The central bank should drop quasi directional tools the former has its own advantages superrecovery

The central bank should drop quasi directional tools: the former has its own advantages of the central bank should not drop quasi? Chen Shiyuan reserve adjustment will be better liquidity adjustment tool under the appropriate conditions, it is still an important tool for the central bank to implement monetary policy flexible. If you do not consider the orientation of the policy tools and the role of guiding interest rates, but only from the perspective of the impact of the money supply, directional tools and drop quasi can have a considerable effect. However, RRR does not affect the central bank’s balance sheet, which means that the central bank does not need frequent operation. From this perspective, RRR will greatly reduce the difficulty of monetary policy operation. From the perspective of commercial banks, the equivalent RRR release of low cost, its own long-term capital; in contrast, the central bank lending to the high cost of funds, short term or term, aggravate the problem of balance sheet configuration, is not conducive to the end of the allocation of bank assets. Of course, the decline is not strong enough flexibility, strong policy signals, or affect the exchange rate expectations. In the second quarter of the bank’s monetary policy implementation report, "balance sheet and macroeconomic analysis" column, provides a better way to analyze monetary policy from the balance sheet. Column referred directly to the role of the deposit reserve adjustment and the pros and cons, or reflects the central bank for RRR ideas. Based on the central bank’s monetary policy report, continue to analyze the deposit reserve and directional tools to effect the central bank and commercial banks’ balance sheets, that RRR has its own superiority, the central bank is still an important tool of liquidity. Speculative one: the relationship between deposit reserves and bank deposits in the central bank mentioned in the column, the deposit reserve will not reduce (Commercial Bank) deposits". At the time of the deposit reserve, the judgment is correct. However, after a period of time to pay the deposit reserve, commercial banks can reduce the funds available, the need to reduce bank loans, bonds, interbank loans and other asset allocation. The result is that these assets are derived from the reduction of the deposit, that is, to pay the deposit reserve will affect the process of money creation, thus squeezing the balance sheet of commercial banks. The process of money creation from the formula is more simple: M=B*1 R%, which is M (money supply in China is similar to M2, is equal to the cash in circulation and all kinds of residents and businesses, B is the foundation of total deposits) currency issued by the central bank (also known as the reserve currency, the central bank reserves equal to the sum of currency and commercial bank deposit bank) R%, is the deposit reserve rate. In the case of the central bank issued the base currency B unchanged, the higher (lower) deposit reserve ratio R% will reduce (improve) the money supply M. This is for our current monetary policy, in terms of deposit growth is limited, the loan deposit is relatively high, we can alleviate this contradiction by lowering quasi. Of course, the central bank in the column also explains why the abolition of loan to deposit ratio assessment, but with a wider range of macro Prudential policy to replace. In fact, the central bank is currently more concerned about the rhythm of credit, macro Prudential policy will guide banks to coordinate the allocation of credit assets and other assets. China’s current deposit ratio remained at a higher position on.相关的主题文章:

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