Jiang said that this year the best Super Cash is king Ren Zeping veto: Cash is king was a pit

April 27 news, the recent capital market two heavyweight economists and Jiang Chao Ren Zeping again were divided on whether it should "cash is king" view。Hai Tong Securities chief economist Jiang Chao believes that only the best monetary return on assets, and Founder Securities chief economist Ren Zeping believes that only take cash at a time of crisis to take now can not get cash。  Jiang Chao said that great changes this year's environment policy, the central bank began to tighten monetary, economic and past monetary policy is subject to inflation targeting, but this year by new factors, US interest rates started to affect Chinese monetary policy。To keep the exchange rate stable, we may be forced to follow US interest rates。Also, pay attention to the recent financial deleveraging taking place。If monetary tightening this year while financial deleveraging, then this year's exchange rate and prices should have a contrary trend: a stable exchange rate, prices will have a peak in process。This year is the best practice of short-term cash is king。Since US interest rates, the central bank is still tightening policy, from the beginning of April this year, stock and bond commodities are falling, only monetary return on assets is the best class。  Ren Zeping believes that the current Chinese local economy at risk, but there is no systemic financial risks。"Cash is king was a pit, is a big pit" to determine the stock market is upward shocks, structural bull market。Push three directions, a new cycle, a value is underestimated, and the third is related to the reform。"Every time the callback is worth buying," said the sexy point is that "every time Looking back are exciting."。Frankly, this year the yield of the stock market certainly more than cash, the real estate market also has a long-term investment value。  Ren Zeping said, wondered why a lot of people always say "cash is king"。Because the study macroscopic people to understand a common sense, take cash only in times of crisis to take a。When the usual asset allocation category, can not take cash。The logic is simple, the first currency has been super-fat。Here is a simple example, in the past couple of years, Beijing's housing prices doubled, a house just up the 500-million, 10 million and depreciation of the hands of money on, how many people earn 10 million?So I say "cash is king" is a pit, and a great pit。  Personal profile Jiang Chao, chief economist at Haitong Securities。Doctor of Economics, Tsinghua University, 2013 Working at Heico Tong Securities Institute。New Fortune Bond Research in mid-first (team member), 2008, 2011 Fixed Income Research third, 2009, 2010, 2013 of the second field 2006, 2012, fourth in 2014 first name。2011, second in 2012, fifth in 2013, the first in 2014。  Ren Zeping, Founder Securities chief economist。Served as deputy director of the Development Research Center of the State Council Research Office Research Department, Guotai Junan Securities chief macro, Ministry of Science and the National High-tech Zone to upgrade evaluation experts, Chinese Society of input-output deputy secretary-general, part-time researcher Institute of Economics of Renmin University of China。In 2011, in 2012 the State Council Development Research Center of quantitative performance evaluation ranked 4,6 position。  Related Articles Competition Rank stocks combined operating cash incentives name 17.720,000 yuan 25.220,000 yuan 34.690,000 yuan 44.390,000 yuan 54.230,000 yuan Data Deadline: mid-2017 at 15 o'clock on April 26