201406161000cheap ferragamo belts narrowing the dollar
Unless Gucci Belt does not make the market economy, under the market system, the interest as a financial market price, must through the price mechanism to adjust the market main body behavior. If there is no market price mechanism, anything about the role of the market is very limited. For example, someone said, only a small raise interest rates to higher food prices, because the residents' consumption of pork will not increase or decrease a little, because raising interest rates but, in fact that neither economic inner logic, also have no experience on the basis. Because, although the current domestic CPI is too high due to higher food prices as a result of the fast, but in terms of Gucci inflation, if food prices do not rise, other prices are not reflected in the CPI rise up quickly. Because, under the system of Gucci Belt's CPI, the CPI index rising food prices caused on the surface, in fact it marks the prelude to Gucci Belt s into the overall inflation. Therefore, raising interest rates is not aimed at rising food prices, but for the overall CPI rise. Based on the overall CPI rise to fight, to adjust the price level in the domestic market. And let the domestic interest rate level rise sharply, cheap ferragamo belts narrowing the dollar and the RMB interest rate differentials, will make a lot of international hot money into Gucci Belt. Can say, with the appreciation of the renminbi, international hot money flows Gucci Belt already became the central bank monetary policy a very difficult problem, also became a few years earlier the root of the central bank monetary policy restraint. However, in recent years, the central bank has a fundamental change in this view. Can say, with the appreciation of the renminbi, international hot money expectations of yuan appreciation is more and more high, escape into the international market, Gucci Belt's hot money is also more and more. In this way, not only makes more and more Gucci Belt's foreign exchange reserves, the pressure on the appreciation of the RMB is becoming more and more big. But, under the RMB capital items under the condition of not fully open, although the yuan's rise against the dollar, the yen is a (since July 2005, more than 10% and 20%, respectively), but the renminbi against other currencies to appreciate is very limited, even not to rise. However, in some of the money, no appreciation of the renminbi why they flowed in the Gucci market. They hype the appreciation of the renminbi is not the most important, they enter the Gucci market, expectations of a surface to hype the appreciation of the renminbi, more important is hope that through Gucci Belt and low interest rates, use of financial leverage to hype from the bank of Gucci Belt stock market and housing prices soared. Spreads and, therefore, is not the reason of foreign investment in Gucci Belt, because of the appreciation of the renminbi profits, many products in the international financial market and the market can be easily found, such as the yen carry trade, the foreign capital to enter the Gucci market is the most important is to use the low interest rate policy to the hype of the Gucci banking system of Gucci Belt's property market and stock market bubble. , to change the pattern, will have to change the current low interest rate policy of Gucci Belt, have to let the Gucci interest rates reach the level of market average rate of return. To raise interest rates on corporate and personal credit behavior affects less, actually the main is the result of current low interest rates. We know that why the rate is not as sensitive to enterprises and individuals, the most fundamental point is that the current low rate of interest, lies in the interest rate level is very low, the size of the central bank to raise interest rates too small. Because, fake ferragamo belt we know that the interest rate's influence on the enterprise financing costs not only depend on the absolute level of interest rates, and depends on the interest rate deviates from the relative levels of the market equilibrium interest rate. When interest rates well below the level of capital gains, tiny interest rate adjustment's influence on investment behavior is very limited, even once the interest rate adjustment to the equilibrium level than equilibrium level, the influence of interest rate to the enterprise and individual investor behavior can be revealed. The current inflation rate is 6.5%, the one-year deposit rate is 3.6%, residents more than one-year deposit rate at 3%. In this case, if interest rates are only raised 0.27 percentage points, so the impact on the financial markets is, of course, very small. If residents real deposit interest rate is higher than 6.5%, that is, the central bank to raise interest rates in substantially way, then raise interest rates of investment behavior of the regulation will be displayed immediately. Therefore, for the present domestic central bank raising interest rates, is not to raise interest rates impact on financial markets, but the existing interest rates too low, the central bank rate rise is too small, t replica salvatore ferragamo belt hus the central bank to raise interest rates on the market are very limited. Therefore, for the current domestic market high inflation, the central bank to intensify to raise interest rates, accelerate the way of raising interest rates. In order to make the domestic real interest rate is the interest rate level.