This paper analyzes the relationship between China s currency issuance and China s economic growth f

Summary. In the context of the new normal of China's economy, the Bank uses various tools to regulate the money supply and interest rates, and then affects the macroeconomic policy and measures to achieve the established economic goals (stabilizing prices, promoting economic growth, achieving full employment and balancing the balance of payments). Broad Monetary Policy:

Refers to all monetary regulations and measures taken by banks and other relevant authorities to affect financial variables. (Including financial system reform, that is, rule changes, etc.) The main difference between the two is that the latter policymakers include ** and other relevant departments, who often influence exogenous variables in the financial system and change the rules of the game, such as hard limits on the size and direction of credit, and the opening and development of financial markets. The former is the use of discount rate, reserve ratio, and open market operations by banks in a stable system to achieve the goal of changing interest rates and money supply.

At present, China is implementing a fiscal and monetary policy of both prudent fiscal and monetary policies.

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Answer: Against the backdrop of China's new normal economy, the monetary authorities will not be able to increase the growth rate of money supply and reduce interest rates.

In the context of China's new normal economy, the Bank uses various tools to regulate the money supply and interest rates, thereby influencing the macroeconomic policy and measures to achieve the set economic goals (stabilizing prices, promoting economic growth, achieving full employment and balancing the balance of payments). Broad monetary policy: refers to all the regulations and measures taken by banks and other relevant departments to affect financial variables.

The main difference between the two is that the policymakers of the latter include ** and other relevant departments, who often influence exogenous variables in the financial system and change the rules of the game, such as hard limits on the size and direction of credit, opening up the surplus and developing the financial market. The former is the goal of changing interest rates and money supply by using discount rates, reserve ratios, and open market operations in a stable system. At present, China is implementing the following:

Fiscal and monetary policies of both prudent and prudent monetary policies.

There are 6 main factors that affect the exchange rate (there are several exchange rate standards, I use currency appreciation and depreciation to make it clear):

1. Labor productivity; High productivity, rapid economic development, affect a country's ** and capital flow, and then affect the balance of payments, the country's foreign exchange rate declines, and the currency appreciates.

2. Balance of payments; This is the most obvious and direct impact. surplus, the currency appreciates; deficit, depreciation.

3. Financial revenue and expenditure; When a fiscal country runs a deficit, the general response policies and effects are as follows: higher taxes and lower fiscal spending will reduce domestic demand, increase exports, and increase the value of the currency; Both the issuance of currency and the issuance of government bonds cause inflation and devalue the currency.

4. Inflation and monetary policy; In the case of inflation, the same goods are more expensive in China and cheaper in foreign countries, and the currency tends to depreciate until the value of the currency is equal; If you treat money as a commodity, monetary contraction means that supply exceeds demand and appreciation; On the contrary, depreciation.

5. Central bank intervention; There are many of these, such as the central bank raising interest rates, selling foreign exchange, issuing currency, etc., which will affect the amount of currency, and then affect the exchange rate.

6. Political factors and foreign exchange reserves; The stronger the military, the more stable the currency; The more foreign exchange reserves, the stronger the ability to intervene in foreign exchange.

The impact of RMB appreciation (a brief overview, this impact can be large or small):

China is an export-led country, labor-intensive industries, RMB appreciation means higher production costs, export products are reduced, export-oriented enterprises are struggling.

The change of the exchange rate is mainly determined by the international financial environment, and the trend of a country's currency mainly depends on the economic situation of the country. The appreciation of the renminbi is conducive to reducing domestic inflation and reducing the pressure on the economy. I can only talk about a little bit, because there is so much to talk about.

Answers]: a, c, d

The main factors affecting exchange rate changes are: balance of payments; relative inflation rate; relative interest rates; aggregate demand and aggregate supply; Market expectations. Among them, when the balance of payments is in surplus, it will lead to foreign exchange depreciation and local currency appreciation; If a country's inflation is lower than that of others, the country's currency tends to appreciate; Raising interest rates can help attract capital inflows, reduce capital flows, and have a contractionary effect, helping to dampen exports, thereby appreciating the currency; When a country's aggregate demand grows faster than aggregate supply, the local currency generally shows a depreciation trend; If the market expects the local currency to depreciate, there will be a wave of selling the local currency in the foreign exchange market, which will contribute to the pressure of the local currency depreciation, which will eventually lead to the actual depreciation of the local currency.

Answer]: A See page 58 of the textbook, ** The change in the aggregate level is directly proportional to the change in the money supply and the velocity of money circulation, and inversely proportional to the total output.

Answer]: B, E

Currency appreciation, increase intake and cover mouth, reduce tomb excavation and reduce exports, b correct; Currency depreciation will cause demand to pull up prices** and costs to push prices**, and currency appreciation will suppress prices**. e correct; Currency depreciation generally leads to an increase in output and a decrease in currency appreciation. Currency depreciation, if further depreciation is expected, will lead to an increase in capital outflows.

Therefore, ACD is not selected.

State Jujube Answer] The manuscript is closed early: a, b

The impact of monetary policy on the exchange rate is mainly achieved through changes in the amount of money and changes in interest rates. Under normal circumstances, the contractionary monetary policy tends to reduce the amount of the national currency, and the interest rate level is relatively high, so the national currency tends to appreciate, while the expansionary monetary policy has the opposite impact on the exchange rate.