Čínská měnová sterilizace

PEKING – Nedlouho poté, co Rada Federálního rezervního systému Spojených států oznámila druhé kolo „kvantitativního uvolňování“ (označovaného QE2), Čínská lidová banka (ČLB), centrální banka Číny, ohlásila dvě zvýšení podílu povinných minimálních rezerv (PMR) bankovních vkladů o 0,5 procentního bodu. Nyní PMR činí 18,5%, což je historické maximum, a to i v celosvětovém měřítku.

Zatímco Fed se snaží napumpovat do americké ekonomiky víc peněz, ČLB se pokouší objem oběživa v Číně zmenšit. Peníze, jež komerční banky použijí ke splnění požadavku PMR, se ukládají na účty ČLB, a nelze je tedy poskytovat jako půjčky. V důsledku toho je teď v Číně zmraženo či znehybněno víc peněz než kdy dřív.

Že chce Fed roztáčet poptávku, dokud je americké hospodářství v poklesu, je pochopitelné. Proč ale ČLB natolik zpřísnila měnovou politiku? Čínská ekonomika se nepřehřívá. Růst je sice stále vysoký, kolem 10 % ročně, ale začíná se zmírňovat. A přestože jisté obavy vzbuzuje inflace – meziročně vzrostla z 3,6 % v září na 4,4 % v říjnu –, tento fakt nemůže vysvětlovat, proč už dříve během letošního roku, kdy byla inflace nižší, ČLB třikrát zvýšila PMR.

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