Ah, but maybe you want to look around a bit and see how China’s total debt is compared with other economies, like this? （你可能想看看其他经济体与中国的债务情况相比是怎么样的，如下图）
（G10债务分布图） If you put China’s data on this chart, it will be somewhere around Canada and New Zealand. Guess Which Country Has Debt Of Nearly 1000% Of GDP... Shocking, isn’t it? 如果你将中国的数据插入上图进行比较的话，中国的数据大约会在加拿大和新西兰之间。猜猜看哪个国家债务大约是自己GDP的10倍....（英国）非常震惊吧 UK has almost 1000% Debt-to-GDP ratio, compared with China’s < 300% Debt-to-GDP ratio, mostly because of that over-sized financial debt - at the end of the day, the government must stand behind it. On top of that, the UK has no resource to sell, hardly any industry left, going through a divorce with EU, and almost never ever meets her fiscal targets. And yet, UK, with its near 1000% debt-to-GDP ratio, is still viewed as the gold standard among safe havens. PRESENTING: The Rosetta Stone Of The Entire Sovereign Debt Crisis Why? Because UK issues debt in her own currency. And who prints the pound? The UK government. 英国的债务/GDP占比将近1000%而中国只是小于300%，其原因是其过于庞大的金融债务——政府最终将不得不为之站台。在此之上，英国没用可出售的资源，没有任何本国工业，正在脱离欧盟，而且英国基本上从来没有达成其财务目标。即使如此，英国仍然被某些传媒视为安全经济体的黄金标准。其原因就是英债都以英镑的方式结算。那么是谁印英镑的呢？英国政府。 Then you take a look at Japan, wow that’s 600%+ debt-to-GDP ratio! But - Japan’s debt is not only mostly internal, in Japanese Yen, but also with 0% or even negative interest. You can roll this kind of debt over practically forever. That’s why people have been yelling about Japanese debt for the last 20 years, and nothing happens. 然后你看看日本，将近600%的债务/GDP占比！但是，日本的债务几乎都是内部的，以日元的形式出售的债务，而且日本是0利率甚至是负利率。实际上这种债务你可以无限积累下去(经济常识：如果是负利率，政府只要保持债务不变，多出来的部分会自行消失)。这就是为啥人们对日债担心了20年但屁事没有发生。 Then you take a look at those economies that have blown up on debt: Argentina: Government/Sovereign debt in USD, with jurisdiction in New York!Greece: Government/Sovereign debt in Euro, with jurisdiction in Brussels!Iceland: External financial debt → nationalized into Government/Sovereign debt in USD and Euro alone was 700%+ GDP in 2008, with jurisdiction in New York and Brussels. 然后你看看那些因债务问题毁掉的经济体： 阿根廷：政府/主权债务以美元形式结算，其裁判权在纽约!希腊：政府/主权债务以欧元方式结算，其裁判权在布鲁塞尔！冰岛：外部金融债务→债务国有化后2008年政府/主权债务以美元和欧元的形式达到GDP的700%，其裁判权在纽约和布鲁塞尔 Then you look at China, with her debt almost entirely internal, in Chinese RMB to Chinese citizens, government debt at 55%, lower than the US, Japan, and EU average, in her own currency. China’s external debt is about 9% of GDP, globally ranked 184th (less than North Korea, similar to Kosovo) - anyway you look at it, it’s hardly the kind of material to make a banking crisis. China is borrowing a little bit from her own piggy bank. Argentina/Greece/Iceland were borrowing a lot from the Mafia. 然后你看看中国，中国的债务基本都是内部以人民币结算的。中国政府债务只占总债务的55%，比美国，日本和欧盟都要低，再次强调，其债务以人民币结算。中国外部债务只占GDP的9%，全球排行184位（比朝鲜低，比科索沃高）。无论怎么看，你都不会看到中国有任何银行危机的迹象。中国只是向其国内贪心的银行借钱。阿根廷/希腊/冰岛可是像美国欧盟这些黑手党借钱。 PS: The most significant increase in China’s debt is in the financial sector, driven by rising real estate price (which means higher value of housing loans). Right now, the Chinese government is basically using it as a tool to do macro-economic engineering. The goal is to cap urban growth in top tier cities (Beijing, Shanghai, etc.) and push the economic growth to second- and third- tier cities (Hangzhou, the city that just hosted G20, is an example.http://www.g20.org/English/Hangzhou/About/index.html Now you can look back and see why the Chinese government decided to host G20 in a city nobody has ever heard of). This is clearly stated by the Chinese government like 100 times since last year in the official news channels. The reason? Top tier Chinese cities like Shanghai (25 million) already have more city residents than the whole nation of Australia! The metropolitan area of Shanghai (44 million) has more people than the entire population of Canada! In one city! Beijing’s population grew by 8 million within the last decade! The place is simply full.List of cities in China by population and built-up area PS: 中国最显著的债务增长是在其金融领域内不断升高的房价造成的（不断增高的房贷造成债务问题）。现在中国政府正在利用房价作为宏观经济调控的工具。其目的是限制一线城市的城市化进程和加速二三线城市的发展（刚刚举办了G20的杭州就是个例子，现在你就能知道为啥中国政府将G20放在一个没人听说过的城市举行了）。这些政策中国政府已经在官媒上宣布了无数次。原因就是一线城市，例如上海（2500万人口），其居民数量比阿根廷全国人口还要多！上海都市圈（4400万人口）的人口数量比加拿大全国还要多！北京人口数量在过去的10年内增长了800万！这些城市的人口数量已经饱和了。 In addition to real estate prices, the Chinese government is also doing stuff like restricting residents permits, disallowing second or third homes, even restricting jobs to local residents, everything to say “this place is full. We have these other nice choices, with lower housing prices. Go there.” Young people complaining about housing prices in tier-one cities? But that’s the whole point. The debt you have to take on to live in tier-one cities SHOULD SCARE YOU OFF. The Chinese government is trying to stop the influx of people pouring into tier-one cities, and get these smart and energetic youths to go build two, three, four, five. … more Shanghai’s in other parts of China. 1.4 billion people can’t all fit into tier-one cities. 除了以房地产为手段，中国政府也加强控制了居住证的发放，禁止第二/三套房买入甚至对本地居民的工作种类进行限制，这些都是为了表达一个意思：这些地方都人满为患了。二三线城市有更低的房价和更好的生活条件，快点去那里吧！年轻人都在抱怨一线城市的高房价？但这就是中国政府想要的。你在一线城市生存需要的代价会把你吓退。中国政府正在尝试控制一线城市的人口流入而让有技术和充满活力的年轻人去建设二三四五线城市——让更多的上海出现在国家的其他地方。14亿人口是没可能全部都聚集在一线城市的。 5.9k Views · View Upvotes Upvote91Downvote Comments4+ Share
There is too much debt, and a lot of it is likely to turn into bad debt, but that does not equal a banking crisis. 是因为中国贷款太多了，而这些贷款大多数会变成不良贷款，但这些都不等银行危机 Banking crisis may be a nice term to bandy around and get clicks and headlines, but does not really explain what is going on. 银行危机或许是一个十分吸引眼球的头条，但是根本就不能解释实际的情况 There was a lot of debt financing, especially after the 2008 subprime mortgage crisis in the US. In order to keep the economy on a steady keel, the Chinese government, through its banks, pumped money to Chinese state-owned enterprises, in order to keep high employment and maintain an image of “growth”. A lot of this money then found its way into the underground banking system through “wealth management products” and other means. A lot of this has turned into bad debt. 中国政府有过很多次债务融资，特别是08年美国次贷危机之后。为了稳住经济增长，中国政府通过银行将大量人民币注入到国企内以维持就业率和高增长的形象。但这些钱最终大都以理财产品和其他形式流进了地下钱庄。这些大部分都变成了不良贷款。 Another problem area, which frequently overlaps with the “wealth management products” is the local government financing vehicle used to fund local property development, which I have discussed here: Paul Denlinger's answer to Why does China have so many ghost towns? 另一个有问题的领域，和“理财产品”有莫大关联的，就是地方政府为当地基础建设所采用的金融工具（我在这个地方有详细的分析：https://www.quora.com/Why-does-China-have-so-many-ghost-towns/answePaul-Denlinger?srid=tR&share=22b99cfc） What is likely to happen in China is that growth will slow down in some areas, while there will be certain newer parts of the economy which will continue to grow. If the Chinese government is able to support the newer parts of the economy and help them to grow, while cutting back on loans to the weaker parts of the economy, it may be able to handle this transition better. 最可能发生的情况就是中国的经济增长将会放缓，但是肯定会用新的增站点。如果中国政府能支持新的增长点而且能减低夕阳工业的不良贷款率，那么或许能更好地度过过渡期。 This is exactly what the Chinese government is trying to do and you can read about it here:Here is how China is going to quietly save its economy 这些正是中国政府正在尝试去做的，你可以读读这个文章了解一下：http://www.scmp.com/news/china/economy/article/2022491/china-deploys-policy-banks-stealth-mission-stimulate-growth So, if you are expecting there to be a dramatic run on the banks, and the Chinese people to take to the streets and overthrow the Chinese Communist Party, and become a full-blown democracy like Taiwan, Japan or South Korea, you are very likely to be disappointed. 所以，如果你是期待一次强烈的bank run（自行百度啥是bank run），然后中国人民上街推翻TG，中国大陆变成与台湾，日本韩国一样的政体，那么你要失望了。 4.3k Views · View Upvotes Upvote62Downvote Comments2+ Share
Is China facing a Banking crisis? 中国是在面临一个银行危机吗？ Yes. 对 Is it facing a full blown Banking crisis? 中国正在面临一个全面性的银行危机吗？ No. 错 Combined debt of China is almost 300% of its GDP. But the the categorized in 4 parts as it is shown in the image with the question too. 中国的总债务大概是GDP的300%。但是分在了如图所示的4个领域内。 The corporate debt has the lion's portion of the total debt. The household debt and non corporate debt are nothing to worry about because it is less many other developed countries and has some room to grow. 公司债务在总债务中占了大头。个人债务和非公司债务根本没啥可担心的因为这些比大多数发达国家还要低所以还有增长的空间。 Government Debt is not too big when compared to standards set by many global institutions like IMF, World Bank, etc. 政府债务以多数国际组织，例如世行和IMF，设定得标准来看其实不高。 The only major concern which is of a serious magnitude is the corporate debt. This is also reiterated by many economists. 最主要的关注点就是公司债务了。许多经济学家都重申了这点无数次了。 Now the problem with China is that data that comes out of major Chinese institutions is murky so their are many different types of estimates by many different institutions but the common theme in it is corporate debt and its size. 中国最大的问题就是中国国内组织公布的数据来源不清晰所以不同的国际组织对中国经济的实际情况估算会不一样。但所有组织最关心的都是中国的公司债务与其规模。 Corporate debt consists of debt owned by state owned corporations and private corporations. Private corporations in China are generally crowded out by the state owned corporations because of connections and political agenda. 公司债务又分成了国企和私企的债务。中国私企大多数收到国企排挤，这是有政体造成的。 Many state owned corporations have invested into unproductive projects as a result of excess boost given by government after 2008 to prop up the economy. This has resulted in a huge amount of NPAs. So, in all the major problem is state owned corporations piling up huge amount of debt. To solve this problem, the government tried to convert the debt into shares which the bank owns and can recover money through profit dividends but this was one of the causes for last year's stock market crash. 在08年过度的经济刺激政策下，很多国企在许多无效益项目上投了许多钱。这造成了大量的无效能资产。所以，最大的问题是国企堆积了大量债务。为了解决这个问题，政府正在尝试将国企的债务转化为股份，那么银行就能将债务转化为红利而最终将债务收回了。但这造成了上年的股灾..... Hence, it is a big crisis but not the one government cannot handle with so much trade surplus and forex reserves. But actions are definitely needed to stop it from growing into a bigger problem. 所以，这是一个危机但仍然是政府能控制的，毕竟中国政府有大量贸易顺差和外汇储备。但是仍然需要实际行动来防止事态的扩展。 906 Views · View Upvotes Upvote18Downvote Comments1+ Share
How Fed Funds Rate Works (and Why Forex Traders Should Care)
The aim of this post is to show how the current federal funds rate operation differs from its pre-crisis model and how it is important to Forex traders.
When things were simple (before 2008), the Federal Reserve set its target federal funds rate (FFR) as a single number and made sure that the effective federal funds rate (EFFR) is at the target level by performing open market operations (OMO). Those OMO normally included repurchase agreements (repo or RP) to temporarily increase the reserves supply in the federal funds market (FFM) (and thus reduce the demand and the EFFR) and reverse repurchase agreements (RRP) to temporarily decrease the supply of reserves and drive the EFFR up. It worked very well because the total size of bank reserves was rather small ($15 billion) in pre-crisis times.
Nowadays, when the Fed is holding $2.27 trillion in reserve balances (as of March 27, 2017), the old scheme would not fare so well. There is no scarcity of reserve balances at all. To create it, the Fed would need to sell a big share of its securities to shrink the total reserves to manageable size. But that would create some problems — it would drive down the prices of those securities and would launch a series of unpredictable market feedback loops. Instead, what the Fed is doing since 2008 is setting a target FFR as a range between two interest rates. For example, it is 0.75%-1.00% as of today while the EFFR, measured as volume-weighted median, was at 0.91% during the last 3 days.
The Fed makes sure that the FFM respects the target bounds by setting the interest on excess reserves (IOER) to the top boundary rate. When 95% of the reserve balances are the excess balances (balances exceeding the required level), the IOER rate paid by the Fed to the banks for holding these reserves serves as the ceiling for the rate corridor. It may sound counter-intuitive, because IOER would have been a floor level if only the FFM was composed only of the banks. However, it is not the case. The government-sponsored enterprises (GSE), such as Fannie Mae, Freddie Mac, and Federal Home Loan Banks, comprise the bulk of the FFM. GSEs do not earn IOER on reserve balances kept at the Fed. This creates an arbitrage opportunity for banks to borrow from GSEs and allocate the funds with the Fed to earn IOER. Consequently, the interest rate of GSE's loans to banks should be below IOER.
And how about the floor of the rate range (the 0.75% part of today's target range)? It is enforced by the Fed through the OMO called overnight repurchase agreement (ON RRP). With it, the Fed can drain some reserves from the system by borrowing cash from market participants, giving them securities as a collateral. Since not only banks can earn interest on their funds with ON RRP (GSEs can also do it), this sets the de facto lower boundary for the EFFR. Who would lend at a lower rate if they can choose to get at least this rate from the risk-less loan to the Fed? One important feature of the current system is that the EFFR does not cling to the upper side of the rate range (IOER) but hovers below it, falling down to near the ON RRP rate during the final day of the month. The reason for the former is that the banks pay higher FDIC insurance fees when they borrow more. And the reason for the latter is that the banks need to follow the Basel requirements, which limit their leverage, but are calculated based on the end-of-month balance sheet.
As a result, we can see the EFFR fluctuating between ON RRP and IOER — well within the boundaries of the Fed's target FFR. The short-term interest rates (represented by the 3-month Treasury bills) roughly follow the EFFR, which means that the interest rates get propagated beyond the FFM. Note the EFFR spiking down on each last day of the month: EFFR inside target FFR range with 3-month Treasury Bill rate for comparison
Relation to Forex
So why should Forex traders care about this? Because effective federal funds rate and the Fed's ability to uphold it are even more important for the US dollar than the target rate set by the Federal Open Market Committee at its meetings. It is the higher EFFR that would stimulate banks buying more USD to park it either with the Fed or with the GSEs. It is the lower EFFR that would let banks to use the USD as a carry trade short side. Now you see that any significant news concerning GSE regulations, Basel III requirements, or FDIC insurance fee policies could have tremendous influence on the USD rate based on how such news could affect the EFFR. As a currency trader, you have to be up-to-date with the expectations of the FFM participants regarding those three components. I recommend the following resources to stay up-to-date with those topics:
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