Virtual currency for gold
Publish: 2021-04-18 13:29:05
1. Digital currency is the trend, but I don't know when it will be released in China. I haven't heard of the currency you said, and it may not be issued. Otherwise, there will be no news on the Internet.
2. 1、 The definition of virtual currency
virtual currency originally refers to non real currency.
in the case that virtual currency is connected with reality, virtual currency has its real value. Well known virtual currencies such as Tencent's q-coin, q-point, Shanda's roll, Sina's u-coin meter ticket (used in igome game), chivalrous Yuanbao (used in chivalrous road game), and so on, In the era of stand-alone games, the protagonists accumulate money by knocking down the enemy and winning money in gambling houses to buy Herbs and equipment, At that time, there was no "market" between players. Since the Internet established the portal and community and realized the game networking, there has been a "financial market" for virtual currency, and players can trade game currency.
the second type is the special currency issued by portal websites or instant messaging service providers, Tencent's q-coin is the most widely used to purchase services on this website. It can be used to purchase membership, QQ show and other value-added services.
Third, the difference between real currency and virtual currency
the first feature: different value formation mechanisms.
general currency and virtual currency have different value bases, the former represents utility, The latter represents value.
as a general equivalent, the "price" of currency is called value in language, but actually refers to utility. Virtual currency does not represent the "effect" of general "price", but the value itself.
virtual currency is not a general equivalent, but a manifestation of value relativity, or a symbol of expression; It can also be said that virtual currency is a personalized currency.
the second feature is that the monetary decision mechanism is different.
general currency is decided by the central bank, while virtual currency is decided by indivials.
reflected in the monetary decision mechanism, real currency is decided by the central bank; The virtual money market (such as stock market and game money market) is determined by forces outside the central bank, The economy formed by stock market and derivative financial market is called fictitious economy. The essence of fictitious economy is information economy with indivial as the center.
the third characteristic is that the value exchange mechanism is different.
the value conversion of general currency is completed in the money market; The value exchange between general currency and virtual currency is completed through the overall exchange of the two markets. Under special conditions, there is an immature exchange relationship between indivial markets. Therefore, it can be said that general currency and virtual currency are in different markets.
some people worry that game virtual currency may cause inflation, Just as the imbalance of supply and demand in the commodity market can not directly lead to the imbalance of supply and demand in the money market, it must be through the issuance of additional money in the overall market to lead to inflation; At present, the stock market is a unified market, but the game market is not.
for example, the ratio of a certain game virtual currency to RMB may initially be 800000 to 1, Then it may change to 8 million to 1. Maybe the virtual currency of a castle today will be enough to buy a Tomahawk tomorrow; If the virtual currency forms a unified market, it may indeed exert pressure on the money market. The problem is that there is no such unified market now. The issuers of game currency are independent of each other and do not have the status of financial subject, let alone the exchange with currency at the level of financial market. What's more, whether it is base currency or value-added currency, The currency volume (m) and the currency price level (V, i.e. the velocity of circulation) have not changed, so it can not be considered that there will be monetary inflation or deflation.
for the current game currency depreciation, it is better to explain that the service conditions of a game as a value-added service have changed, As the demand for virtual currency increases, the price of services involved and the price level of virtual currency decrease. Due to the change of supply and demand conditions of such services, the price of services decreases. This is a phenomenon that can be explained by a real commodity market
virtual currency originally refers to non real currency.
in the case that virtual currency is connected with reality, virtual currency has its real value. Well known virtual currencies such as Tencent's q-coin, q-point, Shanda's roll, Sina's u-coin meter ticket (used in igome game), chivalrous Yuanbao (used in chivalrous road game), and so on, In the era of stand-alone games, the protagonists accumulate money by knocking down the enemy and winning money in gambling houses to buy Herbs and equipment, At that time, there was no "market" between players. Since the Internet established the portal and community and realized the game networking, there has been a "financial market" for virtual currency, and players can trade game currency.
the second type is the special currency issued by portal websites or instant messaging service providers, Tencent's q-coin is the most widely used to purchase services on this website. It can be used to purchase membership, QQ show and other value-added services.
Third, the difference between real currency and virtual currency
the first feature: different value formation mechanisms.
general currency and virtual currency have different value bases, the former represents utility, The latter represents value.
as a general equivalent, the "price" of currency is called value in language, but actually refers to utility. Virtual currency does not represent the "effect" of general "price", but the value itself.
virtual currency is not a general equivalent, but a manifestation of value relativity, or a symbol of expression; It can also be said that virtual currency is a personalized currency.
the second feature is that the monetary decision mechanism is different.
general currency is decided by the central bank, while virtual currency is decided by indivials.
reflected in the monetary decision mechanism, real currency is decided by the central bank; The virtual money market (such as stock market and game money market) is determined by forces outside the central bank, The economy formed by stock market and derivative financial market is called fictitious economy. The essence of fictitious economy is information economy with indivial as the center.
the third characteristic is that the value exchange mechanism is different.
the value conversion of general currency is completed in the money market; The value exchange between general currency and virtual currency is completed through the overall exchange of the two markets. Under special conditions, there is an immature exchange relationship between indivial markets. Therefore, it can be said that general currency and virtual currency are in different markets.
some people worry that game virtual currency may cause inflation, Just as the imbalance of supply and demand in the commodity market can not directly lead to the imbalance of supply and demand in the money market, it must be through the issuance of additional money in the overall market to lead to inflation; At present, the stock market is a unified market, but the game market is not.
for example, the ratio of a certain game virtual currency to RMB may initially be 800000 to 1, Then it may change to 8 million to 1. Maybe the virtual currency of a castle today will be enough to buy a Tomahawk tomorrow; If the virtual currency forms a unified market, it may indeed exert pressure on the money market. The problem is that there is no such unified market now. The issuers of game currency are independent of each other and do not have the status of financial subject, let alone the exchange with currency at the level of financial market. What's more, whether it is base currency or value-added currency, The currency volume (m) and the currency price level (V, i.e. the velocity of circulation) have not changed, so it can not be considered that there will be monetary inflation or deflation.
for the current game currency depreciation, it is better to explain that the service conditions of a game as a value-added service have changed, As the demand for virtual currency increases, the price of services involved and the price level of virtual currency decrease. Due to the change of supply and demand conditions of such services, the price of services decreases. This is a phenomenon that can be explained by a real commodity market
3. After a golden time of virtual currency, it may make a lot of money in 2008. At present, although the virtual currency is graally getting hot again, the virtual currency authority is also being set up on the shelves. Then there is a risk that the virtual currency countries you buy and sell will admit it or not
4. There's a good chance it's deceptive. Because bitcoin is limited, real experts can only get a few in a day, and lightcoin is unheard of. Now there are so many online swindlers, the landlord listen to my advice: the sky won't drop pie, even if it falls, there is only one in 1.3 billion chance that it will fall on your head, or honest and secure work is the king
5. BTC is digital gold
6. Of course, cunjinbao can be sold when the price rises, but it is suggested that you look at the current international gold price, because the client shows yesterday's price, but the actual price today may be reced. You may lose if you refer to the client's price, and there is a time limit for selling. The price of settlement is different when you sell in different time periods, What we're selling tonight is based on tomorrow's closing price.
7. You're too much. I just heard now. Don't you know that aunts don't buy gold now, they buy virtual currency instead. We have a thunder money in China. Many aunts have invested in it.
8. Real money is no longer guaranteed by gold... All depend on the credit of the national government
the virtual currency only depends on the demand, even if it is used for speculation. When there is no demand for the virtual currency, it is worthless
the virtual currency only depends on the demand, even if it is used for speculation. When there is no demand for the virtual currency, it is worthless
9. The main reason why gold can not be used as currency is that the world's reserves of gold are limited. At the same time, gold is not easy to be divided and carried
there is no unified standard for gold pricing.
please adopt it, thank you
there is no unified standard for gold pricing.
please adopt it, thank you
10. Here is an article for your reference:
taking stock of the global financial events in 2005, the most remarkable thing is undoubtedly the unusual and continuous rise of gold price. Although the gold price in the international market fell sharply from a high of US $540 an ounce e to the year-end settlement, many market participants are still full of confidence in the future trend of gold price. Obviously, this is not because gold has graally become a new investment tool in China. After all, the annual turnover of Shanghai gold exchange is only 10.6 billion yuan, which can not be simply understood as investors' concern about inflation. When people believe that the commodity trading price is forward-looking to the instrial cycle, and the exchange rate is forward-looking to the economic cycle, the forward-looking of gold price may be more abundant
there are many people who interpret the current round of gold price rise by "price comparison relationship". Indeed, compared with 40 years ago, the oil price in the international market has increased by 30 times, with the biggest increase exceeding 35 times, while the gold price has increased by no more than 15 times at most. Not only that, take "9 & quot; At present, the copper price has increased three times, the nickel price has increased more, and the gold price has increased only 80%. This can be used to show that the price of gold has been seriously undervalued, and also implies that the price of gold still has considerable room to rise in the future
however, gold is confused with general bulk trading commodities, and its monetary attribute is ignored. As a world currency and reserve instrument, the demand orientation of gold and its impact on gold price are undoubtedly much more important and profound than the above "price comparison relationship". The boldest association is that 35 years after the collapse of the Bretton Woods system, the monetary function of gold, especially its international reserve status, began to be re valued<
the proportion of gold reserves
gold and silver become world currencies driven by international trade. Before that, there were various forms of money in various countries. If the world currency dominated by silver represents the world trade pattern dominated by China before the 17th century, then, under the influence of the western instrial revolution, the development of maritime trade and war reparations, by the 19th century, gold graally replaced silver and became the world currency generally accepted by the expanded world trade system
if the supply of gold is sufficient, that is to say, the growth of gold supply can keep pace with the growth of international trade, then the monetary reserves established by various countries to meet the needs of paying foreign debts and maintaining imports will not have foreign exchange, but only gold. In this regard, the emergence of the gold standard is caused by the shortage of gold supply. When the growth of trade continues to be faster than the growth of gold supply, countries have changed their previous practice of focusing on gold reserves and started to reserve the currency issued by the Central Bank of the main creditor country, namely foreign exchange
under the premise of no foreign exchange credit crisis and normal development of trade, it seems appropriate for a country's monetary reserve ratio (the ratio of total gold and foreign exchange reserves to total import value) to reach 50%, and the proportion of foreign exchange reserves (the proportion of foreign exchange reserves to total gold and foreign exchange reserves) can occupy a higher level. However, the process of trade development is not always smooth. Natural and man-made disasters, especially wars, are enough to affect trade. At the same time, those foreign exchange credits as world currencies are unreliable, such as the sharp depreciation of the pound in 1931 and the frequent depreciation of the US dollar in the latter half of last century. Therefore, people believe that in order to cope with the unexpected situation in the international market, it is necessary to increase and maintain a higher currency reserve rate. In order to avoid the impact of foreign exchange depreciation on the monetary reserve system, it is necessary to increase the proportion of gold reserves (the proportion of gold reserves in the total of gold and foreign exchange reserves) in the period of unstable foreign exchange market
history once controlled the world's monetary reserve pattern according to this logic. According to the data provided by Robert Triffin, the founder of the contemporary international monetary system, in his book gold and the dollar crisis, in 1913 before the first World War, the proportion of global monetary reserves in the global total import value was 37%, of which the proportion of gold reserves accounted for 94%. In 1928, before the great depression, the proportion of global monetary reserves rose to 45%, while the proportion of gold reserves dropped to 77%. After the great depression, with the collapse of the gold standard system based on "pound gold", the status of gold was consolidated again, so that the proportion of gold reserves in the world rose to 92% and 94% respectively in 1933 and 1938
the Bretton Woods system established after the end of World War II encouraged all countries to increase the proportion of foreign exchange reserves (mainly US dollars) in their monetary reserves, and rece the proportion of gold reserves accordingly. By 1949, the proportion of gold and foreign exchange reserves in the world was 74% and 26% respectively. Ten years later, it was 67% and 33% respectively<
who changed the gold standard
the popular view is that the collapse of the Bretton Woods system means that gold has lost its long-term reserve status, and even appears the trend of non monetization. This may be the main reason that many emerging trading powers, including China, ignore and constantly weaken the status of gold reserves. In fact, when the Nixon Administration closed the "gold window" in 1971, what Americans worried about was the loss of gold reserves, not the growth of gold reserves. Up to now, the monetary reserves of the United States are still marked with gold. The total gold and foreign exchange reserves are 12748.4 tons of gold, including 8133.5 tons of gold, accounting for 63.8% of the total monetary reserves, almost the same as 40 years ago. As the United States is the world's largest trading country, it makes people doubt that the status of the gold standard in international trade and the corresponding international monetary system has not changed. It is just that countries keen on US dollar reserves shift the responsibility of gold reserves to the United States
the low rate of China's currency reserve used to be worrying. This mainly refers to the situation before 1990. In 1980, the state's foreign exchange reserve was - 1.296 billion US dollars, and the gold reserve was 12.8 million ounces (according to the Troy system, one ton of gold is equal to 32151 ounces, converted to 398.12 tons). After selling 130000 ounces of gold to the market and recing the gold reserve to 12.67 million ounces, the foreign exchange reserve increased to US $2708 million in 1981. Until 1989, the country's foreign exchange reserves rose to 5.55 billion US dollars. According to the gold price of that year 1 ounce = 381.44 US dollars, the value of 12.67 million ounces of gold reserves was 4.833 billion US dollars, and the total monetary reserves was about 10.384 billion US dollars, compared with the total import value of that year 59.14 billion US dollars, The currency reserve rate is less than 17.56% (see Table 1 "overview of China's gold and foreign exchange reserves (1978-2004)")
as the amount of gold reserves has remained unchanged for a long time, by 2001, although the foreign exchange reserves increased to US $212.165 billion, the total amount of gold and foreign exchange reserves was US $215.598 billion, and the currency reserve ratio for the total import value of that year increased to 88.52%, the proportion of gold reserves decreased from 46.55% in 1989 to 1.59%. It is worth mentioning that after the increase of national gold reserves from 12.67 million ounces to 19.29 million ounces in 2002, the proportion of gold reserves in total monetary reserves only rose to 2.2%. Due to the rapid growth of foreign exchange reserves, by the end of 2004, the proportion of national gold reserves fell to 1.28%, which is believed to be less than 1% by the end of 2005
it is not difficult to see that China has changed the gold standard. To be exact, in the past 27 years, China has reced the proportion of official gold reserves from 93.67% to less than 1%, which has led to the transformation of its foreign debt solvency from mainly relying on gold to mainly relying on foreign exchange or US dollars. The problem is that although China's currency reserve rate may be close to 150% by the end of 2005, e to the low proportion of gold reserves, China's currency reserve risk should not be underestimated e to the fluctuation of foreign exchange market<
the risk of currency reserve in the trend of trade globalization
the exchange rate formed between the currencies of various countries today is the same as the quality difference between the gold and silver coins of various countries in history. For example, before the implementation of the gold standard system, Japan pursued the Wanyan currency system. The gold content of one cent gold coin was about 0.75 g, which could be converted into 0.5 US dollars. After the implementation of the gold standard system, the gold content of the new coinage of 1 yen is 1.5g, which is equivalent to the gold content of 1 dollar, forming the exchange rate of 1 yen = 1 dollar. However, it must be admitted that changing the value of paper money is much easier than changing the quality of gold and silver coins. This is also the reason why countries with too high foreign exchange reserve ratio or too low gold reserve ratio have to bear greater currency reserve risk
the power to change the value of a country's currency comes from unbalanced trade and the corresponding balance of payments. Almost all countries are reluctant to see their currencies appreciate. After all, export is one of the important ways to achieve economic growth. Therefore, in the aspect of guarding against the risk of currency reserve, the key is to guard against the currency devaluation of major trade deficit countries. If the country's currency happens to be the main reserve tool, then for countries with a high proportion of foreign exchange reserves, the risk of currency reserve is self-evident
we should not doubt that trade globalization has the original intention and function of narrowing the economic differences among countries and realizing the harmonious development of global economy. In this process, the proportion of instrialized countries in world trade has graally declined, while the trade status of developing countries has correspondingly increased. The rapid rise of China's position in the world trade ranking is undoubtedly the best evidence of this view. However, the globalization of trade will inevitably impact the single world monetary system in the past. To a large extent, the emergence of Euro reflects the need of the pluralistic structure of world trade for pluralistic international monetary system. Although it is much better for us dollar and euro to play the role of world currency than for us dollar to play the role of world currency, in the long run, it still can not meet the needs of trade globalization
it is worth noting that, since international trade has not yet broken away from the gold standard, even countries with huge foreign exchange reserves or monetary integration organizations formed by such countries are unlikely to play the role of world currency unless the proportion of gold reserves is greatly increased. In view of the generally low level of gold reserves in Asian countries, it is highly doubtful whether the so-called "Asian dollar" will be welcomed
if the purpose of diversification of foreign exchange reserves is to rece the risk of currency reserve under the single world monetary system, and the alternative world currency depends on the increase of its gold reserve ratio, then the best way to deal with the risk of currency reserve is to realize the goal of diversification of foreign exchange reserves, I am afraid that instead of replacing the current dollar centered monetary reserve with a so-called package of currencies, we should increase the proportion of gold reserves. It is reasonable to believe that adding non central currencies (currencies other than US dollar and Euro) that are not backed by substantial gold reserves in foreign exchange reserves may bear greater risks than single foreign exchange reserves
any country may change its exchange rate for its own interests. In this case, the reserve status of gold will be re valued
taking stock of the global financial events in 2005, the most remarkable thing is undoubtedly the unusual and continuous rise of gold price. Although the gold price in the international market fell sharply from a high of US $540 an ounce e to the year-end settlement, many market participants are still full of confidence in the future trend of gold price. Obviously, this is not because gold has graally become a new investment tool in China. After all, the annual turnover of Shanghai gold exchange is only 10.6 billion yuan, which can not be simply understood as investors' concern about inflation. When people believe that the commodity trading price is forward-looking to the instrial cycle, and the exchange rate is forward-looking to the economic cycle, the forward-looking of gold price may be more abundant
there are many people who interpret the current round of gold price rise by "price comparison relationship". Indeed, compared with 40 years ago, the oil price in the international market has increased by 30 times, with the biggest increase exceeding 35 times, while the gold price has increased by no more than 15 times at most. Not only that, take "9 & quot; At present, the copper price has increased three times, the nickel price has increased more, and the gold price has increased only 80%. This can be used to show that the price of gold has been seriously undervalued, and also implies that the price of gold still has considerable room to rise in the future
however, gold is confused with general bulk trading commodities, and its monetary attribute is ignored. As a world currency and reserve instrument, the demand orientation of gold and its impact on gold price are undoubtedly much more important and profound than the above "price comparison relationship". The boldest association is that 35 years after the collapse of the Bretton Woods system, the monetary function of gold, especially its international reserve status, began to be re valued<
the proportion of gold reserves
gold and silver become world currencies driven by international trade. Before that, there were various forms of money in various countries. If the world currency dominated by silver represents the world trade pattern dominated by China before the 17th century, then, under the influence of the western instrial revolution, the development of maritime trade and war reparations, by the 19th century, gold graally replaced silver and became the world currency generally accepted by the expanded world trade system
if the supply of gold is sufficient, that is to say, the growth of gold supply can keep pace with the growth of international trade, then the monetary reserves established by various countries to meet the needs of paying foreign debts and maintaining imports will not have foreign exchange, but only gold. In this regard, the emergence of the gold standard is caused by the shortage of gold supply. When the growth of trade continues to be faster than the growth of gold supply, countries have changed their previous practice of focusing on gold reserves and started to reserve the currency issued by the Central Bank of the main creditor country, namely foreign exchange
under the premise of no foreign exchange credit crisis and normal development of trade, it seems appropriate for a country's monetary reserve ratio (the ratio of total gold and foreign exchange reserves to total import value) to reach 50%, and the proportion of foreign exchange reserves (the proportion of foreign exchange reserves to total gold and foreign exchange reserves) can occupy a higher level. However, the process of trade development is not always smooth. Natural and man-made disasters, especially wars, are enough to affect trade. At the same time, those foreign exchange credits as world currencies are unreliable, such as the sharp depreciation of the pound in 1931 and the frequent depreciation of the US dollar in the latter half of last century. Therefore, people believe that in order to cope with the unexpected situation in the international market, it is necessary to increase and maintain a higher currency reserve rate. In order to avoid the impact of foreign exchange depreciation on the monetary reserve system, it is necessary to increase the proportion of gold reserves (the proportion of gold reserves in the total of gold and foreign exchange reserves) in the period of unstable foreign exchange market
history once controlled the world's monetary reserve pattern according to this logic. According to the data provided by Robert Triffin, the founder of the contemporary international monetary system, in his book gold and the dollar crisis, in 1913 before the first World War, the proportion of global monetary reserves in the global total import value was 37%, of which the proportion of gold reserves accounted for 94%. In 1928, before the great depression, the proportion of global monetary reserves rose to 45%, while the proportion of gold reserves dropped to 77%. After the great depression, with the collapse of the gold standard system based on "pound gold", the status of gold was consolidated again, so that the proportion of gold reserves in the world rose to 92% and 94% respectively in 1933 and 1938
the Bretton Woods system established after the end of World War II encouraged all countries to increase the proportion of foreign exchange reserves (mainly US dollars) in their monetary reserves, and rece the proportion of gold reserves accordingly. By 1949, the proportion of gold and foreign exchange reserves in the world was 74% and 26% respectively. Ten years later, it was 67% and 33% respectively<
who changed the gold standard
the popular view is that the collapse of the Bretton Woods system means that gold has lost its long-term reserve status, and even appears the trend of non monetization. This may be the main reason that many emerging trading powers, including China, ignore and constantly weaken the status of gold reserves. In fact, when the Nixon Administration closed the "gold window" in 1971, what Americans worried about was the loss of gold reserves, not the growth of gold reserves. Up to now, the monetary reserves of the United States are still marked with gold. The total gold and foreign exchange reserves are 12748.4 tons of gold, including 8133.5 tons of gold, accounting for 63.8% of the total monetary reserves, almost the same as 40 years ago. As the United States is the world's largest trading country, it makes people doubt that the status of the gold standard in international trade and the corresponding international monetary system has not changed. It is just that countries keen on US dollar reserves shift the responsibility of gold reserves to the United States
the low rate of China's currency reserve used to be worrying. This mainly refers to the situation before 1990. In 1980, the state's foreign exchange reserve was - 1.296 billion US dollars, and the gold reserve was 12.8 million ounces (according to the Troy system, one ton of gold is equal to 32151 ounces, converted to 398.12 tons). After selling 130000 ounces of gold to the market and recing the gold reserve to 12.67 million ounces, the foreign exchange reserve increased to US $2708 million in 1981. Until 1989, the country's foreign exchange reserves rose to 5.55 billion US dollars. According to the gold price of that year 1 ounce = 381.44 US dollars, the value of 12.67 million ounces of gold reserves was 4.833 billion US dollars, and the total monetary reserves was about 10.384 billion US dollars, compared with the total import value of that year 59.14 billion US dollars, The currency reserve rate is less than 17.56% (see Table 1 "overview of China's gold and foreign exchange reserves (1978-2004)")
as the amount of gold reserves has remained unchanged for a long time, by 2001, although the foreign exchange reserves increased to US $212.165 billion, the total amount of gold and foreign exchange reserves was US $215.598 billion, and the currency reserve ratio for the total import value of that year increased to 88.52%, the proportion of gold reserves decreased from 46.55% in 1989 to 1.59%. It is worth mentioning that after the increase of national gold reserves from 12.67 million ounces to 19.29 million ounces in 2002, the proportion of gold reserves in total monetary reserves only rose to 2.2%. Due to the rapid growth of foreign exchange reserves, by the end of 2004, the proportion of national gold reserves fell to 1.28%, which is believed to be less than 1% by the end of 2005
it is not difficult to see that China has changed the gold standard. To be exact, in the past 27 years, China has reced the proportion of official gold reserves from 93.67% to less than 1%, which has led to the transformation of its foreign debt solvency from mainly relying on gold to mainly relying on foreign exchange or US dollars. The problem is that although China's currency reserve rate may be close to 150% by the end of 2005, e to the low proportion of gold reserves, China's currency reserve risk should not be underestimated e to the fluctuation of foreign exchange market<
the risk of currency reserve in the trend of trade globalization
the exchange rate formed between the currencies of various countries today is the same as the quality difference between the gold and silver coins of various countries in history. For example, before the implementation of the gold standard system, Japan pursued the Wanyan currency system. The gold content of one cent gold coin was about 0.75 g, which could be converted into 0.5 US dollars. After the implementation of the gold standard system, the gold content of the new coinage of 1 yen is 1.5g, which is equivalent to the gold content of 1 dollar, forming the exchange rate of 1 yen = 1 dollar. However, it must be admitted that changing the value of paper money is much easier than changing the quality of gold and silver coins. This is also the reason why countries with too high foreign exchange reserve ratio or too low gold reserve ratio have to bear greater currency reserve risk
the power to change the value of a country's currency comes from unbalanced trade and the corresponding balance of payments. Almost all countries are reluctant to see their currencies appreciate. After all, export is one of the important ways to achieve economic growth. Therefore, in the aspect of guarding against the risk of currency reserve, the key is to guard against the currency devaluation of major trade deficit countries. If the country's currency happens to be the main reserve tool, then for countries with a high proportion of foreign exchange reserves, the risk of currency reserve is self-evident
we should not doubt that trade globalization has the original intention and function of narrowing the economic differences among countries and realizing the harmonious development of global economy. In this process, the proportion of instrialized countries in world trade has graally declined, while the trade status of developing countries has correspondingly increased. The rapid rise of China's position in the world trade ranking is undoubtedly the best evidence of this view. However, the globalization of trade will inevitably impact the single world monetary system in the past. To a large extent, the emergence of Euro reflects the need of the pluralistic structure of world trade for pluralistic international monetary system. Although it is much better for us dollar and euro to play the role of world currency than for us dollar to play the role of world currency, in the long run, it still can not meet the needs of trade globalization
it is worth noting that, since international trade has not yet broken away from the gold standard, even countries with huge foreign exchange reserves or monetary integration organizations formed by such countries are unlikely to play the role of world currency unless the proportion of gold reserves is greatly increased. In view of the generally low level of gold reserves in Asian countries, it is highly doubtful whether the so-called "Asian dollar" will be welcomed
if the purpose of diversification of foreign exchange reserves is to rece the risk of currency reserve under the single world monetary system, and the alternative world currency depends on the increase of its gold reserve ratio, then the best way to deal with the risk of currency reserve is to realize the goal of diversification of foreign exchange reserves, I am afraid that instead of replacing the current dollar centered monetary reserve with a so-called package of currencies, we should increase the proportion of gold reserves. It is reasonable to believe that adding non central currencies (currencies other than US dollar and Euro) that are not backed by substantial gold reserves in foreign exchange reserves may bear greater risks than single foreign exchange reserves
any country may change its exchange rate for its own interests. In this case, the reserve status of gold will be re valued
Hot content