Digital currency balance sheet of central bank
Publish: 2021-05-19 06:54:45
1. During the period of breast-feeding, once cancer is found, breast-feeding should be stopped immediately. The reasons are as follows: first, the growth of the tumor itself will take away a lot of nutrients from the patient's body; The treatment of tumor, such as radiotherapy, chemotherapy and so on, has different degrees of damage to the body, often affecting appetite, so that the constitution is reced ring treatment. At this time, breast-feeding will increase the consumption of patients and rece the constitution of patients. In this way, on the one hand, the patient can't bear to eat, and on the other hand, the tumor is easier to develop e to the decrease of physical fitness. Second, lactation promotes the secretion of prolactin by the pituitary gland. Lactin is a hormone that can stimulate cancer growth. The increase of lactin also promotes the growth of cancer cells, especially breast cancer patients. Clinical data confirmed that breast-feeding can promote the growth and spread of tumor. "Cutting stomach to prevent cancer" between big and small Sanyang and 10 siblings of liver cancer makes contraceptives ineffective. Liver disease and daily life don't treat lymphoma as cold period. Eight kinds of drugs should not be included in the topic of liver disease & gt& gt;& gt; Learn more about cancer & gt& gt;& gt; Thus entering the world of Medicine
2. These are my recent views on the balance sheet of the central bank. I would like to share them with you Base money supply
reserve money in the balance sheet is the amount of base money that the central bank supplies. The currency issue includes M0 and cash on hand of commercial banks; The deposit of other deposit companies is the deposit reserve of commercial banks in the central bank, including statutory and excess reserves
reserve currency is the main liability of the central bank. Its net increase or decrease is the net input or withdrawal of the base money. It is different from the central bank's monthly financial statistics "net cash put in or withdrawn this month". The net cash put in or withdrawn this month is the difference between M0 of this month and M0 of last month. It is only a part of the net supply or return of the base money
the growth rate of money issuance should be in line with the growth rate of GDP, otherwise it will contribute to inflation or deflation
the reserve ratio provided by the central bank will increase the legal reserve of commercial banks in the central bank, and rece the excess reserve of commercial banks. That is to say, it has little effect on the amount of base money, but increasing the reserve ratio inhibits the monetary expansion capacity of commercial banks (the monetary expansion multiplier becomes smaller)
2 Asset allocation of the central bank
from the balance sheet, we can see the asset allocation of the central bank. At present, China's central bank's foreign exchange asset allocation accounts for 82%. The second is the creditor's rights to the deposit company and the government. This is the main reason for the increase of base money supply
three The "issued bonds" in the balance sheet corresponds to the stock balance of central bank bills. It is part of the central bank's return of funds. In addition, the central bank's sale of treasury bonds or other bonds will also lead to the withdrawal of money. In the balance sheet, it will rece the government bonds or other claims, and the deposit of deposit companies in the corresponding reserve currency will also decrease, and the liquidity of money will shrink. And vice versa.
reserve money in the balance sheet is the amount of base money that the central bank supplies. The currency issue includes M0 and cash on hand of commercial banks; The deposit of other deposit companies is the deposit reserve of commercial banks in the central bank, including statutory and excess reserves
reserve currency is the main liability of the central bank. Its net increase or decrease is the net input or withdrawal of the base money. It is different from the central bank's monthly financial statistics "net cash put in or withdrawn this month". The net cash put in or withdrawn this month is the difference between M0 of this month and M0 of last month. It is only a part of the net supply or return of the base money
the growth rate of money issuance should be in line with the growth rate of GDP, otherwise it will contribute to inflation or deflation
the reserve ratio provided by the central bank will increase the legal reserve of commercial banks in the central bank, and rece the excess reserve of commercial banks. That is to say, it has little effect on the amount of base money, but increasing the reserve ratio inhibits the monetary expansion capacity of commercial banks (the monetary expansion multiplier becomes smaller)
2 Asset allocation of the central bank
from the balance sheet, we can see the asset allocation of the central bank. At present, China's central bank's foreign exchange asset allocation accounts for 82%. The second is the creditor's rights to the deposit company and the government. This is the main reason for the increase of base money supply
three The "issued bonds" in the balance sheet corresponds to the stock balance of central bank bills. It is part of the central bank's return of funds. In addition, the central bank's sale of treasury bonds or other bonds will also lead to the withdrawal of money. In the balance sheet, it will rece the government bonds or other claims, and the deposit of deposit companies in the corresponding reserve currency will also decrease, and the liquidity of money will shrink. And vice versa.
3.
1. Log in to the website of the people's Bank of China
4. No, the central bank issues bonds and discount loans to regulate the currency in circulation, that is, the amount of money issued. Regulating the deposit reserve ratio is also one of the central bank's monetary policies. For example, if there is too much money in circulation, the central bank will issue various bonds, issue discount loans to commercial banks, raise the deposit reserve ratio and recover part of the liquidity.
5. The money printed is the base currency
"currency issue" should be the printed banknotes with the reserve dected, that is, the banknotes that really participate in the market circulation.
"currency issue" should be the printed banknotes with the reserve dected, that is, the banknotes that really participate in the market circulation.
6. By constructing a simplified balance sheet model of the central bank and commercial banks, we observe the influence of MLF operation, currency issuance, tax payment and other factors on the balance sheet of the central bank. In the initial state, the central bank's asset side only has foreign exchange, while the liability side only has deposits from other deposit companies. There are only reserve deposits on the asset side and deposit taking on the liability side of commercial banks
(1) the impact of MLF operation
the asset side of the central bank increases MLF operation (claims on other deposit companies), while the liability side increases deposits of other deposit companies. Accordingly, the reserve on the asset side of the balance sheet of commercial banks increased, and the liabilities on the liability side to the central bank increased. MLF operation will bring about equal changes in the asset scale of the central bank and commercial banks
Figure 3: the impact of MLF operation on the balance sheets of central banks and commercial banks
(2) the impact of increased cash issuance
since the central bank cannot directly face the public, cash issuance needs to be carried out through commercial banks. The amount of cash circulation depends on the demand of commercial banks derived from the public demand for cash. Assuming that other conditions remain unchanged and cash deposits increase, the deposits of other deposit companies in the balance sheet of the central bank will decrease and the currency issue will increase; On the balance sheet of commercial banks, reserve deposits decreased and cash on hand increased. Cash issuance does not affect the asset scale of the central bank and commercial banks, but only changes the debt structure of the central bank and the asset structure of commercial banks
Figure 4: the impact of cash issuance on the balance sheets of the central bank and commercial banks
(3) the impact of tax payment
tax payment shows that the reserve deposits on the liability side of the central bank decrease while the government deposits increase. Corresponding to the bank balance sheet, the reserve deposits on the asset side and the deposits on the liability side decreased. Here we can see that paying taxes will cause the balance sheet of commercial banks to shrink.
(1) the impact of MLF operation
the asset side of the central bank increases MLF operation (claims on other deposit companies), while the liability side increases deposits of other deposit companies. Accordingly, the reserve on the asset side of the balance sheet of commercial banks increased, and the liabilities on the liability side to the central bank increased. MLF operation will bring about equal changes in the asset scale of the central bank and commercial banks
Figure 3: the impact of MLF operation on the balance sheets of central banks and commercial banks
(2) the impact of increased cash issuance
since the central bank cannot directly face the public, cash issuance needs to be carried out through commercial banks. The amount of cash circulation depends on the demand of commercial banks derived from the public demand for cash. Assuming that other conditions remain unchanged and cash deposits increase, the deposits of other deposit companies in the balance sheet of the central bank will decrease and the currency issue will increase; On the balance sheet of commercial banks, reserve deposits decreased and cash on hand increased. Cash issuance does not affect the asset scale of the central bank and commercial banks, but only changes the debt structure of the central bank and the asset structure of commercial banks
Figure 4: the impact of cash issuance on the balance sheets of the central bank and commercial banks
(3) the impact of tax payment
tax payment shows that the reserve deposits on the liability side of the central bank decrease while the government deposits increase. Corresponding to the bank balance sheet, the reserve deposits on the asset side and the deposits on the liability side decreased. Here we can see that paying taxes will cause the balance sheet of commercial banks to shrink.
7. Because total assets = total liabilities (deposit + cash), under the condition of fixed asset business, if the debtor's deposit increases, it can rece cash delivery or increase return. The decrease of the central bank's deposits means the need to increase the supply of cash. Although the increase or decrease of deposits does not change the total liabilities of the central bank, it is concive to the adjustment of cash issuance and monetary structure.
8. 1. The definition of base currency refers to the sum of cash in circulation and deposit reserve of commercial banks. On the balance sheet of the central bank is the total amount of monetary liabilities. According to the principle of double entry bookkeeping, the balance sheet of the central bank corresponds to the following: base currency = cash in circulation + legal deposit reserve of commercial banks + excess deposit reserve = net external assets of the central bank + net debt assets of the government + debt assets of commercial banks + net other financial assets. The increase or decrease of the total assets of the central bank drives the increase or decrease of the amount of the base currency: among the assets of the central bank, the increase or decrease of each item depends on the net value after the increase or decrease of each asset offsets each other. Base money is the basis for financial institutions to create credit, because the change of the central bank's base money restricts the increase and decrease of bank credit scale and money supply; How much money can the central bank create to achieve the goal of monetary policy. 2. The main factor that affects the change of base currency is the monetary liabilities in the balance sheet of the central bank, which corresponds to the monetary assets of the central bank. The external assets and liabilities of the central bank. The assets and liabilities of the central bank to the government. Assets and liabilities of the central bank to commercial banks and other financial institutions. Other factors. Other assets and the amount of base money change in the opposite direction. The ability of the central bank to control these factors: external assets and liabilities depend on the external economic activities of various sectors of the economy, such as the import and export of commodities, direct investment and indirect investment. Fiscal revenue and expenditure activities are closely related to the implementation of national budget and fiscal policy. For these two factors, the central bank can only control them indirectly by other policy measures. The central bank can directly determine the deposit reserve ratio and increase or decrease the assets of commercial banks and other financial institutions.
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