Methods and Principles of Balance of Payments Statistics China's balance of payments statistics adopt the double-entry bookkeeping method which is determined by the International Monetary Fund and widely accepted and adopted all over the world. That is, according to the principle of fund balance, each business activity is registered in two or more interrelated accounts at the same time with the same amount according to its content. In the balance of payments statistics, borrowing is used as the bookkeeping symbol, and the bookkeeping rule of "there must be a loan if there is a loan, and the borrowing must be equal" is borrowed. The debit item is negative and the credit item is positive. According to the double-entry bookkeeping principle, the credit account in the balance of payments includes commodity exports, labor income, unpaid assistance received, donations, and transactions that reflect the decrease of a country's external assets and the increase of its external liabilities. Debit items include increased foreign assets and decreased domestic liabilities such as commodity imports, labor service expenditures and foreign aid, donations and transactions. Every transaction has both borrowers and borrowers, which should be balanced. Basic concepts of balance of payments, balance of payments and balance of payments When a country trades goods, provides services, loans, direct investment and other activities with other countries (or regions), there will be a balance of payments, which is a comprehensive reflection of a country's foreign economic activities. The balance of payments statement is a comprehensive record of a country's international payments activities in a certain period (usually one year) and an important basis for macroeconomic decision-making. Generally speaking, the balance of payments includes current account, capital account, net error and omission and increase or decrease of reserve assets. The change of reserve assets refers to the change of reserve assets owned by a government that can be directly used for external payment. Reserve assets mainly include gold reserves, foreign exchange reserves, reserve positions in the International Monetary Fund, special drawing rights and the use of fund credit. Theoretically, the sum of current account balance and capital account balance should be the change of international reserves. However, in practice, due to different sources, incompleteness and mistakes, both borrowers and lenders can't even out. In order to equalize, net errors and omissions are set in the balance of payments. The sum of current account and capital account is surplus, which leads to the increase of reserve assets; If it is a deficit, it will cause a decrease in reserve assets. We often hear that a surplus or deficit in the balance of payments means that a country's reserve assets have increased or decreased. In the balance of payments, the increase of reserves is indicated by a negative sign, and the decrease of reserves is indicated by a positive sign. Foreign exchange management, also known as foreign exchange control, refers to the restrictive policies and measures that a government authorizes the national monetary authority or other government agencies to implement on foreign exchange receipts and payments, transactions, loans, transfers, international settlements, foreign exchange rates and foreign exchange markets. Generally speaking, most countries that implement foreign exchange management stipulate that the central bank is the foreign exchange management institution. This is mainly because the outflow or inflow of foreign exchange will directly or indirectly affect the domestic currency circulation. In some countries, foreign exchange management is the responsibility of the Ministry of Finance, or the Ministry of Finance and the central bank are jointly responsible. A few countries have established specialized foreign exchange management institutions. In China, the State Administration of Foreign Exchange is the State Administration under the leadership of the People's Bank of China. From the management object, foreign exchange management can usually be divided into the management of people and the management of things. The management of people includes the management of legal persons and natural persons. According to the nationality, domicile or business area of natural persons and legal persons, they can be divided into residents and non-residents. Generally speaking, countries that implement foreign exchange management implement different foreign exchange management policies for residents and non-residents. Property management refers to the management of foreign exchange and foreign exchange valuables, including foreign banknotes, foreign coins, payment instruments (such as bills of exchange, promissory notes, checks, traveler's checks, traveler's letters of credit, etc.). ), securities (such as stocks, bonds, life insurance policies, etc. ) and gold, including silver and diamonds in some countries. From the perspective of balance of payments management and adjustment, foreign exchange management can be roughly divided into current account foreign exchange management, capital account foreign exchange management and exchange rate management. Before the reform and opening up, due to the shortage of foreign exchange resources, China implemented a highly centralized foreign exchange management system for a long time. Since the reform and opening up, China has reformed its foreign exchange management system, gradually reduced administrative intervention and introduced market regulation mechanism. In particular, the exchange rate of 1994 was merged, and a single and managed floating exchange rate system based on market supply and demand was implemented, thus realizing the conditional convertibility of RMB under current account. 1996 accepted the eighth clause of the agreement of the international monetary fund and realized the full convertibility of RMB under the current account. After joining the World Trade Organization, China will accelerate its integration into the process of economic and financial globalization, and foreign exchange knowledge and foreign exchange management policies will be more and more closely related to people's daily life. At present, all parties are concerned about why the RMB exchange rate can remain basically stable, whether the RMB exchange rate is allowed to float freely, why foreign exchange control is still implemented on capital account after current account convertibility, and the conditions and steps for RMB capital account convertibility. In this chapter, while introducing the related knowledge of foreign exchange management, these issues will be analyzed in combination with China's national conditions and international experience. Financial control is an important part of macroeconomic control. In modern economic life, the function of financial supervision is mainly performed by the central bank. The central bank regulates the total amount of money and its structure through monetary policy, and promotes the balance between total social demand and total supply by maintaining the balance between the total amount of money supply and demand and the structure. Monetary policy is the general name of the central bank's policies and strategies to adjust the supply and demand of money by using monetary policy tools to achieve macro-control objectives. Monetary policy is not the financial management policy of the central bank, but an important part of the national macroeconomic policy. The elements of monetary policy include the ultimate goal, intermediate goal, tools and transmission mechanism of monetary policy. The role of credit policy in guiding credit investment, reducing redundant construction and supporting economic restructuring and economic growth. Financial supervision refers to the supervision and management of financial institutions and their business activities by the financial authorities in accordance with the powers conferred by law in order to maintain the normal financial order, protect the interests of depositors and investors, and ensure the safe, healthy and efficient operation of the financial system. Under the market economy system, it is the premise to ensure the stability of the financial system that financial institutions operate according to law and the regulatory authorities supervise them according to law. After the reform in recent years, China has now formed a system in which the People's Bank of China, the China Securities Regulatory Commission and the China Insurance Regulatory Commission perform their respective duties and cooperate with each other to supervise the financial, securities and insurance industries respectively. Some countries allow banks, securities and insurance to operate in a mixed way. 1999, the US Congress formally passed the Financial Services Modernization Act, which declared the end of the separated business model after more than 60 years. Germany has long realized the universal banking system, and banks can also engage in securities and insurance business. Different from Germany, the United States realizes mixed operation through bank holding companies or financial holding companies, with subsidiaries engaged in different businesses, and each subsidiary is relatively independent in law and operation. At the same time, the financial supervision authorities in some countries exercise unified supervision over banks, securities and insurance. Finance is the circulation of value. Without the circulation of value, finance will become a "pool of stagnant water" and the value cannot be converted. If the value can't be converted, the economy can't work. The economy can't work and new value can't be generated. If it can't produce new value, human society can't develop. Therefore, the financial crisis will turn into an economic crisis when it develops to a certain extent, and the economic crisis will turn into a social crisis when it develops to a certain extent. The root causes of world wars are all economic problems. Gold once became the only medium of international trade. In the era of barter economy, businessmen can only trade with each other, so human economic activities are greatly restricted. In the era of gold standard economy, value and wealth are based on physical assets-gold. This objective physical method is very beneficial to the stable development of the global economy. However, as the carrier of value circulation, gold's disadvantages, such as inconvenient physical conditions such as handling, carrying and conversion, make it give way to more flexible paper money (currency). Nowadays, the monetary economy not only replaces the original barter economy, but also covers the gold standard economy. Monetary economy has brought unprecedented economic freedom to mankind, but it has also brought many troubles and problems to mankind, such as unbalanced world trade, inconsistent values, inflation, currency depreciation, ups and downs of economic development and so on. One of the important macro factors that triggered the global financial crisis on the spot is the global trade imbalance, especially the huge trade deficit of the United States. Gold, gold; Finance, accommodation; Financial-gold integration. At all times and all over the world, gold has become one of the most ideal representatives, storage, stabilizers and exchange media of economic value because of its indestructibility, high plasticity, relative scarcity, infinite separability, homogeneity and bright color, so it has become the object loved and sought after by the world. The original intention of breaking away from the gold standard is to achieve economic freedom and stable development. Today, however, it is counterproductive. In today's diversified currency, the "gold content" of modern finance is getting less and less, but its connotation, function and risk are getting wider and wider, which has penetrated into every corner of society and everyone's life. Financial products refer to carriers of various economic values, such as cash, stocks and futures. For example, we say that Zhang San is rich, but all his 3 million shares have been bought, and now the market value of these shares is less than 1 10,000. As can be seen from this example, value is changeable and exists in different carriers. Except for a few cases such as gold bars and bricks, this carrier often exists in the form of non-physical securities, so it is also called financial assets. In addition, because financial products can be used for profit, they are also called financial instruments. Many financial products are derived from physical assets. For example, Microsoft's stock comes from Microsoft's actual assets, while Microsoft's stock futures and options come from Microsoft's stock. For another example, mortgage-backed securities come from houses. For example, leaves come from branches, branches come from trunks, and trunks come from roots. They are interlocking and affect each other. Many financial products are derived from physical assets. For example, Microsoft's stock comes from Microsoft's actual assets, while Microsoft's stock futures and options come from Microsoft's stock. For another example, mortgage-backed securities come from houses. For example, leaves come from branches, branches come from trunks, and trunks come from roots. They are interlocking and affect each other. The financial market is the market where all financial products are traded and all financial practitioners work. The financial market can also be called the financial system, although it is very imperfect. Because the financial market is the market where all financial products are traded, it involves a wide range of fields and contents. Here is a brief introduction first, and then a detailed introduction later. Financial market or financial system is the largest category in this field, which is very complicated and can be divided in different ways. First of all, the core system of finance includes: banking system, securities system and insurance system. The broad financial system also includes hedge funds, venture capital, trust funds and private equity funds. All financial markets are capital markets. According to the term of funds, the banking system and securities system include short-term capital markets, that is, money markets, and long-term capital markets, that is, capital markets. Financial institutions refer to financial intermediaries engaged in financial services and are part of the financial system. Financial services include banking, securities, insurance, trust, funds and other industries. Correspondingly, financial intermediaries also include banks, securities companies, insurance companies, trust and investment companies and fund management companies. China (excluding Hongkong, Macao Special Administrative Region and Taiwan Province Province) has four branches: banking, securities, trust and insurance. The financial and insurance industries include: central banks, commercial banks, other banks, credit cooperatives, trust and investment industries, securities brokerage and trading industries, other non-bank financial industries and insurance industries. Four branches: banking, securities, trust and insurance. Grid research counseling provides guidance on the entrance examination for financial graduate students, college enrollment brochures, online registration, online Q&A, teacher allocation, curriculum, charging standards, professional catalogue and so on. Postgraduate degree in finance, the latest financial postgraduate policies and regulations in colleges and universities, helps students correctly apply for the ideal postgraduate major in colleges and universities. China Renmin University, university of international business and economics, Graduate School of China Academy of Sciences, Shanghai University of Finance and Economics, East China University of Science and Technology, Beijing Technology and Business University and other popular universities for in-service postgraduate enrollment in finance.

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