سياسة التعقيم النقدي في الصين

بكين ـ لم يمض وقت طويل بعد إعلان مجلس الاحتياطي الفيدرالي في الولايات المتحدة عن جولته الثانية من "التيسير الكمي" حتى أعلن بنك الشعب الصيني (البنك المركزي في الصين) عن زيادتين، كل منهما 0.5 نقطة مئوية، في نسبة الاحتياطي المطلوب من الودائع المصرفية. والآن بلغت النسبة 18.5%، وهي نسبة تاريخية في الارتفاع حتى على المستوى العالمي.

وفي حين يعتزم بنك الاحتياطي الفيدرالي ضخ المزيد من الأموال في شرايين الاقتصاد الأميركي، فإن بنك الشعب الصين يحاول تقليص كمية النقود المتداولة في الصين. والأموال التي تستخدمها البنوك التجارية لتغطية نسبة الاحتياطي المطلوب، والتي يحتفظ بها بنك الشعب الصيني في هيئة حسابات، يصبح من غير الممكن تقديمها كقروض. ونتيجة لهذا فإن كماً أكبر من أي وقت مشى من النقود الآن أصبح مجمداً أو غير نشط في الصين.

إنه لأمر مفهوم أن يرغب بنك الاحتياطي الفيدرالي في تعزيز الطلب ما دام الاقتصاد الأميركي كاسدا. ولكن لماذا يبادر بنك الشعب الصيني إلى إحكام السياسة النقدية إلى هذا الحد؟ إن الاقتصاد الصيني لا يعاني من فرط النشاط. صحيح أن النمو لا يزال مرتفعاً عند نسبة 10% سنوياً تقريبا، ولكن هذه النسبة بدأت في الاتجاه نحو الاعتدال. وفي حين يشكل التضخم مصدراً للقلق ـ حيث ارتفع إلى 4.4% في شهر أكتوبر/تشرين الأول، بعد أن كان 3.6% في سبتمبر/أيلول ـ وهذا لا يفسر لماذا رفع بنك الشعب الصين نسبة الاحتياطي المطلوب ثلاث مرات في وقت سابق من هذا العام، حين كان معدل التضخم أقل.

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