1 thought on “shine life jewelry wholesale Huang Sheng Class Notes”
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wholesale sterling jewelry findings The essence of the three currencies of Huangsheng Class 1
1. The essence of the currency is credit. The essence of the fiat currency is the government's credit
2. Currency is a symbol of wealth. In contrast, currency is not wealth
four -five
The regulation in China, rather than interest rate control
mainly depends on the growth of M2
Six currency essence 2
The ideal currency system is how much wealth corresponds to how many banknotes corresponding to
The lower the high government credit. All countries must defend.
The essence of the seven currency three
M0 the cash flowing in the entire society
M1 = m0 Enterprise deposit real purchasing power
m2 = m1 residents regular deposit reality potential purchasing power
Eight currency essence four
. A few people occupy the vast majority of currencies, and the state will be forced to print more banknotes and accumulate accumulation To a certain extent, the price index is getting higher and higher
m2*flow speed = GDP*price index
n countries currency is government credit, national currency is government credit, Behind government credit includes science and technology, military, and economic strength
ten
Most currencies are concentrated in the hands of a few people, the movement speed of the currency will become slower and slower. The gap between the rich and the poor in China is large, so it is easier for developing countries to print more banknotes
did the eleven currency be over?
The cumulative inflation rate to measure whether the currency is super issued
Why are there currency super issuance?
1. Loose currency policy, a lot of banknotes were issued, but the economic growth of the subsequent latter did not reach the degree of currency over issuance
. Export trade surplus
twelve
Bitcoin is not currency but can only be a commodity
What is the essence of the thirteenth interest rate
The compensation of other people's wealth
The factor of determining the interest rate
If inflation rate
The expected default rate
The average yield of society as the growth rate of the national GDP economy
The interest rate of China is low
low interest rate prices, asset prices The height
The 16 interest rate arbitrage
In international systems, the currency to the place with high interest rates flow
The in the domestic industry, the currency interest rate is low Local flow, 10%of the financing cost of physical manufacturing, and a real estate mortgage rate of 5%. The real estate industry bubble is large
why China's interest rate is close to the United States
This currency issuance mechanism. Table balances to prevent funds from getting bigger and large,
It large spreads, foreign funds have a high yield in my country, and my country's US debt yields are low in foreign yields, resulting in imbalances in assets
In RMB internationalization
Itta and distribution mechanisms are also trying
The two most important interest rates in the world
Interest rate
overnight borrowing interest rates: The following financial institutions below the Federal Reserve below the Federal Fund to borrow funds to pay costs. Commercial banks get funds and then loans. The interest rate will only be higher
The benchmark interest rate of the central bank: does not belong to the borrowing interest rate, belongs to the administrative order of the central bank to the commercial bank, the instruction loan interest rate of commercial banks
The loan interest rate is reduced, and the spread of bank spreads is reduced. After the marketization of interest rates, banks are painful. The bank go downhill, wait for the interest rate hike channel, etc., the bank will be good
why the inflation rate of China is so low
CPI to cover egg pork clothes, the currency goes to real estate
Then in the United States flows into the stock market
21 China will raise interest rates. Production capacity
Meo interest rate hikes, China does not raise interest rates, wealth will flow abroad, exchange rate depreciation, asset prices fall, when they fall to one place, they will copy the bottom
The important M0M1M2
M0: cash n M1: M0 corporate current deposit n M2: m2: m2: m2: m2: m2: M1 Regular deposit period of time
The secrets of 23 m1
M1 when the growth rate is particularly high, it is often when the assets are soaring. Everyone does not want to get regular money and save it. During the current period, prepare to invest in the real estate stock market, or expand the reproduction of the reproduction
. The truth of the difference between the difference between the twenty-four M1M2
M1-M2 M1 increases by 30%. M2 increased by 10%. There are 20 points gap in the middle. Everyone does not want to save time, everyone has speculation. Asset bubbles are relatively high. The asset price peak will maintain for a period of time
The issuance of 25 currency
1. The newly issued basic currency of the central bank
2. The central bank's re -loan of commercial banks
The essence of 26 basic currency
The derivation of the deposit reserve ratio is the theoretical maximum limit of currency multiplication
Essentially: The currency of the first time of the central bank has no currency corresponding to wealth, as long as you expand your balance sheet expansion It is called the basic currency
The two -seven very important sentence
is relatively rapidly shrinking: throwing bonds is more in the US economic stock market. , Bonds smashed their hands and no one wanted it. Why? The economy turns bad, the corporate bad debt rate is high,
is prepared for the next round of loose
how to derive ordinary currency r How many ordinary currencies can the basic currency be derived?
The theoretical maximum value basic currency*deposit reserve ratio
deposit reserves: commercial banks need to pay a certain proportion of deposit reserves at the central bank n n n n n n n n n n n n R n, for example, there are 10 billion basic currencies and 20%of the deposit reserve ratio. Do not consider excess reserve ratio, cash ratio,
n 100 100*0.8 100*0.8*0.8 100*0.8*0.8*0.8 ....
-0.8) = 500, that is, at the 20%reserve rate, the M2 limit can be generated by 50 billion.
Generally, this 1/(1-reserve ratio) is also a currency multiplication. From this example, you can know why this currency multiplier.
The simple equivalent ratio and
29 interest rates. You must understand
The interest rate, administrative interest rate.现在意义不大rnrn市场拆借利率（隔夜，七天，二十八天）银行间的借款利率，根据市场货币供求关系决定的利率，sibor，现在越来越重要r n Reverse repurchase (placement): The central bank puts currency at commercial banks
is positive repurchase (recycling): the central bank recycled currency from commercial banks
30 is important Lesson: M2-GDP
M2 increased by 9%, and GDP increased by 6%. The difference is 3%,
1. Simply believes that it is the degree of currency exchanges,
2, inflation level
. The growth rate of house prices is the problem of stability of the exchange rate of RMB in China.
M2, 5%, GDP 2%, the difference is 3%, similar to China. The RMB exchange rate can remain stable.
31 is very important. One is very important: The central bank's balance sheet
Qe is? Purchase bonds directly to the market to put currency
The means of repurchase reverse repurchase various means may not be clear and dizzy, eventually reflected on the balance sheet
. If The rapid expansion of a national central bank's balance sheet must be a loose monetary policy. If shrinking, this country is tightening currency. Generally, a national table is a few percentage expansion every year, and it will not exceed 5%
The Fed's original table of 800 billion, and the three rounds of QE expand to 4.5 trillion. The stock market real estate bubble
The central bank also expanded after 2008. Pay attention to the central bank's balance sheet every month. Other means do not need to care about
32 ICO bubbles and virtual currency nature
Bitcoin is a tool for money laundering
33 China does not have the real reason for India's martial arts
The China is preparing for the BRICS free trade zone. The excess capacity can be transferred, and the dollar will also be marginalized
34 foreign exchange reserves
Except for the US EU, other countries, especially developing countries, are important because Your currency is not international, and people recognize the dollar pound.
1. We obtain the US dollar relying on the trade surplus,
. We rely on the introduction of FDI
The central bank, the central bank gives you an equal value RMB. Forced foreign exchange settlement
Essentially the central bank's internal foreign exchange liabilities, your RMB is the central bank's debt voucher
35 important lessoning tax tax r n 货币本身没有价值，可以购买商品服务rnrn铸币税：钞票能买到的商品价值-制作钞票的成本rnrn三十六：大规模放水， Will house prices rise sharply
The short -term liquidity reverse repurchase should be recycled
The commercial bank assessment should be all outside the table, wealth management funds are included in risk capital, avoid Commercial banks appear money shortage
37 important ten years of major changes
n If the crisis occurs, most bonds breach of contract becomes a bunch of non -performing assets, which will not only destroy commercial banks, but also destroy the Federal Reserve. Go out, you can't get the last stick
The new decisive factor of the 38th important interest rate level
Yellen's latest interest rate view n For a long time, it is likely to endanger and the financial system
If the interest rate is too low, it is likely to cause large -scale bubbles of assets
The interest rate hikes not only consider inflation, but also consider other The problem, also consider the asset bubble
The central bank changes
Yigang: style is very similar to Zhou Xiaochuan, four trillion, stock disaster n Facing both people is not very assured
The real leader is Liu He
39 investment class worth tens of millions
in the Chinese stock market Hong Kong stocks and US stocks are suitable for this formula
A security margin P/E ratio = 1/(one -year loan interest rate*2), if the one -year loan interest rate is 5%, the safe margin price -earnings ratio is 10
S safety margin price = security margin price -earnings ratio*earnings per share. If the earnings per share are 2 yuan, the security margin stock price is 20 yuan.
The premise: stock profitability must be stable or even increased, and the stable growth of profitability is foreseeable.
wholesale sterling jewelry findings The essence of the three currencies of Huangsheng Class 1
1. The essence of the currency is credit. The essence of the fiat currency is the government's credit
2. Currency is a symbol of wealth. In contrast, currency is not wealth
four -five
The regulation in China, rather than interest rate control
mainly depends on the growth of M2
Six currency essence 2
The ideal currency system is how much wealth corresponds to how many banknotes corresponding to
The lower the high government credit. All countries must defend.
The essence of the seven currency three
M0 the cash flowing in the entire society
M1 = m0 Enterprise deposit real purchasing power
m2 = m1 residents regular deposit reality potential purchasing power
Eight currency essence four
. A few people occupy the vast majority of currencies, and the state will be forced to print more banknotes and accumulate accumulation To a certain extent, the price index is getting higher and higher
m2*flow speed = GDP*price index
n countries currency is government credit, national currency is government credit, Behind government credit includes science and technology, military, and economic strength
ten
Most currencies are concentrated in the hands of a few people, the movement speed of the currency will become slower and slower. The gap between the rich and the poor in China is large, so it is easier for developing countries to print more banknotes
did the eleven currency be over?
The cumulative inflation rate to measure whether the currency is super issued
Why are there currency super issuance?
1. Loose currency policy, a lot of banknotes were issued, but the economic growth of the subsequent latter did not reach the degree of currency over issuance
. Export trade surplus
twelve
Bitcoin is not currency but can only be a commodity
What is the essence of the thirteenth interest rate
The compensation of other people's wealth
The factor of determining the interest rate
If inflation rate
The expected default rate
The average yield of society as the growth rate of the national GDP economy
The interest rate of China is low
low interest rate prices, asset prices The height
The 16 interest rate arbitrage
In international systems, the currency to the place with high interest rates flow
The in the domestic industry, the currency interest rate is low Local flow, 10%of the financing cost of physical manufacturing, and a real estate mortgage rate of 5%. The real estate industry bubble is large
why China's interest rate is close to the United States
This currency issuance mechanism. Table balances to prevent funds from getting bigger and large,
It large spreads, foreign funds have a high yield in my country, and my country's US debt yields are low in foreign yields, resulting in imbalances in assets
In RMB internationalization
Itta and distribution mechanisms are also trying
The two most important interest rates in the world
Interest rate
overnight borrowing interest rates: The following financial institutions below the Federal Reserve below the Federal Fund to borrow funds to pay costs. Commercial banks get funds and then loans. The interest rate will only be higher
The benchmark interest rate of the central bank: does not belong to the borrowing interest rate, belongs to the administrative order of the central bank to the commercial bank, the instruction loan interest rate of commercial banks
The loan interest rate is reduced, and the spread of bank spreads is reduced. After the marketization of interest rates, banks are painful. The bank go downhill, wait for the interest rate hike channel, etc., the bank will be good
why the inflation rate of China is so low
CPI to cover egg pork clothes, the currency goes to real estate
Then in the United States flows into the stock market
21 China will raise interest rates. Production capacity
Meo interest rate hikes, China does not raise interest rates, wealth will flow abroad, exchange rate depreciation, asset prices fall, when they fall to one place, they will copy the bottom
The important M0M1M2
M0: cash
n M1: M0 corporate current deposit
n M2: m2: m2: m2: m2: m2: M1 Regular deposit period of time
The secrets of 23 m1
M1 when the growth rate is particularly high, it is often when the assets are soaring. Everyone does not want to get regular money and save it. During the current period, prepare to invest in the real estate stock market, or expand the reproduction of the reproduction
. The truth of the difference between the difference between the twenty-four M1M2
M1-M2 M1 increases by 30%. M2 increased by 10%. There are 20 points gap in the middle. Everyone does not want to save time, everyone has speculation. Asset bubbles are relatively high. The asset price peak will maintain for a period of time
The issuance of 25 currency
1. The newly issued basic currency of the central bank
2. Commercial banks newly added Loan derived currency ordinary currency
The equal to M2 incremental
If the central bank issued basic currency
1. The main source of foreign exchange accounts
2. The central bank's re -loan of commercial banks
The essence of 26 basic currency
The derivation of the deposit reserve ratio is the theoretical maximum limit of currency multiplication
Essentially: The currency of the first time of the central bank has no currency corresponding to wealth, as long as you expand your balance sheet expansion It is called the basic currency
The two -seven very important sentence
is relatively rapidly shrinking: throwing bonds is more in the US economic stock market. , Bonds smashed their hands and no one wanted it. Why? The economy turns bad, the corporate bad debt rate is high,
is prepared for the next round of loose
how to derive ordinary currency
r How many ordinary currencies can the basic currency be derived?
The theoretical maximum value basic currency*deposit reserve ratio
deposit reserves: commercial banks need to pay a certain proportion of deposit reserves at the central bank
n n n n n n n n n n n n R n, for example, there are 10 billion basic currencies and 20%of the deposit reserve ratio. Do not consider excess reserve ratio, cash ratio,
n 100 100*0.8 100*0.8*0.8 100*0.8*0.8*0.8 ....
-0.8) = 500, that is, at the 20%reserve rate, the M2 limit can be generated by 50 billion.
Generally, this 1/(1-reserve ratio) is also a currency multiplication. From this example, you can know why this currency multiplier.
The simple equivalent ratio and
29 interest rates. You must understand
The interest rate, administrative interest rate.现在意义不大rnrn市场拆借利率（隔夜，七天，二十八天）银行间的借款利率，根据市场货币供求关系决定的利率，sibor，现在越来越重要r n
Reverse repurchase (placement): The central bank puts currency at commercial banks
is positive repurchase (recycling): the central bank recycled currency from commercial banks
30 is important Lesson: M2-GDP
M2 increased by 9%, and GDP increased by 6%. The difference is 3%,
1. Simply believes that it is the degree of currency exchanges,
2, inflation level
. The growth rate of house prices is the problem of stability of the exchange rate of RMB in China.
M2, 5%, GDP 2%, the difference is 3%, similar to China. The RMB exchange rate can remain stable.
31 is very important. One is very important: The central bank's balance sheet
Qe is? Purchase bonds directly to the market to put currency
The means of repurchase reverse repurchase various means may not be clear and dizzy, eventually reflected on the balance sheet
. If The rapid expansion of a national central bank's balance sheet must be a loose monetary policy. If shrinking, this country is tightening currency. Generally, a national table is a few percentage expansion every year, and it will not exceed 5%
The Fed's original table of 800 billion, and the three rounds of QE expand to 4.5 trillion. The stock market real estate bubble
The central bank also expanded after 2008. Pay attention to the central bank's balance sheet every month. Other means do not need to care about
32 ICO bubbles and virtual currency nature
Bitcoin is a tool for money laundering
33 China does not have the real reason for India's martial arts
The China is preparing for the BRICS free trade zone. The excess capacity can be transferred, and the dollar will also be marginalized
34 foreign exchange reserves
Except for the US EU, other countries, especially developing countries, are important because Your currency is not international, and people recognize the dollar pound.
1. We obtain the US dollar relying on the trade surplus,
. We rely on the introduction of FDI
The central bank, the central bank gives you an equal value RMB. Forced foreign exchange settlement
Essentially the central bank's internal foreign exchange liabilities, your RMB is the central bank's debt voucher
35 important lessoning tax tax
r n 货币本身没有价值，可以购买商品服务rnrn铸币税：钞票能买到的商品价值-制作钞票的成本rnrn三十六：大规模放水， Will house prices rise sharply
The short -term liquidity reverse repurchase should be recycled
The commercial bank assessment should be all outside the table, wealth management funds are included in risk capital, avoid Commercial banks appear money shortage
37 important ten years of major changes
n
If the crisis occurs, most bonds breach of contract becomes a bunch of non -performing assets, which will not only destroy commercial banks, but also destroy the Federal Reserve. Go out, you can't get the last stick
The new decisive factor of the 38th important interest rate level
Yellen's latest interest rate view
n For a long time, it is likely to endanger and the financial system
If the interest rate is too low, it is likely to cause large -scale bubbles of assets
The interest rate hikes not only consider inflation, but also consider other The problem, also consider the asset bubble
The central bank changes
Yigang: style is very similar to Zhou Xiaochuan, four trillion, stock disaster
n Facing both people is not very assured
The real leader is Liu He
39 investment class worth tens of millions
in the Chinese stock market Hong Kong stocks and US stocks are suitable for this formula
A security margin P/E ratio = 1/(one -year loan interest rate*2), if the one -year loan interest rate is 5%, the safe margin price -earnings ratio is 10
S safety margin price = security margin price -earnings ratio*earnings per share. If the earnings per share are 2 yuan, the security margin stock price is 20 yuan.
The premise: stock profitability must be stable or even increased, and the stable growth of profitability is foreseeable.
. A 40 -value investment class answers questions