Free 3d online gamesincrease / 2010-04-04 19:50:52 / Weather: sunny / Mood: happy American financial regulation: to know ourselves before being its capability of continuous improvement as the global financial 2010, ultra-loose monetary policy countries “Exit” in the spotlight. In view of the Fed's position in the international financial system, the Fed's “Exit” will lead the world out of ultra-loose monetary policy. Therefore, the discussion Fed's “Exit” choice, will discuss global monetary policy is to mobilize and Incident of vital international financial situation. Although the Fed has already started at the beginning of a strategic withdrawal, but to fulfill the case, the Fed's exit is tentative, that is precisely in the motor. As globalization and Sino-US trade and exchange rates in close contact, usa monetary policy will also mobilize domestic financial stability and financial control has brought provocative. Conditioning has been the beginning of the Fed for Sha unconventional policy & ldquo, free 3d online games; out, “I believe that is the financial aid policy over the growing practice of fade out, is super-easy monetary policy to” neutral “phase back and forth, the U.S. Federal Reserve assets the scope and structure of the balance sheet conditioning and “normalization.” From this perspective, the last two years by the Federal Reserve monetary policy to fulfill the case of recall, can invent, the Fed had at the beginning of a strategic “opt out” of the. (1) Federal Reserve Ultra relief operations with conventional linear programming and self-discipline will be unconventional Fed policy implementation is divided into two phases: Phase 1, the Federal Reserve together and deal with a local outbreak in the usa subprime mortgage crisis, “credit and liquidity scheme” become a core operation; stage 2, usa subprime crisis evolved into a further global financial crisis, the Fed injected liquidity in the continuation of the same linear programming, launched into a number of further easing of monetary policy, the operation point to “national debt and mbs acquisition of linear programming “.” Following the “cut-off date for the two adjacent linear programming, the Federal Reserve in 2010 a quarter of a predetermined period of extraordinary policy initiative to” fade. “more than two stages in the planning and implementation of two The Fed's operations are indeed doing their utmost. But if the details of its policy studies, can invent, the Fed injected liquidity and the purchase of government bonds and mbs are not arbitrary but not control, the opposite has strict operating discipline and the acquisition of the purpose. Fed two programs all have to understand the beginning of the time, its implementation is linear programming, step by step. For the “credit and liquidity linear programming” in the innovative tools, the Fed is left to its natural compression, for most mobile tools Set an expiration deadline, “bonds and mbs acquisition program” also has to understand the implementation deadlines. (2) Federal Reserve “program of credit and liquidity,” undermine the enforcement has been obvious since the spring of 2009, the financial market's short-term liquidity profile significantly ease the tension. In view of the gradual financial market liquidity surplus, since the second half of 2009, “credit and liquidity plan” launched weaken enforcement. Fed “credit and liquidity plan” in the six kinds of innovative mobility put tools on February 1 this year, due and end the application, the Fed held taf (regular auction tool) range has also been significantly reduced. (3) Federal Reserve, “Treasury and mbs acquisition plan” to fulfill that inhibit the progress of financial aid into Phase 2, the Fed balance sheet showed rapid expansion of the scope of course, but still expressed a set of inhibition. Federal Reserve assets range in 2009 to the present rapid expansion did not emerge, but the stability of 2 trillion to 2.3 trillion U.S. level. But the Fed has to understand the acquisition of the mbs implementation plans and set deadlines, if the acquisition of the obligation to complete a regular basis, and no further acquisition plans into an introduction, the focus of Fed policy over conventional component will take the initiative to interrupt, thus ultra-loose monetary policy to achieve mobilization and transformation. corresponding “bonds and mbs acquisition plan” step by step to fulfill, the Fed has increased the scope of holdings of government bonds, but by the end of October 2010 before the completion of the acquisition debt plan, debt held by the Federal Reserve range was lower than the 2007 level of uniformity and the national debt held by the Federal Reserve did not show excessive expansion. Since 2009, in accordance with the acquisition of linear programming, the exact scope of the Federal Reserve held by the rapid growth of mbs, at 2 and 10 1 has completed the acquisition of the end of linear programming (1.25 trillion U.S. dollars) of 78%. (4) the Federal Reserve at the beginning of the real “out of” warm-up in July 2009, Federal Reserve Chairman Ben Bernanke, “The Wall Street Journal” had announced a signed article discusses the Fed's exit strategy. Bernanke said, “Even if Mei Lianchu balance sheet Judaguimo Jiang to keep a section of time, but we Youliang Da wrist at the right time can be compressed monetary policy: a yes to the Preparatory Jin Zhifulixi the other one is using a variety of ways to reduce the amount of reserve deposits over the scope of section. “deposit sector in reducing the amount of reserves over the scale, the Bernanke put forward four kinds of measures: 1 is the Fed and the financial market participants and (if banks, government support for companies and other columns) between the deployment of large areas of reverse repurchase agreements; 2 is the Federal Reserve banks to trade interest-bearing time deposits supply business; 3, the Treasury can sell bonds, then the proceeds deposited Fed; 4 is The Fed can directly sell their holdings of long-term securities. proposed exit strategy for Bernanke, the Fed has started to “warm-up.” First, Bernanke in the 2 and 10 years on February 10 at the House of Representatives Financial Services Committee subordinate held hearings on the Federal Reserve out of tight financial incentives for plans to testify to the market passed the Federal Reserve's latest attitude exit strategy. Bernanke indicated that “despite the high demand nowadays usa finance is still loose monetary policy of support, but a time the Federal Reserve will need to tighten the money supply situation of the financial market. “Bernanke suggested the Fed in the near future to promote the urgent supply of loans to the bank discount rate, you can also progress over the amount of reserve fund interest rates to encourage banks to quite a lot of money on the Federal Reserve, banks reduce lending to promote trade movement, which help restrain inflation risks. Second, Bernanke proposed cut of more than 4 areas of idea of the amount of reserve funds, the No. 1 and No. 2 have been the beginning of another way of testing the water. October 19, 2009, the Federal Reserve announcement that, it has, and one more financial market participation and who to consult on the reverse repurchase agreements to ensure that a tool can be used when the Fed will reverse repurchase agreements, a rival party from the dealers to expand to other financial institutions. in December 2009, the Fed has, and a traders were 5 small-scale operation of reverse repurchase agreements, so this one out of tools for testing. December 28, 2009, The Fed released a proposal for the bank's fixed deposit instruments, the new proposal to seek the views of 30-day period after the official practice. again, the Fed launched to promote the normalization of its lending mechanism. the Federal Reserve issued a 201 Year Zero on February 19 will bank lending rate that the discount rate increases tight 0.25 percent, from 0.5% advance to 0.75%, which is more than 3 years for the first time the Fed raised the discount rate. Meanwhile, the Fed Hai Ba lending to depository institutions from the maximum period shortened to 28 days overnight, and regular auction tools at the lowest rate up from 0.25% to 0.50% .2003 Page 6 years to 2 years, the discount rate a straight higher than the federal funds rate by 1 percentage point. Since 2007 subprime mortgage crisis, to stimulate the trading bank rediscount loans from central banks, the Fed cut the discount rate continuously. Since March 2008, the discount rate and federal funds rate narrowed to 0.25 percentage points. the Fed raised the discount rate so that the discount rate and federal funds rate objective range (0 ~ 0.25%) from the re-cap growth to 0.5 percent. The Fed said it would assess the need for the future step up into a discount rate. While the Fed said the loan would only mechanism of normalization steps, but the next epic on the discount rate is always 1 step indicates the psychological tools of monetary policy direction, raised the discount rate signals a more obvious meaning, to clarify usa loose monetary policy changes. Conditioners is a gradual Although the Fed has started at the beginning of a strategic withdrawal, but implementation of the situation, the Fed's exit is tentative and doing a very careful and precise and mobile. really, back in the spring of 2009, the Fed had already quit at the beginning of gestation. but since the economic and financial situation still more serious, the Fed's exit policy is more tentative. February 3, 2009, the Fed had already released pdcf, tslf, amlf, cpff in the April 30, 2009 deadline. but in 2009 June 25, for the financial market and financial system are still signs of instability, the Federal Reserve once again opened the tool, and extension to 2 and 10 years on February 1. Bernanke proposed exit strategy from the implementation perspective, whether it is more than the interest rate increases the amount of reserve funds or through reverse repurchase agreements, time deposits and sale of assets, reserves and other methods to reduce the scope of these moves nowadays are in the demonstration and testing phase, can only be regarded as a warm-up and preparation of the withdrawal, the real “exit” has not yet officially open. In view of the policy out of extraordinary hardship and obstacles facing all kinds of this resolution, the Fed would be careful and precise strategic withdrawal, the slow, gradual, and based on economic prospects and financial market conditions in the Incident , to mobilize, the performance of the camera decided to have to step down into. how to deal with “spillover effect” (1) Federal Reserve policy over the withdrawal of custom global asset prices could trigger the end of 2008 the Federal Reserve to mobilize aid policy into practice, into the super stage 2 after zero interest rate policy and Federal Reserve easing the number of open release of the unprecedented scope of the cheap dollar, U.S. dollar exchange rate has since the beginning of March 2009 continue to weaken. continuously weaken the U.S. dollar and low interest rates make dollar usa capital funds fell sharply , the rise of U.S. carry trade, sponsors a large number of borrowing U.S. dollars in favor of sponsorship to the global stock market, futures market, while U.S. dollar carry trade has also led to a large number of “hot money” flowing into the emerging market country. Since March 2009, the global stock , the price of crude oil and a host of other products all rose, while new financial body of the stocks, bonds and other financial asset prices rise even more obvious. to Morgan Stanley Capital International (msci) global stock index, for example, in March 2009 9, the index fell to 688.64 of the low, then a road up to the end of 2009, the index rose to 1,177.97, the cumulative increase to 71.1%, which, emerging market stock index over the same period, is up 103 total . 9%. entered into in 2010, the Federal Reserve “Exit” signs become apparent, the Fed on Feb. 1 launch a number of innovative liquidity tool for maturity interruption on February 19 the Fed raised the discount rate, which a series of measures disclosed in the Federal Reserve compressed liquid, promote the unconventional policy “normalization” of the intent, directly caused strong U.S. and global stock markets, a large number of products such as asset prices. With the Fed into a further “out”, pre-pushed to the global asset prices extend beyond the present conditioning. (2) Federal Reserve policy over the withdrawal of conventional financial stability and monetary policy will bring its own provocative view of the U.S. is the world's currency, the currency in the global regulation of the Federal Reserve is at the core, ultra-loose policy of the Federal Reserve will exit the other bring a given country spillover effects. for globalization and Sino-US trade and exchange rates in close contact, usa monetary policy will also mobilize financial stability and financial regulation in China has brought provocative. 1, the Fed's exit lead to international capital back usa, “hot money” withdrawal can threaten financial stability in China. Fed liquidity and the subsequent compression rate hike expectations will lead to a new a reversal of international capital flows, in advance of international short-term capital flows into the withdrawal of emerging market country, return to the usa, emerging market country has the asset price bubble “can” break, took a new financial risks. country as an emerging market country, but they also “hot money” troubles. 2009 2 quarters, given the number of Federal Reserve easing interest rates and zero-discharge policy, the same time, China's financial stimulus in the steady rise of government policy, the stock market, the housing market beginning back to heat, “hot money” has also accelerated the flow into the country, China's foreign exchange reserves and short-term external debt significantly 2,3,4-quarter increase of .2009 years, China's foreign exchange reserves accumulated 177.9 billion U.S. dollars separation, 141 billion dollars and 126.6 billion U.S. dollars more than the previous year by 51.2 billion U.S. dollars resolution, 448 billion dollars and 86.2 billion U.S. dollars, 200 9 at the end of nine short-term debt balance increased by 48.5 billion more than 3 U.S. dollars at the end of short-term foreign debt accounted for all the foreign debt to less than 3 at the end of 5.9 percentage points. the Fed's exit, “can” so early into the into the “hot money” to withdraw its own, cause its stock and real estate prices conditioning on their financial stability and financial impact of running constitutes a set. the other one, the Fed's policy adjustment will increase the difficulty of China's financial regulation. the Fed will not only affect the withdrawal of China economic and financial situation, and, usa U.S. trend of monetary policy changes and conditioning will also affect China's financial regulation. in accordance with the “can not be 3 Point Theory”, a national not “can” while achieving the free movement of capital, monetary policy independence and exchange rate stability. rmb (renminbi) pegged to the U.S. if the continuous, active in the international hot money flow situation, its independence will be the impact of monetary policy, financial regulation has not escaped the impact of Fed policy and system to mobilize around. Fed Incident opportunities policy and the continuous introduction of qualitative policy will increase the difficulty of control of monetary policy in China. In response to the Fed's exit, the Chinese Government to enhance the short-term cross-border capital flow monitoring, control and supervision, close attention to exchange rates and interest rates usa incident on the impact of world capital flows. Meanwhile, to maintain the independence of monetary policy under the premise of ourselves and increase the harmony and the Federal Reserve to compete for the implementation of monetary policy to achieve the best effect. grand lucky hit permit to (wohq 511111, 2010-2-25) free 3d online gamestransformation (taojm0917 ,2010-3-28)