中国的货币冲销措施

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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