Last Tuesday, the National Bureau of Statistics announced that the CPI rose by 5.5% in May, setting a new high in 34 months. On the same day, the central bank announced an increase of 0.5 percentage points in the deposit reserve ratio of financial institutions, and the reserve ratio was also raised to a high of 21.5%. Although there is constant concern about “overshoot†in the market, before the inflation rate has fallen substantially and inflation expectations have been effectively controlled, the currency continues to be tight. What is slightly surprising is that the speed of decision-making exceeds expectations - from the release of CPI data to "acquisition" only five hours, and the second is that the central bank continues to choose to raise the deposit reserve ratio instead of raising interest rates. Since last year, in response to inflation, the central bank has “promoted†12 times and raised interest rates only four times. Continuing to “pick upâ€, in addition to the continued high inflation, one of the most important reasons is the urgency of recycling liquidity – according to data released by the central bank, the newly added foreign exchange accounted for 376.4 billion in the month of May, compared with 3100 in April. The increase in billions is not small. In addition, the amount of funds due in the open market in China reached 600 billion yuan in June. Whether it is hedging the ever-increasing foreign exchange holdings or responding to a large number of central bank bills that are about to expire in advance, “promotion†is a matter of course. However, it should be noted that the current reserve level is at a historically high level, and the marginal policy effect brought about by the central bank's continued upward adjustment is gradually weakening, while inflation is still at a high level. Some side effects are not to be underestimated. For example, the funds are both small and expensive, and the dilemma of SMEs encountering double attacks is well known. Only "promotion" does not raise interest rates, the black market interest rate is abnormally high, a large number of deposits escaped from the bank into the "extracorporeal circulation", which has become an important factor in boosting inflation. The continuous negative interest rate is a great injustice to the majority of depositors. It is time for interest rates to play a bigger role. In monetary policy, interest rates are the most powerful leverage. Raising interest rates to attract funds back to banks is more direct and effective than “promoting†to control lending and curb inflation. The reason why the central bank is particularly cautious on raising interest rates is that the interest rate hike will increase the financing cost of enterprises, and the excessive tightening will cause a serious economic downturn; Into arbitrage, put pressure on the appreciation of the renminbi. It may also be that the current negative interest rate is still within the acceptable range, and the lag effect of monetary policy needs to be further released. Therefore, the space for using the monetary policy when the CPI is re-raised is also reserved. From the latest data, although the growth rate of consumption and industrial production has slowed down slightly, the year-on-year growth rate of investment has risen. It is hard to say that economic growth is excessively declining; hot money is more keen on making waves in the capital market instead of suffocating interest rates. Moreover, inflation is not unique to China. After India and other countries raise interest rates again and again, interest rates are much higher than China's, and the risk of arbitrage by hot money is even greater. Moreover, raising interest rates may also be a better way to control credit expansion. On the one hand, SMEs have a greater tolerance for high interest rates, and on the other hand, they can better constrain local government financing platforms and large enterprises. What is the trend of inflation expectations in the market? Not optimistic. Agencies generally expect that CPI will be around 6% in June, a new year high, due to CPI hikes. Subject to the high food prices of food-based food and other various cost factors at home and abroad, CPI is also difficult to fall in the coming months. If the facts are like this expectation, the negative interest rate will further increase and the central bank will not be able to move. Following the increase in the deposit reserve ratio, the central bank raised the issue rate of the central bank bill by 8.2 basis points last Thursday. Although it is generally believed that the upstream interest rate of the central bank bill is mainly to narrow the gap and adjust the market demand, the central bank interest rate has always been regarded as the weather vane of interest rate hikes, which will inevitably increase the market interest rate hike expectations. As long as the shadow of inflation is lingering, the expectation of the central bank to raise interest rates is unlikely to change. Of course, even if the arrow of raising interest rates is already on the line, the central bank can choose not to send it. For example, a few days before the data was released in May, it was regarded as an important time for the interest rate hike. Earlier, the Dragon Boat Festival was also seen as a window of interest rate hikes, and the results were not honored. However, there is nothing but three things. Faced with the almost inevitable CPI in June, it may be at the end of this month, maybe at the beginning of next month, the central bank’s interest rate hikes may be at any time.
 Battery Spring
1) many of our customers struggle with what materials to choose for the battery Spring, which is a good choice for cold plate, manganese steel, brass, and phosphor bronze. Which of these materials to choose depends on the battery`s plastic shell structure and the value of the product and the environment in which it is used. Like this common battery sheet is generally used cold nickel plating on the line, nickel plating after a good effect, cost is also very low. If your product uses the environment to be very humid that also may consider does with the brass material, this will cost many times high. (2) the ordinary cold plate nickel-plated Daxin hardware spring can pass through salt spray for 72 hours without rusting after being sealed with oil. Such spring-loaded battery springs are usually made of manganese steel (65M) or phosphor bronze. Some customers may think that stainless steel will be more elastic, but you don`t take into account that stainless steel is tin-free, meaning you can`t solder it or it`s difficult to solder it. In fact, the material of manganese steel after heat treatment elastic and stainless steel is similar. For Phosphor bronze material is also commonly used in this type of products, elastic or good, not rust, low resistance, easy to weld, but the cost of phosphor bronze is higher.
Battery spring, divided into positive battery spring, negative battery spring, positive and negative battery spring
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