Liquidity topic
Learn the liquidity topic of 1 1 and combine it with the liquidity topic of 16 to complement each other.
After 12, with the continuous decline of foreign exchange holdings, the central bank changed from quantity control to price control, and the factors affecting liquidity became more complicated, so it became more and more important to predict and grasp liquidity. Teacher Qu studied and analyzed the factors affecting mobility from seven different dimensions. A series of liquidity reports in 1 1 year overlap with a series of liquidity topics in 16 year, but each has its own merits. On the basis that the overall thinking and framework are more consistent, I personally think that the topic of 1 1 year will explain the basic knowledge in more detail, and it will also help our younger generations in these industries to review history and make their thinking more coherent. Many reports in 16 are more refined, more in line with the current market trends, and help us grasp the pulse of the fixed income market era. I tend to study the two together.
The specific logic is as follows:
After reading these seven topics, it is suggested to combine some of the contents in the 20 16 training collection of Huachuang bond market, which are complementary. Before studying the seven special topics, it is suggested to study "Analysis of Liquidity-What is Money" in Collection. (P69-P76) This part explains what liquidity is in plain language.
The first part: Firstly, the liquidity problem is expounded from the financial statistics published by the central bank. For me, the most important thing of this article is to let me know the definition and composition of some obscure subjects in the balance sheet of the central bank, as well as the mutual contrast between these subjects and how they move with each other. For me, in this part, I will focus on the study and analysis of important subjects and ignore non-important subjects for the time being. Please refer to this part of the collection "Analyzing Liquidity-Interpreting Liquidity from Central Bank Statements" (P92-P 1 13).
The second part: mainly discusses the influence of statutory reserve ratio and excess reserve ratio on liquidity. This article is still very enlightening to me. I have gained a lot from the improvement of basic knowledge and the establishment of logical relations. Due to the changes of the times, central bank bills and foreign exchange holdings may not be suitable for the current market situation, but for a newcomer who has never experienced the interbank market, learning these is also a way to understand the history of the bond market.
Chapter III: In recent years, external liquidity has had a great impact on China's monetary policy, whether in China's financial market or money market. Therefore, this paper mainly studies external liquidity from the perspective of dollars. However, I think that after the exchange rate reform of 8 1 1, some ideas of analyzing the US dollar may have changed, so I am not completely limited to the analysis ideas in this article, and learn more basic knowledge from this article.
Chapter VI: Looking at international capital flows from the exchange rate changes of typical currencies. Read this article together with the third article. This paper suggests to study it together with the liquidity and exchange rate research system (P77-P9 1).
Chapter 4: Starting from the external supervision requirements of banks, this paper discusses the possible changes of liquidity factors under various supervision factors, including the changes of non-credit business and off-balance sheet business, and analyzes the financial management operation mechanism. In this paper, I think it is more important to understand the basic knowledge of the composition of relevant regulatory indicators and review the history of policy development. For the regulatory impact, we should continue to follow the policy changes to follow suit. In this part, please refer to the bond allocation strategy of wealth management account in low interest rate environment. I suggest you refer to this part. According to the market situation in 20 16, it is a bond allocation strategy for wealth management account, which is closer to the current market situation and has a stronger guiding significance for the investment strategy in 20 16.
Chapter five: The first four chapters discuss the influence of the central bank's financial series statements, inter-bank liquidity, external liquidity and policy on bank liquidity, and this paper focuses on the currency multiplier. I think this article is very rewarding for me. When analyzing the market, we always mention M 1, M2 and currency multiplier. This article allows me to establish a more objective system, so that I can gradually establish my own analytical logic and form my own judgment basis when facing the changes of data such as M 1 M2. Please study this part in combination with the collection Flow Analysis-M2 and Social Integration (P114-P119). This collection increases the relationship between M2 and the growth rate of social integration, which is more worthy of our current reference and research.
Chapter 6: As mentioned above, study with Chapter 3. This paper suggests to study it together with the liquidity and exchange rate research system (P77-P9 1).
Chapter VII: Looking at the financial difficulties of enterprises from their balance sheets. This paper expounds it from the microscopic point of view, that is, from the perspective of the enterprise's own liquidity, and I think it is also fruitful for me. Especially the recent frequent credit default events, this paper gives a systematic analysis framework, but many examples and analysis are based on the situation at that time, so I still focus on thinking.
Other classics
Learn other classic topics.
In this part, I * * * summarized the topic of 16, and analyzed the main contents and my gains by taking four small topics as examples:
1. In the fourth quarter, the safe-haven currency strengthened, and the pressure of domestic capital inflow will be eased-looking at international capital flows from the exchange rate changes of typical currencies.
Main contents: Expound the influence of typical currency exchange rate changes on international capital exchange rate changes and China capital inflow.
2. Optimal allocation of defensive credit bonds at the end of stagflation-the allocation of credit bond industry from Merrill Lynch investment clock.
Main contents: Expound the reflection of industry rotation in the stock market and the industry boom rotation under the investment clock.
3. Credit risk exists especially, and liquidity premium is the analysis and prediction of the driving force of opportunity-credit spread.
Main contents: Explain the difference between the drivers of credit bond spreads and interest rate bond spreads. This research report is also of great guiding significance to the current market, which helps us to study which factors have a more important impact on the expansion of credit spreads, and the influence direction of each factor on long-short spreads.
4. From horse racing to intensive cultivation-the timing of bond allocation of commercial banks in transition has moved back.
Main contents: it is not in line with the current market situation, but some of them discuss the general characteristics of bank allocation from the perspective of asset-liability and liquidity management, which is worth studying, and other parts can focus on logic.
Classic themes in the series:
1. "asset management investment banks create a new era of assets-introduction of fixed-income products of huachuang bonds" (P 136-P 178)
The main contents include: private placement EB, IPO innovation, high dividend stocks, enterprise ABS, grade A and so on.
This part is also a very rewarding part for me, which not only expounds the basic knowledge, but also contains the latest relevant policies of 16, and also combines many cases.
2. Huachuang Bond Credit Analysis System (P 178-P233)
This research report is a confirmation and supplement to "Macro-micro-intensive credit bond system research-Huachuang interest rate and credit analysis method research system", which mainly supplements the current situation of China's credit bond market and the analysis framework of steel, real estate and urban investment enterprises. At the same time, due to the frequent credit default events this year, some default cases are added, and finally the credit analysis prospect under the new situation is added.
strategic research
Study the investment strategy of 2008 -20 14.
After learning the basic knowledge and related topics, it will be more effective to look at the strategic research in recent years.
The above are my learning ideas and learning system for Qu Qing's research report. I hope I can bring a little help to your elders. At the same time, as a newcomer to the bank, please forgive me and advise me if there is anything wrong. Finally, I wish everyone a smooth job and a happy life ~