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75734 2010 年 12 月 07 日 19:26 Reading (loading. ..) Comments (0) Category: Personal Diary
central bank foreign exchange market in the Chinese yuan to purchase foreign exchange with the larger players,
ed hardy uk, by the instrument amongst the following: increase the money issue, the use of commercial bank deposits at the central bank's legal reserve and excess reserves and the issue, We also know that all these central banks purchase of foreign means of payment, without exception, are from the central bank's liabilities. Well, when ordered to awe the world China has 2.5 trillion in
liabilities, meaning, nothing more than the debtor owes the creditor money. However, the central bank's liabilities, and our common home, business or commercial nature of the liabilities of financial institutions, are very different. Obvious difference,
ed hardy jeans, the central bank is to open the central government, so in the end about the central bank's liabilities is the government's debt, the credit borrowed by the government, but also rely on the government's revenue also. However,
ed hardy online, I found that the central bank's fiscal debt and the government debt is also important differences, that is, when the central bank debt, not only does not require the consent of creditors, or creditors do not need to know.
Let us read together the information the central bank liabilities. People's Bank of China website in the Election in December 2009 as an example: the central bank's total assets 22.7530 trillion yuan, while the central bank's This means that the central bank's assets for every 1,000 yuan, 999 yuan from debt! God, if a country's financial debt which has reached this level, for fear no one dares to buy the bonds have long friends. As for the general commercial and financial enterprises, not to mention the 1 per equity capital balance of 1000 yuan, 1 yuan is 10 per equity capital of liability, is enough to scare the world creditors.
Why such a high central bank debt ratio, but still safe? access to the central bank's own funds in 1999 the ratio of total assets, has more than 1 %, 10 years debt ratio rose by an order of magnitude, why the central bank can continue to go higher from the high debt liabilities, debt never met substantial obstacles? battle after another in recent years, the RMB exchange rate, very lively, but the actual formation of the RMB exchange rate basis - the central bank to purchase foreign exchange liabilities of the larger players - but not join the media and the public the basic stuff, few people concerned, nor constitute a hot issue, Why is this?
mentioned above, the answer is obvious: the central government to open, as long as the financial reliability, the central bank's balance we do not need to worry about. Do not need to list data, the last 10 years, of course, the rapid increase China's national financial strength of 10 years, but outside the state capital tax revenue, it is big into the special into a 10-year (although whether this is causing and require additional specialized discussion). Solid financial basis for the government, is not a creditor can not look to see Buddhist monks face surface, the central bank liabilities, there is no problem?
read the central bank's balance sheet and financial support that the Government did not direct evidence of central bank liabilities. Also in December 2009, for example, This shows that the central bank lent the government money, the number of central bank assets held by astronomy, the actual contribution of the. Even if the central bank's own funds entirely from the financial allocation is also a mere 200 billion yuan. Our question is still: Why did not the central bank boss from the law - Government - get the actual financial support, but still have the ability to super-high debt, you can continue to purchase and maintain a large number of increasingly hands The more foreign assets?
answer to the economic nature of liabilities to the central bank to go looking for. My experience, different from the financial and central bank liabilities, liabilities of any special public and private enterprises, is in a fairly wide limits, the central bank's liabilities do not need to return! Since no return, : not only were no worries about debt, even the creditors to worry about. Who can worry about things, liabilities rate is high you have any strange?
Dear readers, this theory for understanding the mechanism of the RMB exchange rate at stake, let me elaborate on it. Look at the central bank liabilities,
ed hardy shop, the largest head - December 2009 this number is 14.3985 trillion, accounting for 63.3% of the total assets of the central bank. As you know, The first part of the central bank from the statutory privilege, because the national credit currency regime, only the central bank may lawfully issue currency. Sent to the central bank circulation of money into the market, unless the central bank felt the need to recycle, who do not need to be returned. Obligation not to return these currencies are recorded as liabilities, from the country's pre-existence of credit money - gold and silver standard in the convertible currency system, the central bank based in their own gold and silver reserves, to meet the flow of tickets issued the needs of the creditors of the use of tickets, tickets to the central bank took the right to come against the gold and silver. As the Federal Reserve and the German central bank, still a significant number of the world's reserves of gold, in fact,
cheap ed hardy, the national credit for their money secured. Central bank gold reserves is not much direct power as the state issuing the mortgage thing. The trick is, In this limit, the reserve currency that central banks to spend the money.
Because it is the commercial banks and other financial institutions at the central bank's deposits, while commercial banks and their depositors from, there is a clear chain of credit and debt constraints, even if you as the central bank, be prepared with these creditors home, how to live without reserve ? However, the central bank requires commercial banks to deposit with the central bank reserve ratio of statutory powers. For example, in a statement two days before the central bank: commercial bank reserve ratio to 0.5 percentage points, more than the national total of 300 billion fund would be In theory, the central bank they do not reduce the statutory reserve ratio, this part of the Of course, the central bank reserves to pay for this part of the point of interest, but also said, what if the central bank to pay interest higher than the opportunity cost of commercial bank lending, commercial bank reserves would put more
liable to repay the Bank of the obligations of the latter, of course, but as long as the interest is high enough, then a limit, the creditors would prefer the central bank never returned. You know, the central bank interest rates high enough to not be difficult,
ed hardy sunglasses, because, in theory, the central bank to pay interest for printing money! Ever since, Excitement is driving out of it wants to spend reserves.
outside the reserve currency, the central bank can also issue bonds. Such as the December 2009 issue of bonds the central bank balance amounted to 4.2 trillion yuan of the spectrum. Bonds issued in due course, the central bank to repay, but as we observed in recent years, used to hedge liquidity, If so, the central bank can always accumulated quite a sum of no return under the liabilities. Say that again, it is also not to the non-time, central banks printing money anyway, there are killer.
is because asset-liability ratio is impossible to match the height. In the central bank's balance sheet, and even Since the debt ratio to nearly 100%, the central bank's liabilities amount to almost unlimited, and the central bank's total assets, including holdings of foreign assets will be almost unlimited.
your attention, and this is the real basis for the formation of the RMB exchange rate, but also it is widely thought - I like to call under the influence - the RMB exchange rate is not the result of buying or selling, but the political leaders, experts, public opinion, the crystallization of a large war of words.
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