When the 3S lady such as Lv Bicheng: I have only bread a lack of love in speaking more talented, you may think of Eileen Chang, Xiao Hong, Lin Whei-yin, in fact, there is a vast natural proud legendary female, she is called three hundred years at the end of a female poet, Lv Bicheng. By on the morning of April and all the talented woman, Lv Bicheng small age and pure heart and spirit. It is said that the five year old will be stunned: "spring willow, rain hit, twelve year old Indus started painting writing, write" hate to green boudoir children, left a cavity without Xing, Dan send free writing." Broad-minded ci. In the newspaper, they begin to display talents, talent overflowing, became the first female editor in the history of our country. Compared with her talented woman, Lv Bicheng was a bit more positive energy: a successful career, wealth is considerable, even if the feelings, never had the slightest grievance and will. Of course, any a talented woman, there is a legend of his own: Lv Bicheng 12 years old, his father died, her mother took a sister to uncle. Ten years, the dream, but Uncle blame for not dutiful without virtues. The young man she left home alone. For the old women run away, Lu Xun had made a famous speech "after Nora ran away", talking about Nora after leaving, can only face two results: not degenerate, is back. Therefore, it is difficult for women to achieve the dual independence of economy and personality in the society at that time. The ancient Zhuo Wenjun, even for the love of home, no less after returning home, his father was to survive. At the same time with Xiao Hong Eileen Chang, after leaving home, the former displaced destitute, the latter may extremely lonely frustration. However, Lv Bicheng, is "a runaway Nora" the most successful: just take the first step in new life, we met the British to the bole Lian, get out of hand. To promote women’s independent article Pianpian ripples, which makes her the first advocate of feminism. Among the more met many literary cafe, Yen Fu, Fan Zengxiang, Lv Bicheng thought Shunding easy, more substantial, more full of soul. Later, Yuan Shikai appreciated it, so he moved from the cultural circle to the political circle and became the confidential secretary of Yuan Shikai. After a long time, they became tired of the dark world of officialdom. They resigned and fought in the business world. Abandon the political business, just two or three years into the small Fupo in Shanghai, to lay their own one day, among the upper class society, the beautiful dress costumes, Chushoubufan, became the Shanghai rare a scenery. Here, maybe you will say, like this can rely on talent mix so sparkling, good-looking face cliffs where not to go. All right. To write a special figure, although not very clear, but overall, a great lady of the wind, oval face, narrow eyes, handsome, dignified manner. A beautiful woman. Look at this piece of what you like? No, the whole person has somehow crossed it I don’t have to wear that woman in it ~ but also the modern girl wearing a cheongsam, Lulu show arm: but, you figure.
Central bank liquidity management has entered a new norm in double down is more worthy of looking forward to central bank liquidity management has entered a new norm in the "double down" – Yan Yue is worth to expect more from January 29th onwards, the central bank in the open market operation will enter the day reverse repurchase mode. Plus standing loan facilities (SLF), middle (MLF), to facilitate lending mortgage Supplemental Loan (PSL), short-term liquidity adjustment tool (SLO) and supporting government bonds and commercial bank bonds in the open market operations and SLO the scope of collateral, the central bank in order to maintain appropriate and sufficient liquidity before and after the Spring Festival, the central bank to use all the tools of monetary policy in addition to RRR cuts abroad, but for the market is expected to drop quasi did not decrease, but will delay some time. In February 2nd, the central bank conducted reverse repurchase operations in the open market for 14 days and 28 days. 14 days reverse repo restart allows reverse repo operation varieties more abundant, now covering 7 days, 14 days and 28 days 3 operation varieties. The abundance of reverse repo varieties, as well as SLO, SLF, MLF and PSL at any time, constitute the new normal state of liquidity management of the central bank. Through the combination of these tools, the central bank constitutes a short, medium and long-term liquidity delivery system, which ensures the reasonable and sufficient liquidity of the current banking system. We call it a disguised drop. Through the central bank’s efforts, the liquidity tightening situation in the money market earlier this year has been reversed. The Shanghai interbank offered rate (Shibor) overnight interest rate has dropped from 2.0140% in January 21st to 1.9840% in the past day, a daily decline. In addition to the liquidity supplementary tools, the central bank expanded the scope of SLO participation institutions, increased postal savings bank, Ping An Bank, Guangdong Development Bank, Beijing bank, Shanghai bank, Jiangsu bank and Hengfeng bank as SLO dealers. This provides a strong guarantee for the short-term liquidity of these institutions. Although the central bank has resorted to "Eighteen Wu Yi" to ensure a reasonable liquidity adequacy, but the market is expected to reduce the level is still not reduced, but only the time from December of the year postponed to January this year, after the spring festival. The market for RRR there are three main reasons, one is the negative growth in foreign exchange to reduce the money supply, the other is a further expansion of local debt will absorb part of long-term liquidity, the third is MLF tools such as interest rate level is still high, is not conducive to reduce financing costs. In mid January, the central bank convened a commercial bank forum to deploy the liquidity management of the banking system before and after the Spring Festival, and launched a series of specific measures. Central bank research bureau chief economist Ma Jun this evaluation is that the central bank to provide more than 600 billion yuan of medium-term liquidity, there is the meaning of the role of replacement rrr. From the data released by the central bank, we can find that in January, the central bank carried out MLF operation of financial institutions with a total of 862 billion 500 million yuan, of which the period was 3 months, 445 billion 500 million yuan, 6 months, 217 billion 500 million yuan, and 1 years, 199 billion 500 million yuan. Over the same period, the central bank also issued 143 billion 500 million yuan of PSL to three banks. According to this calculation theory
China’s gold reserves will continue to rise, Liang Hong, Sina’s financial opinion leader (WeChat public number kopleader) columnist, as the world’s largest gold mining country, China does not seem to have enough gold. We expect that China’s gold reserves will continue to climb, but this will be a slow and long process. The central bank can buy gold through two markets at home and abroad. At present, Switzerland, Hongkong and South Africa are the major sources of China’s direct import of gold. China’s gold reserves will continue to rise from the peak of $3 trillion and 990 billion in June 2014 to $3 trillion and 190 billion in August 2016, and China’s foreign exchange reserves will be reduced by 20.2% – although 31.3% of the decline is due to the negative valuation effect caused by fluctuations in the . Over the same period, China’s gold reserves increased by 73.9% to 1833.5 tons from 1054.1 tons, forming an obvious contrast (chart 1). Compared with other countries, Chinese gold hold large measure? What are the policies and market implications of China’s gold reserve increase? Figure 1 although the recent holdings, China is still low distribution of gold. The central bank issued monthly data on gold reserves since June last year. Gold reserves jumped by 57.3% in the current period, and since then it has increased by 10.6%. In the past 14 months, China’s central bank has increased 175.1 tons of gold, second only to Russia’s about 262.6 tons, equivalent to the same period the world’s total gold reserves increased by 48.7% (chart 2 and 3). Figure 2, figure 3. Nonetheless, China’s gold reserves are currently only sixth of the world, equivalent to 75.1% in France (fifth) and 22.5% in the United States (Chart 4). From the ratio of gold reserves to GDP, China is only equivalent to 16.9% of France and 38.5% of the United States; from the gold reserve to population ratio, China is only 3.5% of France and 5.3% of the United states. Gold accounts for 2.4% of China’s reserve assets, far below France’s 66.5% and America’s 75.6% (Chart 5). As the world’s largest gold producer, China does not seem to have enough gold. Figure 4 Figure 5 central bank holdings of gold may help: to achieve diversification of reserve asset investment. China’s 97.1% reserve assets are foreign exchange reserves, accounting for about 29.4% of the world’s foreign exchange reserves. Therefore, the interest rate and exchange rate fluctuations of reserve currency issuers will impact China’s national wealth, not to mention the negative interest rates of a large number of sovereign bonds. The diversification of Reserve Investment naturally requires an increase in the allocation of gold in the portfolio. Supporting the RMB reserve currency. The US dollar’s international reserve currency position is closely related to gold. Under the Bretton Woods system, the dollar is directly linked to gold, playing a positive role in replacing the pound with the dollar as the main reserve currency. After the disintegration of the Bretton Woods system, the United States is still sitting on the world’s largest gold reserve, accounting for 24.7% of the world’s official holdings. The increase of gold reserves can further reinforce the confidence of the market for RMB, while the improvement of RMB internationalization has been reversed
The ten agencies refused to see the city: deep down below 2900 points higher safety margins sina finance Level2:A shares of sina finance: App speed Kanpan live on-line blogger to tutor (02) securities times net month 23 days after rose yesterday, the Shanghai and Shenzhen two city today out of the shock adjustment pattern, intraday substantial exploration low, but the late rebound. At the close, the stock index fell 0.81%, at 2903.33 points, 2900 points recovered; Shenzhen stock index fell 0.69%, at 10299.67 points; the gem index fell 1.22%, at 2218.12 points. For today’s disk and the trend of the afternoon, most agencies believe that today adjusted to normal health shock, the market can continue to do more. Cod Investment: market to deep down Changyang line in short-term market Tuesday intraday plunge, but the market in the late stage of improved index decline significantly reduced from two of the performance today, small cap stocks with larger decreases. Blue chip trend today appeared relatively large differentiation, nonferrous metals, iron and steel and coal showed strong momentum in the trend of the market, gold stocks late trend is particularly prominent. From today’s market trend, the short term is expected to appear in Changyang. First, the blue chips did not go down in the fall, today’s market decline is mainly due to the decline of the active financial stocks yesterday, brokers and banks have varying degrees of adjustment today. From the whole trend, today’s market does not appear big bad news, the market adjustment is mainly from the technical requirements to consider. Today, although the index is adjusted, but through the disk can be seen only at a high index after the step back, step back to Shanghai five days after trading began to pick up, and fell in the blue chip is adjusted in batches, and not all fell, from this point of view of the market is still strong. Another point of view, although the index adjustment today, but the late coal and gold two industry stocks are still out of a relatively strong momentum, and this momentum has been able to drive the market decline narrowed, which is sufficient to show that the market is refusing to fall. Two, today Kanpan disk is concerned, the possibility of a larger technical callback. Shanghai composite index rebounded after the 5 day average support, and the rebound momentum is relatively large, but also in the process of rebound led by gold and other sectors, the market is generally hot and trading volume. This trend indicates that the market has only experienced technical adjustments after several trading days’ rebound. Today, the stock index single needle down the 5 line has basically completed the short-term adjustment task. From today’s market performance, the intensity of gold and other hot spots, once the financial stocks to complete the adjustment, then the market may be formed multiple hot spots simultaneously rising pattern, short line is expected to appear Changyang line. Ningbo Haishun: the rally has entered the pressure zone recommendations cautious stock index today opened at 2925.71, then a concussion, stepped back five day moving average, near the upturned somewhat late, closing at 2903. on