Asset allocation virtual currency

5. It is suggested that bitcoin should not be allocated,
the central bank does not recognize bitcoin as a digital currency,
it has high policy risk,
it is better not to participate in investment.

6. After the 7-day annualized yield exceeds 4%, the performance price ratio of the monetary fund rises abruptly, with both yield and liquidity. It's no wonder that it doesn't sell well
the asset allocation of monetary funds mainly includes bank deposits, bonds and repurchase. Among them, bonds include treasury bonds, financial bonds, interbank certificates of deposit and so on. Of course, they also include some AAA grade corporate bonds and high-grade short-term and medium-term notes. Buy back sale is reverse repurchase, these transactions have treasury bonds, bills, etc. as collateral, almost no risk.

7. The simplest investment behavior is exchange, which is to convert RMB into US dollar cash. According to the regulations issued by the central bank in 2007, each Chinese citizen has an annual exchange quota of 50000 US dollars
similar to China's gold rush in the past two years, it is now widely said that the central bank will further tighten the amount of indivial foreign exchange, which has triggered a wave of exchange for us dollars. However, the U.S. policy of maintaining ultra-low interest rates has not changed. If you deposit the exchange dollars in the foreign exchange current account, it will be difficult for interest income to hedge against exchange rate losses in the medium and long term
foreign exchange trading is a kind of leveraged trading, which requires a high level of professional knowledge and sufficient time, and is not suitable for general investors.

8. Principle 4321, 1. (revenue - overhead) × 10% for medical insurance, accident and health insurance, critical illness insurance 2. (income - daily expenses) × 20% for pension and children's ecation, 3. (income - daily expenses) × 30% is deposited in the bank for emergency, recreation and improving the quality of life. 4. (revenue - overhead) × 40% for investment: wages are earned physically and mentally, while investment can generate more money with money. If one day the body can not work, and his money will continue to make money for himself endlessly, in order to achieve the desire of life. Consider investing in linked insurance procts.

9. One of the factors influencing the exchange rate fluctuation is that the fluctuation of foreign exchange supply and demand is affected by many factors? These factors are both economic and non economic, and they are interrelated, restricted and even offset each other. Therefore, the causes of exchange rate changes are extremely complicated. We will make a specific analysis below. (1) economic factors that affect exchange rate changes. (1) balance of payments is a comprehensive reflection of a country's foreign economic activities, It has a direct impact on the change of a country's currency exchange rate. Moreover, from the perspective of foreign exchange market transactions, international trade in goods and services constitutes the basis of foreign exchange transactions, so they also determine the basic trend of the exchange rate. For example, since the mid and late 1980s, the US dollar has been declining in the international economic market for a long time, while the yen, on the contrary, has been constantly appreciating, The main reason is that the United States has a long-term balance of payments deficit, while Japan continues to have a huge surplus. Only in terms of the trade part of the current account of the balance of payments, when a country's imports increase and proce a deficit, the country will have additional demand for foreign currency. At this time, in the foreign exchange market, it will cause the appreciation of foreign exchange and the devaluation of its own currency. On the contrary, when a country's current account surplus occurs, the country's foreign currency will increase, 2. The difference of inflation rate. Inflation is a long-term, main and regular factor that affects the change of exchange rate. Under the condition of paper currency circulation, the ratio between the two currencies is fundamentally determined by the comparative relationship of the value they represent, In the case of inflation in a country, the amount of value represented by its currency will decrease, its real purchasing power will decrease, and its external price will also fall. Of course, if the other country also experiences inflation, and the range is exactly the same, the two countries will offset each other, and the nominal exchange rate between the two currencies can not be affected. However, this situation is rare after all, generally speaking, The inflation rate of the two countries is different. The currency exchange rate of the countries with high inflation rate falls, while the currency exchange rate of the countries with low inflation rate rises, On the contrary, in terms of import, assuming that the exchange rate does not change, inflation will increase the profits of imported goods and stimulate the increase of import and foreign exchange expenditure, (2) the real interest rate (i.e. nominal interest rate minus inflation rate) of a country is bound to decrease when inflation occurs in the international capital flow channel. In this way, the real income of various financial assets expressed in the currency of the country will decrease, which will lead to investors' capital moving abroad, It is not concive to the state of the country's capital account. (3) psychological expectation channel: a country's sustained inflation will affect the market's expectation of the trend of the exchange rate, which may lead to the phenomenon that the participants in the foreign exchange market are reluctant to sell foreign exchange, wait for the price to sell, and rush to buy without foreign exchange, and then have an impact on the foreign exchange rate, The impact of inflation on the exchange rate often takes more than half a year to show, but its ration is longer, generally more than a few years. 3. The difference of economic growth rate under other conditions remains unchanged, the real economic growth rate of a country rises faster than that of other countries, what's the difference? Format: right step? This will increase the country's demand for foreign goods and services. As a result, the country's demand for foreign exchange tends to increase relative to its available foreign exchange supply, resulting in the decline of the country's currency exchange rate. However, two special situations should be noted here: first, for export-oriented countries, economic growth is driven by increased exports, Then the rapid economic growth is accompanied by the rapid growth of exports. At this time, the increase of exports often exceeds the increase of imports, and the exchange rate does not fall, but rises; Second, if domestic and foreign investors regard the country's high economic growth rate as a reflection of its good economic prospects and higher rate of return on capital, they may expand their investment in the country and even offset the current account deficit. At this time, the country's exchange rate may rise rather than fall, In recent years, especially in 2003, China has been facing a huge pressure of RMB appreciation. 4. Interest rate difference, the level of interest rate, will affect the attractiveness of a country's financial assets. A country's interest rate rise, will make the country's financial assets more attractive to domestic and foreign investors, resulting in capital inflow, exchange rate appreciation, If one country's interest rate rises, but other countries also rise at the same rate, the exchange rate will not be affected; If the interest rate of a country rises, but the interest rate of other countries rises faster, the interest rate of that country will fall relatively, and its exchange rate will also tend to fall. In addition, the influence of the change of interest rate on the capital flow in the world should also consider the factors of the expected change of exchange rate. Only when the sum of the expected change rate of foreign interest rate and exchange rate is greater than the domestic interest rate, it will be profitable to move funds to foreign countries, This is the famous international capital arbitrage activity in the field of international finance; Interest rate parity theory & quot Finally, the impact of interest rate changes on exchange rate can also be affected by trade items. When the interest rate increases, it means that the opportunity cost of domestic consumption increases, which leads to the decline of consumption demand. At the same time, it also means that the cost of capital utilization increases, and the domestic investment demand also decreases. In this way, the decline of the total level of domestic effective demand will expand exports and rece imports, However, it should be emphasized here that the impact of interest rate on the exchange rate is short-term, and the effect of a country only relying on high interest rate to maintain a strong exchange rate is limited, because it is easy to cause an overvaluation of the exchange rate, and once the overvaluation of the exchange rate is recognized by market investors (Speculators), the exchange rate will increase, For example, after Reagan took office in the White House in the early 1980s, in order to ease inflation and promote economic recovery, he adopted a tightening monetary policy and substantially increased interest rates. As a result, the US dollar continued to rise in the first half of the 1980s. However, in 1985, with the recession of the US economy, The phenomenon of overvaluation of the US dollar has been very obvious, which triggered the wave of the US dollar devaluation in the autumn of 1985. 5. Fiscal revenue and expenditure the fiscal revenue and expenditure of the government is often used as the main indicator of the country's currency exchange rate forecast. When a country has a fiscal deficit, whether its currency exchange rate rises or falls mainly depends on the measures chosen by the government to make up for the fiscal deficit, In order to make up for the fiscal deficit, a government can take four measures: one is to increase the fiscal revenue by raising the tax rate. If so, it will rece the level of personal disposable income and rece the personal consumption demand. At the same time, the increase of tax rate will rece the investment profit rate of enterprises and lead to the decrease of investment enthusiasm and investment demand, which will rece the import of capital goods and consumer goods and increase the export, And then lead to the appreciation of the exchange rate; The second is to rece the government's public expenditure, which will rece the national income of the country through the multiplier effect, rece the import demand, and promote the appreciation of the exchange rate; The third is to issue additional currency, which will lead to inflation. As mentioned above, it will lead to the devaluation of the country's currency exchange rate; In the long run, it will lead to a greater rise in prices and a decline in the exchange rate of the country's currency. Among the four measures, governments are more likely to choose the latter two, especially the last one, because issuing national debt is the least likely to bring antagonism among their residents. On the contrary, because national debt is known as & quot; Gilt edged bond & quot; 6. The adequacy of foreign exchange reserves held by a country's central bank reflects its ability to intervene in the foreign exchange market and maintain exchange rate stability, Therefore, the level of foreign exchange reserves plays a major role in the country's monetary stability; On the contrary, the foreign exchange reserves are abundant, and the exchange rate of the country's currency is usually relatively strong. For example, the US dollar crisis broke out in the international foreign exchange market from March to mid April 1995. The important reason is that the Clinton administration used the US $20 billion presidential exchange stabilization fund to ease the financial crisis in Mexico at that time, It shakes the confidence of the foreign exchange market in the ability of the U.S. government to intervene in the foreign exchange market. (2) psychological expectation factors in the foreign exchange market, whether people buy or sell a certain currency has a lot to do with the traders' views on the future situation, When they expect a certain currency to rise in the future, they will buy it in large quantities. Some international foreign exchange experts even believe that the expectation psychology of foreign exchange traders for a certain currency is now the most important factor determining the exchange rate change of the currency market, because under the control of this expectation psychology, As the formation of foreign exchange traders' expectation psychology depends on a country's economic growth rate, money supply, interest rate, balance of payments and foreign exchange reserves, government economic reform, international political situation and some emergencies and other complex factors, (3) information factors: the modern foreign exchange market has graally developed into an efficient market e to highly developed communication facilities, the close connection of financial markets in various countries and the increasing improvement of trading technology. Therefore, any small profit opportunity in the market will immediately lead to large-scale international movement of funds, In this case, who is the first to get the & quot; News & quot; At the same time, we should pay special attention to the effect of the foreign exchange market on the & quot; News & quot; And it's not just about these reactions; News & quot; Itself is & quot; Good news & quot; Or & quot; Bad news;, It mainly depends on whether it is expected, or & quot; Better than & quot; Or & quot; Worse than & quot; In a word, information factors have a subtle and strong influence on exchange rate changes with the development of foreign exchange market. (4) government intervention factors exchange rate fluctuations will have an important impact on a country's economy, There are mainly four ways to intervene: 1. To buy or sell foreign exchange directly in the foreign exchange market; 2; ② Adjust domestic monetary policy and fiscal policy; ③ To influence the market psychology by making statements on an international scale; ④ With other countries, direct intervention or through policy coordination