Recently, the trade disputes between China and the United States have increasingly affected the market. The RMB exchange rate has experienced a rapid depreciation, and the stock market has experienced a sharp decline. In the international market, due to the strengthening of the US dollar, the world's major commodity assets have also continued to decline, and prices including crude oil, gold, and bitcoin have also continued to weaken. People have begun to review the impact of financial strategy games on investors.
The role of currency in trade is actually very important. China is already the second largest economy in the world, but in international transactions, more than 90% of transactions have to be denominated and settled in US dollars. From a simple common sense analysis, this situation is similar to that, you work hard, but you get a piece of paper printed by someone else.
Of course, many people disagree with this relatively naked statement, because the contribution of the dollar economy itself to the world and the credit guarantee of the United States are difficult to replace. In fact, all the problem is that you do not have a very direct competitive relationship with the United States. If you enter a state of complete competition at a certain stage, the use of dollars is fatal.
Throughout the eighteenth to nineteenth centuries, the United Kingdom became the most powerful global economy, with more than 60% of the world’s gold reserves flowing into the United Kingdom, and the pound became the world’s most powerful currency; by the twentieth century, the United States gradually began to become the world’s The most powerful economy, the global gold reserves are transferred to the United States. When the United States has the largest national gold reserves, it accounts for more than 80% of the global official gold reserves.
Interestingly, the rise of the British economy has made the UK the world's largest gold reserve country. The rise of the US economy has made the United States the world's largest gold reserve country. The rise of China has led China to become the world's largest gold reserve country. Dollar reserve country. The logic has changed significantly. That is to say, in history, the rise of every empire has led to the inflow of gold and silver to this country, and the rise of China has not exchanged gold but huge reserves of dollars.
What will this result? Obviously, our decades of economic development and the exchange of strategic resources are simply not enough to reverse our position, because the US dollar is not gold, and the US dollar is only a commodity of the United States. If you want to compete with the United States, you have the greatest control The resource is nothing more than a commodity that can be printed in unlimited quantities.
If we take into account the historical background and the actual economic development situation, it is difficult for China to exchange gold in a strong export trade. China needs to reshape the global monetary system to meet its own demand for de-sovereignized currency, so it was only later that the International Monetary Fund (IMF) was promoted to perfect the SDR.
But the background of the International Monetary Fund is actually a logic that promotes centralized credit endorsement. If the sovereign credit cannot be shaken off in essence, the status of the US dollar will be difficult to shake in the monetary system.
Until the emergence of bitcoin in 2009, it brought many countries the imagination of a currency, but due to the subversive nature of bitcoin, it is like a double-edged sword that pierces the dollar while also piercing every economy. The financial and monetary system of the country has caused many countries to be discouraged from Bitcoin and even retreat.
However, digital currency, a brand-new currency form, has emerged from the financial market at a rapid rate and currently has a market value of hundreds of billions of dollars. Various financial institutions have increasingly recognized the attributes of their payment and value targets. The currency form began to brew.
On January 29, 2017, the People's Bank of China (PBoC) officially established the Digital Currency Research Institute. By this year, the relevant officials of the entire central bank system, continue to publish the feasibility report of the national issuance of digital currency, and have operational logical thinking, which can be seen in various media.
Recently, according to data from the official website of the State Intellectual Property Office of China (SIPO), from May 29 to the present, the Central Bank's Digital Currency Research Institute has published four patent declarations, namely "Inquiry Methods and Inquiry Systems for Digital Currency Transaction Information" A digital currency wallet synchronization method, terminal and system""A digital currency exchange method and system""Method and system for querying related accounts based on digital currency wallet".
It can be seen from the direction of patent declaration that China has made the final basic technical challenge for the issuance of national digital currency, and it has already formed an overall chain structure.
From the query of transaction information, to the synchronous processing of digital wallets, to the operation of terminals and operation and maintenance systems, it has been reflected in the patent. It even applied for a system for digital currency exchange methods, as well as an associated account processing system based on digital currency wallets. This means that China has not only prepared to issue digital currency, but has also figured out how to issue, manage, settle, and even establish the interaction between digital currency and various currencies. More importantly, these technologies have applied for patents. In other words, the technology is already formed and protected, and the next step is practical application.
At many levels, including core military technology, civil manufacturing, aerospace, life care and other fields, China has completed curve overtaking to varying degrees, but in the financial and monetary field, the current challenges may be unimaginable. Whether or not we can use the digital currency field to complete the curve overtaking in the financial and monetary field may directly determine China's true position and influence in the global economy in the future, and also determine whether the 21st century may really become China's century.
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