Price comparison of virtual currency
Publish: 2021-04-29 00:10:12
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. QQ coin shows the performance of the new virtual currency used to buy goods in qqxiu qqxiu mall.
3. Exchange rate is one of the core variables in the operation of open economy. Various macro variables and micro factors will cause its changes through various ways, and its changes will have an important impact on other economic variables, How to determine the level of equilibrium exchange rate and what factors determine the change of exchange rate? We urgently need to know the answers to these questions, Then it introces several main theories of exchange rate determination.
section one: the basis of exchange rate determination and the factors that affect its changes, The essence of exchange rate lies in the exchange rate of the amount of value possessed or represented by two currencies. Therefore, the basis of determining exchange rate is the amount of value contained in unit currency. Under different monetary systems, the basis of determining exchange rate is different. Therefore, it is necessary to review the historical evolution of monetary system, The evolution of monetary system
the world monetary system has gone through silver standard, gold and silver double standard, gold standard and paper currency standard. Since the unified world market appeared in the era of gold standard, the discussion of exchange rate began with gold standard.
the original form of gold standard is gold standard, which is based on gold, In the 1920s, Britain, France and other countries began to implement the gold standard because of the shortage of gold. That is to say, only when large-scale payment is made, can gold participate in the circulation and payment in the form of gold. The gold standard system is still a gold standard system, because in this system, the value of paper money is based on gold, representing the circulation of gold and maintaining a fixed price comparison with gold, Gold still participates in clearing and payment to a certain extent.
with the development of economy, the function of gold circulation and payment means is graally replaced by paper money, and the monetary system has evolved into gold exchange standard system, which is also a kind of gold standard system; The government announces the amount of gold represented by the unit note and maintains the gold price ratio of the note; Paper money acts as a measure of value, means of circulation and means of payment, and can be freely exchanged with gold according to the price ratio announced by the government; During the first World War and the great capitalist economic crisis from 1929 to 1933, the major capitalist countries issued a large number of paper money to raise funds to cope with the war and stimulate the economy, which made the fixed price ratio between paper money and gold unable to maintain, and the gold exchange standard system finally collapsed after several iterations, The paper currency standard system is widely used in many countries.
Second, the exchange rate under different monetary systems is determined
1. The exchange rate under the gold standard system is determined
under the gold standard system, all countries stipulate the legal gold content of money. The price ratio between two different currencies is determined by their respective gold content. For example, the gold content of 1 pound was 7.3224 grams from 1925 to 1931, The gold content of one dollar is 1.504656 grams, which is equal to 4.8665 (7.3224 / 1.504656), that is, one pound is equal to 4.8665 dollars, The basis of exchange rate determination is seigniorage. In real economy, exchange rate fluctuates around seigniorage e to the relationship between supply and demand, but the fluctuation is limited by gold points. Under the gold standard, gold can be freely imported and exported. Therefore, there are two ways to settle creditor's rights and debts among countries: one is non cash settlement, that is, using bills of exchange and other means; For example, before the first World War, the cost of transporting gold between Britain and the United States was US $0.03 per pound. Assuming that the United States had a balance of payments deficit with Britain, the demand for sterling increased, If 1 pound rises to 4.8965 US dollars (i.e. mint parity 4.8665 plus the cost of transporting gold 0.03 US dollars), the US debtor will not buy the pound foreign exchange, but would rather buy the gold in the us to transport the UK to repay its debt, because it only costs 4.8965 US dollars, The fluctuation of exchange rate can not go out of this point; On the contrary, the fluctuation of exchange rate can not be lower than the gold import point. If the UK has a balance of payments deficit with the US dollar, it will buy and sell foreign exchange at the price of 1 pound to US $4.8365 (that is, Seigniorage parity of US $4.8665-us $0.03), As long as each country does not change the legal gold content of its own currency, the exchange rate between currencies will be stable for a long time.
2. The determination of exchange rate under the gold standard and gold exchange standard system
in the gold standard system, gold has rarely been directly used as a means of circulation, the vast majority of gold is controlled by the government, and its free import and export are affected, Gold reserves are concentrated in the hands of the government. In daily life, gold no longer has the function of a means of circulation, and its output and input are greatly restricted. Under these two monetary systems, the exchange rate of money is determined by the ratio of the amount of gold represented by paper money, which is called legal parity. The real exchange rate fluctuates around the legal parity e to the relationship between supply and demand, The government maintains the stability of the exchange rate by setting up an exchange stabilization fund, selling foreign exchange when the exchange rate rises and buying foreign exchange when the exchange rate falls, so as to limit the fluctuation of the exchange rate to the allowable range, At this time, the stability of the exchange rate has been reced.
3. The determination of the exchange rate under the paper currency standard system
under the paper currency standard system which is decoupled from gold, the paper currency no longer represents or replaces the gold coin in circulation, and accordingly, the gold parity is no longer the basis for determining the exchange rate, The exchange rate between the two countries' banknotes can be determined by the ratio of their respective values. Therefore, the value represented by the banknotes is the basis of determining the exchange rate.
thirdly, the main factors affecting the exchange rate are influenced by many factors, including economic factors, political factors and psychological factors, With the development of world political and economic situation, each factor has different effects on different countries at different times.
1. Real economic factors
(1) economic growth. The influence of real economic growth rate on a country's currency exchange rate is more complex: on the one hand, real economic growth reflects the enhancement of a country's economic strength, Then the value of the currency of the country may rise, and accordingly, the exchange rate may fall (direct pricing method); On the other hand, the acceleration of economic growth and the increase of domestic demand will increase a country's imports. If exports remain unchanged, the country's current account surplus will decrease or even have a deficit, The net effect of economic growth on a country's exchange rate depends on the comparison of the above two aspects.
(2) balance of payments. Balance of payments has a long-term impact on a country's exchange rate, especially the current account. If a country's balance of payments has a surplus, the foreign demand for the country's currency and the foreign money supply will increase relatively, Therefore, the exchange rate of the country's currency will fall, that is, its value will rise; In the fixed exchange rate period, the balance of payments is a particularly important factor to determine the exchange rate. Under the floating exchange rate, some nominal economic factors such as interest rate and inflation rate become more important.
(3) capital flow. The impact of capital flow on the exchange rate is through two channels: one is to change the relative supply and demand of foreign exchange; the other is to change the relative supply and demand of foreign exchange, The second is to change people's expectation of exchange rate. Taking a country's massive capital outflow as an example, the former means that the supply of foreign currency in the domestic foreign exchange market is relatively reced, and the value of foreign currency will rise relative to the domestic currency, that is, the exchange rate of domestic currency will rise; As for the latter, the market expects the currency of the country to depreciate, so it sells the currency of the country to buy foreign currency. As a result, the exchange rate rises, and the initial expectation becomes a reality; Self actualization & quot; The foreign exchange reserve held by the central bank indicates a country's ability to intervene in the foreign exchange market and maintain the exchange rate, so it plays a certain role in stabilizing the exchange rate in the short term, It also affects the competitiveness of a country's goods and services in the world market. Due to the existence of inflation, the export of goods will decrease and the import will increase. These changes will affect the supply and demand in the foreign exchange market, leading to changes in the exchange rate. At the same time, the decline of a country's currency's internal value will inevitably affect its external value, Since the early 1970s, e to the different fiscal and monetary policies of different countries, the inflation rate has been greatly different, so the exchange rate fluctuates violently. However, there is a process for the internal devaluation of a country to transfer to the external devaluation of its currency, The exchange rate will be adjusted to a reasonable level according to the real purchasing power of the currency.
(2) interest rate; In the short run, interest rate plays a significant role in the change of exchange rate.
(3) money supply. The influence of money supply on exchange rate is mainly through interest rate, inflation and real economic growth, However, economic expansion will enhance the market's confidence in a country's currency and make it rise. The impact of money supply on a country's currency exchange rate depends on the country's economic structure, the adjustment speed of commodity market and foreign exchange market, etc, The sudden increase of money supply will make the value of a country's currency decline rapidly, and in the long run, the exchange rate will return to the equilibrium level.
3. Psychological factor
psychological factor mainly refers to the psychology of expectation. Expectation was introced into the research field of exchange rate in the early 1970s, Expectations can be divided into stable and unstable. Stable expectations mean that when people expect a currency to decline, they will buy it, so as to ease the decline of the currency value; Obviously, the foreign exchange trading behavior based on this kind of expected psychology is concive to the stability of the exchange rate. The unstable expected behavior is just opposite to the stable expected behavior. The traders who act according to this kind of expected psychology will sell further when the currency value is low and buy further when the currency value is high, Information, news and rumors are the main factors that affect people's expectation psychology
section one: the basis of exchange rate determination and the factors that affect its changes, The essence of exchange rate lies in the exchange rate of the amount of value possessed or represented by two currencies. Therefore, the basis of determining exchange rate is the amount of value contained in unit currency. Under different monetary systems, the basis of determining exchange rate is different. Therefore, it is necessary to review the historical evolution of monetary system, The evolution of monetary system
the world monetary system has gone through silver standard, gold and silver double standard, gold standard and paper currency standard. Since the unified world market appeared in the era of gold standard, the discussion of exchange rate began with gold standard.
the original form of gold standard is gold standard, which is based on gold, In the 1920s, Britain, France and other countries began to implement the gold standard because of the shortage of gold. That is to say, only when large-scale payment is made, can gold participate in the circulation and payment in the form of gold. The gold standard system is still a gold standard system, because in this system, the value of paper money is based on gold, representing the circulation of gold and maintaining a fixed price comparison with gold, Gold still participates in clearing and payment to a certain extent.
with the development of economy, the function of gold circulation and payment means is graally replaced by paper money, and the monetary system has evolved into gold exchange standard system, which is also a kind of gold standard system; The government announces the amount of gold represented by the unit note and maintains the gold price ratio of the note; Paper money acts as a measure of value, means of circulation and means of payment, and can be freely exchanged with gold according to the price ratio announced by the government; During the first World War and the great capitalist economic crisis from 1929 to 1933, the major capitalist countries issued a large number of paper money to raise funds to cope with the war and stimulate the economy, which made the fixed price ratio between paper money and gold unable to maintain, and the gold exchange standard system finally collapsed after several iterations, The paper currency standard system is widely used in many countries.
Second, the exchange rate under different monetary systems is determined
1. The exchange rate under the gold standard system is determined
under the gold standard system, all countries stipulate the legal gold content of money. The price ratio between two different currencies is determined by their respective gold content. For example, the gold content of 1 pound was 7.3224 grams from 1925 to 1931, The gold content of one dollar is 1.504656 grams, which is equal to 4.8665 (7.3224 / 1.504656), that is, one pound is equal to 4.8665 dollars, The basis of exchange rate determination is seigniorage. In real economy, exchange rate fluctuates around seigniorage e to the relationship between supply and demand, but the fluctuation is limited by gold points. Under the gold standard, gold can be freely imported and exported. Therefore, there are two ways to settle creditor's rights and debts among countries: one is non cash settlement, that is, using bills of exchange and other means; For example, before the first World War, the cost of transporting gold between Britain and the United States was US $0.03 per pound. Assuming that the United States had a balance of payments deficit with Britain, the demand for sterling increased, If 1 pound rises to 4.8965 US dollars (i.e. mint parity 4.8665 plus the cost of transporting gold 0.03 US dollars), the US debtor will not buy the pound foreign exchange, but would rather buy the gold in the us to transport the UK to repay its debt, because it only costs 4.8965 US dollars, The fluctuation of exchange rate can not go out of this point; On the contrary, the fluctuation of exchange rate can not be lower than the gold import point. If the UK has a balance of payments deficit with the US dollar, it will buy and sell foreign exchange at the price of 1 pound to US $4.8365 (that is, Seigniorage parity of US $4.8665-us $0.03), As long as each country does not change the legal gold content of its own currency, the exchange rate between currencies will be stable for a long time.
2. The determination of exchange rate under the gold standard and gold exchange standard system
in the gold standard system, gold has rarely been directly used as a means of circulation, the vast majority of gold is controlled by the government, and its free import and export are affected, Gold reserves are concentrated in the hands of the government. In daily life, gold no longer has the function of a means of circulation, and its output and input are greatly restricted. Under these two monetary systems, the exchange rate of money is determined by the ratio of the amount of gold represented by paper money, which is called legal parity. The real exchange rate fluctuates around the legal parity e to the relationship between supply and demand, The government maintains the stability of the exchange rate by setting up an exchange stabilization fund, selling foreign exchange when the exchange rate rises and buying foreign exchange when the exchange rate falls, so as to limit the fluctuation of the exchange rate to the allowable range, At this time, the stability of the exchange rate has been reced.
3. The determination of the exchange rate under the paper currency standard system
under the paper currency standard system which is decoupled from gold, the paper currency no longer represents or replaces the gold coin in circulation, and accordingly, the gold parity is no longer the basis for determining the exchange rate, The exchange rate between the two countries' banknotes can be determined by the ratio of their respective values. Therefore, the value represented by the banknotes is the basis of determining the exchange rate.
thirdly, the main factors affecting the exchange rate are influenced by many factors, including economic factors, political factors and psychological factors, With the development of world political and economic situation, each factor has different effects on different countries at different times.
1. Real economic factors
(1) economic growth. The influence of real economic growth rate on a country's currency exchange rate is more complex: on the one hand, real economic growth reflects the enhancement of a country's economic strength, Then the value of the currency of the country may rise, and accordingly, the exchange rate may fall (direct pricing method); On the other hand, the acceleration of economic growth and the increase of domestic demand will increase a country's imports. If exports remain unchanged, the country's current account surplus will decrease or even have a deficit, The net effect of economic growth on a country's exchange rate depends on the comparison of the above two aspects.
(2) balance of payments. Balance of payments has a long-term impact on a country's exchange rate, especially the current account. If a country's balance of payments has a surplus, the foreign demand for the country's currency and the foreign money supply will increase relatively, Therefore, the exchange rate of the country's currency will fall, that is, its value will rise; In the fixed exchange rate period, the balance of payments is a particularly important factor to determine the exchange rate. Under the floating exchange rate, some nominal economic factors such as interest rate and inflation rate become more important.
(3) capital flow. The impact of capital flow on the exchange rate is through two channels: one is to change the relative supply and demand of foreign exchange; the other is to change the relative supply and demand of foreign exchange, The second is to change people's expectation of exchange rate. Taking a country's massive capital outflow as an example, the former means that the supply of foreign currency in the domestic foreign exchange market is relatively reced, and the value of foreign currency will rise relative to the domestic currency, that is, the exchange rate of domestic currency will rise; As for the latter, the market expects the currency of the country to depreciate, so it sells the currency of the country to buy foreign currency. As a result, the exchange rate rises, and the initial expectation becomes a reality; Self actualization & quot; The foreign exchange reserve held by the central bank indicates a country's ability to intervene in the foreign exchange market and maintain the exchange rate, so it plays a certain role in stabilizing the exchange rate in the short term, It also affects the competitiveness of a country's goods and services in the world market. Due to the existence of inflation, the export of goods will decrease and the import will increase. These changes will affect the supply and demand in the foreign exchange market, leading to changes in the exchange rate. At the same time, the decline of a country's currency's internal value will inevitably affect its external value, Since the early 1970s, e to the different fiscal and monetary policies of different countries, the inflation rate has been greatly different, so the exchange rate fluctuates violently. However, there is a process for the internal devaluation of a country to transfer to the external devaluation of its currency, The exchange rate will be adjusted to a reasonable level according to the real purchasing power of the currency.
(2) interest rate; In the short run, interest rate plays a significant role in the change of exchange rate.
(3) money supply. The influence of money supply on exchange rate is mainly through interest rate, inflation and real economic growth, However, economic expansion will enhance the market's confidence in a country's currency and make it rise. The impact of money supply on a country's currency exchange rate depends on the country's economic structure, the adjustment speed of commodity market and foreign exchange market, etc, The sudden increase of money supply will make the value of a country's currency decline rapidly, and in the long run, the exchange rate will return to the equilibrium level.
3. Psychological factor
psychological factor mainly refers to the psychology of expectation. Expectation was introced into the research field of exchange rate in the early 1970s, Expectations can be divided into stable and unstable. Stable expectations mean that when people expect a currency to decline, they will buy it, so as to ease the decline of the currency value; Obviously, the foreign exchange trading behavior based on this kind of expected psychology is concive to the stability of the exchange rate. The unstable expected behavior is just opposite to the stable expected behavior. The traders who act according to this kind of expected psychology will sell further when the currency value is low and buy further when the currency value is high, Information, news and rumors are the main factors that affect people's expectation psychology
4. If you don't have it, it can't be comprehensive. If you think about it, anyone can sell it, but it's not a fixed business. How can you collect a lot of information? It's much more than the amount of real information. Some big studios may have a unified price of 1:400, but a casual retail investor is a player who doesn't usually sell it. Occasionally, he makes a rush to change it The money may be 1:600. This kind of information can't be predicted and collected at all.
the best way is to join the plug-in group in your district. Generally, there are some small studios or indivials selling gold coins. The gold coins sold by them are very cheap, much cheaper than those sold by professionals
the best way is to join the plug-in group in your district. Generally, there are some small studios or indivials selling gold coins. The gold coins sold by them are very cheap, much cheaper than those sold by professionals
5.
China Merchants Bank can exchange some kinds of foreign currencies (US dollar, Hong Kong dollar, euro, Japanese yen, British pound, Swiss franc, Australian dollar, Singapore dollar and New Zealand dollar). If you need to know, you can open the website link to query the real-time foreign exchange rate. As the exchange rate changes in real time, the actual exchange rate is subject to your actual operation
(response time: February 20, 2019, please refer to the official website of China Merchants Bank for the latest business changes.)
6. [China Merchants Bank - Hong Kong dollar] the real-time exchange rate of foreign exchange (including middle price, buying price of cash, selling price of cash, buying price of cash, selling price of cash, etc.) can be viewed through the following link: http://fx.cmbchina.com/hq/ The specific exchange rate shall be subject to the actual exchange rate. Note: 100 foreign currency to RMB; The exchange rate of each bank is different, but the difference is not big.
7. At this time, because it should be gold, Gresham's Law (bad money drives out good money), if the market price is 1:14, gold devalues, and the market is full of silver.
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