Global monetary system the Chinese currency was hanging by a thread "kidnapping"?.

<P> Yesterday, the media broke the news that the Chinese central bank has informed the workers and peasants in the construction of four state-owned commercial banks, and investment, people's livelihood and the two joint-stock commercial banks, will increase the 6 bank deposit reserve ratio, were increased by 50 .basis points, the central bank is expected to move to withdraw 280 billion to 300 billion yuan. .</ P> <P> However, this news did not impact on the stock market. .Yesterday, the Shanghai Composite Index closed at 2806.94 points, or 2.49%. .The Shenzhen Component Index closed at 12,237.7 points, up 326.28 points, or 2.74%. .Bank stocks as a whole showed compensatory growth trend. .</ P> <P> Although experts predict that China's move is only for new loans shot up in September, the central focus on maturity and the August vote, in September's increase in foreign exchange, etc. and the introduction of temporary .measures. .However, in Europe and other countries have to further relax monetary policy in preheated under the situation, including China, emerging economies, they are nothing but the opposite to be adopted monetary policy, shot to curb liquidity. .Traditional power, and emerging economies, monetary policy has been difficult to heal the split occurred. .Shanghai Academy of Social Sciences Research Center, deputy director of the Pan Zhengyan Financial believes that the United States, Japan, Europe and other countries compete to devalue their currencies to make the world trade dispute further. .</ P> <P> Western countries "loose in the end" </ P> <P> the Fed will further implementation of the quantitative easing? .This issue has become a market nerves taut string. .September, the U.S. non-farm employment by 9.5 million, this "bad news" quantitative easing measures for the implementation of market expectations, it is like injecting a stimulant. ."Currently, the Fed further implementation of the quantitative easing policy has been more obvious tendency." Panzheng Yan told "International Finance" press interview. .Meanwhile, vice president of Sun Lijian of Economics, Fudan University is that: "further quantitative easing measures, released not far off." </ P> <P> Once the Federal Reserve to implement measures to further quantitative easing, the dollar's depreciation will no doubt " .irresistible force. " .Although Japan had announced the implementation of the zero interest rate policy, and the creation of funds of 35 trillion yen in the scale of co-guarantee funds to buy government bonds, corporate bonds and other financial assets, to create a more relaxed financial environment, with the government to stop the yen appreciation, .out of deflation and stimulate economic recovery. .However, they still can not stop the yen against the dollar hit a 15-year high. .</ P> <P> "fails to yield satisfactory improvement in the economic situation, Japan and the United States have chosen to start the printing press to speed up the way, trying to stimulate the economy." Sun Lijian further pointed out that "competitive devaluation of the yen and U.S. dollar trend ., which may lead to the introduction of the euro zone and UK central bank also further quantitative easing measures, resulting in devaluation of national currencies in the region or to increase export competitiveness. Once these major devaluation of the world's major currencies into the contest, the global monetary system will collapse. "</ P .> <P> Chinese currency has been "kidnapped"? </ P> <P> For China, the U.S. dollar, yen and other major countries, the continuous depreciation of the currency, the yuan appreciate further insisted on not devalue or hurt the majority will no doubt be .export enterprises. ."At present, RMB appreciation pressure is quite large, but in any case, the RMB can appreciate. In the yen, the dollar continued depreciation of the circumstances, began to flow out of Japan and the United States have, once the RMB appreciation, influx of hot money, China is facing .will be the real economy and financial markets, the double shock. "Sun Lijian said. .</ P> <P> the same time, Japan's rate cut and the United States to further the implementation of quantitative easing measures may not only lead to the influx of hot money in China is facing increased risk of further monetary policy led China to be tied. .</ P> <P> Despite September's CPI data has not yet released, but the market has long been forecast to warm up. ."The CPI data is expected in September and August will be similar, but short-term CPI is unlikely the phenomenon of rapid decline in the next 3-5 months, CPI will remain above 3% level." Pan .Masahiko bluntly, "China faces inflation pressure is very great." </ P> <P> Sun Lijian explained: "The continued depreciation of the dollar and other currencies, resulting in global liquidity on the money market began to lose confidence in favor of investment in gold, commodities, etc. .areas, global resource prices will undoubtedly be pushed higher. Therefore, China faces pressure of imported inflation will increase. "</ P> <P> However, despite this, countries have to play in the current environment of exchange rates under license, .China has no room for monetary policy contraction. ."Although some time ago, the market hopes the central bank to raise deposit rates, however, from the current situation, this possibility has disappeared." Panzheng Yan pointed out that "At present, the problem of hot money inflows into China has been very severe, and recent domestic real estate .The introduction of regulation and the second is not, not without, as one. Once the deposit interest rates, will dramatically increase the risk of hot money. "</ P> <P> Shanghai Normal University Financial Engineering Research Center, Sun Maohui In an interview," International Finance News ."interview, then said:" In Western countries, generally in the case of low interest rates, China's central bank raised interest rates can not be used the way. While the central bank raised its six major banks in the deposit reserve ratio, but this contraction of market liquidity for .of the role is not big, but once again raised the deposit reserve ratio has been very limited space. "</ P>.