Question regarding Receivable turnover ratio/debtors turnover ratio

Hi guys ,as far as I know the formula for calculating receivable turnover ratio is credit sales divided by average debtors, how do I calculate this if the financial statement does not provide credit sales? Also how do I calculate the average debtors if there’s no opening debtors or closing debtors provided.your help is very much appreciated
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Balance Sheet Primer from a CPA - Part II - Let's use GME & BBBY as we learn

Balance Sheet Primer from a CPA - Part II - Let's use GME & BBBY as we learn
Hi all - After some feedback from my Cash Flow post, I decided to do a similar one on reading a Balance Sheet (B/S). Some other comments wanted me to review BBBY's, so I figured I'd do GME & BBBY side by side. The businesses are not directly related, but part of financial analysis is analyzing across different companies to find commonality. We're all different people, but in general there's a desired range for keeping your health stats in. A vital being outside of a range isn't necessarily bad, just something to investigate. Same deal here, I'm looking for outliers to cue up some questions to Ops to better understand why. If you haven't read my prior post, I'd start there. In that post I talk about my background and why I read things the way I do. When I read the financials, I read them in the order of (Cash Flow Statement / Balance Sheet / Income Statement). Since cash is king I want to see that first. Then I want to see how a company is managing it's B/S, and lastly the Income Statement. Given the nature of accounting, an Income Statement (P&L) can look okay, but problems can lurk on the balance sheet.
Also keep in mind that since we're dealing with publicly traded companies, an army of accountants prepare these statements, and they're reviewed/audited by a firm with their own army. Bigger companies can be complex, so that when you're doing your own analysis, your numbers might look weird. Don't get discouraged, odds are there's an offset somewhere or the information is in the footnotes. I'd suggest trying to create your own calculations for things, and then compare it to a finance site for that company. I do this for a living and I get turned around.
This is all meant to be a primer, so I do breeze by a couple things. If you want to nerd out more, feel free to PM me. Trying to hit a broad group, so if anything is vague or unclear, please comment and I'll clarify :)
Accounting background: If you don't care about debits and credits, skip down to the "BBBY & GME Balance Sheet Review" portion below. I noticed some comments seemed to have an interest in the actual accounting of all this, so I wanted to touch on that. If you want to pursue a career in Accounting, I'd suggest watching some intro videos on YT, and visit Accountingcoach.com. I go there to check myself sometimes, and their explanations are down to earth and easy to follow. From a career standpoint going the bookkeeper route is a good foot in the door. Then you can grow to an Associate's/BacheloMaster's/CPA/CMA/etc in the field. There's so much more to Accounting besides booking invoices or paying bills. Accounting touches all aspects of a business. I went a non-traditional accounting route, but I love this part of my career. Where I'm usually sitting with Ops helping to figure out their processes and work flows to improve the shop floor and hopefully profitability. Typically a field of dreams scenario where "if you fix it, income will follow". If not, well, we'll try something else :)
Basic Accounting Equation: Assets = Liabilities + Owner's Equity
It really all starts with the above equation, why Debits = Credits and why all this works. By ensuring debits = credits, with some other balance reviews, basically I can feel comfortable that the statements are correctly stated. To put this equation into real terms, I think home ownership is a good example. The value of your home is equal to your mortgage plus your equity in the house. Meaning if I buy a house and put 100k down:
500k house = 400k note + 100k Owner's Equity
If the value of my goes up 50k the next day, it now looks like
550k house = 400k note + 150k Owner's Equity.
As I pay my note down, it shifts like:
550k house = 350k note + 200k Owner's Equity
Which logically makes sense, debt when paid down on the house is turning that debt into equity, that you can one day turn into cash when the house is sold. But let's say we want to start a business, we'll need to expand upon this equation.
Expanded Accounting Equation: Assets = Liabilities + Contributed Capital + Beginning Retained Earnings + Revenue - Expenses - Dividends
If you've ever wondered why Revenue is sometimes represented as a credit (negative) number, this is why. Economic changes to the business are effectively changes to the Owner's stake in the business. Meaning everything that happens on the income statement is a change to the Owner's Equity (OE) section in the long run. If I sold $500 of stuff for cash, That sales entry is
Debit (DR) Cash $500 (Balance Sheet)
Credit (CR) Revenue $500 (Income Statement).
If we pause there, this again follows the accounting logic. An increase in revenue is an increase to the Owner's equity. Since Owner's Equity is on the right side of the equation, you increase that by increasing the credit (typically portrayed as a negative) number. Likewise when we receive $500 cash, and that's on the left side of the equations, it increases on a debit. Which is typically represented as an increase using a positive figure. So that at month end as part of my review I'll add up all debits and all credits (trial balance) and they should cancel each other and leave a $0 balance for the month. I'll stop here as this is a whole thing. When I was in school, most kids just try to memorize which action increases which way on which sign. In hindsight I think it's more important to understand the expanded Accounting Equation, and let that guide you in what the different signs and balances mean. Once you understand the expanded equation, it'll be second nature what increases on a credit and vice versa. For analysis purposes, this will already be given to you.
Balance Sheet: All that to say, the specific purpose of the balance sheet is to report assets and liabilities (and Owners Equity) at a specific time. Because Accounting is a dual entry (debits = credits) system, it's important to look at the B/S side to a business's P&L. Since you could have a situation where Operations is basically throwing sh*t over a fence. Meaning "We've crushed sales expectations, beer me bro". Meanwhile most of those sales were on questionable credit accounts, vendors can't deliver the goods, and I have monster warranty expenses coming back. And now one of our products smacked a lady in the face so we have some legal provisions building. So our great looking P&L now punched some holes on the B/S that you can drive a car through.
Analysis: There's two main types of analysis I typically do, over time and comparative. Over time is for obvious reasons, are balances moving in a healthy way as we march through time? So here I typically look at raw numbers and their directional change to that account.
Second I like to use ratios to measure the business over time, and then compare that other businesses. That gives me confidence that we're not in left field as compared to our competitors. I'll give ratio examples below as we go through the two companies. Honestly the ratios CPA's use will look pretty basic to what someone like DFV was doing in his streams. But that's what I love about this area of work. Where my work ends (getting financials produced and checking for reasonableness/completeness/planning/budget), his work begins in doing detailed CFA type work. I have no interest in doing CFA work, and a CFA would probably be bored to tears doing what I love. But there's space for everybody in Finance.
Structure: On a B/S, the main parts are the Assets & Liabilities portions. Within those, you have Current and Long-term. Current is due within a year, non-current is longer. Inventory is composed of items that will be consumed in the revenue process. For a retail business, this is basically the stuff on the shelves. Fixed Assets are items that are long-term by nature and help to run the business (PP&E, buildings, etc). But aren't for sale as part of the normal, recurring business model. Fixed Assets are depreciated over time as well. But it's key that people understand the difference. As a certain level of fixed assets is required and maintained to run a business. But inventory should flex with revenue. Meaning I'll have a plan/budget where I model out what I expect to sell in coming months, and I will raise/lower my inventory to meet that. You only want enough inventory on the shelves to meet upcoming sales forecast. Nothing more, nothing less. Intangibles are a thing on the B/S, but I don't see a lot here so for brevity I'm skipping it.
On the liabilities side, same deal. Current (less than a a year) Liabilities are going to be debt typically incurred in the normal course of business, AP, gift card sales, taxes payable, etc. Notes are long-term. Lease accounting has tightened up over the years substantially. It's a bit much for here, but know when you see an operating lease liability, it's something the business can't usually easily get out of in the short term. So short of looking through the footnotes for details, I'd peg it as long-term unless they split out the current portion of the operating lease from the long-term portion of the operating lease.
BBBY & GME Q2 Balance Sheet Review. I know these companies operate on different fiscal years, but for ease I'm just going to compare both Q2 statements. So I'll just start with Assets, and then work my way down. I'll explain each section with what I'm looking for. Side note I'm just here to point the math out, so this will read a bit clinical. Where this falls into the current valuation is up to you.
In thousands, so multiply by 1k to get full value. For simplicity's sake on my ratios I'll just take the figures as shown rather than multiply out both sides by 1k.
Starting with assets, couple things jump out. Cash is way down Aug 2022 as compared to Aug 2021. Inventory is flat, but at least prepaid has drawn down. This is good as it means we used less cash as we consumed prepaid items that we bought awhile back.
Property & Equipment (PP&E) is up slightly, and Operating lease Assets is down slightly. So maybe they moved some things off lease into PP&E. Other assets is down as well, but we don't have visibility into that.
Poking at inventory means we need to go look at the income statement to see what's going on with revenue. I'm okay with inventory being flat if sales are also flat to up for the same period.

So definitely not flat. Q2 over Q2 (QoQ) it looks like ~$550M drop. $550M drop on a starting figure of 1.984B is a 27% drop. Since this is inventory, I do like to check for flat-ish gross profit. Since if we're not moving things for the price we used to, could point to a looming inventory revaluation. Again not super likely just yet in this scenario, but something to consider. For Aug 2021, gross margin was 30.2%. For Aug 2022, it fell to 27.7%. Which a 1% gain/loss on gross margin is kind of a thing, negative change of 2.5% is something.
Pausing right here for a second: Gross profit (GP) is (Revenue - Cost of Goods Sold). Gross Margin (GM) is (Gross Profit / Revenue). Cost of Goods Sold (COGS) is only expenses directly consumed in producing that inventory. So if we're selling shoes, just the cost of building that shoe, the labor, materials, and overhead. Both figures are important for different reasons. But I'll pause there as this is more of a P&L thing and I'll post a write-up on that statement as well next week.

Same deal here, but on the liabilities sign. Looks like total current liabilities is down, my leases are down, and the only thing that's up is LT debt. Looks like a LT debt jump of almost 50%. But current liabilities down in the face of lower revenue is a good thing. LT debt we need a little more info to make a judgement call.
Current ratio is a solid indicator ( Total Current Assets / Total Current Liabilities). It measures a company's liquidity in paying current bills. We do this every pay period in our own lives. If my monthly paycheck is $5k and I have $10k in bills due every month, that's a problem. Same deal here. A value of 1-2 is good, depending on your risk tolerance is where you'd fall within that. But looking here I have CA $1,904 / CL $1,828, so CR of 1.04. A little on the low end, so I'll pull in the quick ratio to confirm my hunch that liabilities are a bit high
Quick ratio: Is a stricter liquidity test, it's meant to focus only on the items that can be quickly turned into cash to pay the bills. Couple different ways to define this ratio, but it's (Current Assets - Inventory - Prepaid / Current Liabilities). Like payday is two weeks away and I owe $5k today - what can I quickly pawn off to cover that bill. If we think about it, inventory isn't really that liquid. Since if you need cash that badly, and could quick-turn inventory, you probably wouldn't be in this spot you're in without some deep discounts. Again we're looking for a ratio of at least 1-2, but it varies. For Q2, this formula is (135,270 / 1,828,468) = 0.07. Which is one of the lowest I've seen in awhile.
Even at a high level, you can see AP is about 6 times what current cash is. And AP is almost always items due with in the coming 30-45 days.
Inventory: Inventory turnover (COGS / Average Inventory) is a key metric, it measures how quickly a company can turn over it's inventory in a given period. Higher turns is good as it means inventory is moving and demand is high(er). This is important as inventory that sits on a shelf and ages is a problem. It's costly to maintain, susceptible to theft, damage, write downs, etc. Looks like this ratio has dropped from 3.73 in Aug 2021 to 2.77 in Aug 2022. Which is a sizeable drop. Also suggest to me that inventory is risking going stale and I'm sure the auditors will be poking at that.
Sidebar: All these inventory ratios are already available, so not a real need to re-calc yourself. Just like to show my math on stuff. I'm being a bit lazy with these turn calcs so I took a shortcut via google. There's a whole world to inventory management, but it's beyond the scope here.
So out of the gate, Current Ratio here is 2.16 (2,019.2 / 932.4). Quick ratio of ((908.9+99.6)/932.4) is 1.08, so pretty liquid. Inventory turnover for Q2 2022 was 5.16, Q2 2021 was 6.13. So also a drop, but percentage wise not as bad. Comparing the two stores we see that GME is turning over its inventory almost twice as fast as BBBY, which is helpful in generating cash. Since inventory sitting on a shelf is cash that is tied up. Furthermore GME has borderline excess cash, depending on who's looking at these numbers. Whereas if BBBY is facing a cash crunch. Not impossible, but it's a tough spot.

Equity: Equity is important for a company as it shows the owner's have skin in the game and the company is generating recurring profits. Going back to the house example, if you're moving in a house for the long term, odds are you going to put more cash into the house. As opposed to a house I'm flipping, where I'm only putting in enough cash to secure the property, pile on the debt, and subsequently sell it for a gain (hopefully).
Equity deficits should be noted. In our original house example of our house that costs 500k, we put a mortgage of 400k, leaving us with equity of 100k. When there's a deficit, it flips the script. So in this is scenario, let's say the current economy tanked our house's value down to 350k. So what was a healthy setup:
500k house = 400k note + 100k equity
Is now not as fun to look at:
350k house = 400k note + (-50K) equity.
Main thing here is to look at the amount of long term debt against equity. The more you believe in the company, the more equity you're going to have. But if you're a PE looking for all that sweet EBITDA and cash draws with eventual sale based on multiples, suck it all out and move along.

BBBY: Main takeaway here is there's actually a deficit. Which means we've either been incurring repeated loses or paying dividends. With only this B/S information, I'm already leaning towards sustained losses given how Cash/AP/Inventory looks.
My main concern with is the equity deficit, against the long term debt of $1.729 and operating leases of 1.479B. That's a mountain to climb.
GME: Looking in my above screenshot, it appears Equity is also decreasing (1,852.0 to 1,343.5). So without looking at the P&L I know there's some issues, but long term debt is pretty minimal. It's almost too conservative, could be leveraged more, but the accountant in me is sleeping easy on this.
Key takeaways. There are ratios for everything, so below is just a summary of the ones I use. It's not all-inclusive, there's tons, but for my job it generates enough questions that I can go to Operations and start working through some things. For you as you learn more, it'll be about which ratios provide you comfort in a company's dealings and you being able to invest on that.
For BBBY, there's some obvious headwinds and the B/S is looking a bit rough. I've seen worse B/S and those people survived. But long-term management has to grab this one by the reins as it's a burning platform type scenario and decisive action is needed to save this. I know $3 looks pretty cheap now, but the way this B/S looks, without strong action to turn this around, $3 could look high in a few months.
I did glance at their Q2 cash flow statement, and it's more of the same. Sizeable cash outlays for Operating & Investing, buoyed by taking on additional debt in the Financing section. So hopefully they've stopped the bleeding and can start shoring up some cash via increased margins. I stopped short of looking at their P&L since I already have enough to go on for now.
For GME, it's honestly kind of boring as this is pretty textbook of a solid B/S. Strong cash, almost too little debt, good equity, inventory is moving. Given the war chest of cash, it implies they have room to be strategic with their future moves. Without having someone to force them to do so. Not a lot to add here.
Assets methodology: In the asset section, first I'm checking for liquidity (Current Ratio / Quick Ratio). Then I want to see inventory flexing with revenue. I also want to see A/R flat to down over time to show we don't have problems collecting. Lastly I do want to see some amount of fixed assets, but just enough. Which there are ratios to gauge this. But too much fixed assets implies a high break-even to cover the fixed costs. Too little suggests future improvements might be needed or the company is running on some jack-legged stuff in constant need of repair
Liabilities methodology: Just like you would in your household budget, is the Current Liabilities section reasonable considered the Current Asset and Revenue figures? Is the long term debt appropriate for the amount of equity we have? Can we service these payments via our incoming cash? Lastly is the level of debt we're carrying as compared to other figures appropriate to other companies in our industry?
Equity methodology: I check Retained Earnings over time, look for deficits, and look at these values compared to the liabilities section as well as equity ratios against my competitors.
Summary: If you've made it this far, appreciate your time. I'm off work today and interest was high, so wanted to push this out and go knock back a few beers while watching some soccer. Hopefully this post has sparked enough of an interest to dive deeper. I do think the B/S gets passed over for sexier looking P&L's since that's where the action is. But my hope is you see it's almost more interesting over here. Shameless plug: I do this type consulting for a number of businesses in my network. So if you know any businesses that want any sort of Accounting or FP&A services, feel free to reach out :)
Or if you're interested in an Accounting career, ping me and we'll talk. My life is more of a cautionary tale, so hopefully I can help you avoid some of the mistakes I made.
Thanks :)
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Back by request: The Dr. Burry explainer. Your all in one macroeconomic snapshot. Part 1

Hello all you wonderful apes. I’m not the one to usually create a post like this as macroeconomic pictures can be very divisive. This post is meant to explain the large picture of what is happening on a macroeconomic scale for the US.
Note: this DD was originally posted on 4/25/2022 and deleted by me as I was posting from my phone and the level of quality was insufficient. It was edited for improved readability on 4/26/2022 by u/upsouth.


Part 1

1.1 The Central Bank and the Currency Crisis
Currently we sit at a crossroads in history. A currency crisis is upon us as reckless government spending and a central bank that answers to no one push us deeper and deeper into debt while financing it all with the printing press.
The issues start here: The Central Bank.
The Central Bank is a private institution with a monopoly over our money supply. At just a glance this institution seems to be under the thumb of congress and the public, but a brief look at their website states otherwise.
“International experience shows that monetary policy tends to be more effective in supporting stable prices and strong employment when it is shielded from short-term political influence, which is one reason the Congress has given the Federal Reserve considerable operational independence to set policy.”
The Fed has full legal independence to set its own monetary policy with one caveat. As long as it says it is for the benefit of stable prices and full employment the Fed can do whatever it sees fit when it comes to setting policy. This gives them leeway as long as they state their goals match their legal obligations… and we’ll all know bankers never… EVER…bend the truth…
When it comes to transparency of their goals, they conveniently have a FAQ explaining their actions all while the motive remains a constant.
“Federal Open Market Committee (FOMC) meetings are not open to the public, so how do I know what the FOMC is doing?”
Information about the Federal Open Market Committee's (FOMC) deliberations and decisions can be found in:
  • Policy statements released after each FOMC meeting;
  • Detailed minutes of FOMC meetings, released three weeks after each regularly scheduled meeting;
  • The Chair's press conferences;
  • Quarterly publication of the economic projections of FOMC participants;
  • Semiannual and other testimony by the Chair to the Congress on monetary policy;
  • Weekly disclosure of the Federal Reserve's balance sheet and discount window lending.
Their answer is a bit of a runaround. The actions are transparent, but their actual goals are no where to be found because the answer always remains the same, stable prices and full employment. The questions we should be asking are HOW is the central bank using these tools if its legal obligations are not being met, and what might otherwise be it’s unstated goals.
1.2 Refresher on Basic Economics in Ape Speak
To get a full understanding this let’s get some basic economics out of the way.
Fiat currency: “A type of money that is not backed by any commodity such as gold or silver, typically declared by a decree from the government to be legal tender.”
-Ape speak: It’s just paper.
Floating exchange rate: “A floating exchange rate is a regime where the currency price of a nation is set by the forex market based on supply and demand relative to other currencies.”
-Ape speak: The value of a floating currency is dependent upon supply and demand. Meaning increasing supply can lower its value relative to demand and decreasing supply can increase its value relative to demand.
Federal Funds Rate (FFR): “the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis.”
Bond: In finance, a bond is a type of security under which the issuer (debtor) owes the holder (creditor) a debt and is obliged – depending on the terms – to repay the principal (i.e., amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time.
-Ape speak: It’s debt, loan with interest, etc.
Pristine collateral: “Securities that offer a risk-free return.”
-Ape speak: Assets that have little to no risk of default. Typically, US government treasuries are considered Pristine Collateral.
Benchmark Bonds: “A benchmark bond is a bond that provides a standard against which the performance of other bonds can be measured.”
-Ape speak: Pristine collateral, US Treasuries, US debt, that all other debt derives it’s risk assessment from. Example: If 30-year US bond has a coupon of 2% and is supposedly carries no risk (pristine), 30-year mortgages using US30Y as a benchmark must be higher than 2% interest as the mortgage carries more risk.
Coupon (bonds): “A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity.”
-Ape speak: The annual interest rate of a bond.
Yield (bonds): “The return an investor realizes on a bond.”
-Ape speak: The payment received from the interest made on the bond. Example: 100$ bond with a 5% coupon would have a yield of 5$
US Treasuries and how they function:
Uncle Sam issues a bond asking for 100$ with a 5% coupon. Over the life of the loan Uncle Sam has agreed to pay you 5$ every year for lending him 100$ (100 x .05). Your bonds yield is thus 5% or 5$. This coupon of 5$ remains the same over the life of the bond no matter what it trades at later.
Now US Treasuries are marketable securities, meaning you can trade them after auction. When they are traded, they can fetch a different price than the original price at auction. This is how bond yields start to change.
If the treasury mentioned above originally auctioned for 100$ with a 5% coupon starts trading at 80$ later in the secondary market and the coupon payment of 5% on 100$ (5$) stays the same, the yield increases (5 / 80 = .0625) or 6.25%. If the price increases to 120$ (5 / 125 = .04) the yield drops to 4%. These are the basic mechanisms behind yields on US treasuries, and why it is understood that yields move inversely to price.
1.3 The 1987 Crash and the Greenspan Put
Let’s start with the lead up to and the crash of Black Monday in 1987.
When Richard Nixon was president he took the United States off the Dollar-Gold Standard. During his time as president his bluff was called by the international players after the Bretton Woods system stated you could redeem 1oz. of gold for 35$. The international community saw the inflation under Nixon and deemed that he was printing more money than could be redeemed in gold. There was a run on the dollar and Nixon was forced to show his hand and detach the dollar from gold standard. This turned the dollar into a fiat floating currency. The panic further pushed up inflation throughout the 70’s. Asset prices followed as the new money entered the stock market and pushed up prices. This happened until the ferocious steps taken by Fed chair Paul Volker were enacted. His response is now known as the Volker shock.
Volker Shock
Bretton Woods
The early 1980’s was a rough time in America. The response to the double-digit inflation prompted a strong response from the Fed to raise interest rates past 20%. This sent the US into a Fed induced recession leading to a much stronger dollar and a growing trade deficit. The strong dollar benefited the domestic market as imports picked up and exports shrank when it became cheaper for the US to purchase internationally and more expensive for trade partners to purchase from the US. The policies of the Fed had worked to stave off inflation throughout the first few years of the 1980s.
With inflation worries gone, it was now the job of Ronald Regan and Paul Volker to correct the trade deficit it had with some of its trading partners. The Plaza Accord was introduced in 1985 to solve this issue. The main goal of this agreement was to depreciate the US dollar to correct trade imbalances between the G-5 countries. This was achieved by depreciating the dollar by having the Central Bank print and sell some USD on the international market while having its trade partners tighten. This would push the value of the dollar downwards and help exports pick up by making US goods more affordable internationally. With the increase in supply of the dollar due to the Plaza Accord, some of that hot money spilled over into the equities market.
Plaza Accord
The stock market boomed.
The Plaza Accord was successful in depreciating the dollar, a little too well. The US met back with its trading partners in 1987 to discuss how to stabilize its currency as its value continued to drop. This led to The Louvre Accord. This agreement was signed by Japan, Canada, UK, France, and Germany to slash interest rates while the US would raise interest rates to prevent further depreciation of the US dollar. Germany back pedaled. Fearing the threat of inflation, Germany reversed course and raised interest rates much to the dismay of the US. As a result, fear of the US having to take a much stronger action to strengthen its currency by raising rates higher and much faster than previously expected to keep up with its German counterparts sent markets tumbling. This became what we know now as Black Monday.
Black Monday
Louvre Accord
Fortunately, a couple months earlier the Fed received a new Chairman, Alan Greenspan. The stock market crash elicited a loving response from the Fed and the introduction of the Greenspan Put.
Greenspan Put
How the Greenspan Put (now Fed Put) works. This is where understanding bonds also comes in. The Central Bank does the following:
  1. First, It the central bank can lower reserve requirements on banks to allow them to lend much more easily. As they can have much less cash on hand compared to the cash lent out.
  2. Second, the Central Bank can lower the FFR (Federal Funds Rate, see above in definitions).
  3. Third, the Central Bank can enact QE (Quantitative Easing) Indirect QE - 'Repurchase agreements (also called. 'repos') are a form of indirect quantitative easing, whereby the Fed prints the new money, but unlike direct quantitative easing, the Fed does not buy the assets for its own balance sheet, but instead lends the new money to investment banks who themselves purchase the assets. Repos allow the investment banks to make both capital gains on the assets purchased (to the extent the banks can sell the assets to the private markets at higher prices), but also the economic carry, being the annual dividend or coupon from the asset, less the interest cost of the repo.
This was now the point when Wallstreet got the green light to turn the stock market into the casino you know today. What the Greenspan Put basically stated to the banks was that if the banks wanted to put all their money on black at the roulette table, they could keep the money if they win and have the Fed print more money for them if they lose. The Fed has now taken the "Free" out of our free markets as this policy guarantees a bailout for the banks if anything goes wrong.
The result: this response from the FED fueled the massive speculative bubbles we have seen over the past 40 years.
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Fees - Advice from the mystery guy

Fees - Advice from the mystery guy
The search by the elite for superior investment advice has caused (funds), in aggregate, to waste more than $100 billion over the past decade. - Mystery guy
In 2013, a social science professor by the name of Harold Pollack said something audacious during an interview: “the best financial advice can fit on a 3 by 5 index card and is available for free in the library.” When viewers wrote in asking for the index card, he quickly scribbled together a set of 9 rules that went viral.
While this is definitely not a shortcut to getting rich, the point “Pay attention to fees - Avoid actively managed funds”, got me thinking.
Financial advice, like any business, needs repeat customers. A lot of financial advice - especially the business of giving stock tips - is like sugar. Its goal might not be to keep you healthy, but rather to keep you coming back for more. The advice might not be harmful but there might be much simpler things you can do that nobody talks about. As my friend Kris Abdelmessih said:
“Nobody has the incentive to tell you the truth. Big Food or Big Ag will never commission a study on “intermittent fasting”. No single entity profits from the absence of eating 3 American-sized meals a day.”
The most obvious such problem that’s often overlooked is the importance of the fees. Let’s see how it can impact your returns in the long run.
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What is Private Credit? An asset class involving investments in private loans and debt financing. Investors loan money to companies, receiving interest in return. Percent offers access to these transactions, providing a chance to earn high-yielding interest on products such as corporate loans to startups, discounted receivables, and small business portfolios.
You can get up to 20% APY with an average investment maturity of 8 months and Private Credit returns are largely uncorrelated to Stocks.
The cherry on top is that Market Sentiment readers get up to $500 on the first investment.

How hedge funds make money

A number of smart people are involved in running hedge funds. But to a great extent their efforts are self-neutralizing, and their IQ will not overcome the costs they impose on investors. - Mystery guy
The “zero management fee” model is what all funds would use in a perfect world. Such partnerships charge a performance fee only when the fund manages to turn a profit on the money invested. In some cases, there would even be a “hurdle” - a minimum threshold that the profits would have to cross for the manager to be paid. But in reality, a very small number of fund managers use this model.
The “Two and Twenty” fee structure is the most common form of compensation for most hedge funds. It charges a management fee of 2% on the total Assets under Management, and a 20% performance fee on any profits accrued. The idea is that a larger performance fee aligns the interests of managers with investors while the management fee gives them some immunity against market volatility.
Managers get paid even during periods of underperformance while investors pay them with the very savings that they want to protect. But the worse part is how the leakage in fees adds up over time…

The tyranny of fees

As Gordon Gekko might have put it: “Fees never sleep.” - Mystery guy
What if I told you that the fees you pay to your broker over a lifetime could equal the gains in investment? Well, that isn’t the case actually - in reality, the fees are much greater than the gains!
In his fantastic article “Bequeathing your assets to your Broker”, William Bernstein runs a simple simulation: At the age of 25, you give a fund manager $100,000 to manage, and he turns over a long-term return of about 8%. But fees will reduce your return while adding to the manager’s portfolio which compounds without any fees. Assuming a 1.5% management fee [1] and 20% performance fee, this is how the portfolio values of you and your manager would look:
You will have up and down years, but your manager has a steady stream of income because of your assets... and by the time you retire at 65, you will have $764,000. Not bad - but the manager will have more than $1.24M (at zero initial investment!) In reality, your returns will be further cut down by frequent turnovers in your portfolio and capital gains taxes. The outcomes don’t even depend on the actual performance of the hedge fund: Nick Maggiuli’s analysis shows that on average, it takes about 17 years on average for the fund to beat the investor. The higher the management fee of your fund, the lesser you end up with at retirement:
Now, let’s look at what happens with a low-cost ETF: If you invest in an ETF with just a 6% annual return (2% lesser than the active fund), you will have $933k at the end of 40 years while the ETF makes just $3,017.2 That's about $280k more than what you would get with a 2 and 20 fund - but that extra money can last for more than 10 years of retirement, as the figure below shows:
Even the unluckiest 2 and 20 hedge fund would overtake its investor in 23 years. On the other hand, a low-cost ETF would take more than 1500 years to do the same thing! What do ETFs do differently? And what impact have they had on the industry?

The impact of ETFs

If a statue is ever erected to honor the person who has done the most for American investors, the handsdown choice should be Jack Bogle. - Mystery guy
Though the Efficient Market Hypothesis started gaining traction in the 1960s, there was no cost-effective way to track the market for most investors. It wasn’t until the 1970s that the first Index Fund was launched and John Bogle began advocating for low-cost index funds and ETFs as the best option for individual investors.
ETFs have an extremely low expense ratio (around 0.1%) and they don’t pass on the transactional costs of rebalancing the index to their customers. Though they pass up on the management fees, ETFs have the advantage of volumes and price momentum as more and more investors choose them over actively managed funds. The difference in expense ratios is enormous:
ETFs are currently responsible for about 37% of the notional trading volume in the market, up from less than 5% in 2000. ETFs have also led to the decline of active management fees, and the inception of zero management fee funds by large firms like Fidelity.
One concern is that passive investing will decline in performance once it occupies a larger portion of the market. John Bogle was concerned about “chaos” once the proportion reaches 90% - but this scenario is a long way off!
The bottom line: When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients. Both large and small investors should stick with low-cost index funds. - Mystery guy
So what’s with all the quotes strewn throughout this article? All of them are from the 2016 annual letter to shareholders written by the mystery guy… Mr. Warren Buffett. In this letter, Buffett tells the story of the $500,000 open bet he made: “No manager can choose a set of at least five actively managed funds that would beat the Vanguard S&P500 index fund after fees, over one decade.” Ted Seides was the only person who answered the call, and he selected five funds-of-funds.
Despite a neutral market environment and the huge financial incentive to do well, the five funds averaged 2.2% in returns against the index fund’s 7.1%. And this was even before fees were considered - 60% of all gains were diverted to the two levels of fund managers! Buffett ended by saying that there are definitely competent managers out there who justify their fees, but the problem is in finding them among the thousands of registered professionals.
So if you’re invested in index funds, good for you. If not, maybe it’s time to calculate the impact of management fees on your returns - Don’t leave that footnote unexamined.
What has been your experience with management fees? Were they worth the expense? Let me know in the comments.

Interesting finds: I’ve been binging on David Senra’s Founders podcast over the last week - He reads biographies and autobiographies of great entrepreneurs, investors, and doers that could take you days to read and compresses their insights into an hour or two! I love the insights from the podcast and highly recommend his episode on Charlie Munger’s autobiography to start with.


[1] As management fees have dropped from 2% to about 1.4 to 1.5% on average.
[2] People who invest in hedge funds aren’t naive - Hedge funds have other advantages, like minimizing drawdowns and hedging against market crashes by sacrificing returns. But if you’re a purely long-term investor, is the compromise worth it? (Also, hedge funds might not be working all that well.)
If you enjoyed this piece, please do me the huge favor of simply liking and sharing it with one other person who you think would enjoy this article! Thank you.
Disclaimer: I am not a financial advisor. Please do your own research before investing.
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#500 từ vựng tiếng Trung thương mại, có mẫu câu hội thoại mới nhất

Nếu muốn làm việc trong các công ty Trung Quốc hoặc kinh doanh với người Trung chắc chắn bạn sẽ không thể không học tiếng Trung thương mại. Để giúp các bạn dễ dàng tìm kiếm thông tin học. Hicado sẽ cung cấp cho các bạn bộ từ vựng tiếng Trung thương mại, từ vựng tiếng Trung về đặt hàng, về kinh doanh, chuyên ngành kinh tế có mẫu câu giao tiếp với hy vọng có thể hỗ trợ, tạo điều kiện tốt nhất cho việc học tập, công việc của bạn. 500 Từ vựng tiếng Trung thương mại Kinh tế thương mại là một lĩnh vực vô cùng lớn và liên quan đến nhiều ngành nghề khác nhau. Do đó mà lượng từ vựng tiếng Trung thương mại cũng tương đối khổng lồ. Hicado đã tổng hợp đơn hơn 500 từ vựng tiếng Trung thương mại, từ vựng tiếng Trung về kinh doanh, về đặt hàng, chuyên ngành kinh tế tương đối đầy đủ trong bảng dưới đây. Danh sách 1-100 từ vựng tiếng Trung thương mại Đầu tiên bạn hãy bắt đầu với 100 từ vựng tiếng Trung thương mại đầu tiên, bạn sẽ học được những từ vựng tiếng Trung về kinh doanh, về đặt hàng, cực kỳ hữu ích cho những bạn sinh viên chuyên ngành kinh tế đấy. STT Tiếng Việt Tiếng Trung Phiên âm 1 Chào giá 询盘 Xún pán 2 Hỏi giá 发盘 fā pán 3 Người chào giá 实盘 shí pán 4 Công ty 公司 Gōngsī 5 Thị trường 市场 shìchǎng 6 Xí nghiệp, doanh nghiệp 企业 qǐyè 7 Đầu tư 投资 tóuzī 8 Ngân hàng 银行 yínháng 9 Đô la Mỹ 美元 měiyuán 10 Vốn 资金 zījīn 11 Kinh doanh, nghiệp vụ 业务 yèwù 12 Tăng trưởng 增长 zēngzhǎng 13 Sản phẩm 产品 chǎnpǐn 14 Giá 价格 jiàgé 15 Quản trị, quản lý 管理 guǎnlǐ 16 Nền kinh tế 经济 jīngjì 17 Rủi ro 风险 fēngxiǎn 18 Khoản vay 贷款 dàikuǎn 19 Vốn lớn, vốn hoá lớn 大盘 dàpán 20 Ngành 行业 hángyè 21 Quỹ, ngân quỹ 基金 jījīn 22 Tài chính 金融 jīnróng 23 Sản xuất 生产 shēngchǎn 24 Kinh doanh, quản lý 经营 jīngyíng 25 Kinh tế tài chính 财经 cáijīng 26 Khách hàng 客户 kèhù 27 Phát hành (niêm yết một công ty trên thị trường chứng khoán) 上市 shàngshì 28 Công ty niêm yết trên thị trường chứng khoán 上市公司 shàngshì gōngsī 29 Giao dịch 交易 jiāoyì 30 Trông nom, giám sát 监管 jiānguǎn 31 Tăng lên 上涨 shàngzhǎng 32 Bán 销售 xiāoshòu 33 Xu hướng 走势 zǒushì 34 Cổ phiếu 股票 gǔpiào 35 Cổ phần riêng lẻ 个股 gègǔ 36 Phát hành 发行 fāxíng 37 Vốn 资产 zīchǎn 38 Thương hiệu, nhãn hiệu 品牌 pǐnpái 39 Bảo hiểm 保险 bǎoxiǎn 40 Giá thị trường 行情 hángqíng 41 Mất, rớt (giá) 下跌 xiàdié 42 Nhân dân tệ 人民币 rénmínbì 43 Biên độ lớn 大幅 dàfú 44 Cải cách 改革 gǎigé 45 Toàn cầu 全球 quánqiú 46 Khách hàng 消费者 xiāofèi zhě 47 Công nghiệp 产业 chǎnyè 48 Cơ cấu tài chính, tổ chức tài chính 金融机构 jīnróng jīgòu 49 Hồi phục 反弹 fǎntán 50 Lợi nhuận 利润 lìrùn 51 Thông tin 信息 xìnxī 52 Giá cổ phiếu 股价 gǔjià 53 Chi phí, giá thành 成本 chéngběn 54 Đàm phán giá cả 价格谈判 Jiàgé tánpàn 55 Đơn đặt hàng 定单 Dìngdān 56 Đơn đặt hàng dài hạn 长期定单 Chángqí dìngdān 57 Đơn đặt hàng tơ lụa 丝绸定货单 Sīchóu dìnghuò dān 58 Hợp đồng mua hàng 购货合同 Sīchóu dìnghuò dān 59 Hợp đồng tiêu thụ ,hợp đồng bán 销售合同 Xiāoshòu hétóng 60 Hợp đồng tương hỗ 互惠合同 Hùhuì hétóng 61 Ký kết hợp đồng 合同的签定 Hétóng de qiān dìng 62 Vi phạm hợp đồng 合同的违反 Hétóng de wéifǎn 63 Đình chỉ hợp đồng 合同的终止 Hétóng de zhōngzhǐ 64 Tờ khai hàng hóa,danh sách hàng hóa 货物清单 Huòwù qīngdān 65 Bảng kê khai hàng hóa ,manifest 舱单 Cāng dān 66 Vận chuyển hàng hóa bằng container 集装箱货运 Jízhuāngxiāng huòyùn 67 Giao hàng tại xưởng 工厂交货 Gōngchǎng jiāo huò 68 Giao dọc mạn tàu ( 启运港)船边交货 (Qǐyùn gǎng) chuán biān jiāo huò 69 Giao hàng trên tàu 船上交货 Chuánshàng jiāo huò 70 Giao cho người vận tải 货交承运人(指定地点) Huò jiāo chéngyùn rén (zhǐdìng dìdiǎn) 71 Giao hàng tại kho 仓库交货 Cāngkù jiāo huò 72 Giao tai biên giới 边境交货 Biānjìng jiāo huò 73 Giao hàng vào thời gian gần, giao hạn gần 近期交货 Jìnqí jiāo huò 74 Giao hàng về sau, giao sau 远期交货 Yuǎn qí jiāo huò 75 Giao hàng định kỳ 定期交货 Dìngqí jiāo huò 76 Thời gian giao hàng 交货时间 Jiāo huò shíjiān 77 Địa điểm giao hàng 交货地点 Jiāo huò dìdiǎn 78 Phương thức giao hàng 交货方式 Jiāo huò fāngshì 79 Phí vận chuyển hàng hóa 货物运费 Huòwù yùnfèi 80 Phí bảo quản hàng hóa 货物保管费 Huòwù bǎoguǎn fèi 81 Vận đơn ( B/L ) 提(货)单 Tí (huò) dān 82 Vận đơn liên hiệp 联运提单 Liányùn tídān 83 Phiếu vận chuyển (承运人的)发货通知书,托运单 (Chéngyùn rén de) fā huò tōngzhī shū, tuōyùn dān 84 Chứng nhận bảo hiểm 保险单,保单 Bǎoxiǎn dān, bǎodān 85 Chứng nhận xuất xứ 产地证书,原产地证明书 Chǎndì zhèngshū, yuán chǎndì zhèngmíng shū 86 Chứng nhận chất lượng ( 货物) 品质证明书 (Huòwù) pǐnzhí zhèngmíng shū 87 Danh sách đóng gói 装箱单,包装清单,花色码单 Zhuāng xiāng dān, bāozhuāng qīngdān, huāsè mǎ dān 88 Đòi bồi thường 索赔 Suǒpéi 89 Thời hạn ( kỳ hạn ) 索赔期 Suǒpéi qí 90 Phiếu đòi bồi thường 索赔清单 Suǒpéi qīngdān 91 Bồi thường 赔偿 Péicháng 92 Kết toán 结算 Jiésuàn 93 Phương thức kết toán 结算方式 Jiésuàn fāngshì 94 Kết toán tiền mặt 现金结算 Xiànjīn jiésuàn 95 Kết toán song phương 双边结算 Shuāngbiān jiésuàn 96 Kết toán đa phương 多边结算 Duōbiān jiésuàn 97 Kết toán quốc tế 国际结算 Guójì jiésuàn 98 Tiền đã kết toán 结算货币 Jiésuàn huòbì 99 Chi trả 支付 Zhīfù 100 Phương thức chi trả 支付方式 Zhīfù fāngshì
Danh sách từ vựng tiếng Trung thương mại từ 100-200 Hãy tiếp tục với 100 từ vựng tiếng Trung thương mại tiếp theo để thông thạo hơn trong chủ đề này nhé! 101 Chi trả bằng tiền mặt 现金支付 Xiànjīn zhīfù 102 Chi trả bằng tín dụng 信用支付 Xìnyòng zhīfù 103 Chi trả bằng đổi hàng 易货支付 Yì huò zhīfù 104 Tiền đã chi trả 支付货币 Zhīfù huòbì 105 Hóa đơn 发票,发单,装货清单 Fāpiào, fā dān, zhuāng huò qīngdān 106 Hóa đơn thương mại 商业发票 Shāngyè fāpiào 107 Hóa đơn tạm 临时发票 Línshí fāpiào 108 Hóa đơn chính thức 确定发票 Quèdìng fāpiào 109 Hóa đơn chính thức 最终发票 Zuìzhōng fāpiào 110 Hóa đơn chiếu lệ 形式发票 Xíngshì fǎ piào 111 Hóa đơn chiếu lệ 假定发票 Jiǎdìng fāpiào 112 Hóa đơn lãnh sự 领事发票 Lǐngshì fāpiào 113 Hóa đơn lãnh sự 领事签证发票 Lǐngshì qiānzhèng fāpiào 114 Hối phiếu 汇票 Huìpiào 115 Hối phiếu có kỳ hạn 远期汇票 Yuǎn qí huìpiào 116 Hối phiếu trơn 光票 Guāng piào 117 Hối phiếu kèm chứng từ 跟单汇票 Gēn dān huìpiào 118 Hối phiếu trả cho người cầm phiếu 执票人汇票,执票人票据 Zhí piào rén huìpiào, zhí piào rén piàojù 119 Chấp nhận hối phiếu 承兑,接受 Chéngduì, jiēshòu 120 Ký hậu hối phiếu 背书,批单 Bèishū, pī dān 121 Ký hậu để trắng 空白背书,不记名背书 Kòngbái bèishū, bù jìmíng bèishū 122 Ký hậu hạn chếa 限制性背书 Xiànzhì xìng bèishū 123 Khoản phả trả 应付帐款 Yìngfù zhàng kuǎn 124 Khoản phải thu 应收账款 yīng shōu zhàng kuǎn 125 Mua lại (công ty) 收购 shōugòu 126 Thu nhập sau thuế từ hoạt động kinh doanh 税后营运收入 shuì hòu yíngyùn shōurù 127 Tỉ lệ lợi nhuận sau thuế 税后利润率 shuì hòu lìrùn lǜ 128 Sàn giao dịch chứng khoán Mỹ 美国股票交易所(美国证交所) měiguó gǔpiào jiāoyì suǒ (měiguó zhèng jiāo suǒ) 129 Khầu hao 摊销 tān xiāo 130 Chuyên gia phân tích 分析员 fēnxī yuán 131 Báo cáo thường niên 年报 niánbào 132 Báo cáo kế toán tài vụ thường niên 年度财务会计报告 niándù cáiwù kuàijì bàogào 133 Mua bán ngoại tệ 套汇 tàohuì 134 Tài sản 资产 zīchǎn 135 Hệ số quay vòng tổng tài sản 资产周转率 zīchǎn zhōuzhuǎn lǜ 136 Đánh giá tài sản 资产估值 zīchǎn gū zhí 137 Chuyển nhượng 转让 zhuǎnràng 138 Kiểm toán 审计 shěnjì 139 Báo cáo kiểm toán 审计报告 shěnjì bàogào 140 Tỷ lệ tăng trưởng bình quân hàng năm 年平均增长率 nián píngjūn zēngzhǎng lǜ 141 Nợ xấu 不良贷款 bùliáng dàikuǎn 142 Cán cân thanh toán 国际收支差额 guójì shōu zhī chāi é 143 Cán cân thương mại 贸易差额 màoyì chā’é 144 Bản cân đối kế toán 资产负债表 zīchǎn fùzhài biǎo 145 Bảo lãnh ngân hàng 银行担保,银行保函 yínháng dānbǎo, yínháng bǎohán 146 Bảo hiểm ngân hàng 银行保险 yínháng bǎoxiǎn 147 Phá sản 破产 pòchǎn 148 Rủi ro phá sản 破产风险 pòchǎn fēngxiǎn 149 Thị trường theo chiều giá xuống 熊市, 空头市场 xióngshì, kōngtóu shìchǎng 150 Người thụ hưởng 受益者 shòuyì zhě 151 Bên thụ hưởng 受益方 shòuyì fāng 152 Người thụ hưởng bảo hiểm 保险受益人 bǎoxiǎn shòuyì rén 153 Giá mua 买方出价 mǎifāng chūjià 154 Chênh lệch giá mua chứng khoán 证券买卖差价 zhèngquàn mǎimài chājià 155 Trái phiếu 债券 zhàiquàn 156 Giá trị ghi số 帐面价值 zhàng miàn jiàzhí 157 Điểm hoà vốn 收支相抵点 shōu zhī xiāngdǐ diǎn 158 Hiện tượng bong bóng kinh tế (thị trường) 市场泡沫 shìchǎng pàomò 159 Thị trường theo chiều giá lên 牛市,多头市场 niúshì, duōtóu shìchǎng 160 Vốn đầu tư 资本, 资本金 zīběn, zīběn jīn 161 Tài khoản vốn 资本账户 zīběn zhànghù 162 Mô hình định giá tài sản vốn. 资本资产定价模型 zīběn zīchǎn dìngjià móxíng 163 Thị trường vốn 资本市场 zīběn shìchǎng 164 Chủ nghĩa tư bản 资本主义 zīběn zhǔyì 165 Tiền mặt 现金 xiànjīn 166 Dòng tiền 现金流量 xiànjīn liúliàng 167 Thị trường tiền mặt 现货市场 xiànhuò shìchǎng 168 Ngân hàng trung ương 中央银行 zhōngyāng yínháng 169 Tiền gửi tiến kiệm 存单,存款证 cúndān, cúnkuǎn zhèng 170 Quyết đoán, hạch toán 货币结算 huòbì jiésuàn 171 Giá vốn hàng bán 已售商品成本 yǐ shòu shāngpǐn chéngběn 172 Thương phiếu 商业票据 shāngyè piàojù 173 Hoa hồng 佣金 yōngjīn 174 Hàng hoá vật tư sản xuất 商品 shāngpǐn 175 Chỉ số giá hàng hoá 消费者物价指数 xiāofèi zhě wùjià zhǐshù 176 Trái phiếu chuyển đổi 可转换公司债券 kě zhuǎnhuàn gōngsī zhàiquàn 177 Tài chính doanh nghiệp 企业融资 qǐyè róngzī 178 Tín dụng 信用,信贷 xìnyòng, xìndài 179 Thẻ tín dụng 信用卡 xìnyòngkǎ 180 Đánh giá tín dụng 信用评级 xìnyòng píngjí 181 Tiền tệ 货币 huòbì 182 Hợp đồng với tỉ giá cụ thể 货币期权,外汇期权 huòbì qíquán, wàihuì qíquán 183 Tài sản ngắn hạn 流动资产 liúdòng zīchǎn 184 Nợ ngắn hạn 流动负债 liúdòng fùzhài 185 Giá cả hiện thời 现时价格 xiànshí jiàgé 186 Hệ số khả năng thanh toán ngắn hạn 流动比率 liúdòng bǐlǜ 187 Trái khoán 公司债券 gōngsī zhàiquàn 188 Bên nợ 借项,借方 jiè xiàng, jièfāng 189 Nợ 债务 zhàiwù 190 Tỷ lệ nợ trên vốn chủ sở hữu 债务股本比 zhàiwù gǔběn bǐ 191 Bên nợ 债务人 zhàiwùrén 192 Giảm phát 通货紧缩 tōnghuò jǐnsuō 193 Tiền gửi 存款 cúnkuǎn 194 Khấu hao 折旧 zhéjiù 195 Chứng khoán phái sinh 衍生证券 yǎnshēng zhèngquàn 196 Mất giá 贬值 biǎnzhí 197 Chiết khấu 折扣,贴现 zhékòu, tiēxiàn 198 Tỉ lệ chiết khấu 贴现率 tiēxiàn lǜ 199 Cổ tức 股息 gǔxí 200 Tỷ lệ cổ tức trên giá trị cổ phần 股息率 gǔxí lǜ
Danh sách từ 200-300 từ vựng tiếng Trung thương mại Bạn đã nắm được 200 từ vựng tiếng Trung thương mại rồi, hãy tiếp tục cố gắng với 100 từ vựng tiếng Trung thương mại tiếp theo dưới đây để dồi dào hơn vốn từ vựng tiếng Trung về kinh doanh, về đặt hàng, từ vựng tiếng Trung chuyên ngành kinh tế nha. 201 Bán phá giá 倾销 qīngxiāo 202 Lợi nhuận trước khi trả lãi, thuế. 扣除利息及税项前盈利 kòuchú lìxí jí shuì xiàng qián yínglì 203 Lợi nhuận trước khi trả lãi, thuế và khấu hao. 扣除利息,税项及折扣前盈利 kòuchú lìxí, shuì xiàng jí zhékòu qián yínglì 204 Thu nhập ròng trên cổ phần 每股收益 měi gǔ shōuyì 205 Cổ phiếu 股票 gǔpiào 206 Vốn cổ phần 股本 gǔběn 207 Tỉ giá ngoại hối 货币外汇汇率 huòbì wàihuì huìlǜ 208 Ngày đáo hạn 到期日 dào qí rì 209 Xuất khẩu 出口 chūkǒu 210 Tài sản cố định 固定资产 gùdìng zīchǎn 211 Chi phí cố định 固定成本 gùdìng chéngběn 212 Lãi suất cố định 固定利率 gùdìng lìlǜ 213 Lãi suất thả nổi 浮息票据 fú xí piàojù 214 Hợp đồng giao dịch trong tương lai 远期合约 yuǎn qí héyuē 215 Hàng hoá kỳ hạn 期货 qíhuò 216 Hợp đồng hàng hoá kỳ hạn 期货合约 qíhuò héyuē 217 Thị trường hàng hoá kỳ hạn 期货市场 qíhuò shìchǎng 218 Thị trường hoán đổi ngoại tệ 外汇 wàihuì 219 Tổng giá trị sản phẩm nội địa 国内生产总值 guónèi shēngchǎn zǒng zhí 220 Sổ cái kế toán 总分类账簿 zǒng fēnlèi zhàngbù 221 Tổng sản phẩm quốc gia 国民生产总值 guómín shēngchǎn zǒng zhí 222 Tỷ lệ tăng trưởng 增长速度 zēngzhǎng sùdù 223 Giao dịch hàng rào 对冲交易 duìchōng jiāoyì 224 Lệnh gọi vốn của công ty môi giới 经纪公司催缴通知 jīngjì gōngsī cuī jiǎo tōngzhī 225 Tài sản vô hình 无形资产 wúxíng zīchǎn 226 Lãi 利息 lìxí 227 Lãi suất 利率 lìlǜ 228 Tỷ lệ tăng trưởng nội bộ 内部增长率 nèibù zēngzhǎng lǜ 229 Hàng tồn kho 存货 cúnhuò 230 Hệ số vòng quay hàng tồn kho 库存周转率 kùcún zhōuzhuǎn lǜ 231 Tính thanh toán thị trường 市场流通性 shìchǎng liútōng xìng 232 Giá trị vốn hoá thị trường 总市值,市价总额 zǒng shìzhí, shìjià zǒng’é 233 Quỹ tương hỗ 共同基金 gòngtóng jījīn 234 Chỉ số giá trị tài sản thuần 资产净值 zīchǎn jìngzhí 235 Thu nhập ròng 净收入 jìng shōurù 236 Chi phí hoạt động 营运开支 yíngyùn kāizhī 237 Hệ số lợi nhuận hoạt động 营运利润率 yíngyùn lìrùn lǜ 238 Hệ số lợi nhuận hoạt động sản xuất kinh doanh 营业利润率 yíngyè lìrùn lǜ 239 Chi phí cơ hội 机会成本 jīhuì chéngběn 240 Cổ phiếu ưu đãi 优先股 yōuxiān gǔ 241 Chỉ số giá trên doanh thu 股价与销售额比率 gǔjià yú xiāoshòu é bǐlǜ 242 Công ty góp vốn tư nhân 私人股本公司 sīrén gǔběn gōngsī 243 Góp vốn tư nhân 私募股权投资 sīmù gǔquán tóuzī 244 Hệ số biên lợi nhuận 利润率 lìrùn lǜ 245 Khả năng thanh toán nhanh 速动比率 sù dòng bǐlǜ 246 Hệ số thu nhập trên vốn sử dụng 已动用资本回报率 yǐ dòngyòng zīběn huíbào lǜ 247 Hệ số thu nhập trên vốn cổ phần 股本回报率 gǔběn huíbào lǜ 248 Hệ số thu nhập trên vốn đầu tư 投资资本回报率 tóuzī zīběn huíbào lǜ 249 Hệ số thu nhập trên doanh thu 收入回报率 shōurù huíbào lǜ 250 Tổng doanh thu 总收益 zǒng shōuyì 251 Hệ số thu nhập trên tài sản 资产收益率 zīchǎn shōuyì lǜ 252 Hế số thu nhập trên vốn cổ phần 股本回报率 , 产权收益率 , 产权报酬率 gǔběn huíbào lǜ, chǎnquán shōuyì lǜ, chǎnquán bàochóu lǜ 253 Bán khống 卖空 mài kōng 254 Tài sản cố định hữu hình 有形资产 yǒuxíng zīchǎn 255 Cố phiếu quỹ 库存股 kùcún gǔ 256 Vốn lưu động 营运资金 yíngyùn zījīn 257 Xoay vòng vốn lưu động 营运资金周转率 yíngyùn zījīn zhōuzhuǎn lǜ 258 Email thương mại không muốn 商业垃圾邮件, 未经同意的广告邮件 Shāngyè lèsè yóujiàn, wèi jīng tóngyì de guǎnggào yóujiàn 259 In thương mại 商业印刷, 专业印刷 shāngyè yìnshuā, zhuānyè yìnshuā 260 Khách Thương mại được cấp phép phần mềm 软件授权商务客户端, 软体授权商业客户 ruǎnjiàn shòuquán shāngwù kèhù duān, ruǎntǐ shòuquán shāngyè kèhù 261 Ngân hàng thương mại 商业银行 shāngyè yínháng 262 Thương mại quốc tế 国际贸易 guójì màoyì 263 Thương mại tự do 自由贸易 zìyóu màoyì 264 Tổ chức thương mại thế giới 世界贸易组织 shìjiè màoyì zǔzhī 265 Quản lý hành chính 行政主管 xíngzhèng zhǔguǎn 266 Ban quản lý, cục quản lý 主管 部门 zhǔguǎn bùmén 267 Chủ tịch 总裁 zǒng cái 268 Phó chủ tịch 副总裁 fù zǒng cái 269 Trợ lý chủ tịch 总裁助理 zǒng cái zhùlǐ 270 Giám đốc điều hành 总经理 zǒngjīnglǐ 271 Trợ lý giám đốc điều hành 总经理 助理 zǒngjīnglǐ zhùlǐ 272 Quản lý, quản đốc, giám đốc 经理 jīnglǐ 273 Phó giám đốc 副经理 fù jīnglǐ 274 Ban giám đốc 经理部门 jīnglǐ bùmén 275 Trợ lý giám đốc 经理助理 jīnglǐ zhùlǐ 276 Trưởng ban quản đốc 董事长 dǒngshì zhǎng 277 ủy viên ban quản đốc, ủy viên ban giám đốc 董事委员 dǒngshì wěiyuán 278 Đại diện bán hàng, người chào hàng 业务代表 yèwù dàibiǎo 279 Người đại diện thương mại 贸易代表 màoyì dàibiǎo 280 Người đại diện giao dịch, người đại diện đàm phán 谈判代表 tán pān dàibiǎo 281 Người đại diện kinh doanh tiếp thị 营销代表 yíng xiāo dàibiǎo 282 Bộ phận Châu Phi 非洲部 fēizhōu bù 283 Bộ phận Châu Á Thái Bình Dương 亚太部 yà tài bù 284 Bộ phận Châu u 欧洲部 ōuzhōu bù 285 Bộ phận Bắc Mĩ 北美部 běiměi bù 286 Bộ phận Nam Mĩ 南 美部 nán měi bù 287 Bộ phận Mĩ Latinh 拉美部 lā měi bù 288 Bann nhập khẩu 进口部 jìnkǒu bù 289 Ban xuất khẩu 出口部 chūkǒu bù 290 Ban xuất nhập khẩu 进出口部 jìnchūkǒu bù 291 Ban phân phối thị trường 市场销售部 shìchǎng xiāoshòu bù 292 Ban thống kê mua hàng 购货部 gòu huò bù 293 Ban marketing 营销部 yíng xiāo bù 294 Ban thương mại quốc tế 国际贸易部 guójì màoyì bù 295 Ban tổ chức nhân sự 人事部 rénshì bù 296 Ban tài vụ 财务部 cáiwù bù 297 Ban hậu cần 物流部 wù liú bù 298 Ban công tác quần chúng 公关部 gōngguān bù 299 Xin chiếu cố 请 多 关照 qǐng duō guānzhào 300 Phòng ban,khoa… 部门 bùmén
Từ vựng tiếng Trung thương mại từ 300-400 Qua 300 từ vựng tiếng Trung thương mại ở trên, bạn đã sở hữu vốn từ vựng tiếng Trung về kinh doanh kha khá rồi đấy, hãy tiếp tục cố gắng để tự tin giao tiếp trong chủ đề này nhé! 301 Ban quốc tế 国际部 guójì bù 302 Bộ phận Châu Á 亚洲部 yàzhōu bù 303 Danh thiếp 名片 míngpiàn 304 Ngưỡng mộ từ lâu 久仰 jiǔyǎng 305 Công ty Nike 耐克公司 nài kè gōngsī 306 Công ty Intel 英特尔公司 yīng tè ěr gōngsī 307 Đàm phán giá cả 价格谈判 Jiàgé tánpàn 308 Đơn đặt hàng 订单 dìngdān 309 Đơn đặt hàng dài hạn 长期订单 chángqí dìngdān 310 Đơn đặt hàng tơ lụa 丝绸订货单 sīchóu dìnghuò dān 311 Hợp đồng mua hàng 购货合同 dìnghuò dān 312 Hợp đồng tiêu thụ, hợp đồng bán 销售合同 xiāoshòu hétóng 313 Hợp đồng tương hỗ 互惠合同 hùhuì hétóng 314 Ký kết hợp đồng 合同的签定 hétóng de qiān dìng 315 Vi phạm hợp đồng 合同的违反 hétóng de wéifǎn 316 Chấm dứt hợp đồng 合同的终止 hétóng de zhōngzhǐ 317 Tờ khai hàng hóa,danh sách hàng hóa 货物清单 huòwù qīngdān 318 Bảng kê khai hàng hóa 舱单 cāng dān 319 Vận chuyển hàng hóa bằng container 集装箱货运 jízhuāngxiāng huòyùn 320 Giao hàng tại xưởng 工厂交货 gōngchǎng jiāo huò 321 Giao dọc mạn tàu ( 启运港)船边交货 (qǐyùn gǎng) chuán biān jiāo huò 322 Giao hàng trên tàu 船上交货 chuánshàng jiāo huò 323 Giao cho người vận tải 货交承运人(指定地点) huò jiāo chéngyùn rén (zhǐdìng dìdiǎn) 324 Giao hàng tại kho 仓库交货 cāngkù jiāo huò 325 Giao tai biên giới 边境交货 biānjìng jiāo huò 326 Giao dịch hàng rào, Hedge Transactions 对冲交易 duìchōng jiāoyì 327 Lệnh gọi vốn của công ty môi giới, House Call 经纪公司催缴通知 jīngjì gōngsi cuījiǎo tōngzhī 328 Tài sản vô hình, Intangible Assets 无形资产 wúxíng zīchǎn 329 Lãi, Interest 利息 lìxi 330 Lãi suất, Interest Rates 利率 lìlǜ 331 Tỷ lệ tăng trưởng nội bộ, Internal Growth Rate 内部增长率 nèibù zēngzhǎng lǜ 332 Hàng tồn kho, Inventory 存货 cúnhuò 333 Hệ số vòng quay hàng tồn kho, Inventory Carry Rate / Turnover Rate of Inventory / Inventory Turnover 库存周转率 kùcún zhōuzhuǎnlǜ 334 Tính lưu thông thị trường, Market liquidity 市场流通性 shìchǎng liútōng xìng 335 Tổng giá trị thị trường, tổng mức giá trị thị trường, Market capitalization 总市值, 市价总额 zǒngshìzhí, shìjià zǒng é 336 Quỹ tương hỗ, Mutual Fund 共同基金 gòngtóng jījīn 337 Chỉ số giá trị tài sản thuần, Net Asset Value, NAV 资产净值 zīchǎn jìngzhí 338 Thu nhập ròng, Net Income (NI) 净收入 jìng shōurù 339 Chi phí hoạt động, Operating expenses 营运开支 yíngyùn kāizhī 340 Hệ số lợi nhuận hoạt động, Operating Margin 营运利润率 yíngyùn lìrùn lǜ 341 Hệ số lợi nhuận hoạt động sản xuất kinh doanh, Operating Profit Ratio 营业利润率 yíngyè lìrùn lǜ 342 Chi phí cơ hội, Opportunity Cost 机会成本 jīhuì chéngběn 343 Cổ phiếu ưu đãi, Preferred Stock/Preferred Shares/Preference Shares 优先股 yōuxiān gǔ 344 Chỉ số giá trên doanh thu, Price-To-Sales Ratio 股价与销售额比率 gǔjià yǔ xiāoshòu é bǐlǜ 345 Công ty góp vốn tư nhân, Private Equity Firm 私人股本公司 sīrén gǔběn gōngsī 346 Góp vốn tư nhân, Private Equity,“PE” 私募股权投资 sīmù gǔquán tóuzī 347 Hệ số biên lợi nhuận, Profit rate 利润率 lìrùn lǜ 348 Khả năng thanh toán nhanh, Quick Ratio 速动比率 sùdòng bǐlǜ 349 Hệ số thu nhập trên vốn sử dụng, Return on Capital Employed, ROCE ratio 已动用资本回报率 yǐ dòngyòng zīběn huíbào lǜ 350 Hệ số thu nhập trên vốn cổ phần, Return On Equity (ROE) 股本回报率 gǔběn huíbào lǜ 351 Hệ số thu nhập trên vốn đầu tư, Return on Invested Capital (ROIC) 投资资本回报率 tóuzī zīběn huíbào lǜ 352 Hệ số thu nhập trên doanh thu, Return On Revenue (ROR) 收入回报率 shōurù huíbào lǜ 353 Tổng doanh thu, Total revenue (TR) 总收益 zǒng shōuyì 354 Hệ số thu nhập trên tài sản, Return On Assets (ROA) 资产收益率 zīchǎn shōuyìlǜ 355 Hế số thu nhập trên vốn cổ phần, Return On Equity (ROE) 股本回报率, 产权收益率, 产权报酬率 gǔběn huíbàolǜ, chǎnquán shōuyì lǜ, chǎnquán bàochóulǜ 356 Bán khống, Sell Short or Bear 卖空 mài kōng 357 Tài sản cố định hữu hình, Tangible asset/Phsical assets 有形资产 yǒuxíng zīchǎn 358 Cố phiếu quỹ, Treasury Share,treasury stock 库存股 kùcún gǔ 359 Vốn lưu động, Working Capital 营运资金 yíngyùn zījīn 360 Xoay vòng vốn lưu động, Working capital turnover rate 营运资金周转率 yíngyùn zījīn zhōuzhuǎnlǜ 361 Hoa hồng, Commission 佣金 yōngjīn 362 Hàng hoá, Commodity / Goods 商品 shāngpǐn 363 Chỉ số giá hàng hoá, Consumer Price Index (CPI) 消费者物价指数 xiāofèizhě wùjià zhǐshù 364 Trái phiếu chuyển đổi, Convertible Bond, CB 可转换公司债券 kě zhuǎnhuàn gōngsī zhàiquàn 365 Tài chính doanh nghiệp, Corporate Finance 企业融资 Qǐyè róngzī 366 Tín dụng, Credit 信用, 信贷 xìnyòng, xìndài 367 Thẻ tín dụng, Credit Card 信用卡 xìnyòngkǎ 368 Đánh giá tín dụng, Credit Rating 信用评级 xìnyòng píngjí 369 Tiền tệ,Currency, Money 货币 huòbì 370 Hợp đồng với tỉ giá cụ thể, Currency Option 货币期权,外汇期权 huòbì qíquán, wàihuì qíquán 371 Tài sản ngắn hạn, Current Assets 流动资产 liúdòng zīchǎn 372 Nợ ngắn hạn, Current Liabilities 流动负债 liúdòng fùzhài 373 Giá cả hiện thời, Current Price 现时价格 xiànshí jiàgé 374 Hệ số khả năng thanh toán ngắn hạn, Current Ratio 流动比率 liúdòng bǐlǜ 375 Trái khoán, Corporate Bond 公司债券 gōngsī zhàiquàn 376 Bên nợ, Debit 借项,借方 jiè xiàng, jièfāng 377 Nợ, Debt 债务 zhàiwù 378 Tỷ lệ nợ trên vốn chủ sở hữu, Debt to Equity Ratio 债务股本比 zhàiwù gǔběn bǐ 379 Bên nợ, Debtors 债务人 zhàiwùrén 380 Giảm phát, Deflation 通货紧缩 tōnghuò jǐnsuō 381 Tiền gửi, deposit 存款 cúnkuǎn 382 Khấu hao, depreciation 折旧 zhéjiù 383 Chứng khoán phái sinh, Derivative Security, Derivative Tools 衍生证券 yǎnshēng zhèngquàn 384 Mất giá, Depreciation 贬值 biǎnzhí 385 Chiết khấu, Discount 折扣,贴现 zhékòu, tiēxiàn 386 Tỉ lệ chiết khấu, Discount Rate 贴现率 tiēxiàn lǜ 387 Cổ tức, Dividend 股息 gǔxí 388 Tỷ lệ cổ tức trên giá trị cổ phần, Dividend Yield Ratio 股息率 gǔxí lǜ 389 Bán phá giá, Dumping 倾销 qīngxiāo 390 Lợi nhuận trước khi trả lãi và thuế, EBIT, Earnings Before Interest and Tax 扣除利息及税项前盈利 kòuchú lìxí jí shuì xiàng qián yínglì 391 Lợi nhuận trước khi trả lãi, thuế và khấu hao, EBITD, Earnings Before Interest, Tax and Depreciation 扣除利息,税项及折扣前盈利 kòuchú lìxí, shuì xiàng jí zhékòu qián yínglì 392 Thu nhập ròng trên cổ phần, Earning Per Share,EPS 每股收益 měi gǔ shōuyì 393 Cổ phiếu, stock 股票 gǔpiào 394 Vốn cổ phần, Capital Stock, Share Capital 股本 gǔběn 395 Tỉ giá ngoại hối, Foreign Exchange Rate 货币外汇汇率 huòbì wàihuì huìlǜ 396 Ngày đáo hạn, Expiration date 到期日 dào qí rì 397 Xuất khẩu, Export 出口 chūkǒu 398 Tài sản cố định, Fixed Assets 固定资产 gùdìng zīchǎn 399 Chi phí cố định, Fixed Cost 固定成本 gùdìng chéngběn 400 Lãi suất cố định, Fixed interest rate 固定利率 gùdìng lìlǜ
Danh sách từ 400- 500 từ vựng tiếng Trung thương mại Thêm 100 từ vựng tiếng trung thương mại dưới đây nữa thôi bạn đã nắm được 500 từ vựng tiếng Trung thương mại rồi đấy, thông thạo hết 500 từ vựng này bạn đã có thể tự tin giao tiếp, đàm phán với đối tác TQ rồi. 401 Lãi suất thả nổi, Floating Rate Notes, FRNs 浮息票据 fú xí piàojù 402 Hợp đồng giao dịch trong tương lai, Forward Contract 远期合约 yuǎn qí héyuē 403 Hàng hoá kỳ hạn, Futures 期货 qíhuò 404 Hợp đồng hàng hoá kỳ hạn, Futures Contract 期货合约 qíhuò héyuē 405 Thị trường hàng hoá kỳ hạn, Futures Market 期货市场 qíhuò shìchǎng 406 Thị trường hoán đổi ngoại tệ, Foreign Exchange, Forex 外汇 wàihuì 407 Tổng giá trị sản phẩm nội địa, Gross Domestic Product (GDP) 国内生产总值 guónèi shēngchǎn zǒng zhí 408 Sổ cái kế toán, General Ledger 总分类账簿 zǒng fēnlèi zhàngbù 409 Tổng sản phẩm quốc gia, Gross National Product (GNP) 国民生产总值 guómín shēngchǎn zǒng zhí 410 Tỷ lệ tăng trưởng, Growth Rate 增长速度 zēngzhǎng sùdù 411 Thương mại bù trừ 补偿贸易 Bǔcháng màoyì 412 Thương mại biên giới 边境贸易 Biānjìng màoyì 413 Thương mại qua trung gian 中介贸易 Zhōngjiè màoyì 414 Thương mại đường biển 海运贸易 Hǎiyùn màoyì 415 Thương mại vô hình 无形贸易 Wúxíng màoyì 416 Thương mại hữu hình 有形贸易 Yǒuxíng màoyì 417 Thương mại quá cảnh 过境贸易 Guòjìng màoyì 418 Cảng tự do 自由港 Zìyóugǎng 419 Cửa khẩu thông thương ,cửa khẩu thương mại 通商口岸 Tōngshāng kǒu’ àn 420 Cửa khẩu theo hiệp ước 条约口岸 Tiáoyuē kǒu’àn 421 Của khẩu xếp hàng ,cảng xếp hàng 装货口岸 Zhuāng huò kǒu’àn 422 Cảng xếp hàng vận chuyển 装运港 Zhuāngyùn gǎng 423 Cảng xuất phát 出发港 Chūfā gǎng 424 Cảng đến 到达港 Dàodá gǎng 425 Cảng giao hàng 交货港 Jiāo huò gǎng 426 Cảng nhập khẩu 进口港 Jìnkǒu gǎng 427 Cảng đăng ký ( tàu thuyền ) 船籍港 Chuánjí gǎng 428 Thị trường ngoài nước 海外市场 Hǎiwài shìchǎng 429 Thị trường quốc tế 国际市场 Guójì shìchǎng 430 Thị trường thế giới 世界市场 Shìjiè shìchǎng 431 Thị trường nhập khẩu 进口市场 Jìnkǒu shìchǎng 432 Hàg hóa nhập khẩu 进口商品 Jìnkǒu shāngpǐn 433 Hàng nhập khẩu 进口货物 Jìnkǒu huòwù 434 Thị trường xuất khẩu 出口市场 Chūkǒu shìchǎng 435 Hàng hóa xuất khẩu 出口商品 Chūkǒu shāngpǐn 436 Hàng xuất khẩu 出口货物 Chūkǒu huòwù 437 Trung tâm thương mại 贸易中心 Màoyì zhōngxīn 438 Trung tâm ngoại thương 外贸中心 Wàimào zhōngxīn 439 Trung tâm mậu dịch quốc tế 国际贸易中心 Guójì màoyì zhōngxīn 440 Trung tâm mậu dịch thế giới 世界贸易中心 Shìjiè màoyì zhōngxīn 441 Trung tâm mậu dịch biên giới 边境贸易中心 Biānjìng màoyì zhōngxīn 442 Thuế nhập khẩu 进口税 Jìnkǒu shuì 443 Thuế xuất khẩu 出口税 Chūkǒu shuì 444 Hội chợ giao dịch hàng hóa 商品交易会 Shāngpǐn jiāoyì huì 445 TQ sản xuất 中国制造的 Zhōngguó zhìzào de 446 Trong nước sản xuất 本国制造的 Běnguó zhìzào de 447 Sản xuất ngay tại chỗ 当地制造的 Dāngdì zhìzào de 448 Nông sản 农产品 Nóngchǎnpǐn 449 Thổ sản 土产品 Tǔ chǎnpǐn 450 Hàng súc sản 畜产品 Xù chǎnpǐn 451 Đặc sản 特产品 Tè chǎnpǐn 452 Hàng thủ công mỹ nghệ 工艺美术品 Gōngyì měishù pǐn 453 Hàng công nghiệp 工业品 Gōngyè pǐn 454 Hàng công nghiệp nặng 重工业品 Zhònggōngyè pǐn 455 Hàng công nghiệp nhẹ 轻工业品 Qīnggōngyè pǐn 456 Hàng khoáng sản 矿产品 Kuàng chǎnpǐn 457 Hàng ngoại 外国商品 Wàiguó shāngpǐn 458 Hàng sản xuất để xuất khẩu 出口的制造品 Chūkǒu de zhìzào pǐn 459 Hàng quá cảnh 过境货物 Guòjìng huòwù 460 Hạng mục nhập khẩu 转口税 Zhuǎnkǒu shuì 461 Hạng mục nhập khẩu 进口项目 Jìnkǒu xiàngmù 462 Phươg thức nhập khẩu 进口方式 Jìnkǒu fāngshì 463 Trực tiếp nhập khẩu 直接进口 Zhíjiē jìnkǒu 464 Gián tiếp nhập khẩu 间接进口 Jiànjiē jìnkǒu 465 Nhập khẩu miễn thuế 免税进口 Miǎnshuì jìnkǒu 466 Danh mục hàng hóa nhập khẩu 进口商品目录 Jìnkǒu shāngpǐn mùlù 467 Mức nhập khẩu 进口额 Jìnkǒu é 468 Chế độ hạn chế nhập khẩu 进口限额制度 Jìnkǒu xiàn’é zhìdù 469 Giấy phép nhập khẩu 进口许可证 Jìnkǒu xǔkě zhèng 470 Quản lý khống chế nhập khẩu 进口管制 Jìnkǒu guǎnzhì 471 Giả trị nhập khẩu 进口值 Jìnkǒu zhí 472 Tổng giá trị nhập khẩu 进口总值 Jìnkǒu zǒng zhí 473 Hạng mục xuất khẩu 出口项目 Chūkǒu xiàngmù 474 Phương thức xuất khẩu 出口方式 Chūkǒu fāngshì 475 Xuất khẩu trực tiếp 直接出口 Zhíjiē chūkǒu 476 Xuất khẩu gián tiếp 间接出口 Jiànjiē chūkǒu 477 Danh mục hàng xuất khẩu 出口商品目录 Chūkǒu shāngpǐn mùlù 478 Mức xuất khẩu 出口额 Chūkǒu é 479 Chế độ hạn chế mức xuất khẩu 出口限额制度 Chūkǒu xiàn’é zhìdù 480 Giấy phép xuất khẩu 出口许可证 Chūkǒu xǔkě zhèng 481 Quản chế xuất khẩu 出口管制 Jiànjiē chūkǒu 482 Giá trị xuất khẩu 出口值 Chūkǒu zhí 483 Tổng giá trị xuất khẩu 出口总值 Chūkǒu zǒng zhí 484 Nhập siêu 入超 Rù chāo 485 Xuất siêu 出超 Chū chāo 486 Giá cả hàng hóa 商品价格 Shāngpǐn jiàgé 487 Báo giá 报价 Bàojià 488 Định giá 定价 Dìngjià 489 Giá CIF ( đến cảng ) 到岸价格 Dào àn jiàgé 490 Giá FOB, giá giao hàng trên tàu ,giá rời cảng, giá không tính phí vận chuyển 离岸价格 Lí àn jiàgé 491 Giá giao hàng 交货价格 Jiāo huò jiàgé 492 Giá ưu đãi 优惠价格 Yōuhuì jiàgé 493 Kiểm nghiệm hàng hóa 商品检验 Shāngpǐn jiǎnyàn 494 Kiểm nghiệm nhập khẩu 进口检验 Jìnkǒu jiǎnyàn 495 Kiểm nghiệm xuất khẩu 出口检验 Chūkǒu jiǎnyàn 496 Số lượng 数量 Shùliàng 497 Chất lượng 质量 Zhìliàng 498 Qui cách 规格 Guīgé 499 Phiếu chứng nhận kiểm nghiệm hàng hóa 商品检验证明书 Shāngpǐn jiǎnyàn zhèngmíng shū
500+ từ vựng tiếng Trung thương mại 500+ từ vựng tiếng Trung thương mại sẽ giúp bạn trở thành bậc thầy tiếng Trung chuyên ngành kinh tế, hãy cố gắng chăm chỉ luyện tập để ghi nhớ lâu lượng từ vựng khổng lồ này nhé! 500 Phiếu chứng nhận kiểm nghiệm 检验合格证书 Jiǎnyàn hégé zhèngshū 501 Lệ phí kiểm nghiệm hàng hóa 商品检验费 Shāngpǐn jiǎnyàn fèi 502 Hiệp định mậu dịch song phương 双边贸易协定 Shuāngbiān màoyì xiédìng 503 Hợp đồng ngoại thương 外贸合同 Wàimào hétóng 504 Công ty ngoại thương của tỉnh 省外贸公司 Shěng wàimào gōngsī 505 Công ty ngoại thương của thành phố 市外贸公司 Shì wàimào gōngsī 506 Công ty ngoại thương của huyện 县外贸公司 Xiàn wàimào gōngsī 507 Công ty ngoại thương quốc tế 国际贸易公司 Guójì màoyì gōngsī 508 Cục ngoại thương 外贸局 Wàimào jú 509 Cục kiểm nghiệm hàng hóa 商品检验局 Shāngpǐn jiǎnyàn jú 510 Công ty xuất nhập khẩu 进出口公司 Jìn chūkǒu gōngsī 511 Màoyì mậu dịch trong nước 国内贸易 Guónèi 512 Mậu dịch đối ngoại 对外贸易 Duìwài màoyì 513 Khu mậu dịch đối ngoại 对外贸易区 Duìwài màoyì qū 514 Cường quốc mậu dịch ( nước buôn bán lớn) 贸易大国 Màoyì dàguó 515 Doanh nghiệp xuất nhập khẩu 进出口商行 Jìn chūkǒu shāngháng 516 Nước nhập khẩu 进口国 Jìnkǒu guó 517 Nước xuất khẩu 出口国 Chūkǒu guó 518 Đối tác thương mại 贸易伙伴 Màoyì huǒbàn 519 Đối thủ cạnh tranh mậu dịch 贸易竞争对手 Màoyì jìngzhēng duìshǒu 520 Đoàn đại biểu mậu dịch, phái đoàn thương mại 贸易代表团 Màoyì dàibiǎo tuán 521 Người đàm phán 谈判人 Tánpàn rén 522 Đoàn đại biểu đàm phán 谈判代表 Tánpàn dàibiǎo 523 Giá bán buôn ( bán sỉ ) 批发价 Pīfā jià 524 Tên thương mại, tên nhãn hiệu thương phẩm 商标名 Shāngbiāo míng 525 Xuất siêu ( mậu dịch ), cán cân thương mại dưa thừa 贸易顺差 Màoyì shùnchā 526 Nhập siêu ,thâm hụt thương mại, cán cân thương mại thiếu hụt 贸易逆差 Màoyì nìchā 527 Xuất siêu ( ngoại thương ) 外贸顺差 Wàimào shùnchā 528 Nhập siêu 外贸逆差 Wàimào nìchā 529 Doanh nghiệp đại lý 代理商 Dàilǐ shāng 530 Doanh nghiệp sản xuất, nhà sản xuất 制造商 Zhìzào shāng 531 Hãng bán buôn, nhà phân phối 批发商 Pīfā shāng 532 Doanh nghiệp nhập khẩu, nhà nhập khẩu 进口商 Jìnkǒu shāng 533 Doanh nghiệp xuất khẩu, nhà xuất khẩu 出口商 Chūkǒu shāng 534 Bên mua 买方 Mǎifāng 535 Bên bán 卖方 Màifāng 536 Người gửi hàng, người bán hàng 发货人 Fā huò rén 537 Người nhận hàng 收货人 Shōu huò rén 538 Tự do thương mại 自由贸易 Zìyóu màoyì 539 Khu vực tự do mậu dịch 自由贸易区 Zìyóu màoyì qū 540 Thương mại nhập khẩu 进口贸易 Jìnkǒu màoyì 541 Thương mại xuất khẩu 出口贸易 Chūkǒu màoyì 542 Thương mại chuyển khẩu 转口贸易 Zhuǎnkǒu màoyì 543 Thương mại song phương 双边贸易 Shuāngbiān màoyì 544 Thương mại đa phương 多边贸易 Duōbiān màoyì 545 Thương mại tương hỗ, buôn bán đối lưu mậu dịch hàng đổi hàng 互惠贸易 Hù huì màoyì 546 Thương mại hàng đổi hàng, mậu dịch trao đổi hàng 易货贸易 Yì huò màoyì
Từ vựng tiếng Trung về đặt hàng Muốn học thêm từ vựng tiếng trung thương mại, ắt hẳn bạn không thể bỏ qua chủ đề từ vựng tiếng Trung về đặt hàng dưới đây, Hicado sẽ tổng hợp giúp các bạn những từ vựng tiếng Trung về đặt hàng được sử dụng phổ biến về kinh doanh, mua hàng online cho những bạn chuyên ngành kinh tế hay muốn buôn bán. STT Tiếng Việt Tiếng Trung Phiên m 547 Mua sắm online/ mua trên mạng 网购 wǎnggòu 548 Cửa hàng 店铺 diànpù 549 Hàng mới về 上新 shàng xīn 550 Bán trước ( thường bán giá ưu đãi) 预售 yù shòu 551 Mô tả sản phẩm 产品描述 chǎnpǐn miáoshù 552 Giỏ hàng/ giỏ mua sắm 购物车 gòuwù chē 553 Thêm vào giỏ hàng 加入购物车 jiārù gòuwù chē 554 Tài khoản cá nhân 个人账户 gèrén zhànghù 555 Đơn đặt hàng 订单 dìngdān 556 Lệnh đặt hàng 下订单 xià dìngdān 557 Trạng thái đơn đặt hàng 订单状态 dìngdān zhuàngtài 558 Hủy bỏ đơn đặt hàng .取消订单 qǔxiāo dìngdān 559 Tiếp tục mua hàng 继续购物 jìxù gòuwù 560 Trả tiền/ thanh toán 支付 zhīfù 561 Nạp tiền 充值 chōngzhí 562 Miễn phí bưu điện/ bao phí bưu điện 免邮费/包邮 miǎn yóufèi/bāo yóu 563 Cửa hàng online 网店 wǎng diàn 564 nhân viên chăm sóc khách hàng 服人员 kèfù rényuán 565 Chuyển phát kiện hàng 包裹转发 bāoguǒ zhuǎnfā 566 Phí thủ tục 手续费 shǒuxù fèi 567 Thu phí thủ tục 收取手续费 shōuqǔ shǒuxù fèi 568 Phân loại sản phẩm 商品分类 Shāngpǐn fēnlèi 569 Hàng hóa bán chạy 热卖商品 rèmài shāngpǐn 570 Đơn đặt hàng tổng hợp 合并订单 hébìng dìngdān 571 Theo dõi gói hàng/ kiện hàng 跟踪包裹 gēnzōng bāoguǒ 572 Phương thức chuyển hàng 送货方式 sòng huò fāngshì 573 Phương thức thanh toán tiền 付款方式 fùkuǎn fāngshì 574 Trả lại tiền 退款 tuì kuǎn 575 trả lại hàng 退货 tuìhuò 576 Bảng đối chiếu mã số 号码对照表 hàomǎ duìzhào biǎo
Mẫu câu đàm phán với từ vựng tiếng trung thương mại Bên cạnh bộ từ vựng tiếng Trung thương mại, để có thể giúp các bạn độc giả áp dụng tốt vào trong công việc thực tế. Chúng tôi đã tổng hợp một vài đoạn hội thoại và mẫu câu phổ biến trong đàm phán thương mại dưới đây. Hy vọng điều này sẽ giúp ích cho quá trình học của bạn. Một số mẫu câu giao tiếp đơn giản với từ vựng tiếng Trung thương mại Hicado sẽ cung cấp cho bạn những mẫu câu giao tiếp đơn giản với những từ vựng tiếng Trung thương mại theo chủ đề như về kinh doanh, về đặt hàng, hay những từ vựng tiếng Trung chuyên ngành kinh tế giúp bạn không những tự tin hơn khi giao tiếp mà còn sử dụng thành thạo hơn những từ vựng tiếng Trung thương mại đã được học. STT Tiếng Trung + Phiên âm Tiếng Việt 1 很高兴认识你/ 很高兴有机会跟你见面? Hěn gāoxìng rènshì nǐ/ hěn gāoxìng yǒu jīhuì gēn nǐ jiàn miàn? Rất vui được quen biết bạn/ rất vui khi được gặp bạn. 2 如果跟你们公司合作,我会获得什么利益? Rúguǒ gēn nǐmen gōngsī hézuò, wǒ huì huòdé shénme lìyì? Nếu như chúng tôi hợp tác với công ty các bạn, chúng tôi sẽ có lợi ích gì? 3 我跟你们商量一下利润的事。 Wǒ gēn nǐmen shāngliáng yīxià lìrùn de shì. Tôi muốn thương lượng với các bạn về vấn đề lợi nhuận. 4 我对你们的产品很感兴趣。 Wǒ duì nǐmen de chǎnpǐn hěn gǎn xìngqù Tôi rất có hứng thú với sản phẩm của các bạn. 5 价格如何? Jiàgé rúhé? Giá thể nào? 6 你们的报价太高了。 Nǐmen de bàojià tài gāole. Báo giá bên các bạn cao quá. 7 你们的价格偏高。 Nǐmen de jiàgé piān gāo Giá cả bên bạn cao quá. 8 贵方的价格猛长。 Guì fāng de jiàgé měng zhǎng. Giá cả bên các bạn tăng cao. 9 今年价格比去年高出30%。 Jīnnián jiàgé bǐ qùnián gāo chū 30%. Giá năm nay tăng 30% so với năm trước. 10 你们的价格有竞争力。 Nǐmen de jiàgé yǒu jìngzhēng lì. Giá cả bên các bạn rất có tính cạnh tranh. 11 原材料的价格上涨。 Yuáncáiliào de jiàgé shàngzhǎng. Giá của nguyên liệu đầu vào tăng. 12 价钱有点贵。 Jiàqián yǒu diǎn guì. Giá hơi đắt. 13 价位太高了。 Jiàwèi tài gāo le. Giá cao quá. 14 请说个最低价吧。 Qǐng shuō ge zuìdī jià ba. Anh cho giá thấp nhất đi. 15 价格的问题,我们要好好商量一下。 Jiàgé de wèntí, wǒmen yào hǎohǎo shāngliàng yíxià. Chúng ta phải thương lượng lại vấn đề giá cả. 16 不能再便宜一点吗? Bù néng zài piányí yì diǎn ma? Không thể rẻ hơn nữa được à? 17 我买得多的话,能给我便宜多少? Wǒ mǎi dé duō de huà, néng gěi wǒ piányí duōshǎo? Nếu tôi mua nhiều thì giảm được bao nhiêu? 18 已经是最低价格了。 Yǐjīng shì zuìdī jiàgé le. Đã là giá thấp nhất rồi. 19 已经不能再降价了。 Yǐjīng bù néng zài jiàngjià le. Giá không thể giảm xuống được nữa. 20 我们没有卖过这个价格。 Wǒmen méi yǒu mài guò zhè ge jiàgé. Chúng tôi chưa bao giờ bán với giá này. 21 价格如何? Jiàgé rúhé? Giá thế nào? 22 我方实在难以推销 Wǒ fāng shízài nányǐ tuīxiāo Bên chúng tôi rất khó bán ra. 23 以这样的价格进行销售 Yǐ zhèyàng de jiàgé jìnxíng xiāoshòu Bán hàng theo giá này. 24 这次谈判主要谈论。。。。问题. Zhè cì tánpàn zhǔyào tánlùn…. wèntí. Lần đàm phán này sẽ chủ yếu bàn về vấn đề…. 25 目前我们至多只能提供950件。 Mùqián wǒmen zhìduō zhǐ néng tígōng 950 jiàn. Trước mắt chúng tôi chỉ có thể cung cấp 950 bộ. 26 考虑一下质量。 Kǎolǜ yīxià zhìliàng. Xem xét về chất lượng. 27 那咱们就各让一步吧。 Nà zánmen jiù gè ràng yībù ba. Vậy 2 bên cũng ta cùng nhường bộ một chút. 28 做些让步 Zuò xiē ràngbù Nhượng bộ 29 我可以打一点折扣。 Wǒ kěyǐ dǎ yīdiǎn zhékòu. Chúng tôi có thể chiết khấu một chút. 30 给15%的折扣 = 给15%的优惠 Gěi 15%de zhékòu = gěi 15%de yōuhuì Chiết khấu 50%=ưu đãi 50% 31 注意到我们的产品质量好。 Zhùyì dào wǒmen de chǎnpǐn zhí liàng hǎo. Để ý đến sản phẩm có chất lượng tốt của bên chúng tôi. 32 品牌也很有竞争力。 Pǐnpái yě hěn yǒu jìngzhēng lì. Thương hiệu cũng rất có tính cạnh tranh 33 做成这笔生意 Zuò chéng zhè bǐ shēngyì Kí kết thành công vụ giao dịch này. 34 订购的数量太少。 Dìnggòu de shùliàng tài shǎo. Số lượng đặt hàng hơi ít. 35 恐怕我们不能让很多。 Kǒngpà wǒmen bùnéng ràng hěnduō. E rằng chung tôi không thể nhượng bộ quá nhiều. 36 让顾客满意 Ràng gùkè mǎnyì Khiến khách hàng hài lòng. 37 下大量的定单 Xià dàliàng de dìngdān Đặt đơn hàng số lượng lớn 38 希望以后有更多机会与贵公司合作。 Xīwàng yǐhòu yǒu gèng duō jīhuì yǔ guì gōngsī hézuò. Hi vọng tương lai sẽ có nhiều cơ hội hợp tác với các bạn. 39 希望合作快乐! Xīwàng hézuò kuàilè! Hi vọng hợp tác vui vẻ.
Mẫu câu và từ vựng tiếng Trung thương mại về đàm phán giá cả Mẫu câu giao tiếp với từ vựng tiếng Trung thương mại về kinh doanh, về đặt hàng chủ đề đàm phán giá cả sẽ giúp bạn học viên chuyên ngành kinh tế biết thêm hơn về cách đàm phán giá cả, để khi du lịch hoặc khi đàm phán bạn sẽ không bị thiệt thòi về lợi ích nhé Tiếng Trung và Phiên m Tiếng Việt A:早上好,很高兴认识你。 Zǎoshang hǎo, hěn gāoxìng rènshì nǐ. Chào buổi sáng, rất vui được gặp anh. B:早上好,我也很高兴认识你,希望以后有更多的机会与贵公司合作。 Zǎoshang hǎo, wǒ yě hěn gāoxìng rènshì nǐ, xīwàng yǐhòu yǒu gèng duō de jīhuì yǔ guì gōngsī hézuò. Chào buổi sáng, tôi cũng rất vui được gặp anh, hi vọng tương lai có nhiều cơ hội hợp tác vơi công ty anh. A:我们以前没见过面吧? Wǒmen yǐqián méi jiànguò miàn ba? Chúng ta trước đây chưa gặp bao giờ đúng không? B:是的。我是公司的商务经理,这是我的名片。今天我想跟您商量一下签合同的事情。 Shì de. Wǒ shì gōngsī de shāngwù jīnglǐ, zhè shì wǒ de míngpiàn. Jīntiān wǒ xiǎng gēn nín shāngliáng yīxià qiān hétóng de shìqíng Phải rồi. Tôi là giám đốc kinh doanh của công ty, đây là danh thiếp của tôi. Hôm nay tôi muốn bàn với anh về việc kí kết hợp đồng. A:好的。我方是经过仔细的市场调查之后得出这个合理的价格,但很遗憾你们报的价格太高了,如果按这个价格买进,我方实在难以推销。 Hǎo de. Wǒ fāng shì jīngguò zǐxì de shìchǎng tiáo chá zhīhòu dé chū zhège hélǐ de jiàgé, dàn hěn yíhàn nǐmen bào de jiàgé tài gāole, rúguǒ àn zhège jiàgé mǎi jìn, wǒ fāng shízài nányǐ tuīxiāo. Được thôi. Bên chúng tôi sau khi nghiên cứu thi trường kĩ càng đã đưa ra mức giá hợp lí, tiếc là giá bên các anh lại cao quá, nếu mua vào với giá ấy chúng tôi sẽ rất khó bán ra. B:那是因为原材料的价格上涨了。下面请您看一下资料。 Nà shì yīnwèi yuáncáiliào de jiàgé shàngzhǎngle. Xiàmiàn qǐng nín kàn yīxià zīliào. Đó là vì giá cả của nguyên liệu đầu vào tăng lên. Mời anh xem một sô tư liệu. A:好。请给我看看。 Hǎo. Qǐng gěi wǒ kàn kàn Được. Để tôi xem thử. B:如果你们考虑一下儿质量,就不会认为我们的价格太高了。 Rúguǒ nǐmen kǎolǜ yīxià er zhìliàng, jiù bù huì rènwéi wǒmen de jiàgé tài gāole. Nếu như bên anh xem xét về chất lượng sẽ không cho rằng giá chúng tôi đua ra là cao nữa. A:请贵方好好儿地考虑一下,降低贵方的利润空间。我方接受贵方的邀请,来到河内进行谈判就说明我们对这笔生意很重视。 Qǐng guì fāng hǎohǎo er de kǎolǜ yīxià, jiàngdī guì fāng de lìrùn kōngjiān. Wǒ fāng jiēshòu guì fāng de yāoqǐng, lái dào hénèi jìnxíng tánpàn jiù shuōmíng wǒmen duì zhè bǐ shēngyì hěn zhòngshì. Hi vọng bên các anh xem xét kĩ lưỡng, giảm chút lợi nhuận của mình. Việc chúng tôi chấp nhận lời mời từ phía bên anh đến Hà Nội đàm phán đã chứng tỏ chúng tôi rất coi trọng lần làm an này. B:这样吧,为了体现我们的诚意,我们给你们优惠。不知道你们打算订购多少?你们订购更多,就给更多的优惠。 Zhèyàng ba, wèile tǐxiàn wǒmen de chéngyì, wǒmen gěi nǐmen yōuhuì. Bù zhīdào nǐmen dǎsuàn dìnggòu duōshǎo? Nǐmen dìnggòu gèng duō, jiù gěi gèng duō de yōuhuì. Vậy thế này đi , vì để tỏ thành ý, chúng tôi có thể ưu đãi một chút. Không biết bên anh định đặt hàng bao nhiêu? Các anh đặt hàng càng nhiều thì ưu đãi sẽ càng lớn. A:如果价格合理,我们打算订购6000件。 Rúguǒ jiàgé hélǐ, wǒmen dǎsuàn dìnggòu 6000 jiàn. Nếu giá cả hợp lí, chúng tôi định đặt 6000 bộ. B:如果你们订购7000件,我们就给你们12%的优惠。你们认为怎么样? Rúguǒ nǐmen dìnggòu 7000 jiàn, wǒmen jiù gěi nǐmen 12%de yōuhuì. Nǐmen rènwéi zěnme yàng? Nếu các anh đặt 7000 bộ chúng tôi sẽ ưu đãi 12%. Các anh thấy sao? A:这样的话,这笔货物的定价是20美元一件。这个价格比较合适。好的,我们答应你们的条件,总共的订货量是7000件。 Zhèyàng dehuà, zhè bǐ huòwù de dìngjià shì 20 měiyuán yī jiàn. Zhège jiàgé bǐjiào héshì. Hǎo de, wǒmen dāyìng nǐmen de tiáojiàn, zǒnggòng de dìnghuò liàng shì 7000 jiàn. Như vậy, giá cuối cùng của sản phẩm là 20 đô/1 bộ. Giá này khá hợp lí. Được rồi, chúng tôi chấp nhận điều kiện này, đặt 7000 bộ.
Trên đây là toàn bộ kiến thức từ vựng tiếng Trung thương mại mà Hicado đã tổng hợp để gửi đến các bạn độc giả. Bộ từ vựng tiếng trung về kinh doanh, về đặt hàng, chuyên ngành kinh tế và mẫu câu hội thoại sử dụng từ vựng tiếng Trung thương mại trên đây của Hicado mong rằng sẽ thật hữu ích cho các bạn đọc chuyên ngành kinh tế, để các bạn có thể thành thạo, tự tin giao tiếp với đồng nghiệp, đối tác bằng ngôn ngữ Trung nhé! Ngoài ra Hicado còn có những bài đọc về những chuyên ngành khác như những từ vựng tiếng Trung xuất nhập khẩu các bạn hãy thường xuyên truy cập website Hicado để cập nhật và đón đọc những bài với mới nhé!
Nguồn: https://hicado.com/tu-vung-tieng-trung-thuong-mai/


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[Swiss Ramble, Thread] Looking at the 12 years up to 2021, #MUFC £517m interest payment was nearly three times as much as the next highest club, namely #AFC with £174m. Looked at another way, it was almost as much as the rest of the Premier League combined (£536m).

[Title from one of the tweets highlighted below]

Full Thread, in sequence:

Manchester United’s 2021/22 accounts cover a season when they finished 6th in the Premier League and were eliminated in the last 16 of the Champions League. Manager Ole Gunnar Solskjaer was replaced by Ralf Rangnick, since succeeded by Erik ten Hag. Some thoughts follow #MUFC
MUFC pre-tax loss shot up from £24m to £150m, despite revenue rising £89m (18%) from £494m to £583m, thanks to recovery from COVID and return of fans to the stadium, plus profit on player sales increasing £15m to £22m, as expenses rose £154m (29%) after investment in the squad.
MUFC operational decline was exacerbated by the impact of the weakening of Sterling on non-cash finance costs, as unrealised forex losses on unhedged USD borrowings meant that net interest experienced an adverse swing of £75m from £13m recoverable prior year to £62m payable.
MUFC net loss after tax only increased £23m from £92m to £115m, as there was a £34m tax credit due to the recognition of deferred tax assets in respect of losses arising in the year, compared to prior year’s £68m expense, following the write-off of US deferred tax assets.
Main reason for #MUFC revenue increase was match day, which rose £103m from £7m to £110m, due to return of fans to Old Trafford, while commercial was up £26m (11%) from £232m to £258m. However, broadcasting fell £40m (16%) to £215m, partly due to deferred income in prior year.
Investment in the squad meant #MUFC wages rose £62m (19%) from £323m to £384m and player amortisation increased £29m (24%) to £149m. Other expenses were up £41m (54%) to £118m, as stadium and Megastore re-opened, while £25m was booked for management changes.
MUFC are the first English club to publish accounts for 2021/22, but their £150m pre-tax loss was only surpassed by #CFC £156m in 2020/21, even though prior year figures were severely impacted by the pandemic with almost all games played behind closed doors.
MUFC profit from player sales tripled from £7m to £22m, mainly sale of Dan James to #LUFC and sell-on fee from Romelu Lukaku’s transfer from Inter to #CFC**, though still not that big by Premier League standards, e.g.** #MCFC £69m, #WWFC £61m and #LCFC £44m (all 2020/21 figures).
This is the third year in a row that #MUFC lost money, adding up to £195m in that period (impacted by COVID). The £150m pre-tax deficit in 2021/22 was the club’s worst ever, equivalent to losing around £3m a week, and was actually the third highest loss in Premier League history.
MUFC results have rarely been boosted by player sales, only averaging £13m a year over last decade. In the 5 years up to 2021, United’s £81m profit from this activity was significantly lower than rest of the Big 6: #CFC £413m, #LFC £274m, #MCFC £221m, AFC £211m and #THFC £158m
MUFC included £24m for changes in manager (plus coaching staff): £10m for Solskjaer and £14m for Rangnick. That means that United have made £59m pay-offs since Sir Alex Ferguson retired, including £20m in 2019 for Jose Mourinho and his coaching team.
Excluding exceptionals, #MUFC operating loss nearly doubled from £44m to £85m, which was towards the lower end of the Premier League. Up until 2019, United had consistently reported operating profits, a rare achievement for a football club, but things have declined since then.
MUFC £583m revenue is currently the highest in England (most recently published accounts), though both #MCFC and #LFC are likely to overtake United when they release 2021/22 figures, as they will also include much higher match day income.
Until 2019 #MUFC revenue was miles ahead of other English clubs, but the gap has closed considerably since then, making a mockery of Ed Woodward’s claim that “Playing performance doesn't really have a meaningful impact on what we can do on the commercial side of the business.”
In 2020/21 #MUFC dropped to 5th place in the Deloitte Money League, which ranks clubs globally in terms of revenue. This was United’s lowest ever position in Money League history, behind #MCFC, Real Madrid, Bayern Munich and Barcelona.
MUFC commercial income rose £26m (11%) from £232m to £258m, thanks to new sponsorship agreements and the re-opening of the Megastore, though this was still not back to previous levels, partly due to no pre-season tour. Commercial growth has basically stalled since 2016.
While #MUFC commercial revenue has slowed down, the other Big Six clubs have benefited from solid growth in the last 5 years. That said, #MUFC £258m commercial income is higher than all other Premier League clubs except #MCFC £272m.
MUFC figures included money from lucrative £64m Chevrolet shirt sponsorship, as contract extended to December 2021, but replaced in January by TeamViewer’s much lower £47m. Still have Adidas £75m kit agreement until 2025, while Tezos £20m training kit deal is more than AON £15m.
MUFC broadcasting revenue fell £40m (16%) from £255m to £215m, as prior year accounts benefited from revenue deferred from 2019/20 for games played after end-June accounting close, plus there were fewer European games and a lower Premier League merit payment.
MUFC received £143m from Premier League central TV distribution, £8m less than prior year, due to lower merit payment after dropping from 6th to 2nd. The 2020/21 accounts were boosted by £21m revenue deferred from 2019/20 due to the extended season (COVID delays).
I estimate that #MUFC received £68m for reaching the Champions League last 16 in 2021/22, slightly below £71m in 2020/21 (Champions League group stage £55m plus Europa League finalists £16m). That’s pretty good, but a lot lower than finalists #LFC £104m, #MCFC £96m and #CFC £80m.
MUFC relatively poor performance in Europe means that they have earned “only” €321m in the last 5 years, which is not too shabby, but is over €150m less than #MCFC €479m and #CFC €478m. CFO Cliff Baty re-iterated, “This club needs to be in the Champions League.”
MUFC match day income rose £104m from £7m to £111m, due to the return of fans to Old Trafford, while in 2020/21 all games except the final one were played behind closed doors. The only club likely to generate a similar amount in 2021/22 is #THFC, thanks to its new stadium.
Due to their high match day income, #MUFC revenue was more impacted by COVID than any other English club, but in 2021/22 they once again benefited from the largest crowds in the Premier League with their 73,000 average attendance being far above the next highest, #AFC 60,000.
MUFC wage bill shot up £61m (19%) from £323m to £384m, as a result of “investment in the first team squad”, mainly the signings of Ronaldo, Varane and Sancho. That has once again taken United to the top of the English wages league, leapfrogging #MCFC £355m.
In fact, #MUFC £384m wage bill is comfortably the highest ever in the Premier League, despite only finishing 6th and missing out on the Champions League. If the club had enjoyed success on the pitch, then wages would have been even higher due to more bonus payments.
MUFC wages to turnover ratio slightly increased from 65% to 66%. This is United’s highest ever (it was as low as 45% in 2017), but it is still one of the best in the Premier League.
We will have to wait for another #MUFC company to publish its accounts before we know the highest paid director’s remuneration, but United fans will be delighted to see that Ed Woodward trousered £2.9m in 2020/21, the highest in England. He received a tidy £24m in 8 years.
MUFC player amortisation, the annual charge to expense transfer fees over the length of a player’s contract, rose £29m (24%) from £120m to £149m, the club’s highest ever. However, this was still lower than #CFC £162m in 2020/21.
MUFC other expenses surged £41m (54%) from £77m to £118m, once again the highest in the Premier League, due to the impact of staging all home games in front of a full capacity crowd and costs related to increased activity at the Old Trafford Megastore.
MUFC player purchases of £152m in 2021/22 were £36m higher than the prior season, when only #CFC and #MCFC spent more than United. This included the acquisitions of Jadon Sancho from Borussia Dortmund, Raphael Varane from Real Madrid and Cristiano Ronaldo from Juventus.
MUFC splashed out £1.5 bln on transfers in last decade with nearly £800m in last 5 years alone, so they have spent money, just not as well as fans would have liked. Since these accounts closed, paid out another £218m, mainly on Antony, Casemiro, Lisandro Martinez and Malacia.
In fact, #MUFC £850m gross transfer spend in the 5 years up to 2020/21 was only surpassed in England by #MCFC & #CFC (both £992m), but it’s worth emphasising that this is money that the club has generated through its operations, not provided by the Glazers.
MUFC net debt was up £95m (23%) from £420m to £515m, as gross debt rose £106m from £530m to £636m, the highest since 2010, slightly offset by £10m growth in cash. Increase driven by £65m forex losses due to fall in GBP plus £40m increase in drawdown from revolving facility.
Even after all the refinancings, #MUFC £636m gross debt is higher than the £604m owed after the Glazers’ arrival. United’s debt is 3rd highest in the PL, but #CFC £1.5 bln was provided interest-free by their owner (written-off since then), while #THFC £854m funded a new stadium.
Although it has fallen from its (sizeable) peak, #MUFC £21m interest payment in 2021/22 was still the highest in the Premier League. United have now paid a staggering three-quarters of a billion pounds in interest since the Glazers’ leveraged buy-out in 2005.

Looking at the 12 years up to 2021, #MUFC £517m interest payment was nearly three times as much as the next highest club, namely #AFC with £174m. Looked at another way, it was almost as much as the rest of the Premier League combined (£536m).

MUFC transfer debt increased from £136m to £182m, the largest balance in the Premier League, so much of the player recruitment has been done on credit. In addition, contingent liabilities for certain events (winning trophies, appearances) are up to £112m, second highest in PL.
After adding back £166m non-cash items and £65m working capital movements, #MUFC had £122m operating cash flow in 2021/22, which was boosted by £30m player sales. Spent £115m on player purchases, dividends £34m, interest £21m, capex £8m and tax £5m. Funded by £39m external loans.
As a result, #MUFC cash balance increased by £10m (including £2m FX gain) from £111m to £121m, though this is over £180m down from the £308m peak three years ago. To quote chief executive Richard Arnold, the club has “effing burned through cash”.
Despite the financial challenges, #MUFC still found enough cash to pay shareholders (mainly the Glazers) a £34m dividend, including £11m deferred from 2020/21. United are the only Premier League club to pay dividends, adding up to a chunky £156m since 2016.

No owners in the Premier League take out more money than the Glazers with £187m leaving #MUFC since 2012 (dividends £166m, share buyback £21m). Meanwhile, others have put significant funds into their clubs, e.g. in 10 years up to 2021 #MCFC £684m, #CFC £516m and #AVFC £506m.

In contrast to the £43m paid each year in dividends & interest, #MUFC have spent very little on infrastructure, e.g. only £8m in 2021/22, and less than #LCFC & #FFC in the last decade. It is estimated that renovating Old Trafford (“a multi-year project”) would cost around £200m.
Despite #MUFC huge reported loss in 2021/22, they should continue to be fine with FFP, as losses are measured over a 3-year monitoring period and are offset by allowable deductions (infrastructure, academy, community & women’s football) and special dispensation for COVID impact.
MUFC chief executive Richard Arnold concluded, “Everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders and other stakeholders.”
MUFC fans will obviously be most focused on events on the pitch, hoping that the club can mount a challenge in the Premier League and return to European glories. Despite the high transfer spend, that would be easier without the financial burden of the Glazers’ ownership.
submitted by nearly_headless_nic to reddevils [link] [comments]

Fundamentals Guide for Beginners Step by Step

Re-posting and doing a sticky of my guide here because the last guide links for the stickies post are now dead. Copied from here: https://www.reddit.com/UndervaluedStonks/comments/kheec2/the_ultimate_fundamentals_guide_on_what_you_need/
This is going to be the ultimate guide on what you should learn first starting from knowing absolutely nothing about investing to becoming an investor who can beat the market indexes. It doesn't matter if you invest in penny stocks or blue chips. The principles are all the same.
This is an opinionated guide. If you just want a resource unopinionated guide then check out this github:
I will update it constantly in the future.


- There are no capital requirements to investing. In fact you should start learning as soon as possible because it takes time to become proficient at investing.
- This guide is only for fundamentals as I specialize in fundamentals and not day trading, technical charting, cryptocurrencies or forex trading.
- This guide is tailored towards people who want to individually pick stocks, if you solely do ETF's or index investing this guide is still useful to you but not aimed at you.
- Investing should be done with disposable income. NOT with income you need such as rent money.
- If you aren't willing to put in the time and effort that investing requires to beat the market indexes then you should stick to passive investing and just buy an index fund and forget about it for 20 years. This requires 0 effort but you will never beat 8% a year on average and you because you lack experience you may panic and sell at times when you shouldn't.

1. Getting Started

To start off I would recommend watching this overview video, it quickly goes over the main stuff by legend investor Bill Ackman:
Bill Ackman: Everything You Need to Know About Stocks
Then you should start reading, lots of reading and no big amounts of investing. You have to read books from other fundamental investors to have an idea of how they did it and the decades of accumulated experience of investing they have poured into that book. It's important to read the right books from authors who have a track record of beating the market, not just anybody. I have ordered this list in terms of ease of reading for newbie investors as well as priority:
  1. Peter Lynch - One Up On Wall Street
  2. Peter Lynch - Beating the Street
  3. Joel Greenblatt - The Little Book That Beats the Market
These 3 are all easy books for a beginner to get their feet wet and start off with some solid fundamentals. The harder books will come later.

2. Reading Financial Statements

Investing is all about reading financial statements and understanding how to read them such as the 10-k, 10-Q etc. Pick any company, it doesn't matter which one but I recommend that you pick a simple company that you already use and know.
Income Statement
Statement of Cash Flows
The Balance Sheet

Official RNS Reporting Sites
Companies are required to file official reports with their countries regulator, in the U.S this is the SEC (apart from small companies that trade Over The Counter).A list of the most popular official sites, you can search for your company on here:
- SEC - United States Listed Stocks
- OTC - United States OTC (Penny) stocks
- LSE - UK Stocks
- ASX - Australian Stocks
- NZX - New Zealand Stocks
- TSX - Canadian Stocks
- CSE - Canadian Alternative Stocks
- EURONEXT - France, Ireland, Netherlands, Belgium, Portugal, Norway, Alt UK
- GPW - Polish Stocks
- BOERSE FRANKFURT - German Stocks
Filings dump: https://github.com/ckz8780/market-toolkit#filings
It makes no sense to limit yourself to investing in one country only. A lot of bargains lay in other countries and you should expand your horizons to them and not just U.S stocks on Robinhood. So I added international links above too.
A lot of the above sites also have email signups so you can be notified instantly when a companies publish a new report.

3. Intrinsic Valuations

The most important part of this section in my opinion. If you understand how to intrinsically value a company then you understand when to buy and when to sell a company based on it's real value.
These differ from relative valuations such as the ratio's (PEG, PE etc) because here we are trying to find the intrinsic value to a company and NOT the relative value compared to it's peers. This is an important difference, for example in the 2001 dot com bubble you could have valued an insanely overvalued internet stock with a relative ratio such as Price-Operating-Cash-Flow and you may have found it to be better than it's peers. Just because it's better relatively than it's peers in it's industry does not mean a company is fair value.
Discounted Cash Flows Models
The reason a lot of people do not like DCF's is because:
  1. They do not understand how to do them properly.
  2. The resources online are absolutely terrible for DCF's, most use CAPM (in my opinion, a completely flawed way to calculate your WACC).
  3. The templates are confusing.
I felt the same way until I watched Aswath Damoradan's course on corporate finance.
Here's the short course with 15 min long videos each:
Short Course on Valuation (Free)
However I highly recommend you do the entire university course (for free) because it's invaluable to understanding how to intrinsically value companies:
2019 Full Undergraduate Valuation Course (Free)
2019 Full MBA Valuation Course (Free)
There is a lot of cross-over between the above two playlists so once you do one course you can cherry pick videos from the other course.
Here are some resources on how to do your own DCF's:
Covid DCF Template Excel Spreadsheet (Free)
NYU - All Valuation Spreadsheets (Free)
The reason why I like these DCF models are because they are easy to use (Aswath explains how to use the excel template it in his video) and it does not use the flawed CAPM model for calculating the WACC.
Dividend Discount Models
An alternative way of getting the intrinsic value of a company. I do these very rarely so I'm no expert on them. I hope to up date this section in the future with more details.

4. Relative Valuation Ratio's & Technical Terms

There are a ton of financial terms and ratio's to learn such as PE, PEG, ROIC etc. The way to go about this is to learn these ratio's as you go when you encounter them in a book or your valuation and not just all at once. Investopedia usually has good explanations and videos of every term.
- Investopedia
The most important ratio's and relative valuations in my opinion are:
- Revenue
- Operating Margin
- Operating Income
- WACC (not the CAPM Version)
- Price-to-operating Cash Flow,and%20amortization%20to%20net%20income)
- Price-to-free Cash Flow
- Price-to-owner-earnings
- Debt-to-Equity
- Interest Coverage
The most useless financial metric by far that way too many people use is the PE ratio, it is easily manipulated by accounting shenanigans, fluctuations in short term reporting and reinvesting companies such as Amazon. The PEG ratio also suffers from this but is better as it factors in growth.
Here's an intro to relative valuations by Aswath Damoradan:
Session 14: Relative Valuation - First Principles (Free)

5. Psychology of Investing

You should work on your own psychology to investing as soon as possible when you start investing. This will allow you to not panic sell during dips and crashes or FOMO (Fear Of Missing Out) during market rallies.
This is perhaps the most overlooked section, most investors never bother to get their psych in order which is a big mistake usually because of overconfidence of their own abilities.

6. Screeners

You should learn how to use screeners to narrow down stocks within your circle of competence and to the ratio's that you learned about in section 2. You want to screen for stocks that have below a certain threshold in x ratio, for example `PEG < 1` which will screen all stocks for you that have a PEG of less than 1 (A PEG of < 1 is theoretically undervalued...sometimes). It's best to combine multiple ratio's together to really narrow down to a select few companies to look at. This saves a bunch of time in finding potentially good companies.
The ratio's I like to use were all mentioned in section 2.
Screeners dump:
Screeners I personally like best:

7. Value Investing

The easiest way to make money long term in the stock market is to simple buy undervalued stocks, this ties into value investing. It's a simple concept where if you buy something undervalued then sooner or later the market will realize it's undervalued and correct accordingly (most times, sometimes it can stay undervalued forever). A lot of people mistake value investing for price to book ratio or some trash ratio like that, value investing is simply the concept of buying a stock for less than its intrinsic worth (i.e a margin of safety).
You must read the following books:
  1. Benjamin Graham - Intelligent Investor
  2. Benjamin Graham - Security Analysis, Sixth Edition
These are the staples of value investing and what Warren Buffet read multiple times. They are difficult and long books to understand at first which is why I have put them in the 6th section so don't worry if you don't understand everything at first.

8. Accounting

To be able to read Financial Statement numbers you really need to know how accounting works, both for GAAP (U.S) and IFRS (Most of Rest of World).
The reason why you should know accounting is not only to spot red flags in financial statements but also to understand the downsides of accounting. For example, only recently in 2018 were companies required to include Capital Leases in their balance sheets liabilities. Before then, companies could hide it in Off-Balance sheet statements that few people looked at, grossly inflating the viability of some businesses with heavy lease requirements.
David Krug's courses are an in depth full courses on accounting. You may not have the time to learn accounting in full though so if you do not then I would recommend the Accounting 101 course which fast tracks you to learn only what you need for our purposes.
Howard Schilit's book will give you a good overview into the most common financial accounting tricks that you can try and spot.

9. Monte Carlo Simulations & Data/Statistics

This section is completely optional and not necessary but allows you to fine tune your assumptions.
So monte-carlo simulations are simulations that run thousands of times on your valuation models (such as your DCF model) to simulate multiple cases in your models. So instead of just doing a bear case and a bull case in your DCF model you can run a monte-carlo simulation and give your boundaries for your inputs (e.g 25% with a std. deviation of +/- 5%) and you will get a range of different outputs, in our case estimated prices per share and then you can use the mean price as your estimated price per share.

10. Useful DD's and Blogs

One of the ways I find new stocks to look into is by reading blogs and posts about undervalued stocks. Here's a couple that I like:
Well... if you've made it this far then congratz. It's a lot to learn, basically a full time job to learn all of it. And that's the point, if it was easy everyone would be rich.
A final point is that a lot of the above links are from prof. Aswath Damoradan. The reason is that I have found him to be the absolute best source of information in regards to valuation ever and everything he publishes is completely free.
submitted by krisolch to ValueInvesting [link] [comments]

PrimeXBT Referral Link - Get $500 instant signup bonus + 20% trading fee discount

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- Great Liquidity
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submitted by Preston3399 to ReferralCodesCrypto [link] [comments]

[Sat, Dec 03 2022] TL;DR — This is the top investing content you missed in the last 24 hours on Reddit


Where would we be if Covid never happened? Rule 3: Low Effort
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Whatever happened to places that "Bought" oil at negative $38? Company Question
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European Union officials set Russian oil price cap at $60 a barrel News
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Robinhood reinvesting dividends at an inflated price
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Helping clients learn the ins and outs of blockchain: The Crypto Company (OTC: $CRCW) DD (New Claims/Info)
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Declared bankruptcy after a certain e-commerce meme stonk destroyed my portfolio. My finance career in NZ is over; Canada work visa pending. Meme
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When the wife confronts you about your trading Meme
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Fees - Advice from the mystery guy
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How does delta work with a put front-ratio spread?
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Daily Plays December 03, 2022 Megathread
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Netflix CEO says he was slow to allow advertising because he was focused on Google and Facebook Industry Report
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AVXL Successful Phase 2b/3 Trial Results News
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What is everyone coding in? OtheMeta
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Excuse me but wtf is this price action Questions
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Blown my forex account Questions
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Stock Market recap for 12-2-2022 Shitpost
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Most anticipated earnings releases for the week beginning December 5th, 2022 Shitpost
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Sam Bankman-Fried Is Organizing His Defense in the FTX Fiasco, but He Is Struggling to Convince. For many, the ingenuity he wants to show today is just a facade to hide the reality: he is the crook responsible for the biggest fraud in crypto history. DISCUSSION
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The co-founder of MetaMask wants to "Dump" Apple and calls the iOS Purchase Tax "Abuse" NEWS
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The US Justice Department wants the fraud allegations against FTX to be investigated NEWS
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submitted by _call-me-al_ to StockMarketTLDR [link] [comments]

The Disadvantages of Sovereign Currency as the World Currency by Yexia Sun

Abstract: From the perspective of Marx’s theory of the functioning of the international monetary system, there are inherent disadvantages in a sovereign currency acting as the world currency. First, the existing model of the single world currency is unfair, with the country whose sovereign currency functions as the world currency able to obtain huge international seigniorage and international inflation tax. Second, this single world currency model is unstable. The premise behind the functioning of an international monetary means of payment is the strong credit of currency-issuing countries, but the Triffin problem means that the sovereign currency issuers face a dilemma. Third, the duality of the monetary measure of value determines that there can be only one currency performing the function of a world currency in the international market, and a multipolar world currency pattern will lead to frictions among currency-issuing countries. Recognizing the disadvantages of using a sovereign currency as the world currency has important reference value and educative significance for achieving a correct view of digital currency, eSDRs, and RMB internationalization.

Since the global financial crisis of 2008, the great changes and upheavals in the pattern of the world economy and politics have triggered a strong call for the establishment of a super-sovereign currency. This concept refers to a kind of unified world public currency that is disconnected from national or regional sovereignty and that can maintain its long-term stability as a store of currency value. A super-sovereign currency would have the functions of simplifying price calculations for all commodities throughout the world, of aiding payments and settlements in international trade, of acting as a reserve of international settlement surplus, and of expediting payments on credit and debt contracts. The appeal of a super-sovereign currency stems precisely from the insurmountable shortcomings of sovereign currencies. Morrison Bonpasse (2006) compared a super-sovereign currency with a multi-currency system and pointed out that a super-sovereign currency had the advantages of low cost, of low risk, and of avoiding the imbalance of international payments and currency crises. Zhou (2009) stated that the financial crisis had revealed the problems in the existing international monetary system, and argued that an international reserve currency should be created to stabilize the global economy, with this international currency decoupled from sovereign countries and its value kept stable in the long run. Li (2012) pointed out that the hazards associated with an international monetary system dominated by the US dollar alone would be fully exposed in periods of economic crisis. During the US sovereign debt crisis, Li maintained, the international monetary system needed to be adjusted and a super-sovereign international monetary system to be built. Huang (2009) emphasized that the most comprehensive and thorough method of international monetary reform would be to establish an “international reserve currency” disconnected from sovereign countries. Huang also believed that international monetary reform must be gradual; before the establishment of a “world dollar,” the development of international monetary diversification needed to be promoted. Robert Mundell (2012) pointed out that one of the weaknesses of the current international monetary system was the lack of a real international standard currency. At the theoretical level, this article systematically analyzes the disadvantages of employing a sovereign currency as the world currency from the perspective of Marx’s theory of the functioning of the international monetary system, and provides a theoretical basis for the process of RMB internationalization. It has important reference value and educative significance, revealing the disadvantages of using a sovereign currency as the world currency and making possible a correct view of the inclusion of the RMB in the Special Drawing Right (SDR) currency basket and in the new electronic currency of eSDR.
The Unfairness of the Unipolar World Monetary Pattern
The main significance of a unipolar world monetary model is that the currency of a particular country functions as the world currency. This creates two poles in the world monetary system. One of these poles is the country that issues the world currency, and that can obtain huge sums in seigniorage from currency issuance and inflation tax revenue by virtue of the change to the law of circulation of paper currency. During the period of paper currency circulation, the currency of the international currency-issuing country will not be withdrawn from circulation on account of too much currency being in circulation. The currency issued by the international currency-issuing country can thus serve as an international currency in circulation around the world, bringing the currency issuer a huge amount of international seigniorage. The other pole is the countries using the world currency, which will unconditionally pay seigniorage to the world currency-issuing country as long as they participate in international market trade. These other countries are compelled to bear the changes in the value of the world currency, and to passively accept losses caused by the economic policies of the country that issues the world currency. They can do nothing in the face of economic policies formulated by the currency issuer that considers only its own interests while taking no care of others. If excessive issuance of the international currency results in currency devaluation, all the countries of the world will share in the sacrifice, which is equivalent to paying an inflation tax to the currency-issuing country. For the latter country, the advantages of such a unipolar world monetary model outweigh the disadvantages. Other countries not only have to pay international seigniorage to the issuer, but are also passively affected by any changes that the issuer introduces to its economic policies.
This article will first look more deeply into the changes to the law of currency circulation that occur in the period when a paper currency circulates. During this period the paper currency loses its regulatory function as a reservoir, with gold coins and convertible currencies flowing into and out of circulation automatically. Meanwhile, the paper currency in circulation cannot be withdrawn if the amount of money circulating is excessive. If this is the case, the excess money in circulation will cause the paper currency to be devalued, bringing a rise in prices and the phenomenon of inflation. Conversely, deflation will emerge if there is insufficient money in circulation. However, the essence of money demand is the demand for money exercised by the real economy, regardless of changes to the monetary system. In examining the law of currency circulation when paper money is functioning as the means of circulation, gross domestic product (GDP), an indicator of economic growth, can be used to measure the real economy’s demand for money. To exclude the impact of market prices on economic growth, Q can be used to express economic growth, and the currency supply, i.e., the currency circulation, is expressed by M. The retail price index for the whole society, fully reflecting price levels, is expressed by P, and the turnover rate is expressed by V. Q, M, P, and V can be regarded as functions of time t. The law of currency circulation can be expressed by the following formula:
PQ/V = M
After variation, it can be obtained as:
If we take the logarithm of both sides and take the derivative of time, the formula can be obtained as:
1/P dP/dt + 1/Q dQ/dt = 1/M dM/dt + 1/V dV/dt
When the time is very short and the value of ∆t is very small,
dP ≈ ∆P, dQ ≈ ∆Q, dM ≈ ∆M,
so we then have
∆P/P + ∆Q/Q = ∆M/M
∆P/P + ∆Q/Q = q',∆M/M = m',
it follows that p'+q' = m′ , where p′ is the rate of price change, q′ is the economic growth rate, and m′ is the rate of monetary change.
After the mathematical balance transformation of the basic relationship of the three indicators has been carried out, the relationship of the growth rates can be obtained. That is, the growth rate of the money supply is equal to the sum of the economic growth rate and price growth rate. In economic terms, economic growth rate and price growth rate determine the growth rate of the money supply.
Second, the currency-issuing country obtains a huge amount of international seigniorage when the economic growth rate q′ is consistent with the rate of change of currency m′ . In the period of paper money, the growth of the money supply also has a certain countereffect on the economic growth rate and price growth rate. The value created by various countries is increasing all the time due to the continuous improvement of their scientific and technological levels. Even if the world currency-issuing country keeps increasing the amount of currency in circulation, prices in the world market will not rise and the value of the excess currency will not depreciate so long as the increase in the amount of currency in circulation is equal to the increase of commodities in the world market. In other words, the currency-issuing country will receive a huge amount of international seigniorage when the economic growth rate q′ is consistent with the rate of change of currency m′. Under the current monetary system, the United States, as the issuer of the world currency, thus obtains huge international seigniorage revenue. The denomination of the US dollar as a credit currency is much higher than the actual value of the dollar produced, and the part where the denomination is higher than the cost of production is the seigniorage. For example, a dollar denomination can represent the price of a dollar, and the seigniorage for producing a dollar is 90 cents if the cost of producing a dollar of currency is 10 cents. For a country, the cost of manufacturing currency is negligible compared to the denomination of the currency, and the amount of base currency of a country is the seigniorage revenue of that country. Seigniorage earned by other countries holding their own currencies in the international market is international seigniorage. With the US dollar acting as the world currency, the US dollars issued excessively can flow out of the United States and enter other countries in many ways, and the wide circulation of the US dollar and the large quantity of dollars in the international arena have resulted in a huge amount of international seigniorage for the United States. In the foreign exchange market, with a daily trading volume of $6.6 trillion, 88.3% of transactions are in US dollars (Stothard 2014). As the world currency, the US dollar gains huge international seigniorage revenue. The United States can issue dollars to pay creditors directly, and creditors must accept them. The dollars in the hands of creditor countries cannot be circulated domestically, and the safe and reliable form of deposit is to buy US treasury bonds, which in turn lends the money to the United States. However, once there are negative consequences, the world will share the sacrifice with the United States. If the excessive currency issuance leads to inflation, the consequences are not borne by the United States alone, but by the whole society of the United States and other dollar-holding countries around the world. If the whole society of the United States does not want to bear the burden, the United States can transfer the excess dollars to other countries in various forms.
Third, the change in currency change rate m′ will cause a change in price change rate p′ when the economic growth rate q′ remains unchanged, and the currency-issuing country obtains a huge inflation tax. Through this process the US dollar, as a currency, will bring international inflation tax benefits to the United States. When the United States issues currency, this represents a liability of the United States to all countries and their citizens that use the dollar. As more money is issued, this liability will decrease. The core interests in the United States find it advantageous to have oil prices remain high, and the dollar weak. A rise in oil prices directly consumes the dollar savings of Europe, Japan, China, and other countries with market economies. Emerging market countries, including China, are energy-subsidized, and a rise in oil prices will cause them to experience domestic cost-push inflation, which in turn will lead to a deterioration in their domestic economic situation and cause international financial capital to withdraw from them. The US dollar enters a country when the country’s economic momentum is strong, and flows out when the country’s currency depreciates. This in turn leads to a significant decline in the dollar reserves of emerging market countries on the one hand, and a significant decline in their external liabilities on the other. Over the years China has suffered from cost-push inflation, with rising prices and the emergence of “Kidding Mungbean,” “Brutal Ginger,” “Spend Your Money,” “Insane Oil,” etc. One of the main reasons for the rapid rise of prices in China is external inflation. The huge quantities of US dollars flowing into China have created a reverse mechanism forcing the People’s Bank of China to issue more money; this has caused the amount of money in circulation to exceed the actual demand, and, eventually, has initiated inflation. The RMB has depreciated at home, but appreciated in the international market, which aligns with the choice of the United States to keep the dollar relatively weak. During the financial crisis the United States carried out four rounds of expansionary monetary policy, starting up the printing press in order to stimulate domestic economic development and promote employment. The United States not only exploits the value created by the economic growth of countries throughout the world, but also exports inflation to them through its loose monetary policy. For the United States, loose monetary policy not only stimulates domestic economic development, but also relieves the pressure of foreign debt. Hegemonic status gives the United States the ability to manipulate currency, which provides it with greater opportunities to benefit from international seigniorage and inflation tax.
The Instability of the Unipolar World Monetary Pattern
According to Marx, the chief function of a world currency is to act as a means of payment in the settling of international balances (Marx 2010a, 154). With the continuous development and improvement of the credit system, the function of money as a means of purchase has shrunk while its role as a means of payment has expanded. “In England, coin is almost entirely confined to the sphere of retail trade and to petty transactions between producers and consumers, whereas money as means of payment predominates in the sphere of large commercial transactions” (Marx 2010b, 375–376). The functioning of a country’s sovereign currency as a means of payment is based on a certain credit system. The currency symbol itself needs to be objectively recognized by the society concerned, and the paper currency is recognized by reason of its forced circulation. The fact that a paper currency can act as a means of payment stems from the strong credit base of the currency-issuing country. Meanwhile, the fact that payments can be made in this currency can promote rapid economic development and save large quantities of money. As the world currency, the US dollar maintains its strong momentum and appreciation, providing a powerful credit base for its international function. Nevertheless, the United States has been plagued by its inability to solve the Triffin problem. Since the breakup of the Bretton Woods system, the dollar has continued to face the same problem. For the dollar to be accepted in international markets and serve as a reserve currency, the United States must export dollars to ensure the quantities needed for the development of trade in countries around the world. At the same time, the US dollar as an international currency must keep its stability; this has to rely on the economic strength of the United States, and further requires the United States to be a long-term trade surplus country. The United States finds itself in a dilemma, compelled to choose between running a trade surplus and a trade deficit. At the moment, the United States is choosing to maintain a trade deficit and to export currency to other countries to ensure that there are enough dollars to function as the world currency. But to ensure the value of the dollar, the United States can only rely on its political strength, its pricing power in the financial markets and the power of its discourse in international financial institutions. Meanwhile, it is proving impossible to prevent many countries around the world from settling their foreign trade in bilateral currencies. Between March 11, 2009, and April 22, 2015, for example, China signed bilateral currency swap agreements with 30 countries or regions for a total of RMB 3,110.2 billion. Many countries and regions have since renewed their agreements with China and increased the size of their currency swaps. By the end of 2019, China had signed bilateral currency swap agreements with 39 countries and regions for a total value of more than RMB 3.7 trillion (International Monetary Institute of Renmin University 2020).
When a currency functions as a means of payment, a certain time lag is involved. In the case of commodities, the first stage consists of sale on credit or advance payment, which is called the beginning of the period. Then follows the exchange of currency and delivery of commodities, which is known as the end of the period. If the value of the currency depreciates as this process unfolds, the purchasing power of the currency for which the commodities have been obtained on credit will be less at the end of the payment period than at the beginning; this is beneficial to the purchaser that pays at the end of the process, but not to the seller providing the goods on credit. In the case of advance payment, the currency depreciation is favorable to the prepaying party, and unfavorable to the later payer. When independent monetary credit is employed, a decline in the value of the currency is beneficial to the debtor and not to the creditor. Conversely, a rise in the value of the currency benefits the creditor and not the debtor. Countries will hold a certain quantity of US dollars to repay their debts when these become due, so as to complete the payment function in the international market. The United States has chosen to export dollars so as to guarantee the quantity of dollars required for the dollar to function as the world currency, and this also causes the dollar to depreciate in value. In international markets, the depreciation of the US dollar is favorable to debtors and unfavorable to creditors. The United States, as a debtor to most countries in the world, is the biggest beneficiary under the weak dollar policy. For instance, China as the largest creditor of the United States lends its huge dollar reserves to the United States through the purchase of treasury bonds and other marketable securities, which is unfavorable to China as the dollar depreciates.
At the same time, the making of international payments is routinely associated with crises. There are many problems in the current international monetary system. The indiscriminate emission of currency by the US Federal Reserve has triggered currency wars, and frequent currency crises have led to a continuous depreciation of the dollar, causing further debt crises. As a result, there is an urgent need for countries around the world to create a super-sovereign currency with valuation, settlement and reserve functions to avoid the damage caused by the continuous depreciation of the US dollar, and to maintain the long-term stability of currency values.

The Instability of the Multipolar World Monetary Pattern
Within a multipolar monetary pattern, multiple currencies enter the international market and take on the functions of world currencies, thus avoiding the arbitrary emission of currencies by issuing countries that occurs under a unipolar world monetary model. Nevertheless, there can only be one currency in the world that performs the functions of a world currency at the international level. This is clear from the characteristics of the measure of value as set out in Marx’s account of international monetary functions, in which the duality of the measure of value is a crucial determinant.
As Marx pointed out, “Money as a measure of value, is the phenomenal form that must of necessity be assumed by that measure of value which is immanent in commodities, labour time” (Marx 2010a, 104). “An object may have a price without having value” (112). Although paper currency and credit currency have no value, they can still function as the value measure of money, and can provide an expression of the prices of other commodities. If the value of money changes, or even if the value of money is zero, this will not affect its function as a monetary measure of value. However, a change in the value of the currency will cause the problem of dual measures of value when two currencies with the same status are in circulation. The change of commodity value from gold to silver and vice versa depends each time on the relative value of the two metals, which is constantly changing. For this reason, the determination of relative value is a constant process. In other words, there are two prices for commodities in a market, the gold price and the silver price. When the relative value of gold currency and silver currency changes, parties can choose different currencies as the trading medium for buying or selling commodities. For two currencies to coexist stably, the relative value of the gold price and silver prices of a commodity must be equal to the relative prices of gold and silver. When the prices of commodities expressed in gold are equal to the prices expressed in silver, people will have the same preference for gold and silver. However, the premise behind the prices of gold currency and silver currency being equal is that the exchange ratio of gold and silver is constant and fixed. Only when the exchange ratio of gold and silver remains unchanged can the gold price and silver price of the same commodity be stable. Gold and silver have a dual identity, as commodities and money. As money, gold and silver have fixed ratios. Their prices as commodities, however, fluctuate constantly with the supply-demand relationship in the market, which also reflects the law of value of commodities. Nevertheless, there is an irreconcilable contradiction between the fixed exchange rate of gold and silver currency and the changing price ratio of these metals as commodities. If the legal price ratio of gold currency is lower than the market price ratio of commodity gold, it indicates that gold is undervalued by the state-mandated exchange rate. When silver is overvalued by the state-mandated legal exchange rate, gold is called good money, while silver is bad money. Rational money holders who hold both gold and silver currency will choose to use silver to trade in the market, and will hoard gold and wait for it to appreciate, resulting in a market dominated by silver money. This phenomenon, in which bad money drives out good money, is known as “Gresham’s Law.” It also determines that periods of gold and silver bimetallism, when gold currency and silver currency are in the same position, are brief, and that bimetallism is unstable. After a struggle between gold and silver, silver succeeds in crowding out gold and becomes the dominant currency. The history of the British currency system from the reign of Edward III to that of George II is described by Marx as “one long series of perturbations” (106). During this period, the ratio between the gold and silver values of money was in constant conflict with the actual change in the values of gold and silver as commodities. Between 1855 and 1857, the increased demand for silver in India and China led to a slight decrease in the value of gold. The nominal worth of the gold imported into France during this period was 41.58 million pounds more than the gold exported, while that of the silver exported from France was 34.704 million pounds more than the silver imported (106).
Marx (2010a, 153) stated: “In the markets of the world a double measure of value holds sway, gold and silver.” This situation is conditional on the fact that gold and silver enter the world market by taking off their national trappings and transforming themselves into metal bars or blocks; that is, the value of a commodity on the world market is measured by the weight of money. This prerequisite, however, can no longer be met through continuous development of the monetary system. The Bretton Woods system, or the Jamaican system, involves the exchange of various currencies for the world currency, after which the world currency is traded in the international market. This occurs under either a fixed exchange rate or floating exchange rate system, through which the world currency is exchanged for the currencies of other countries. If there are two currencies acting as world currencies, the fixed exchange rate system rests on the legal price ratio of the two currencies, which is necessarily inconsistent with the market price ratio of the two currencies. If a floating exchange rate system is used, the price ratio of the two currencies is adjusted frequently through the currency-issuing country buying or selling currency on the foreign exchange market. This ratio often deviates from the actual market price ratio. As a result, there will also be a duality of measures of value in the world market. As Marx concluded, “where two commodities perform by law the functions of a measure of value, in practice one alone maintains that position” (106). The Dutch guilder in the 17th and 18th centuries, the British pound in the 19th and the first half of the 20th centuries, and the US dollar from the second half of the 20th century to the present have all been international currencies. The evolution of the international monetary system indicates that there is usually only one complete world currency.
The existence of multiple international currencies, or of an international currency such as the US dollar, represents an unstable form of money, which will also affect the stability of the global economy. For this reason, a situation in which the RMB and the US dollar function as world currencies at the same time will be unstable.

The Paths to the Realization of a Super-Sovereign Currency as the World Currency
The adoption of a super-sovereign currency as a world currency would help to alleviate the contradictions arising from the use of a sovereign currency in this capacity. There are two different realization paths that could lead to a super-sovereign currency serving as a world currency. One is the bottom-up realization path proposed by scholars, including Mundell (1961). This involves realizing local monetization across a small range, such as dollarization or euroization, and then creating optimal currency areas before establishing a unified world currency on the basis of more extensive cooperation. Mundell’s specific plan is to establish a multi-currency union based on stable exchange rates between the US dollar, the euro and the yen, as well as the Chinese RMB and the British pound, followed by the creation of INTOR (a combination of “international” and the French word or, meaning gold) as the world currency. The other path is that of top-down realization. A super-sovereign currency would be established directly to serve as the world currency, and would gradually be accepted by increasing numbers of countries through reforming the methods of functioning of the International Monetary Fund (IMF). One of the early phenomena that anticipate a super-sovereign currency is the SDR, which is an asset in the form of a supranational currency that can be used for international payment and settlement. Another idea is the international commodity reserve currency, which would be based on commodities and would serve not only to alleviate the price fluctuations of raw materials and primary products on the world market, but would also have a value basis. Of the two world currency realization paths, the bottom-up path would need to go through a stage in which multiple sovereign currencies existed, inevitably resulting in instability in the multi-level world monetary system. Sovereign countries that issued a world currency would be reluctant to give up this power, since it would yield them many benefits such as huge international seigniorage. In the meantime, there would also be trade frictions and currency wars between sovereign countries as they competed for the right to use the currency in the world market. For comparison, the ideal goal of the reform of the international monetary system would be “to create an international reserve currency that is decoupled from sovereign countries and can maintain long-term stability of currency value, so as to avoid the internal defects of sovereign credit currency as a reserve currency” (Zhou 2009, 8). After the 2008 financial crisis, countries around the world began to seek a super-sovereign currency to serve as a world currency, and the top-down path to realizing this world currency has become a common goal of international monetary system reform.
Under the top-down path to realizing a world currency, the primary task would be to establish a world central bank that would transcend the central banks of all individual countries. This agency would be responsible for issuing, regulating and managing super-sovereign currencies. At present, the organization most likely to evolve into a future world central bank is the IMF, which determines the voting power of member countries, their share of financial assistance, and the quantity of SDRs, in the form of “quotas,” available to them. At the same time, the IMF assists member countries in establishing a multilateral payment system for regular transactions, providing temporary financial support, and eliminating foreign exchange controls that hinder world trade. The funds of the projected world central bank would be provided by member countries. There is still a big gap between the IMF and the world central bank. To become the world central bank, the IMF would need to extend the same treatment to both developed and developing countries, while actively regulating their economic policies and improving the monetary operation mechanism of each country in response to the differences in their economic development levels and the lack of institutionalization and synergy between different countries. In addition, a super-sovereign world currency could avoid the internal risks of sovereign currency and regulate global liquidity while maintaining currency stability. The SDR is the most promising super-sovereign currency, but it has not become a widely used payment and settlement tool in trade and finance in the world market, on account of its limitations as a distribution mechanism and the restricted scope of its use. As a result, the functioning of the SDR as a price currency and means of settlement needs to be reformed and strengthened, establishing SDR issuing rules and improving SDR distribution methods. With the rise of the internet, and using blockchain technology, it has become possible to develop a decentralized, highly secure and creditworthy international digital monetary system. This will allow eSDRs to be issued, and a new set of transnational payment and settlement mechanisms to be constructed for the super-sovereign currency (Yao and Yang 2015). The eSDR can continue to embody the advantages of the SDR as a super-sovereign currency, and meanwhile there are incomparable advantages for the eSDR as a new digital currency compared with the SDR. The “decentralized authentication mechanism” of blockchain technology can guarantee that eSDRs will be impossible to forge, and the eSDR will lend itself to direct use for payment, financial transactions, and so on. The parties will be able to trade directly in a peer-topeer financial network, with no third party involved. As a super-sovereign digital currency, the eSDR could gradually develop into a currency with a stable value, an orderly supply and an adjustable aggregate, thus maintaining global financial stability and promoting world economic development. However, there is still a long way to go to create a super-sovereign eSDR currency, since in practice there will be many unavoidable challenges, such as possible security vulnerabilities in blockchain technology, attacks from hackers, the proliferation of speculators, national political disputes, and even possible flaws in rule design, etc. A digital super-sovereign currency will serve as the future basis for the development of a world currency regardless of the problems and challenges. As a globalized and borderless network platform, the internet provides the foundation for the development of an efficient and lowcost global payment and settlement system. The establishment of global central banks and the issuance and management of super-sovereign currencies can maintain the fundamental stability of the global monetary system.
The Correct View of RMB Internationalization
The disadvantages of using a sovereign currency as the world currency have made the establishing of a worldwide currency, outside the sovereignty of any particular country, an inevitable trend for the future (Cheng and Wang 2011). The diversified monetary system proposed by many scholars is no more than a necessary stage for the establishing of a super-sovereign currency, and is not a transitional stage for the development of this currency through the internationalization of multinational currencies and regional monetization. Meanwhile, the concept of a diversified monetary system provides a thorough exposure of the disadvantages of a sovereign currency as the world currency. After fully understanding the instability of the multipolar world monetary system, countries around the world are starting to explore the creation of a super-sovereign currency. For this reason, China must have clear ideas and strategies in the area of financial development <>. It must restrain the hegemony of the US dollar by actively promoting the development process of RMB as a reserve currency, and promote the reform of the international monetary system so as to establish a super-sovereign currency.
The internationalization of the RMB is the inevitable result of China’s increasing economic strength and national credit. On November 30, 2015, the Executive Board of the IMF approved the addition of the RMB to the SDRs currency basket, to take effect officially on October 1, 2016. This was an important step for the entry of the RMB onto the international stage, and a significant milestone in the formation of a diversified monetary system. “A stable international monetary system can be established only if the RMB is included in the new mechanism or system” (Zhang 2011). The inclusion of the RMB in the SDRs currency basket, underpinning the official unit of account used by more than 180 member countries of the IMF, has greatly improved the status of the RMB in the international monetary field. At present, the share of the RMB in the SDRs currency basket ranks third in the world; more than 70 foreign central banks or monetary authorities have included RMB in their official foreign exchange reserves, and there is a continuous upward tendency. In January 2018, Germany and France, the two major economic powers of the European Union, announced the inclusion of the RMB in their foreign exchange reserves. According to the latest SWIFT report, international payments in RMB ranked fifth in the world in July 2021 (International Monetary Institute of Renmin University 2021). In order to promote the internationalization of the RMB, China has launched various measures such as the renewal of bilateral currency swap agreements with other countries, and nearly 40 countries have now signed currency swap agreements with China. The continuous internationalization of the RMB has enhanced the yuan’s international influence, and China has a greater power of discourse in the international market. This, however, does not mean that the RMB can replace the US dollar as the world currency, and nor does it mean that the RMB can function as the world currency together with the US dollar. The goal of RMB internationalization is not to make the RMB perform as the world currency together with the US dollar, but to restrain US dollar hegemony.
As the international status of the RMB increases, China is bound to be challenged by the United States and other developed countries in major areas such as trade and finance. The current dollar-centered world monetary system is a neo-colonialist financial means through which the United States exploits the world. In order to stimulate national consumption and solve the problem of overproduction, the United States has encouraged domestic residents to overdraw their consumption. In 2008 the chain of debt broke, resulting in the outbreak of the financial crisis of that year. Taking advantage of the role of the US dollar as the world currency, the US seizes the proceeds of international seigniorage tax and international inflation tax by issuing currency on a large scale, so that all countries around the world pay for the financial crisis of the United States. Any country that threatens the hegemonic status of the US dollar thus endangers the economic interests of the United States. Driven by those interests, the United States is compelled to try to create difficulties of many kinds for China’s foreign trade and international finance, including cracking down on the RMB and reducing the scope of its use. The Sino–US trade war since March 2018 represents one of the economic means through which the United States has sought to crack down on the RMB, and as the internationalization of the RMB deepens, Sino–US trade frictions will escalate further. To thwart the attacks, China must maintain its high-quality economic development and establish a modern economic system, since stable economic development is fundamental to RMB internationalization. China should promote the use of the RMB in multiple fields such as trade and investment, improve financial supervision to avoid the impact of the duality of the measure of value in the multi-level world currency system, and view the process of RMB internationalization correctly. We can further improve RMB pricing and settlement methods, and keep the exchange rate stable over the short term. Then, with fundamental reforms to the international monetary system, the RMB will in the long run become an important part of the non-sovereign central international currency system (Liu and Cheng 2020).
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Price Earnings (P/E) Ratio  Explained with Example

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Price Earnings (P/E) Ratio Explained with Example

Debtors Collection Period ... Price-earnings Ratio (P/E Ratio) Explained Investopedia Academy - Duration: 4:10. Investopedia Academy 78,594 views. 4:10. JAVA - How To Design Login And Register ...