On Wednesday, the Fed ended its two-day regular meeting on interest rate decision in 2012, and its Federal Open Market Committee (FO MC) announced that 0%-0.25% ultra-low interest rates will remain unchanged at an unemployment rate above 6.5%. The fourth round of quantitative easing (Q E4) was launched, and the monthly purchase of $45 billion in Treasury bonds replaced the distortion operation (OT). Together with Q E3, the Fed’s monthly asset purchases expanded to $85 billion.
From the time point of view, the Fed only launched Q E3 in mid-September. After only 3 months, Q E4 debuted. The objective reason is that the Fed’s “reversal operation†of selling short-term national debt and buying medium- and long-term national debt will expire at the end of the year. If no substitute measures are introduced, the effect of quantitative easing will be weakened, which will affect the economic recovery.
Several features of the Fed’s throwing Q E4 are very clear: the conditions for low interest rate or zero interest rate policy are limited: the Fed decides that the unemployment rate is higher than 6.5% and the inflation level does not exceed 2.5% in the next 1-2 years. Next, we will continue to keep the federal funds rate in the ultra-low range of zero to 0.25%. The quantitative premise is defined for the low interest rate policy, which makes the monetary policy closely match the employment rate and the inflation rate. That is to say, the monetary policy goal is solely to promote employment and maintain low inflation. The monetary policy objectives change with these two goals and are not interfered by anyone or any institutional intervention. The characteristics of the Fed's monetary policy tools with clear goals and strong independence are worth learning and learning from China.
Another striking feature is that quantitative easing is more powerful. Because under the distortion operation (OT), the Fed will also sell shorter-term government bonds while purchasing longer-term government bonds. Q E4 directly clarifies that the monthly purchase of 45 billion US dollars of government bonds replaces the distortion operation, plus Q E3, the Fed's monthly asset purchase amount is 85 billion, in order to reduce borrowing costs, stimulate spending and investment by lowering long-term interest rates.
After the Fed lowered the interest rate to the 0%-0.25% ultra-low range, there was almost no room for monetary policy. The Fed can make a big fuss about buying mortgage bonds and government bonds, and racking their brains on the purchase term. This time, Q E4 has played a big role in limiting the quantitative data of interest rates, giving the market a certain and uncertain expectation – it is determined that the market has a clear unemployment rate and inflation rate premise; uncertain Yes, it is unclear when it is time to achieve this goal, and it is clear that the ultra-low interest rate policy will not stop until this goal is achieved. The Fed’s wisdom in playing monetary policy tools is evident.
Just three months after Q E3, the Fed rushed to launch Q E4. On the one hand, it shows that the Fed is committed to the US economic recovery and the eagerness of the employment rate to rebound. On the other hand, it also exposes the United States regardless of the special status of the US dollar and disregards the excessive loose monetary policy. A mentality of impact on countries around the world. As the Fed begins to purchase government bonds in accordance with the new plan, it will inject reserve funds into the banking system, and its actual effect will be another round of additional currency. The US has released the US dollar, which is affected by the world's various countries, especially the major reserve countries. It has the biggest and most intense impact on China, the world's largest foreign exchange reserve country and a major exporter. China’s exports fell sharply in November, giving the Chinese economy, which has just stabilized, a head start. The launch of the Federal Reserve Q E4 will make the RMB exchange rate continue to appreciate, which will cause an unprecedented blow to China's export economy.
The US dollar is an international currency that serves as a national reserve and an international payment function. The round of quantitative easing policy in the United States is essentially a round of increase in the issue of water dollar currency. The US release of the US dollar will surely lead to the introduction of loose monetary policy in Europe and other developed regions. This will not rule out the mutual depreciation of the national currency by various countries, which may lead to a currency war.
Bank of England Governor Jin En warned that many countries are trying to suppress the national currency by intervening in the foreign exchange market, and the global currency war may further intensify next year. By next year, investors will see more countries and regions trying to find a way to let the local currency exchange rate fall.
This kind of warning is by no means an alarmist. The probability of a currency war next year is very large. The so-called currency war is a war in which all countries in the world compete to devalue their own currencies. There are two purposes: one is to eliminate the impact of the global economic slowdown by reducing the currency exchange rate; the other is to promote domestic exports through depreciating currencies, thereby stimulating domestic economic growth. From the rapid launch of Q E4 by the Fed, the United States has already ignited the war of currency war.
In the event of a currency war, China will be the biggest victim and will face the greatest challenge. It will cause China’s 3.2 trillion US dollars in foreign exchange reserves to suffer greater depreciation losses, and the US dollar foreign exchange assets held in its hands will also depreciate. Of course, the biggest impact on China is the serious impact on the economy, which will make China’s exports worse, and the export of this carriage will be almost stopped. Under the circumstances that investment is not sustainable, domestic consumption is difficult to start, and power cannot be quickly relayed, the export pull power is completely lost, and the economic impact on China can be imagined.
Jin En’s warning about currency wars deserves the attention of other central banks, especially the People’s Bank of China. Once the global currency war breaks out, China will involuntarily be involved in the whirlpool of war.
At present, Europe and the United States and other countries have begun to adopt a loose monetary policy. China is a country with a few monetary policies that are “stableâ€. This also makes China's monetary policy passive. Due to the continued depreciation of the US dollar, the continued appreciation of the renminbi has had a major impact and impact on exporting companies. This appreciation is only an external appreciation and is still depreciating internally. Different levels of inflation are still occurring. This is in contrast to the US dollar. The US dollar is depreciating against the outside world and promoting domestic exports. The internal appreciation has kept the inflation rate low. If a currency war occurs next year, China’s passive situation will intensify.
The People's Bank of China should prepare for the global currency war as soon as possible. It is necessary to plan ahead in at least two aspects: First, under the circumstance of loose monetary policy of major countries in the world, China's monetary policy should remain stable or moderately loose. Increase the reverse repurchase operation similar to the US quantitative easing policy tool to provide sufficient liquidity to the market. Secondly, it is necessary to withstand the pressure of other countries, especially the US currency, to continue to depreciate, while strictly preventing the hot money from entering the mainland market through the Hong Kong transit station under the expectation of RMB appreciation.
Product Name, 8CH HD surveillance Wifi IP camera with NVR Kit Outdoor, Wholesale Home Security Camera System wireless XMR-JK48
Model XMR-JK48
Operating System Embedded Linux OS
AV(audio/video)input Network Video 8CH
Network video input broadbank 72Mbps
AUdio Bitrate 64Kbps
AV (audio/video) output HDMI input 1ch,resolution:1024x768,1366x768,
1440x900,1920x1080p
VGA output 1ch, resolution:1024x768,1366x768,
1440x900,1920x1080p
AV CODEC Specification Video Resolution D1/720P/960P/1080P
synch-playback 8CH
Video Control Video/Capture mode Maual, Time,Motion,Alarm
Playback mode Real time, Routine, Event
Backup USB backup
Alarm Alarm Input 4ch (optional)
Alarm Output 1ch (optional)
Hard Disk Type 1*SATA interface
Max Capacity 4 TB at most for each
External Interface Network Interface 1 adaptable RJ45 10M/100M, 2 WIFI interface
USB Interface 2 USB 2.0
Protocol UPnP (play&plug)/SMTP (email survice)/PPPoE (dial-up)
DHCP (Automatically obtain an IP address), etc-
Network Control
Others Power Supply DC12V 3A
Power Consumption (W) ≤5W(Without HDD)
Operate Temperature (°C) -10℃~+55℃
Working Humidity (%) RH 10%~90%
Size 257mm(W)×210mm(V)×45mm(H)
Weight(excluding HDD) ≤1Kg
IPC Specification
Technical Parameters Model PE3013-W
Sensor 1/4" Progressive Scan Sensor
Signal System PAL/NTSC
Resolution 1280 x 960 16 : 9 High Defination
Minimum illumination Color: 0.1 Lux; B/W: 0.01 Lux
Shutter 1/25s to 1/25,000s
Lens 3.6MM
OSD Date Time & Title
White Balance Auto
Day&Night Auto / Color / BW
3D-DNR Auto
Mirror/Flip On / Off
Frame Specification Three Streaming at the Same Time:
H.264 128x720@30fps or below
H.264 640x480@30fps or below
S/N > 39.1 Db
Interface RJ45 / WIFI 802.11b/g/n
General Specification Anti-thunder Level Standard IEC61000-4-5
Working Temperature/Humidity -10℃ to +50℃ / 30% to 80% RH
Storage Temperature/Humidity -20℃ to +60℃ / 20% to 90% RH
Power Input DC12V-1A
Power consumption ≤6W
Size 205(L)×70(W)×55 (H)mm
Weight 500g
Level of Protection IP66
Surveillance Cameras,Night Vision Surveillance Cameras,Hidden Surveillance Camera,Panoramic Surveillance Camera
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