Comments 0 Add to Bookmarks chinese Chinese Arabic Czech English French German Italian Russian Spanish Facebook Twitter Whatsapp 中国的货币冲销措施 Nov 29, 2010 Fan Gang 发自北京——就在美联储宣布实施第二轮“量化宽松”政策之后，中国人民银行（下称“人行”）旋即连续两次上调存款类金融机构人民币存款准备金率0.5个百分点。目前该比率为18.5%，不但创下了建国以来的新高，在世界范围内也是罕见的。当美联储计划向美国经济注入更多货币的时候，人行反而在努力减少国内的货币流通数量。那些被商业银行挪作存款准备金的货币将被锁定在人行的账户中，从而无法形成贷款。结果大量货币被冻结，而且金额空前庞大。美联储希望刺激需求来使美国经济走出衰退的做法是可以理解的。但人行却为何要如此收紧货币政策？中国经济并未过热，增长率依然居高不下，每年都能达到近10%。虽然当前的通货膨胀是一个值得关注的问题——居民消费价格指数（CPI）年比从9月的3.6%升高到10月的4.4%——但也无法解释人行为何在今年早些时候三次上调准备金率，因为当时的通货膨胀率依然维持在较低的水平。 To continue reading, please log in or enter your email address. Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access. Email required Receive our Sunday newsletter Log in Featured Why Is Bangladesh Booming? Apr 23, 2018 Kaushik Basu What’s Been Stopping the Left? Apr 10, 2018 Dani Rodrik Political Machismo Apr 10, 2018 Ian Buruma Will China Really Supplant US Economic Hegemony? Apr 2, 2018 Kenneth Rogoff Should Tech Companies Be More Tightly Regulated? Mar 30, 2018 Simon Johnson LinkedIn Google+ Bookmark Email Print 0 Facebook Twitter Whatsapp Show More Show More Contact Us http://prosyn.org/FQpQnPg/zh;
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发自北京——就在美联储宣布实施第二轮“量化宽松”政策之后，中国人民银行（下称“人行”）旋即连续两次上调存款类金融机构人民币存款准备金率0.5个百分点。目前该比率为18.5%，不但创下了建国以来的新高，在世界范围内也是罕见的。
当美联储计划向美国经济注入更多货币的时候，人行反而在努力减少国内的货币流通数量。那些被商业银行挪作存款准备金的货币将被锁定在人行的账户中，从而无法形成贷款。结果大量货币被冻结，而且金额空前庞大。
美联储希望刺激需求来使美国经济走出衰退的做法是可以理解的。但人行却为何要如此收紧货币政策？中国经济并未过热，增长率依然居高不下，每年都能达到近10%。虽然当前的通货膨胀是一个值得关注的问题——居民消费价格指数（CPI）年比从9月的3.6%升高到10月的4.4%——但也无法解释人行为何在今年早些时候三次上调准备金率，因为当时的通货膨胀率依然维持在较低的水平。
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