Chinas Geldsterilisierung

PEKING – Nicht lange nachdem der Zentralbankrat der Vereinigten Staaten seine zweite Runde der „quantitativen Lockerung“ (QE2) angekündigt hat, kündigte die chinesische Zentralbank, die People’s Bank of China (PBC), zwei Erhöhungen des Mindestreservesatzes um 0,5 Prozentpunkte an. Der Mindestreservesatz liegt derzeit bei 18,5 % – selbst global gesehen ein historisches Hoch.

Während die Fed plant, mehr Geld in die US-Wirtschaft zu pumpen, versucht die PBC die Geldmenge, die in China im Umlauf ist, zu reduzieren. Geld, das die Geschäftsbanken aufwenden, um auf den Mindestreservesatz zu kommen, der auf den Konten der PBC liegt, kann nicht mehr als Darlehen vergeben werden. Daher gibt es derzeit in China mehr brachliegendes oder inaktives Geld denn je.

Es ist verständlich, dass die Fed die Nachfrage ankurbeln will, solange die US-Konjunktur weiterhin Not leidet. Aber warum hat die PBC die Geldpolitik so stark gestrafft? Die chinesische Wirtschaft ist derzeit nicht in einer Überhitzungsphase. Das Wachstum ist mit rund 10 % pro Jahr immer noch hoch, hat jedoch angefangen abzuflachen. Und obwohl Inflationssorgen bestehen – im Jahresvergleich ist die Inflation im Oktober um 4,4 % gestiegen, gegenüber 3,6 % im September –, kann damit nicht erklärt werden, warum die PBC den Mindestreservesatz in diesem Jahr schon dreimal erhöht hat, als die Inflation noch niedriger war.

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