China’s evolving reserve requirements

This paper examines the evolving role of reserve requirements as a policy tool in China. Since 2007, the Chinese central bank (PBC) has relied more on this tool to withdraw domestic liquidity surpluses, as a cheaper substitute for open-market operation instruments in this period of rapid FX accumulation. China’s reserve requirement system has also become more complex and been used to address a range of other policy objectives, not least being macroeconomic management, financial stability and credit policy. The preference for using reserve requirements reflects the size of China’s FX sterilisation task and the associated cost considerations, a quantity-oriented monetary policy framework challenged to reconcile policy dilemmas and tactical considerations. The PBC often finds it easier to reach consensus over reserve requirement decisions than interest rate decisions and enjoys greater discretion in applying this tool. The monetary effects of reserve requirements need to be explored in conjunction with other policy actions and not in isolation. Depending on the policy mix, higher reserve requirements tend to signal a tightening bias, to squeeze excess reserves of banks, to push market interest rates higher, and to help widen net interest spreads, thus tightening domestic monetary conditions. There are, however, costs to using this policy tool, as it imposes a tax burden on Chinese banks that in turn appear to have passed a significant portion of this cost onto their customers, mostly depositors and SMEs. However, the pass-through onto bank customers appears to be partial.reserve requirements; sterilisation tools; monetary policy; net interest margin and spread; tax incidence; Chinese economy

Acidity constants and redox potentials of uranyl ions in hydrothermal solutions

Acknowledgements We thank Matthias Krack for supplying us with the pseudopotential and basis sets for U. We acknowledge the National Science Foundation of China (No. 41222015, 41273074, 41572027 and 21373166), Special Program for Applied Research on Super Computation of the NSFC-Guangdong Joint Fund (the second phase), the Foundation for the Author of National Excellent Doctoral Dissertation of PR China (No. 201228), Newton International Fellowship Program and the financial support from the State Key Laboratory at Nanjing University. We are grateful to the High Performance Computing Center of Nanjing University for allowing us to use the IBM Blade cluster system. Open access via RSC Gold 4 Gold.Peer reviewedPublisher PD

Redox potentials of aryl derivatives from hybrid functional based first principles molecular dynamics

Acknowledgements We acknowledge the National Science Foundation of China (No. 41222015, 41273074, 41572027 and 21373166), Special Program for Applied Research on Super Computation of the NSFC-Guangdong Joint Fund (the second phase), the Foundation for the Author of National Excellent Doctoral Dissertation of P. R. China (No. 201228), Newton International Fellowship Program and the financial support from the State Key Laboratory at Nanjing University. We are grateful to the High Performance Computing Center of Nanjing University for allowing us to use the IBM Blade cluster system. Open access via RSC Gold for GoldPeer reviewedPublisher PD

Aqueous transition-metal cations as impurities in a wide gap oxide: the Cu(2+)/Cu(+) and Ag(2+)/Ag(+) redox couples revisited.

The interactions of the d electrons of transition-metal aqua ions with the solvent are usually divided in short-range electronic interactions with ligand water molecules and long-range electrostatic interactions with molecules beyond the first coordination shell. This is the rationale behind the cluster continuum and QM/MM methods developed for the computation of the redox potentials. In the density functional theory based molecular dynamics (DFTMD) method, the electronic states of the complex are also allowed to mix with the extended band states of the solvent. Returning to the Cu(+) and Ag(+) oxidation reaction, which has been the subject of DFTMD simulation before, we show that coupling to the valence band states of water is greatly enhanced by the band gap error in the density functional approximation commonly used in DFTMD (the generalized gradient approximation). This effect is analyzed by viewing the solvent as a wide gap oxide and the redox active ions as electronic defects. The errors can be reduced significantly by application of hybrid functionals containing a fraction of Hartree-Fock exchange. These calculations make use of recent progress in DFTMD technology, enabling us to include sp core polarization and Hartree-Fock exchange in condensed-phase model systems.We acknowledge grants from the National Science Foundation of China (Nos. 41002013, 41222015 and 41273074) and Newton International Fellowship program. Further support came from the State Key Laboratory for Mineral Deposits Research in Nanjing University and the Foundation for the Author of National Excellent Doctoral Dissertation of PR China (No.201228).This is the accepted manuscript. The final version is available from ACS at http://pubs.acs.org/doi/abs/10.1021/jp506691h

Demonstrative Analysis of Hi-tech Enterprises Technology Innovation Capability Based on ISM

This paper presents a scientific exploration of the analysis and assessment of high-tech enterprises’ technologic innovation capabilities, by applying the method of system engineering and ISM. Combining with enterprises’ practice of XI’AN high-tech development zone, it focuses on the application of these methods and the results analysis. Some proposals and solutions for management are also raised in the paper

Acidity of edge surface sites of montmorillonite and kaolinite

Peer reviewedPreprin

Fault diagnosis of gears based on local mean decomposition combing with kurtosis

Local Mean Decomposition (LMD) is a new self-adaptive time frequency analysis method. In present paper, the effectiveness of LMD method to extract fault features of gears, which are multi-component amplitude modulation (AM) and frequency modulation (FM), is demonstrated. A series of tests on tooth wearing, breaking and spalling gears are conducted and analyzed by LMD. And the fault features extracted by LMD are compared with those obtained from conventional Hilbert transform (HT). Moreover, the gear faults are identified by kurtosis based on LMD decomposed signals. The results demonstrate that the scheme combining LMD method with kurtosis analysis is effective to extract the characteristics of fault gears and improve the accuracy of fault diagnosis of gears

Design, simulation and experiment of particle dampers attached to a precision instrument in spacecraft

Aiming at attenuating the vibration of a precision instrument in spacecraft, multiple particle dampers are designed and their damping performances are evaluated. Firstly, the vibrating table test for the primary system under sin-swept excitation is conducted to acquire the vibration characteristic. Then enclosures attached to the installing bracket are designed and fabricated elaborately. Using discrete element-finite element (DE-FE) coupling algorithm, the effects of some system parameters (such as: mass ratio, particle material, numbers of dampers and cavity depth) are investigated to optimize the damping capacity of particle dampers. Furthermore, a series of experiments are conducted to verify the performance of particle dampers under dynamic load. The results indicate that the transfer functions of acceleration in Y and Z direction decrease at 22.58 % and 77.38 % respectively, while only 3.1 % mass of the primary system is attached

Application of High Density Resistivity Method in Karst Exploration: A Case Study

During engineering and construction activities, water and mud burst, house and ground collapse, as well as other hazards often occur in places where karst develops, which can seriously threaten the safety of people\u27s life and property and limit the development of local society and economy. Therefore, it is a meaningful work to figure out the locations of karst development so that corresponding prevention measures could be taken in advance. In this study, a case was introduced by using high density resistivity method to study the karst ground collapse. The geological characteristics, distribution law and control factors of karst ground collapse were clarified through high density resistivity method. Based on the results, the development trend was predicted, and the corresponding treatment measures and suggestions were proposed. The results show that 2 karst developing belts and 3 karst seriously-developed centers were delineated in the study region, which indicates that the high density resistivity method can effectively identify abnormal underground areas in the study region. The results shown in this research would provide the whole site for future drilling and the useful experience for underground karst exploration in similar areas

Nonlinear dynamics modeling and analysis of disc brake squeal considering acting process of brake force

Disc brake squeal of automobile is one of the hottest and most difficult issues concerned by automobile manufacturers and researchers. Considering the acting process of brake force, a simplified nonlinear dynamics model is developed in this paper. The nonlinear dynamics equations are set up and solved by theoretical method and numerical calculation. By studying the effects of key parameters on the system’s behavior, the mechanism of brake squeal are analyzed and discussed. The results indicate that the state of system is more sensitive to the fluctuation of brake force than the variation of the negative slope of friction coefficient against the relative velocity between pad and disc. The dynamic characteristics of brake system are greatly connected with the components stiffness. The brake system may become weakly stable and easily produce brake squeal when tangential contact stiffness, normal contact stiffness and connection stiffness satisfy a certain relationship