La sterilizzazione monetaria cinese

PECHINO – Subito dopo l'annuncio da parte della Federal Reserve americana di una seconda tornata di alleggerimento quantitativo, la banca centrale cinese, anche conosciuta come BPC (Banca Popolare Cinese), ha annunciato due aumenti di mezzo punto percentuale dei quozienti di riserve bancarie obbligatorie (o RRR, dall'inglese “Required Reserve Ratio”). Le RRR si attestano ora al 18,5%, un massimo storico, anche a livello internazionale.

Mentre la Fed si accinge ad inondare nuovamente di liquidità l'economia americana, la BPC sta cercando di ridurre la quantità di moneta in circolazione in Cina. Le risorse messe da parte dalle banche commerciali per adempiere ai requisiti di RRR vengono depositate su conti della BPC e non possono essere utilizzate per fornire prestiti. La conseguenza è che in Cina non c'è mai stata tanta liquidità congelata o inattiva come in questo momento.

È comprensibile che, fintanto che l'economia americana non riparte, la Fed cerchi di stimolare la domanda. Ma perché la BPC ha messo in atto una tale stretta monetaria? L'economia cinese non si sta surriscaldando. La crescita è ancora robusta, intorno al 10% annuo, ma ha incominciato a rallentare. E nonostante l'inflazione, passata dal 3,6% di settembre al 4,4% di ottobre su base annuale, sia causa di crescente preoccupazione, questa non basta a spiegare perché la BPC abbia decretato già 3 volte un aumento delle RRR quest'anno, anche in momenti minore inflazione.

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