{'fraction_non_alphanumeric': 0.01811248808388942, 'fraction_numerical': 0.0, 'mean_word_length': 5.687898089171974, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Liquidity Conducting in Financial Systems from the Perspective of International Reserves

In the past few years,China's financial system has experienced a serious fluidity surplus problem.The international reserves,the credit balance and the securities prices all rise significantly.The paper analyzes the liquidity of financial system including foreign exchange market,bank market and securities market by setting up a currency analytic model,which is based on the monthly dates of an inflation cycle,the theory of co-integration and the VAR model.The result indicates that the change of our country's international payment weighted by the reserves and the adjustment mechanism isn't a passive balance.However,there is a much smooth conducting and flowing channel among the three markets.For the three mutual conduction relationship,the foreign exchange market has an important influence on the other two markets,and the bank market also has a very remarkable influence on the stock market whereas the stock's nearly has no influence on the others.