Jointly produced by Tokentong Research Institute × Binance Research Institute

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Summary

Summary

According to the changes in the currency composition of the International Monetary Fund's SDR, a "super-sovereign" currency needs to have excellent international influence and a high degree of free use. In addition, excellent sovereign credit, moderate inflation and low volatility is also an essential condition.

According to the changes in the currency composition of the International Monetary Fund's SDR, a "super-sovereign" currency needs to have excellent international influence and a high degree of free use. In addition, excellent sovereign credit, moderate inflation and low volatility is also an essential condition.

Based on the valuation calculation method of SDR in 2015, we obtained a long-term inflation rate with relatively low inflation rate after weighted average of the annual inflation rate measured by the GDP deflator in several countries/regions, and the fluctuation of inflation rate is relatively low. low combination. It shows that this currency combination like SDR has more stable purchasing power than the fiat currencies of most single countries. Based on this, we speculate that if Libra's basket of currencies is composed of the US dollar, the euro, the Japanese yen, and the British pound, their weights may be 47.68%, 35.00%, 11.02%, and 6.30%, respectively.

Libra's goal is to provide convenient, cheap, and reliable global financial services, which need to be effectively linked to assets with high liquidity and low volatility in reality. The current asset composition of mainstream monetary funds can provide useful reference.

Among the three money market funds with the largest net assets in JPMorgan, assets with a maturity period of two within one day accounted for more than 50% of net assets, and assets with a maturity period of three funds within two months accounted for more than 70%. The duration structure of "Tianhong Yu'e Bao", the world's largest monetary fund, is also similar: in the investment portfolio at the end of the first quarter of 2019, assets with an average remaining maturity of less than 30 days accounted for 50.57%, and assets with an average remaining maturity of more than 120 days accounted for only 7.40%. The liquidity and security of fund assets are relatively high. The biggest difference is that Yu'e Bao holds a large amount of bank deposits for instant repayment, while JPM's funds are securities.

Libra is also significantly different from ordinary monetary funds. For example, the composition of reserve assets is relatively complex, but it is also more flexible because it does not need to provide benefits to users.

Table of contents

Table of contents

1 Official introduction of how Libra achieves "stability"

2 The initial growth of "super-sovereign" currency

2.1 The Origin of SDR: The Antidote to Triffin's Dilemma

2.2 SDR: from complex to simple, updated every five years

2.3 Four currencies may dominate the Libra currency basket

3 Libra as a conjecture of a multinational money market fund (MMF)

3.1 Libra: Money Fund with No Return

3.2 Low risk and high liquidity are the common characteristics of mainstream financial monetary fund assets

3.3 Differences between Libra and traditional monetary funds

secondary title

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1 Official introduction of how Libra achieves "stability"

Libra's goal is to become a stable digital token that combines the best currency characteristics of stability, low inflation, global acceptance and interchangeability. Libra will use the "Libra Reserve" as collateral, and its criteria for selecting reserve assets are consistent with Libra's own goal of minimizing volatility. There are not many descriptions about its stabilization mechanism and reserve assets in the white paper, mainly as follows:

Libra uses stable fiat currency-denominated bank deposits and short-term government securities as reserve assets. For preservation and stability considerations, Libra will not use relatively volatile assets such as gold as reserves, but will use a series of low-volatility assets, including bank deposits and short-term assets denominated in currencies issued by stable and reputable central banks. government securities.

"Instead of backing Libra with gold, though, it will be backed by a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks."

——Libra white paper

Short-Term Government Bonds: Bonds issued by stable governments that have a low probability of default and are unlikely to experience high inflation. The Libra white paper further defines short-term government securities, that is, bonds issued by stable governments with a low probability of default and high inflation.

"On the capitalpreservation point, the association will only invest in debt from stablegovernments with low default probability that are unlikely to experience highinflation."

——Libra white paper

Diversify reserve assets. Libra selects the bank deposits and short-term government securities of multiple governments rather than just one government, thereby diversifying reserve assets and reducing the risk of events such as potential high inflation or debt defaults.

"In addition, the reserve has been diversified by selecting multiple governments, rather than just one, to further reduce the potential impact of such events."

——Libra white paper

secondary title"stability"The problem.

2 The initial growth of "super-sovereign" currency

2.1 The Origin of SDR: The Antidote to Triffin's Dilemma

The SDR is a product of the IMF's attempt to resolve the "Triffin Dilemma". In 1944, the Bretton Woods system officially established the value ratio of the dollar to gold. Under this system, the U.S. dollar, as an international currency, undertakes the functions of international trade settlement and reserve. With the recovery of the international economy after the war, the supply of U.S. dollars should continue to grow to meet international trade settlement and reserves, which means that the U.S. needs to maintain a long-term trade deficit. However, the U.S. dollar as an international currency needs to maintain a stable currency value. It is required that the United States must be a country with a trade surplus, and the "Triffin dilemma (Triffin dilemma)" arises from this.

In order to solve this problem, the International Monetary Fund (IMF) launched the Special Drawing Right (SDR), a special drawing right (SDR), which is allocated according to the subscription shares of IMF member countries, which can be used to repay IMF debts and compensate members. It is a book asset of the balance of payments deficit between countries.

SDR is a super-sovereign "currency" that replaces the US dollar and gold. SDR maintained the ratio of 1SDR=0.888671 grams of gold for a long time from 1969 to 1974 (but it could not be exchanged for physical gold), which was equivalent to 1 US dollar at that time, and became another important reserve asset in the world besides gold and US dollars. . With the dollar officially de-pegged from gold, the SDR-to-dollar ratio has gradually increased, and gold-linked valuations have become meaningless since neither the SDR nor the dollar can be converted into gold. Therefore, in 1974, the SDR based on 16 sovereign currencies was produced. In 1981, for the convenience of calculation and acceptance by mainstream finance, the number of currencies in the basket was reduced to five. At present, SDR has basically become a "currency" widely used to balance international trade balances and provide international reserve channels for member countries.

In essence, SDR is also a "virtual currency", but it does not run on the blockchain:

• SDR is a unit of account. It is not a "currency" issued and recognized by the government, as are most digital currencies, and its main purpose is to keep accounts and rewards in its own ecosystem.

• SDR has a reserve function. IMF members accept SDR as the unit of account for their IMF reserves, and some digital currencies also have reserve functions, such as Bitcoin and Ethereum.

• SDR has the function of value scale. The exchange rate of SDR is calculated by weighting a basket of currencies. Digital currencies also have similar characteristics, as more and more goods and services are quoted in digital currencies (especially those resources and services on blockchain networks).

2.2 SDR: from complex to simple, updated every five years

In order to improve the attractiveness of SDR as a reserve asset, SDR valuation follows three basic principles:

• The relative weighting of a basket of currencies should reflect their relative importance in the global trade and financial system;

• The composition of the SDR currency basket should remain stable and only change after each review has made significant progress;

• The SDR valuation method should maintain continuity, and only when there is a major change in the currencies in the basket, the valuation method will be revised.

Since the 1980s, there have been three changes in SDR valuation principles and methods. in. From 1974 to 1980, the number of currencies in the SDR basket was reduced from 16 to 5, and the valuation of the unit SDR was the sum of the 5 currencies based on the exchange rate; in 2000, the SDR currency basket was introduced into the euro, and the board of directors agreed to adopt a currency-based Valuation method; in 2015, the SDR valuation method changed to "export + financial variables (reserves + foreign exchange volume + international banking liabilities + international debt securities)".

In the formula for calculating the weight of currencies in the SDR basket, the weight of exports has gradually decreased, and the evaluation of financial variables has become an important part. In both reviews, in 1974 and 1978, sovereign currencies accounting for more than 1% of world exports by value were included in the basket. From 1980 to 2010, SDR gradually paid more attention to the assessment of reserves. In the latest review, the SDR board of directors adopted a new weight calculation formula: 50% exports + 50% financial variables. Among them, financial variables include: reserves, foreign exchange market trading volume, international banking liabilities (International Banking Liabilities, IBL), international debt securities (International Debt Securities, IDS), weight calculation using 33.3% reserves + 33.3% foreign exchange trading volume +33.3% (IBL+IDS).

The large export value of goods and services is one of the criteria for selecting currencies in the SDR basket. The value of exports of goods and services reflects the relative importance of a country in global trade, and a sufficiently large export value of goods and services can ensure that the country has sufficient capacity to provide reserve assets while limiting the number of currencies in the basket. According to the 2000 decision, if a currency is to be replaced by another currency in the basket, one of the necessary conditions is that the value of exports of a member or currency union whose currency is not included in the SDR currency basket exceeds a certain value during the relevant period. A member or currency union whose currency is included in the basket and exceeds by at least 1%.

A high degree of free usability is another criterion for selecting currencies for the SDR basket. This criterion was added in 2000 as the second criterion for selecting currencies to take into account various indicators for measuring the breadth and depth of financial markets and to ensure that the currencies included in the SDR currency basket are the ones that best represent the world trade and financial system The currency of the usage.

In Article 30(f) of the Articles of Agreement of the IMF, "freely usable currency" means, "as determined by the IMF: to be de facto widely used in payments for international transactions; to be widely traded in the major foreign exchange markets ". A currency must have two elements of "widely used" and "widely traded" before it can be determined to be freely usable. The purpose of the broad use element is to ensure that the currency in question can be used directly to meet the balance of payments needs of an IMF member. The assessment includes the currency's share in official reserves, international bank liabilities, and international debt securities; the broad transaction element It is to ensure that the currency can be used indirectly, that is, it can be exchanged into another currency in the market to meet the balance of payments needs of a member without having a major impact on the international exchange rate. A freely usable currency must be traded in more than one major foreign exchange market. The assessment includes the volume of transactions in the foreign exchange market (i.e. total turnover), official holdings of foreign currency assets, international debt securities issuance, and the share of cross-border payments and trade finance.

The SDR rate is the basis for calculating the interest charged on IMF conventional (non-concessional) loans to borrowing member countries and the interest paid to financing member countries. The interest paid on the SDR holdings of member countries and the interest charged on their SDR allocations are also calculated at this rate. The SDR interest rate is determined on a weekly basis, based on the representative interest rate of short-term debt instruments in the money market of a basket of currencies (three-month U.S. short-term Treasury bond market yield; three-month euro zone central government with a rating of AA and above announced by the European Central Bank The weighted average of bond spot rate; three-month Japanese treasury discounted bill; three-month British short-term government bond market yield; three-month Chinese government bond benchmark yield).

Decision No. 12281-(00/98) G/S adopted on October 11, 2000, the SDR currency basket is reviewed every five years to ensure that the SDR reflects the currency's role in the world trade and financial system relative importance. The review covers the SDR valuation methodology, the criteria and indicators for selecting the SDR basket of currencies, and the initial currency weights for determining the quantity (number of units) of each currency in the SDR basket.

2.3 Four currencies may dominate the Libra currency basket

According to the information published in the Libra white paper, Libra may adopt a valuation method similar to SDR based on a basket of currencies, and has certain attributes of a "super-sovereign" currency.

According to the publicly available information, Libra may initially be backed by a basket of assets denominated in four fiat currencies: U.S. dollar, British pound, euro and Japanese yen. These fiat currencies and their denominated assets are the first to be included in the Libra reserve. Broadly speaking, we have mentioned in previous reports that for any asset (whether fiat or not) to be eligible for inclusion in the reserve in the long run, three key criteria should be met:

There is no correlation between each other: For example, in the case of fiat currency assets, only free-circulating fiat currencies are eligible, and Libra reserves do not require currencies that are bound to each other or softly linked (such as Hong Kong dollars and U.S. dollars).

Decision-making processes must be linked to public organizations (i.e. central banks) or freely available assets (e.g. commodities).

Offerability: Assets must be widely recognized across jurisdictions and have programmatic offer value. For example, Apple's stock (AAPL) can only be traded against a single quote currency: the U.S. dollar. As such, the stock lacks an additional offer to serve as a means of valuing other assets in various jurisdictions. Alternative assets, such as gold or Bitcoin, serve better as this tool because they are traded in multiple markets around the world and thus can be included in a basket of assets used to determine the value of Libra to end users around the world.

In a narrow sense, government bonds or short-term claims of high-rated agencies should be the main allocation of non-currency assets. If it is a bond asset, excellent sovereign credit should be the benchmark requirement for Libra to choose a currency. The credit rating of a sovereign country from a tripartite rating agency is a judgment on the credit willingness and credit ability of the central government as a debtor to fulfill its debt repayment responsibilities. The main indicators include a country's GDP growth trend, foreign trade, and balance of payments. , Foreign exchange reserves, total amount and structure of external debt, fiscal revenue and expenditure, policy implementation and other factors that affect the country's ability to repay debts. At present, the credit ratings of developed countries such as Europe and the United States are generally high, and they have relatively good solvency and willingness.

It can be seen that the sovereign credit rating of the United States is not the highest, and Standard & Poor's gives it a rating of AA+, which is lower than its highest rating of AAA. There are 11 countries with higher sovereign credit ratings above the US.

It should be noted that the more currencies in the currency basket, the better. Referring to the changing process of the quantity in the SDR currency basket from more to less, it can be found that too much currency is not conducive to the value estimation, convenient circulation, and recognition of "super-sovereign" currencies. In addition, not all high-credit Rated countries all have excellent international influence.

However, the purchasing power fluctuations of multi-currency portfolios are more stable than those of most single currencies. Although its inflation rate is not the lowest, considering that moderate inflation helps debtors reduce certain debt burdens, stimulates enterprises to expand investment, and promotes economic growth, it cannot be easily asserted that moderate inflation is harmful.

Here we use the annual inflation rate measured by the GDP deflator as a reference coordinate for the stability of the purchasing power of money. Since the GDP deflator is based on the price of a fixed year to evaluate the subsequent price changes of the total amount of goods and services, the inflation rate based on it can better reflect the real increase/decrease in the purchasing power of money.

According to World Bank data, between 1971 and 2017, the inflation rate of major economies in a single year was as high as 25.8%, while the inflation rate of the multi-currency portfolio calculated based on the 2015 SDR currency allocation weight was 10.6%.

In addition, from a long-term perspective, the inflation rate fluctuations of the currency combinations of major economies are more stable than those of most single economies. The standard deviation shows its fluctuations. The inflation fluctuations of Japan, the United Kingdom and China are around 2.0, of which Japan is 2.5, which is the highest in the latest SDR currency combination; the inflation fluctuations of the European Monetary Union and the United States are relatively low, between 0.6-0.8 . The inflation volatility calculated by using the 2015 SDR currency weight is 0.8, which is significantly lower than most countries/regions. Considering that the countries in the SDR basket have large economies and stable development, if compared with more developing countries, their purchasing power advantage will be even greater. obvious.

Referring to the experience of selecting currency standards in the SDR basket, the US dollar, euro, British pound and Japanese yen will most likely be selected into the Libra currency basket first:

• Keep 1-5 kinds of currency composition, on the one hand, it can maintain the stability of Libra, on the other hand, fewer currencies are less difficult in terms of exchange rate calculation, high-frequency update (even real-time update), and are more easily accepted by traditional finance. accept;

• Sovereign countries that are selected for the currency must have a high credit rating, strong economic strength, and the currency itself has market depth and wide use.

The specific selection process, first, select sovereign countries with high credit ratings (if the comprehensive Trading Economics comprehensive credit score is less than 75, they will not be included in the ranks of candidates), and second, use GDP as a measurement indicator (if GDP accounts for more than 3 %), third, delete overlapping data (for example, France, Germany and the European Union appear at the same time, refer to the SDR here and the European Union shall prevail), and fourth, optimize according to the proportion of each sovereign currency in the international foreign exchange reserves. Accordingly, the Libra basket of currencies may include the US dollar, the euro, the British pound and the Japanese yen.

According to the currency weight calculation formula (50%GDP+50%financial variables) in the SDR Valuation Method Review (2015) report, it is speculated that the Libra currency weights are:

USD 47.68%, EUR 35.00%, JPY 11.02%, GBP 6.30%

(Note: Libra data source: GDP is the World Bank data in 2018; the official foreign exchange reserve currency composition is the IMF 2018 Q4 data; the foreign exchange trading volume survey is conducted every three years, and this time uses 2016 data; IDS data uses the 2018 Q4 data. The fourth quarter; as of October 2015, the Bank for International Settlements no longer publishes the balance sheet 5A and 5D of the international banking industry, so this IBL uses the data of the second quarter of 2015).

secondary title

3 Libra as a conjecture of a multinational money market fund (MMF)

3.1 Libra: Money Fund with No Return

Backed by the reputation of the world's top institutions, Libra uses stable assets from multiple countries as reserves, with the goal of building a borderless currency and a financial infrastructure that serves billions of people. The problems that Libra is trying to solve include the high cost of global financial services, the volatility and non-compliance of encrypted tokens, etc.

What Libra wants to provide is convenient, low-cost, and reliable global financial services, including instant payment, fast redemption, and exchange of multiple legal currencies.

Libra's value stability and fast redemption requirements are reflected in the assets should maintain high liquidity and security. In terms of asset composition, Libra needs to control financial risks. If the liquidity of the asset portfolio is insufficient or the security is not high, the high-intensity redemption requirements will lead to the collapse of the entire ecosystem.

This demand determines that Libra must be effectively linked to assets with high liquidity and low volatility in reality, such as bank deposits or short-term government securities. The Libra white paper also clearly states that low-volatility assets such as a basket of bank deposits and short-term government securities will be used as collateral.

Financial products that meet the requirements of highly liquid assets and low risks can easily find their counterparts in the current mainstream financial market, namely Money Market Funds (MMF). Money market funds, also known as money market funds, refer to investing only in money market instruments with good liquidity (such as cash, bank deposits with a maturity of one year or less, bond repurchase, central bank bills, interbank certificates of deposit, etc.), share Mutual funds that can be purchased and redeemed at any time are usually composed of cash or short-term bonds with high credit ratings (generally less than 1 year).

Except that Libra users will not receive returns from reserve assets in the early stage, the function of Libra is very similar to that of money funds: investing in low-risk assets, which can be purchased and redeemed quickly, and some money funds can also be used for instant payments. This means that the asset composition of the monetary fund can provide some useful reference for Libra.

3.2 Low risk and high liquidity are the common characteristics of mainstream financial monetary fund assets

The United States is the first country in the world to issue monetary funds, and it is also the country with the largest monetary fund market. It has many mature monetary fund management companies, such as BlackRock, JPMorgan, and Fidelity. The investment targets of U.S. monetary funds are mostly repurchase agreements of U.S. government agencies or the Treasury Department, debts of U.S. government agencies or the Treasury Department, commercial paper, deposit certificates, municipal bonds, etc., according to the statistics of the American Investment Company Association on May 31, 2019 The assets most invested by U.S. monetary funds are various repurchase agreements, accounting for 35.3%; U.S. treasury bonds rank second, accounting for 21.6%, and U.S. government agency bonds rank third, accounting for 21.6%.

As one of the largest financial service institutions in the United States, JPMorgan has established many different types of money funds. We selected three monetary funds with the largest net assets of the funds and analyzed their asset composition.

The main assets of these three monetary funds are U.S. government agency repurchase agreements or treasury bond repurchase agreements, U.S. government agency debt or treasury bonds, all of which are relatively safe assets. U.S. government money market funds and U.S. treasury bonds + money market funds have 50.5% and 58.7% of their net assets, respectively, with maturities within one day, indicating that their assets are highly liquid. The assets of the three funds whose maturity period is within two months all account for more than 70% of the net assets, which shows that money funds have very high liquidity requirements for assets.

Domestic mainstream financial and monetary funds also have similar characteristics. At present, China is the second largest country in the world's monetary fund market. The well-known "Yebao", namely Tianhong Yu'ebao Fund, has a scale of 1,035.212 billion yuan and is currently the world's largest money market fund in terms of assets.

Analyzing the asset composition of Tianhong Yu’ebao Fund, we can also find similar characteristics: low-risk short-term assets such as bank deposits and other settlement reserves are mainly used, and other assets are supplemented, and assets with high volatility such as stocks are not accepted. . In Yu'e Bao's investment portfolio at the end of the first quarter of 2019, assets with an average remaining maturity of less than 30 days accounted for 50.57%, and assets with an average remaining maturity of more than 120 days accounted for only 7.40%. The liquidity and security of fund assets are relatively high.

Compared with ordinary money funds, Yu'e Bao has a special function of instant settlement. Therefore, Yu'e Bao holds a large amount of bank deposits and settlement reserves, accounting for a total of 57%. This type of assets is in JPMorgan's money funds. is invisible.

Financial assets purchased under repurchase agreements are financing agreements between Yu’E Bao Fund and financial institutions. Financial assets purchased under resale agreements do not include financial assets purchased under repurchase agreements, which ensures the stability of assets to a certain extent.

Fixed-income investment consists of various types of bonds, mainly composed of interbank deposit certificates and financial bonds, and also includes some government bonds, corporate bonds, corporate short-term financing bills and very few medium-term notes.

Based on the analysis of JP Morgan's monetary funds and domestic monetary funds, the commonality of mainstream financial money market funds is that their constituent assets are highly liquid, and they generally invest in low-risk assets such as bank deposits or short-term government securities. This coincides with the asset composition disclosed in the Libra white paper.

3.2 Differences between Libra and traditional monetary funds

Based on the above conjectures on the composition of Libra currency, we can refer to money market funds to establish conjectures on the composition of Libra assets. Assuming that the currency of country A is part of the currency composition of Libra, in order to meet the needs of stable value and fast redemption in the investment of country A, part of Libra's reserve assets is bank deposits, and part is short-term government securities. Refer to the assets of mainstream monetary funds Composition, the short-term government securities in the Libra reserve assets may mainly include government agency bonds and government agency repurchase agreements.

However, there are still some significant differences between Libra and ordinary monetary funds. For example, Libra's reserve assets will be composed of various government bank deposits and short-term government securities, which will make Libra's asset composition relatively more complicated. Another example is that Libra does not need to provide users with benefits, so it only needs to allocate assets on the basis of ensuring security and liquidity, which will be relatively more flexible.

In addition, given that monetary funds have been subject to stricter regulation since the financial crisis in 2008, the similarity between Libra and money market funds in terms of operation and asset composition makes it difficult for Libra to avoid similar regulation, and the development of Libra may also be affected by this. Influence.

3.4 Lessons from Monetary Funds to Libra

If Libra, which is similar to a monetary fund, wants to become a "super-sovereign" currency, it is imperative to provide T+0 customer service, but this function is actually not provided by most monetary funds.

Among the current monetary funds, Yu'ebao has attracted a large amount of capital inflows by relying on the "T+0" high-quality customer experience. Its business model is: on the one hand, Yu'e Bao adopts netting and liquidation between purchase and redemption funds, and on the other hand, it uses "advance funds" to complete real-time redemption applications. Libra is positioned to become the "currency" between Facebook and its global partners, and it needs to maintain a high degree of liquidity so that Libra can perform functions such as high-frequency payment and value scale. The successful experience of Yu'E Bao is worth learning from. For example, its assets are mainly composed of high-liquidity products such as demand deposits, and it provides real-time redemption through advances and netting liquidation.

The difficulty of Libra is how to maintain an appropriate reserve ratio in different countries and regions. Excessive reserve funds will reduce the return on the asset side and put pressure on the long-term operation of the network. In addition, although monetary funds generally choose assets with higher security as reserves, there are still certain risks. For example, when Lehman Brothers went bankrupt in 2008, the Reserve Primary Fund held a large amount of commercial paper from Lehman Brothers. As a monetary fund, its net value fell below $1, which triggered a large-scale panic redemption of monetary funds throughout the United States.

In order to strengthen the risk control of money market funds, the US Securities Regulatory Commission has revised the regulatory framework of the money market fund market. In 2010, the U.S. regulators amended the "Rule 2a-7" of the Investment Company Act, imposing stricter restrictions on the liquidity, maturity, asset quality and degree of diversification of monetary fund investment portfolios. Including reducing the weighted average portfolio maturity (WAM) of the currency fund investment portfolio from no more than 90 days to no more than 60 days, introducing the weighted average duration (WAL) indicator, and the WAL of the portfolio must not exceed 120 days. In addition, for liquidity and redemption etc. are also restricted.

To become a "super-sovereign" currency, Libra needs to select asset reserves with high standards to reduce asset risks. In order to strengthen its ability to resist the risk of a run, when Libra selects various financial products as its own asset reserves, it may introduce regulatory indicators such as WAM, WAL and other monetary funds to screen various financial assets. In addition, the reform proposals of some monetary funds, such as floating net asset value, liquidity fees and redemption thresholds, capital buffers and minimum risk balances, etc., may also be adopted by Libra to select asset reserves with high standards and build as much as possible Lower risk asset portfolio.

References:

1、James M. Boughton, Silent Revolution：The International Monetary Fund 1979–1989, 2001

2、IMF's Finance Department, Review of the Method ofValuation of the SDR, October 26, 2010

3、IMF, Review of the Method of Valuation of the SDR, 2015

4. "JPMorgan Money Market Fund 2019 Annual Report"

5. "Tianhong Yu'ebao Money Market Fund 2019 First Quarter Report"

6. Zhao Yao, "Looking at the Supervision of "Ye Bao" from the US Monetary Fund"

7. Wei Yinghui, "The Regulatory Reform and Enlightenment of Money Market Funds in the United States and Europe"

8、Revisionsto Rules Regulating Money Market Funds

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Note:

Due to some reasons, some nouns in this article are not very accurate, mainly such as: general certificate, digital certificate, digital currency, currency, token, crowdsale, etc. If readers have any questions, they can call or write to discuss together.

This article was originally created by TokenRoll Research Institute (ID: TokenRoll). Unauthorized reprinting is prohibited.