主题:经济学概念探讨2.2 –人民币发行知识的整理 -- 牛义缂
This method helps to reduce "currency outstanding", or M0.
It will create an interest expense payable to China's domestic financial institutions, but since USD "foreign reserve holdings" (an asset item on PBOC balance sheet) also have interest income from US agency bonds or treasury bonds, therefore, those interest income can cover the interest expense.
Currently, since USD treasury note rate is too low and 央票 rate could be high, therefore, interest expense might be quite high for interest income to fully cover.
That will result in paper loss on the PBOC income statement.
But 央票 is a perfect tool to reduce M0 and thus liquidity.
Another way is to increase reserve ratio--which has huge impact on money multiplier and M2/M3. PBOC practiced that tool for several years since 2001. But this tool has many side effects and was disgusted by most Chinese banks.
- 相关回复 上下关系8
压缩 2 层
🙂关于最后贷款人,2008年已有人论述,见下面的链接 2 牛义缂 字606 2010-08-15 22:25:58
🙂牛兄还在河里么? 明心灵竹 字45 2013-01-07 09:08:56
🙂谢谢,除非用其它方式(比如央票)对冲 aokrayd 字218 2010-08-16 20:42:38
🙂央票对冲
🙂parishg把国外的货币体系和国内的搞混了 4 牛义缂 字1445 2010-08-17 11:32:13
🙂agree. I am more familiar parishg 字283 2010-08-17 18:22:07
🙂Good,we're on same boat upon 牛义缂 字125 2010-08-17 18:39:00
🙂见下面的回复 1 牛义缂 字616 2010-08-17 01:42:38