1. Can stabilize the stock market. Historically, the stock market has experienced fluctuations after the deposit reserve ratio was lowered, but it has a direct positive impact on some industries, such as banks. These industries are conducive to reducing bank liability costs, improving banks' capital allocation capabilities, and increasing credit. As well as securities companies, real estate, building materials and other industries. 2. This directly benefits the bond market. Costs on bank liabilities will fall, liquidity will strengthen and capital supplies will improve slightly. 3. There will be depreciation pressure in the foreign exchange market, but it is not obvious. From the perspective of factors that affect exchange rates, monetary policy is only one of many factors, not all.

Basic characteristics of securities

As written documents recognizing certain civil rights, securities have the following basic characteristics:

1. Securities are certificates of property rights.

Securities are certificates of title that have property value. In modern society, people are no longer satisfied with the direct possession, use, benefit and disposal of wealth, but pay more attention to the ultimate control and control of wealth. Securities emerged as a new form of property. Holding a security means that the holder has control over the property represented by the security, but the control is not direct control, but indirect control.

2. Securities are transferable certificates of rights.

The vitality of securities lies in the liquidity of securities. Traditional civil rights have always faced many obstacles in the transfer process. As far as civil property rights are concerned, since it does not involve personality and identity, its transfer is not inevitable in nature, but its transfer is a complex civil act.

3. Securities are receipts of rights.

The ultimate goal of security holders is to obtain income, which is the direct motivation for security holders to invest in securities. On the one hand, the security itself is a property right that reflects a specific property right. Security holders can obtain income by exercising the property rights, such as dividend income (stocks) or interest income (bonds); on the other hand, security holders can obtain income by transferring securities, such as buying at low prices in the secondary market, Sell ??high. Security holders can earn income from price differences, particularly speculative income.

4. Securities are risk certificates of rights.

Securities risk refers to the possibility that investors will not be able to obtain expected returns or even lose money due to changes in the securities market or issuers. The risks and returns of securities investments are related. In the real market, there are risks in any securities investment activities, and no investment can completely avoid risks.