Digital currency of the Central State Council
As of September 2019, the central bank's digital currency has not been issued
the development history of the central bank's digital currency is as follows
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues faced
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutionson August 2, 2019, the central bank said at the second half of 2019 work video conference that it would speed up the research and development of legal digital currency
on August 10, 2019, Mu Changchun, deputy director of the payment and Settlement Department of the central bank, said at the Yichun forum of 40 people of China finance that "the central bank's digital currency can be said to be ready"
on August 18, 2019, the CPC Central Committee and the State Council issued their opinions on supporting Shenzhen to build a leading demonstration zone of socialism with Chinese characteristics, which mentioned supporting innovative applications such as digital currency research in Shenzhen
on August 21, 2019, the official micro blog of the people's Bank of China released two articles on digital currency. One is fan Yifei, vice president of the people's Bank of China, who was published in January 2018, talking about some considerations of digital currency of the people's Bank of China. The other is mu Changchun, deputy director of the Department of payment and settlement, who delivered a speech in Yichun on August 10
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practical significance
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate
can also become a new monetary policy tool. At the same time, the central bank can affect the bank's deposit and loan interest rate by adjusting the central bank's digital currency interest rate, and help break the zero interest rate lower limit
operation system
fan Yifei, vice governor of the people's Bank of China, said in the article that the digital currency of the people's Bank of China should adopt a two-tier operation system. This model does not change the relationship between creditor's rights and debt of currency in circulation, does not change the existing money supply system and al account structure, does not constitute a competition for commercial banks' deposit currency, and does not increase commercial banks' dependence on the interbank lending market
will not affect the lending ability of commercial banks, and will not lead to the phenomenon of "financial disintermediation". At the same time, because it does not affect the existing monetary policy transmission mechanism, it will not strengthen the pro cyclical effect under the pressure environment, and it can improve the convenience and security of payment, and it also has the credit advantage of central bank endorsement
The digital currency of the central bank is DCEP
the name of the digital currency developed by the central bank is DCEP (digital currency electronic payment). DC is digital currency. EP is electronic payment. Payment transmits digital things through a certain way, not paper currency. Therefore, electronic payment itself has the attribute of digital currency
The characteristics of digital currency are: low transaction cost; Fast trading speed; Highly anonymous
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Application of digital currency
I. fast, economic and safe payment and settlement
cross border payment helps RMB internationalization. In 2015, the settlement volume of cross-border payment involving current account is about 8 trillion yuan. To accelerate the internationalization of RMB, cross-border payment and settlement procts and solutions with low cost, high efficiency and low risk are needed
At present, there are still a lot of repetitive human work in the bank's electronic loan process and processing process, and as the basic support of loan issuance, many of the collateral has the situation of false pricing or multiple or even no collateral. We can consider using digital currency to price and track bank collateral:3. Bill finance and supply chain finance
in recent years, various bill market businesses based on commercial bills have grown rapidly, and bill financing procts have become a hot area of Internet financing. However, about 70% of the current bill businesses in China are still paper transactions, Supply chain finance is also highly dependent on labor costs
reference materials
network digital currency
On November 9, 2019, the central bank has not launched digital currency
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutions
extended data:
benefits of digital currency
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate. It can also become a new monetary policy tool
at the same time, the central bank can affect the bank deposit and loan interest rate by adjusting the digital currency interest rate of the central bank, and help to break the zero interest rate lower limit
2019 August 21st, the official account of WeChat central bank released two articles on digital currency.
the media's attention to the central bank's digital currency has increased significantly, especially after Zuckerberg testified in Congress on the Libra issue and Christina Lagarde acknowledged the "clear demand" for stable currency at her first media reception as president of the European Central Bank, which seems to have changed the public's view on this matter, Let many people in cryptocurrency community think that cbdcs is in sight<
according to the latest survey report released by the bank for International Settlements, central banks in the past seven years have been investigating this technology and assessing its impact. Of the 63 central banks surveyed, 55 said they were unlikely to issue cbdcs in the next three years, and only one reported that they were "highly likely to issue large-scale cbdcs in the next three to six years."
although the proportion of central banks studying cbdcs is very high, the crux of the problem is that it is mainly theoretical and investigative work. Only five central banks have concted more in-depth research and real project development or experimentation - but that still does not mean that they will necessarily issue cbdcs
through close observation, it is more and more obvious that both Libra recently released by Facebook and the new stable currency assets have had a significant impact on the central bank. Today's situation took hundreds of years to form, but it changed in a few months; Competition, the most terrifying and unfamiliar concept that has never been thought of before and penetrated into the elite society of central banks, is now knocking at the door
it can be said that the solution to the current situation is still unclear. Some people who are familiar with these things even say that they are bluffing. However, in Lagarde's own words, the slow and wait-and-see regulatory approach can no longer meet the needs
1. What is central bank digital currency<
what is the difference between central bank digital currency CBDC and other digital currencies
CBDC is a new form of currency, which is directly issued by the central bank in digital form as legal tender. The current form of legal currency is cash, reserve deposit or balance settlement< There are two main differences between CBDC and other digital currencies (including cryptocurrency and other forms of central bank currency):
1. CBDC has nothing to do with cryptoassets. They're not decentralized, they don't have to be blockchain based, and they're certainly not anonymous, they're not unlicensed, they're not censored< 2. Contrary to the current digital cash, the operation structure of CBDC will be different from other forms of central bank currency. CBDC has more powerful functions. They are programmable, can generate interest, can be cleared in near real time, and have cheaper handling charges and wider openness
when designing CBDC, the speed of central banks is different. Different central banks adopt their own approach. However, in general, there are three problems being explored: whether CBDC should be based on token or account number, whether CBDC should be batch (only open to banks) or retail (open to the public), and whether it should be based on DLT
when CBDC is to be implemented, things will become complicated, and there are many thorny problems to be considered
for example, once CBDC is launched, does it need to cancel cash? Should CBDC carry interest? Should they have face value like cash? Or linked to the total price index? What impact will this have on commercial banks? What about anonymity and privacy? All these questions need to be answered<
2. Motivation for issuing CBDC
in the 2017 staff discussion paper, the Bank of Canada gave six reasons for issuing CBDC in an article entitled "central bank digital currency: motivation and impact":
1. Ensure that the central bank provides sufficient cash to the public, and maintain the seigniorage revenue of the central bank
2, Support non-traditional monetary policy
3. Rece overall risk and improve financial stability
4. Improve payment competitiveness
5. Promote financial inclusiveness
6. Curb criminal activities
looking back at the bank for International Settlements survey we analyzed earlier, payment security and domestic efficiency are selected as the most important motives of the central bank. According to a large number of papers published by the central bank and other large financial institutions, for developed countries, the transformation into a cashless society is the main driving factor, while for developing countries, financial inclusiveness, cost rection and operational efficiency are the main motivation
throughout the rest of the reports and the literature that can be found, the fierce competition brought about by bitcoin and other innovations in the cryptocurrency instry, as well as the clear need for "one step ahead", of course, are not listed as the reasons for issuing CBDC< The advantages and potential risks of CBDC are very low.
if the central bank starts to launch CBDC and succeeds in the end, there are many potential benefits
from a technical point of view, CBDC is much better than the current form of legal currency. They can be tracked better, collect taxes more conveniently, transmit monetary policy better, have better financial inclusiveness, and rece the cost of procing physical currency
the most obvious advantage is that payment is cheaper and faster, whether it is domestic payment or cross-border payment
in addition to the design and implementation problems, a key problem of issuing CBDC is that CBDC may increase the risk of bank operation. However, this only happens when banks promise that their deposits can be converted into CBDC on demand, which is not necessarily the case, according to the Bank of England document
4. Facts on the ground
how far is it from us to see a real CBDC appear in the market? It's hard to estimate, but at present, we can sum up the current situation in one sentence: all talk but no practice
if we put aside the failed digital currencies of Ecuador, Tunisia and Venezuela, we can only do theoretical research, a small amount of experiments, and issue some feasible CBDC issuance announcements supported by the state in the future
the most famous CBDC projects in progress are: e-peso in Uruguay (the project was successfully tested in 2018), DCEP in China, "project Inthanon" in Thailand, e-krona in Sweden (still in the research stage)...
5. The revolution has not yet been successful, and comrades still need to work hard
considering the factors mentioned above, Most of the headlines about CBDC's upcoming release are groundless. All projects scheled to be released this year have been delayed
in fact, there is still a long way to go for the birth of CBDC, and to convince the public, we need more than a statement. Given the current situation, it seems that CBDC and other cryptocurrencies may not affect each other - at least for now.
monetary policy, like tax, police, court and other state machines, is the foundation of modern state operation and an important part of state machine. As long as there is no fundamental change in the social organization form of the state, the monetary system based on the national credit will always exist, and bitcoin and other virtual currencies will not become the standard currency of a country. Bitcoin is actually just the use of technology, which is at most an asset, not a real currency< Of course, credit money is prone to inflation. In a sense, people's concern about bitcoin reflects people's worry about inflation under the condition of credit currency. Therefore, central banks should strengthen liquidity management, reasonably regulate money supply and keep prices basically stable.
The digital currency issued by the central bank is also legal currency, which is no different from RMB! There is no room for BTC to rise! Nothing to look forward to, just wait< br />
according to the market in 2020, the price of the month center generally ranges from 20000 to 150000 nationwide
the key lies in the city and central hardware facilities. There are many factors that affect the standard price of the center. Generally, the standard price of the center varies with the scale, environment and package
the cost of the confinement center is relatively high, ranging from 40000 to more than 100000. The more luxurious the decoration, the higher the price
in the confinement center, the baby care service is provided. When the puerpera need the care service, the baby can be taken care of by the nurse, so that they can spare time to recover their body and get a good rest
selection method
the number of confinement centers is large, but most mothers don't know much about them, so it's very important to know about them. From an expert's point of view, the services and facilities of confinement centers are definitely more professional than looking for a sister-in-law, but the cost is higher, In fact, many mothers with good family conditions want to choose the confinement center, but they are afraid that it is not worth the money
for the instry of confinement center, experts put forward several good suggestions for mothers to refer to. Choosing the way of confinement should be considered according to their own situation:
first, the family's economic conditions are not good. If the family can take care of themselves and their baby, they can choose to take care of their family. At most, they can hire a nanny and buy more books, Let family members and nannies learn some maternal nutrition meal practices and baby care knowledge. It is not recommended to buy the monthly meal, which has been exposed by most media
Second, the family's economic conditions are general, so it is not recommended that the family take care of them. After all, the quality of confinement is very important to their recovery and their baby. Parents' concept of confinement is somewhat traditional, which is not consistent with young people's opinions, and it is easy to cause conflicts. After multiple interviews, they need to reserve their sister-in-law in advance, but it is more difficult to find a good one, because most of them are from rural areas, Lack of professional knowledge of baby care Third, the family conditions are good, and you can choose to sit in the confinement center. There are more than ten confinement centers in Shanghai, with different positioning. Most of them are invested by indivials, and the service is good and bad, so it is not easy to choose a suitable confinement centerTo calculate the helical gear parameters, you need to know the basic parameters:
normal molus M_ n. Number of teeth Z, normal pressure angle α_ n. Helix angle β
generally, the crown height coefficient h * is 1, and the root height coefficient C * is 0.25. If there is displacement, it is necessary to calculate the displacement: x
the following is the basic parameter
end face molus: M_ t=m_ n/cos β
Calculation formula of pressure angle at the end face: Tan α_ t)=tan ( α_ t)/cos( β)diameter of dividing circle: D = m_ n × z/cos( β)
addenm circle diameter: no displacement: Da = D + 2 × m_ n × H * with displacement: Da = D + 2 × m_ n × H * + x)
root circle diameter: no displacement: DF = D-2 × m_ n ×( H * + C *) with displacement: DF = D-2 × m_ n ×( H * + C * - x)
diameter of base circle: DB = D × cos α_ t)
in addition, there are more important dimensions, such as normal pitch, end pitch, etc., which can be obtained by referring to relevant manuals
Extended data:
judgment of helix rotation direction: first, we make the gear axis vertical, if the right height of helix is right rotation; On the contrary, the height on the left side of the helix is left-handed
end face and normal surface parameters:
end face: the plane perpendicular to the gear axis, and the parameters on the end face are generally added with subscript t
normal plane: the plane perpendicular to the helix, and the parameters on the normal plane are generally subscript n
(1) pitch and molus: = t= π
(2) pressure angle: generally, the parameters in normal plane are standard parameters
The correct meshing condition: the helix angle must be equal in size and opposite in direction. The normal molus m is equal to the normal pressure angleB. geometric dimension calculation: in calculation, the calculation formula of spur gear can be directly applied to the end face of helical gear because a pair of helical gear transmission is equivalent to a pair of spur gear transmission on the end plane
there are many kinds of gear transmission, among which the efficiency of helical gear is very high, for example, the efficiency of spur gear transmission is lower than that of helical gear transmission
Like spur gear mechanism, helical gear can be used to improve the load capacity of transmission by recing the center distance a, which can be used for high-speed operation. Helical gear recer is a new type of recer. The helical gear recer is small in volume, light in weight and good in economy Advantages:(1) good meshing performance: the meshing process between helical cylindrical gears is an excessive process, and the force on the teeth is graally from small to large, and then from large to small; Helical gear is suitable for high speed and heavy load
(2) large coincidence degree: the increase of coincidence degree can improve the bearing capacity of gear. So the life of the gear is prolonged. The coincidence degree mainly depends on the meshing time, while the long meshing time and large contact area of helical gear rece the stress. The transmission is stable and the economy is increased
(3) compact structure: the less the minimum number of teeth, the more compact the structure