风险声明：差价合约（CFD）是属于复杂的投资产品，因杠杆而存在快速亏损的高度风险。
交易前您应衡量是否了解差价合约以及是否能够承担发生亏损的高风险。
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Reserve Management Operation Purchases
Reserve management operation purchases are central-bank asset purchases carried out to manage the level of bank reserves rather than primarily to stimulate the economy, and the distinction matters enormously. When the Federal Reserve bought Treasury bills in late 2019 after a funding scare, it described the purchases as reserve management operations rather than quantitative easing (QE).
The label was intended to clarify the monetary-policy purpose of the purchases.
Example: Following the 2019 repo-market disruption, the Fed began buying Treasury bills at a rapid clip to top up the reserves in the banking system, calling it a reserve management operation rather than QE. Skeptics questioned the distinction, since the balance sheet was expanding either way, but the Fed distinguished the purposes of the purchases: these purchases were intended to support short-term funding markets and keep short-term rates under control, rather than primarily to lower long-term yields and stimulate the economy, as QE is generally intended to do.
Reserve Requirement Ratio
The reserve requirement ratio is the fraction of customer deposits that a bank must hold in reserve rather than lend out. Set by the central bank, it is a lever for controlling how much money banks can create through lending: a higher ratio forces banks to keep more idle and lend less, tightening credit, while a lower one frees them to lend more.
It is a blunt but powerful tool, still used heavily in some countries, notably China.
Example: China’s central bank frequently adjusts the reserve requirement ratio to steer its economy, cutting it to release cash into the banking system and encourage lending when growth slows. A cut of half a percentage point can free up hundreds of billions of yuan for banks to lend, so markets watch these moves closely as a major signal of whether Beijing is trying to stimulate or restrain its vast economy at any given moment.
Reserve Requirements
Reserve requirements are the rules obliging banks to hold a certain minimum amount of reserves against their deposits, and this heading overlaps with the reserve requirement ratio entry on the sheet. The purpose is twofold: to ensure banks keep enough on hand to meet withdrawals, and to give the central bank a lever over how much credit the banking system can create.
Some central banks lean on the tool heavily; others, including the US Fed, have largely moved away from it.
Example: In a striking move in 2020, the US Federal Reserve cut its reserve requirements to zero, meaning American banks were no longer legally obliged to hold a specified minimum level of reserves against their deposits. The Fed had shifted to a system of ample reserves managed through the interest it pays on them, so the old requirement had become redundant, a reminder that a tool central to textbook banking can quietly fall out of use as the plumbing of monetary policy changes.
Resistance
A level on a price chart at which selling pressure is expected to outweigh buying pressure, resulting in a potential reversal in price movement.
Resistance level
A resistance level is a price ceiling, a level where a rising market keeps running into enough selling to halt or reverse it. It forms where sellers have repeatedly stepped in before, and the more times a price is turned back from the same spot, the more traders watch it and the more significant it becomes.
Break above resistance decisively may lead to it flipping support on the way back down, a phenomenon traders call a role reversal.
Example: Gold keeps climbing to 2,000 dollars and stalling, failing three separate times to push through, so traders mark 2,000 as firm resistance. Some sell as the price nears it, betting the ceiling holds again; others wait, knowing that if gold finally closes convincingly above 2,000, the broken resistance could turn into a floor, and the level that capped every rally may attract fresh buyers.
Retail Aggregator
A retail aggregator is a firm that gathers up the small orders of many individual traders and channels them into the wider market, often to a single liquidity provider or market maker. By bundling thousands of tiny retail trades together, the aggregator turns scattered flow into something large enough to matter, and it may generate revenue from the spread or from payment for routing that order flow.
It sits between the retail trader and the real market.
Example: A retail forex broker may act as an aggregator, taking the many small trades of its clients and passing the combined flow to a big bank or liquidity provider, which may handle it as one large stream rather than countless tiny tickets. The individual trader may not see this machinery; she simply clicks buy and gets filled, while her order may have been pooled with others and routed onward, the quiet infrastructure that connects small players to the institutional market.
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