage of social security and medical insurance to reflect the fairness of ecation; We should encourage agricultural proction by increasing direct agricultural subsidies, increase farmers' income and raise their consumption level< (3) tax rection and exemption. Tax rection can improve the profits of enterprises and increase the disposable income of residents, which is concive to enterprises increasing investment, expanding supply, residents increasing consumption and expanding domestic demand. The specific contents should include abolishing the interest tax, further increasing the exemption base of income tax, and further increasing the subsidies for low-income groups

this is my academic year paper. There is something about monetary policy in the middle of it. You can read it yourself and write one. Good luck

7. The opening report is a kind of text material for scientific research. This is a new style of applied writing, which comes into being with the enhancement of the planning of modern scientific research activities and the need of the proceral management of scientific research topics. The opening report is a summary of the selected topic (i.e. & quot; Contents of opening report, Presentation to relevant experts, scholars and scientific and technological personnel. Then they will evaluate the scientific research projects. The & quot; Delphi Method & quot; Score; Then the scientific research management department will make a comprehensive evaluation to decide whether to approve the topic. The opening report is one of the basis materials for the graation thesis defense committee to examine the students' defense qualification
the research plan is the work plan of the whole project after the project is determined and before the researchers formally carry out the research. It initially specifies the specific contents and steps of the project research in all aspects. The research plan plays a key role in the smooth development of the whole research work, especially for those of us who have little scientific research experience. A good plan can prevent us from being unable to start, or not knowing what to do next after a period of time, and ensure that the whole research work is carried out in an orderly way. It can be said that the level of research project is an important reflection of the quality and level of a subject.

8. The impact of money supply on the stock market
first, the transmission mechanism of money supply
the change of money supply will affect the change of financial market including stock price through a certain transmission mechanism. The main ways are as follows:
(1) the increase of money supply, People hold more money. The marginal return of money decreases, which makes the current stock return lower than the expected return, and urges people to buy more stocks, causing the stock price to rise
(2) with the increase of money supply, the interest rate will decrease and lead to more investment expenditure. The increase of investment will create more household income, cause the increase of consumption expenditure, and bring higher output and corporate profits through the multiplier effect. The increase of corporate profits leads to an increase in the demand for stocks, which in turn drives up the stock price
(3) because the price of the stock is equal to the expected return flow discounted at the market interest rate, which is inversely proportional to the market interest rate, the decline of the market interest rate will also increase the present value of the expected return of the stock. So as to promote the rise of the stock price< (4) when the central bank increases the money supply faster than normal. When the public finds that they have more cash than they need for daily transactions, they will adjust the composition of their assets and use the surplus money to buy financial assets, including stocks. Because the stock supply is constant in the short term, the increase of demand will promote the stock price to rise. When the money supply decreases, the opposite is true< Second, the impact of adjusting the money supply on the stock market will affect the proction and operation of enterprises, thus recing the stock price. Moreover, for investors, the increase of interest rate will have a greater impact on the short-term stock transactions that rely on bank credit for stock mortgage trading or margin trading, increase the transaction cost and cause the decline of stock demand. So that the stock price falls
(1) portfolio substitution effect caused by interest rate changes. By affecting the deposit yield, investors will choose between stocks, savings and bonds to maintain and increase the value of capital. Through asset re combination, capital flow and flow will be affected, which will eventually affect the supply and demand of capital and stock price in the stock market. As the interest rate rises, part of the capital may shift from the stock market to bank savings and bonds, which will rece the capital supply in the market and rece the demand for stocks; On the contrary, the interest rate decreases and the stock market capital supply increases. The stock price will go up< (2) the impact of interest rate on the operation of listed companies. And then affect the company's future valuation level. The increase of loan interest rate will increase the interest burden of the enterprise, thus recing the profit of the enterprise, and then recing the dividend of the enterprise. Affected by the double effects of the increase of interest rate and the decrease of dividend, the stock price will inevitably decline. On the contrary, the rection of loan interest rate will rece the interest burden of enterprises. Rece the proction and operation costs of enterprises, improve the profitability of enterprises, so that enterprises can increase the dividend of the stock. It is affected by the decrease of interest rate and the increase of stock dividend. The stock price will rise sharply
(3) the impact of interest rate changes on the intrinsic value of stocks. The intrinsic value of stock assets is determined by the cash flow received by the assets in the future. The intrinsic value of stock is inversely proportional to the discount rate under certain risks. If the inter-bank lending, inter-bank bond and bond repurchase rate of stock exchange are taken as the reference discount rate, the rise of discount rate will inevitably lead to the decrease of the intrinsic value of stock, This will also make the stock price fall accordingly. The above transmission path should be reflected in a long period of time. There is usually a time lag effect between the interest rate adjustment and the stock price change, because the interest rate rection first causes the diversion of savings, increases the capital supply of the stock market, and more liquidity flows to the stock market
(1) adjust the impact of money supply on the stock market. The central bank can regulate the money supply through the legal deposit reserve ratio and rediscount policy, thus affecting the supply and demand of money market and capital market, and then affecting the stock market. If the central bank increases the legal reserve ratio, it will limit the ability of commercial banks to create derivative deposits to a great extent, and through the role of money multiplier, the money supply will be greatly reced, and the stock market will tend to fall. Similarly, if the central bank increases the rediscount rate, the capital cost of commercial banks will increase, the market discount rate will rise, the social credit will shrink, and the capital supply of the securities market will decrease, which will soften the stock market trend. On the contrary, if the central bank reces the legal deposit reserve rate or rediscount rate, it will usually lead to the stock market rise
(2) the impact of open market business on the stock market. When the central bank thinks that the money supply should be increased, it will buy securities (mainly government bonds) in the financial market; On the contrary, they sell the securities they hold. When the central bank purchases a large number of securities, the market money supply will increase, which will drive down the interest rate, rece the cost of capital, expand the scale of enterprise investment, increase the consumption of residents, and expand proction. Profits increase, which will push the stock price up; On the contrary, the stock price will fall. The operation of the open market business of the Central Bank of China is directly based on the national debt, which will directly affect the supply and demand changes of the national debt market and the fluctuation of the national debt market. And then affect the stock market changes< (3) the impact of interest rate policy on the stock market. Interest rate is a sensitive index of the stock market. Every adjustment of interest rate by the central bank, even investors' expectation of the trend of interest rate or market rumors about the change of interest rate can easily cause the fluctuation of stock price. The impact of interest rate on stock price is mainly shown in the following aspects: firstly, the change of interest rate will make the income structure of different investment tools change accordingly. When the central bank lowers interest rates. The income from holding bonds will be lower than that of stocks, and those bondholders will sell bonds and invest in stocks, which will promote the rise of stock prices, and the rise of stock prices will inevitably provide a broader market space for enterprises' stock financing activities. Secondly, the change of interest rate will have an impact on the company's profits. When the interest rate increases, the company's loan cost increases, and the company's profit decreases, which will affect the capital chasing the same number of stocks, and then cause the stock price to rise. There is a process between the rection of the penalty rate and the rise of the stock price. In addition, the impact of interest rate on the operating costs of enterprises also needs a capital operation process of proction and sales, which is difficult to reflect in a short time. Therefore, the correlation between interest rate and stock market should be grasped in the long run< Third, the transmission of monetary policy depends on a relatively perfect financial market system. As an important part of the financial market, the money market and the capital market are integrated to a certain extent. Only when the two markets are integrated, can the capital prices of each market guide the rapid flow of funds between different markets in time, In order to achieve the goal of adjusting the balance between supply and demand of funds. However, at present, to achieve this goal, the conditions are not mature, and the measures, mechanisms and means are far from perfect.