What is the full name of the Monetary Policy Committee in English?

Monetary Policy Committee (MPC): The Monetary Policy Committee. This committee is responsible for setting the level of interest rates.

The following is other knowledge, you understand:

Federal Reserve Bank (Fed): The Federal Reserve Bank of the United States, referred to as the Federal Reserve, the U.S. central bank, completely independent of the formulation of monetary policy to ensure that the economy obtains the maximum degree of non-inflationary growth. Discount Rate), the federal funds rate (Fed Funds rate).

Federal Open Market Committee (FOMC): The Federal Open Market Committee (FOMC), the FOMC is primarily responsible for setting monetary policy, including making key interest rate adjustment announcements eight times a year. Federal Reserve Bank presidents, and four additional members elected for one-year terms from among the presidents of 11 other local Federal Reserve Banks.

Interest Rates: Interest rates, or Fed Funds Rate, are the most important indicator of interest rates and the overnight lending rate at which savings institutions lend to each other. The Fed announces new interest rate levels when it wishes to signal clear monetary policy to the market. Each such announcement causes major turbulence in the stock, bond, and currency markets.

Discount Rate: The Discount Rate is the interest rate charged by the Fed when a commercial bank requests a loan from the Fed for emergencies such as reserves. Although this is a symbolic interest rate indicator, but its change will also express a strong policy signal. The discount rate is generally less than the federal funds rate.

30-year Treasury Bond: The 30-year Treasury bill, also called a long-term bond, is the market's most important indicator of inflation. The market more or less measures the rating of a bond by its yield rather than its price. As with all debt, 30-year Treasury bills are negatively correlated with price. There is no clear link between long-term bonds and the U.S. dollar exchange rate; however, there is generally a link as follows: a decline in bond prices due to inflationary considerations, i.e., a rise in yields, may depress the U.S. dollar. These considerations may be due to some economic data.

But with the U.S. Treasury's "borrowing to pay off old debt" program, issuance of 30-year Treasury bills began to shrink, and the 30-year Treasury began to lose ground to the 10-year Treasury as a benchmark.

Depending on the stage of the economic cycle, some economic indicators have different impacts on the U.S. dollar: when inflation is not a threat to the economy, strong economic indicators will support the U.S. dollar exchange rate; when inflation is a threat to the economy is more obvious, the strong economic indicators will be suppressed by the exchange rate of the U.S. dollar, one of the means is to sell bonds.

Long-term bonds, as a benchmark for asset levels, are usually generally affected by capital flows due to the world. Financial or political turmoil in emerging markets can push up U.S. dollar assets, and at this point, U.S. dollar assets, as a hedge, can indirectly push up the U.S. dollar exchange rate.

3-month Eurodollar Deposits: 3-month European dollar deposits. Eurodollar refers to the U.S. dollar deposits placed in U.S. foreign banks. For example, the Japanese yen deposits held in foreign banks in Japan are called "Eurodollars". This deposit rate difference can be used as a valuable benchmark for assessing foreign exchange rates. For example, USD/JPY, for example, when the positive difference between the European dollar and the European yen deposits, the greater the USD/JPY exchange rate is more likely to be supported.

10-year Treasury Note: 10-year short-term treasury bills. When we compare yields on the same type of bond between countries, we generally use the 10-year Treasury Note. The difference in yields between bonds affects the exchange rate. If the yield on U.S. dollar assets is high, the sink pushes up the U.S. dollar exchange rate.

Treasury: Treasury. The U.S. Treasury Department is responsible for issuing government bonds and formulating the budget. The Treasury has no say in monetary policy, but its comments on the U.S. dollar may have a greater impact on the U.S. dollar exchange rate.

Economic Data: Economic data. U.S. economic data released, the most important include: labor force report (payroll, unemployment rate and average hourly earnings), CPI (Consumer Price Index), PPI, GDP (gross domestic product, gross domestic product), the level of international trade, industrial production, housing construction, housing permits and consumer confidence.

Stock Market: Stock Market. 3 major stock indices are: Dow Jones Industrials Index (Dow, Dow Jones Industrials), S&P 500 (S&P 500) and NASDAQ (NASDAQ). Among them, the Dow Jones Industrials Index has the greatest impact on the U.S. dollar exchange rate. Since the mid-1990s, there has been a strong positive correlation between the DJIA and the U.S. dollar exchange rate (because of foreign investors' purchases of U.S. assets). The 3 main factors affecting the Dow Jones Industrials are 1) company revenues, both expected and actual; 2) the expected level of interest rates; and 3) global political and economic conditions.

Cross Rate Effect. The rise and fall of the crosses will also affect the US dollar exchange rate.

Fed Funds Rate Futures Contract: Federal funds rate futures contract. The value of this contract shows the market's expectation of the Federal Funds Rate (and the contract's maturity date), and is the most direct measure of the Fed's policy.

3-month Eurodollar Futures Contract: 3-month Eurodollar futures contract. Like the Federal Funds Rate Futures Contract, the March Eurodollar Futures Contract has an impact on the March Eurodollar Deposit. For example, the spread between the March Eurodollar futures contract and the March European Yen futures contract is the fundamental change that determines the future movement of USD/JPY.

Fundamental factors affecting the euro

The Eurozone: The Eurozone. Consists of 12 countries, Germany, France Italy, Spain, the Netherlands, Belgium, Austria, Finland, Portugal, Ireland, Luxembourg and Greece, all of which use the euro as the currency in circulation.

European Central Bank (ECB): The European Central Bank. Controls monetary policy in the Eurozone. The decision-making body is the central bank committee, consisting of the Executive Board and the presidents of the central banks of the 12 member countries. The Executive Board consists of the president of the ECB, vice presidents and four members.

ECB's policy objectives: the primary objective is to stabilize prices. There are two main foundations of its monetary policy, one is the outlook on the direction of prices and the risks to price stability. Price stability is measured primarily through the Harmonized Index of Consumer Prices (HICP), adjusted so that it grows by less than 2% per annum.The HICP is particularly important, consisting of a series of indices and expected values, and is an important measure of inflation. The second is the money supply (M3), which controls money growth. the ECB has set a reference value of 4.5% for the annual increase in M3.

The ECB meets every two weeks on Thursdays to set new interest rate targets. After the first meeting of each month, the ECB releases a briefing note that gives an overall outlook on monetary policy and economic conditions.

Interest Rates: General interest rates. It is the main short-term exchange rate used by the central bank to regulate money market liquidity and "borrow new debt to pay off old debt". The spread between this rate and the U.S. Federal Funds Rate is one of the factors that determine the EUR/USD exchange rate.

3-month Eurodeposit (Euribor): 3-month Eurodeposit refers to deposits in euros held in banks outside the eurozone. Similarly, the spread between this rate and the corresponding rates in other countries is used to assess the level of the exchange rate. For example, when the 3-month European Euro deposit rate is higher than the 3-month European U.S. Dollar deposit rate for the same period, the EUR/USD exchange rate is boosted.

10-Year Government Bonds: 10-Year Government Bonds, whose spread over the U.S. 10-Year Treasury Bill is another important factor affecting EUR/USD. German 10-Year Government Bonds are usually used as a benchmark. If its interest rate level is lower than that of the U.S. Treasury bill over the same period, then if the spread narrows (i.e., German bond yields rise or U.S. Treasury bill yields fall), it will theoretically push up the EUR/USD exchange rate. Therefore, the spread between the two is generally more informative than the absolute value of the two.

Economic Data. The most important economic data comes from Germany, the largest economy in the Eurozone. Key data include: GDP, inflation data (CPI or HCPI), industrial production and unemployment. If looking at Germany alone, it also includes the IFO survey (which is a widely used business confidence survey index). There are also fiscal deficits for each member country, which must be kept below 3% of GDP according to the Stability and Growth Pact of the eurozone, and each country is required to have targets for further deficit reduction. Cross Rate Effect. The same as the U.S. dollar exchange rate, crosses will also affect the euro exchange rate.

3-Month Euro Futures Contract (Euribor): 3-month Euro futures contract. The value of this contract shows the market's expectation of the 3-month Euro Euro deposit rate (and the contract's maturity date). For example, the spread between the March Euro Euro futures contract and the March Eurodollar futures contract is the fundamental change that determines the future movement of EUR/USD.

Political factors: Compared with other exchange rates, EUR/USD is most susceptible to political factors, such as the domestic factors of France, Germany or Italy. Political and financial instability in the former Soviet Union countries can also affect the Euro, as a significant portion of German investors have invested in Russia.

Fundamental factors affecting the pound

Bank of England (BoE): The Bank of England. Since 1997, the BoE has been given the function of independent monetary policy making. The government uses an inflation target for price stability, generally measured by the Retail Prices Index excluding mortgages (RPI-X), which is kept below an annual increase of 2.5%. So, despite being independent of government departments in setting monetary policy, the BoE is still subject to inflation standards set by the Treasury.

Monetary Policy Committee (MPC): The Monetary Policy Committee. This committee is responsible for setting the level of interest rates.

Interest Rates: Interest rates. The main interest rate of the central bank is the minimum lending rate (base rate). In the first week of each month, the central bank uses interest rate adjustments to send clear monetary policy signals to the market. Changes in interest rates usually have a large impact on the pound sterling.The BoE also sets monetary policy by making daily adjustments to the interest rate at which government bond purchases are traded from the Discount Bank (a designated financial institution that deals in money market instruments).

Gilts.

Gilts. UK government bonds are also called gilts. Similarly, the spread between the yield on 10-year gilts and the yield on other national bonds or US Treasury bills over the same period affects the exchange rate between the pound and other national currencies. 3-Month Eurosterling Deposits: 3-month European sterling deposits. Sterling deposits held in non-UK banks are called Eurosterling Deposits. The difference between its interest rate and the interest rate of other countries on Eurosterling deposits for the same period is also a factor in the exchange rate.

Treasury: Treasury. Its role in setting monetary policy has been diminishing since 1997, but the Treasury still sets the inflation target for the BoE and decides on the appointment and dismissal of key BoE staff.

Relationship of the pound to the European Economic and Monetary Union: The pound has often been suppressed due to Prime Minister Tony Blair's comments about possibly joining the euro, Europe's single currency. If the UK wants to join the Eurozone, the level of interest rates in the UK would have to be reduced to the level of Euro interest rates. If the public voted to join the Eurozone, the Pound would have to be devalued against the Euro for the sake of the country's industrial trade. Therefore, any talk of the UK potentially joining the Eurozone would depress the Pound exchange rate.

Economic Data. Key economic data for the UK include: initial unemployment, initial unemployment rate, average earnings, retail price index excluding mortgages, retail sales, industrial production, GDP growth, purchasing managers' index, manufacturing and services surveys, money supply (M4), and income and housing price balance.

3-Month Eurosterling Futures Contract (short sterling): 3-month Eurosterling deposit futures (short sterling). The futures contract price reflects the market's expectation of the Eurosterling deposit rate after 3 months. Spreads over other countries' futures contract prices for the same period can also cause changes in the sterling exchange rate.

FTSE-100: Financial Times 100 Index. The UK's main stock index. Unlike the US and Japan, UK stock indices have a relatively small impact on the currency. But despite this, there is a strong linkage between the FTSE and the US Dow Jones.

Cross Rate Effect. Cross rates can also have an effect on the Pound Sterling exchange rate.

Fundamental Factors Affecting the Japanese Yen

Ministry of Finance (MOF): The Japanese Ministry of Finance, the only ministry that formulates fiscal and monetary policy in Japan. The MOF has more influence on the currency than the U.S., U.K. or German finance ministries. MOF officials often make statements about the state of the economy, which generally have an impact on the yen, such as when the yen is not in line with the fundamentals of the appreciation or depreciation, the Ministry of Finance officials will intervene verbally.

Bank of Japan (BoJ): the Bank of Japan. In 1998, the Japanese government passed a new law that allowed the central bank to set monetary policy independently of government influence, while the yen exchange rate remained the responsibility of the Ministry of Finance.

Interest Rates: Interest rates. The overnight lending rate is the main short-term interbank rate, determined by the BOJ, and is also used by the BOJ to express changes in monetary policy and is one of the main factors affecting the yen exchange rate.

Japanese Government Bonds (JGBs): Japanese government bonds. In order to enhance the liquidity of the monetary system, the BOJ purchases 10-year or 20-year JGBs on a monthly basis. the yield on 10-year JGBs is viewed as a benchmark indicator of long-term interest rates. For example, the basis differential between 10-year JGBs and 10-year U.S. Treasury bills is seen as one of the factors driving the direction of USD/JPY rates. a drop in the price of JGBs (i.e., a rise in yields) is usually favorable to the yen.

Economic and Fiscal Policy Agency. On January 6, 2001, it officially replaced the former Economic Planning Agency (EPA). Its responsibilities include articulating economic plans and coordinating economic policies, including employment, international trade and foreign exchange rates.

Ministry of International Trade and Industry (MITI): The Ministry of International Trade and Industry (MITI) is responsible for guiding the development of Japan's domestic industry and maintaining the international competitiveness of Japanese companies. But its importance has diminished considerably since the 1980s and early 1990s, when the volume of Japan-U.S. trade shaped the currency market.

Economic Data: Economic data. The more important economic data include: GDP, Tankan survey (quarterly survey of business sentiment and expectations), international trade, unemployment rate, industrial production and money supply (M2+CDs).

Nikkei-225: Nikkei 255. Japan's main stock market index. When the Japanese exchange rate is reasonably low, it raises the stock prices of export-oriented companies and, at the same time, the Nikkei as a whole rises. Sometimes this is not the case, and when the stock market is strong, foreign investors are attracted to invest heavily in the Japanese stock market using the Japanese yen, and the exchange rate of the yen is pushed up as a result.

Cross Rate Effect: The effect of cross rates. For example, when EUR/JPY rises, it will also cause USD/JPY to rise, not because of the rise in the U.S. dollar rate, but because of the different economic expectations for Japan and Europe.

Fundamental Factors Affecting the Swiss Franc

Swiss National Bank (SNB): The Swiss National Bank. The Swiss National Bank has a great deal of independence in setting monetary and exchange rate policies. Unlike the central banks of most other countries, the SNB does not use specific money market rates to guide monetary conditions. Until the fall of 1999, the central bank used foreign exchange swaps and repurchase agreements as its main tools for influencing the money supply and interest rates.

Because of the use of foreign exchange swap agreements, the management of monetary liquidity became a major factor affecting the Swiss franc. When the central bank wants to increase liquidity in the market, it buys foreign currencies, mainly U.S. dollars, and sells Swiss francs, thus affecting the exchange rate.

Starting in December 1999, the central bank's monetary policy shifted, moving from a monetarist empiricist's approach (targeting primarily the money supply) to an inflation-based approach with an inflation ceiling of 2.00 percent per year. The central bank will use a range of March London Interbank Offered Rate (LIBOR) as a means of controlling monetary policy.

Central bank officials can influence currency movements through some comments on the money supply or the currency itself.

Interest Rates: Interest rates. the SNB uses changes in the discount rate to announce changes in monetary policy. These changes have a significant impact on the currency. However discount rates are not often used by banks as a discount function.

3-month Euroswissfranc Deposits: 3-month European Swiss franc deposits. Swiss franc deposits held in non-Swiss banks are called European Swiss franc deposits. The difference between their interest rates and the interest rates of European deposits in other countries for the same period is one of the factors affecting the exchange rate.

The role of the Swiss franc as a safe-haven currency: The Swiss franc has always acted as a safe-haven currency because of the SNB's independence in formulating monetary policy, the secrecy of the national banking system, and Switzerland's status as a neutral country. In addition, the SNB's ample gold reserves also contribute to the stability of the currency.

Economic Data: Economic data. The most important economic data for Switzerland include the M3 money supply (the broadest form of money supply), the consumer price index (CPI), the unemployment rate, the balance of payments, GDP and industrial production.

Cross Rate Effect: The effect of the cross rate. As with other currencies, changes in the cross rate will have an effect on the CHF exchange rate.

3-Month Euroswiss Futures Contract: 3-month Euroswiss deposit futures contract. The price of the futures contract reflects the market's expectation of the deposit rate of the European Swiss franc after 3 months. Spreads over other countries' futures contract prices for the same period can also cause changes in the Swiss franc exchange rate.

Other factors: Due to the close links between the Swiss and European economies, the Swiss franc and the euro show a strong positive correlation. That is, the rise of the euro will also lead to the rise of the Swiss franc. The relationship between the two is the strongest of all currencies.