Virtual currency pulse

2. Since 2002, the international community has been calling for the appreciation of RMB, especially in order to reverse its huge trade deficit with China, the United States has strongly demanded the appreciation of RMB against the US dollar. On July 21, 2005, the people's Bank of China announced that China will implement a managed floating exchange rate system based on market supply and demand and with reference to a basket of currencies. At the same time, it announced that the trading price of the US dollar against RMB was adjusted to 8.11 yuan per US dollar, with an appreciation of about 2 percentage points. In this context, the relationship between the theoretical rate and China's trade balance begins to heat up. Many scholars worry that the appreciation of RMB exchange rate will bring serious impact on China's trade balance, and then affect the stability of China's national economy. Whether the above judgment is correct or not is based on our answers to the following questions: the mechanism of RMB real exchange rate changes on China's trade balance; Whether the mode, direction, degree and acceptance conditions of the effect of RMB real exchange rate on the income and expenditure of exchange are tenable in the long run; In the short term, whether to use the time lag of exertion; There is a "J" curve effect in Marshall le. The research on these issues is of great significance to the formulation of China's exchange rate policy. This paper uses the bilateral trade balance data of China and the United States from 1994 to 2005 to study the long-term and short-term effects of real exchange rate changes on trade balance. That is, we have a "J" curve effect in the pilot study; The impact of economic variables such as real exchange rate and real income on China's import and export and trade balance; In order to determine whether the Marshall Lerner condition is tenable in the long run; Whether the bilateral trade balance in the short term and the time lag of their respective roles. The methods used in this paper include co integration analysis, direction m, VEC response analysis and variance decomposition difference correction. We use cointegration analysis to study the long-term impact of real exchange rate on trade balance. In order to study the impact of real exchange rate and real income on trade balance, we use VECM short adjustment mechanism, and then do impulse response analysis and variance decomposition. Through empirical analysis, we come to the following conclusions: first, the impact of real exchange rate on import and export and trade balance is relatively small, and even some are not statistically significant, indicating that China can not effectively adjust trade balance through the change of real exchange rate. It reflects the current situation that the market-oriented trade balance equation of China's exchange rate formation is low degree of neutralization, importers and exporters are not sensitive to the change of exchange rate, and the substitutability of import and export commodities is weak. However, the positive parameters corresponding to the positive real exchange rate indicate that the Marshall Lerner condition holds in the long run. 2、 The "J" curve effect of impulse analysis shows that the lag period is about one year, which indicates that there is a very clear gap between the trade balance between China and the United States. 3、 Variance decomposition shows that the impact of real exchange rate shock on the change of trade balance is far less than that of real income shock on the change of trade balance; Through the impact on trade income with the United States, even considering the differences in economic growth rates between the two countries, the conclusion is still valid. Abstract Since 2002, the call for appreciation of RMB has surged upward unceasingly in the international society . Specially, US strongly requests China to increase the value of RMB to US dollar in order to reverse its large trade deficit to China. On July 21,2005, the People' s Bank of China announced that, the floating exchange rate system with the management will be implemented in China on the base of the market supply and demand. And a basket currency will act as a information referred when having an adjustment to RMB exchange rate. At the same time, exchange rate of RMB to US dollar is adjusted to 8.11 Yuan per US dollar, approximately 2 percentage points added in value. Under such background, the theorists put the more attention on the relationship between the real RMB exchange rate and Chinese trade balance. Many scholars worried that the appreciation of the RMB exchange rate will give Chinese trade balance a serious impact and will affect the stability of the national economy. If we want to know whether the above judgment is correct, we must answer the next questions: What is the mechanism that real RMB exchange rate affect Chinese trade balance by ? Does Marshall-Lerner condition hold from a long run ? Does the " J" curve effect exist in China from a short run ? How does real RMB exchange rate affect Chinese trade Balance ? On which direction and what degree do real RMB exchange rate affect Chinese trade Balance? How long will Chinese trade Balance be influenced after real RMB exchange rate begin to change ? It is very important for China to guide the current exchange rate policy through researching these questions. This paper is an empirical examination of long run relationship and short run relationship between real RMB exchange rate and Chinese bilateral trade Balance to the United States from 1994 to 2004.Namely, we try to judge whether Marshall-Lerner condition hold from a long run and whether the " J" curve effect exist in China from a short run . we try to judge the effect and time lag that the economical variables such as real RMB exchange rate and real income have an influence on Chinese import amounts ,export amounts and bilateral trade Balance . We research the long run effect that the real exchange rate to the import , export and trade balance through the Cointegration Analysis influence. In order to study the dynamic adjustment mechanism that the real exchange rate, the real income influence trade balance from a short run, we used the vector error correct model(VECM), the pulse response analysis and the variance decomposition.This paper uses the method including the Cointegration Analysis , the Vector Error Correct Model (VECM), the Pulse Response Analysis and the Variance Decomposition and so on. Through the empirical analysis, we obtain the next results : Firstly, The effect that the real exchange rate influences the import ,export and the trade balance is small, even is not remarkable in the statistics. It reflects there is a low degree of substitute between the imported goods and the exported goods as well. But, the positive parameter of the real RMB exchange rate in the standardized trade balance equation indicate Marshall-Lerner condition hold. It indicates we cannot effectively adjust the trade balance through the real exchange rate now. It reflects a low market degree in pricing foreign exchange, and the importer and exporter is insensitive to the change of the exchange rate. Secondly, the pulse analysis indicates that, the " J" curve effect displays extremely obviously, the period lagged is about a year. we discovered, regardless of in the short-term or in long-term, Chinese trade balance to the United States is mainly influenced by real American income, even if the difference in economic growth rate of both countries considered. Thirdly, the variance decomposition indicated that the real RMB exchange rate has much smaller influence on Chinese trade balance than the real income .

3. Bank of China's "ordinary debit card" uses overseas UnionPay equipment for POS consumption and cash withdrawal transactions. It can not use the balance of foreign currency account for settlement, but can only use the RMB account of the card for settlement. The corresponding RMB shall be dected from the RMB account according to the price of UnionPay at the time of transaction
the daily maximum limit of overseas withdrawal of ordinary class I account debit card is RMB 10000 equivalent, and the annual cumulative withdrawal of each card shall not exceed RMB 100000 equivalent
for further information, please call the customer service hotline 95566 of Bank of China
the above contents are for your reference, and the business regulations shall be subject to the actual situation
if you have any questions, you are welcome to consult the online customer service of Bank of China or download the mobile banking app of Bank of China.

4. ICBC card can be divided into peony credit card and savings card according to whether it has consumption credit function:
if it is ICBC savings card, you can use the POS, ATM and other machines with China UnionPay logo in overseas countries or regions to trade with the savings card, clear through China UnionPay network, and take the selling price announced by the designated foreign exchange bank on the trading day as the clearing exchange rate, Transactions are settled in RMB accounts
in the case of ICBC credit card, the situation is different for different card types. If you use a credit card overseas and trade through UnionPay network, you can settle in RMB account; If the transaction is concted through the network of international organizations, the corresponding foreign currency account will be used for settlement. If there is no corresponding foreign currency account, the main foreign currency account will be used for settlement

(answer time: June 14, 2019, in case of business change, please refer to the actual situation.)

5.

1. As long as the user's bank card is UnionPay card, the new currency can be withdrawn from the UnionPay ATM machine in Singapore

2. Bank cards marked with UnionPay logo can be used abroad

3. The places where bank cards can be used in foreign countries: one is the branch of Bank of China, the other is the ATM and store with UnionPay logo

supplement: ATM withdrawal in foreign countries nowadays, many ATMs abroad can use UnionPay debit card to withdraw cash, so customers do not need to deposit foreign currency in the card, but directly dect RMB funds from the customer's card, so please deposit enough RMB before going abroad. It should be noted that not all foreign ATMs have the UnionPay logo, but as long as you see the logo of Citibank or pulse on the ATM, you can use the UnionPay debit card to withdraw cash

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UnionPay

as China's bank card joint organization, China UnionPay is at the core and hub of China's bank card instry, which plays a fundamental role in the development of China's bank card instry. Through the inter-bank transaction clearing system of UnionPay, banks realize the interconnection between the systems, so that the bank cards can cross bank and cross bank Cross regional and cross-border use

based on the construction and operation of UnionPay inter-bank transaction clearing system and the realization of universal bank card networking, China UnionPay actively cooperates with commercial banks and other instrial parties to promote unified UnionPay card standards and norms and create independent brand of bank card; Promote the development and application of bank card; Maintain the order of bank card acceptance market and prevent the risk of bank card. Through the UnionPay inter-bank transaction clearing system, the interconnection and resource sharing between commercial banking systems can be realized, and the inter-bank, cross regional and cross-border use of bank cards can be ensured

as of June 2017, the UnionPay network has spread all over China's urban and rural areas, and has extended to 160 countries and regions outside Asia, Europe, America, Oceania, Africa, etc

6.

Foreign currency can be withdrawn from the foreign exchange cash account. After the foreign currency is taken out, the cash becomes cash, and it cannot be re deposited into the cash account. Foreign exchange spot exchange refers to foreign exchange remitted from Hong Kong, Macao, Taiwan or overseas or foreign exchange bills brought into China, such as cheques, bills of exchange, etc. This part of foreign exchange is in the bank account of the currency issuing country

taxpayers who obtain income from outside China, whose taxable income comes from outside China, and pay indivial income tax according to the tax year abroad, should report to the Chinese competent tax authorities within 30 days after the tax is settled at the end of the tax year in the country of income source, They shall report and pay taxes to the Chinese competent tax authorities within 30 days from January 1 of the next year

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the interest of bank card, including the interest collected and the interest paid, is accounted in accordance with the financial system of financial insurance enterprises. The issuing bank shall calculate and pay the interest on the deposits in the credit card and debit card (excluding the stored value card) accounts according to the deposit interest rate and interest calculation method of the same grade in the same period stipulated by the people's Bank of China

the issuing bank does not calculate and pay interest on the deposit in the credit card account and the currency value in the stored value card (including the electronic wallet with IC card)

7. 1. The card of China CITIC Bank can be used abroad

2. Bank cards marked with UnionPay logo can be used abroad

3. The places where bank cards can be used in foreign countries are: first, domestic bank branches opened overseas; second, ATMs and stores with UnionPay logo abroad

supplement: foreign ATM cash withdrawal
in foreign countries, there are many ATMs that can use UnionPay debit card to withdraw cash. Customers do not need to deposit foreign currency in the card, but directly dect RMB funds from the customer's card, so please deposit enough RMB before going abroad. It should be noted that not all foreign ATMs have the UnionPay logo, but as long as you see the logo of Citibank or pulse on the ATM, you can use the UnionPay debit card to withdraw cash.

8. Many audio and video format conversion tools can solve your problem, but I recommend using
lvwo omnipotent Video Converter
it can convert video and audio, and the encoding method can be customized.
more importantly, it is easy to operate, high efficiency, good conversion quality, and very fast speed.
so you need to convert audio to WAV format, Intel ADPCM encoding, It's a basic function of beaver's nest. No matter what format of audio, can be converted to WAV format, and can be customized encoding Intel ADPCM
ADPCM (ADPCM adaptive differential pulse code movement) is a new method for 16 bit (or higher?) A lossy compression algorithm for sound waveform data, which stores the 16 bit data sampled each time in the sound stream as 4 bits, so the compression ratio is 1:4. The compression / decompression algorithm is very simple, so it is a good way to obtain low space consumption and high quality sound. Therefore, Intel ADPCM is a common and excellent coding method

personal views are for reference only