【英语中国】中国央行节前投放大量流动性

  • A+
所属分类:双语中国

2012-10-3 14:39

小艾摘要: The Chinese central bank has injected a record amount of money into the financial system this week to alleviate a cash crunch that had driven up borrowing costs.The People’s Bank of China has poured ...
The Chinese central bank has injected a record amount of money into the financial system this week to alleviate a cash crunch that had driven up borrowing costs.

The People’s Bank of China has poured Rmb365bn ($58bn) into money markets over the past three days through reverse repurchase agreements, the largest weekly amount in history.

The cash was effective immediately, causing the seven-day repurchase rate, a key gauge of interbank liquidity, to fall a full percentage point from the three-month high of 4.75 per cent that it hit earlier in the week.

With the Chinese economy grinding to its slowest growth in three years, analysts and investors have been looking to the central bank to intensify its monetary easing by cutting the portion of deposits that commercial banks must hold in reserve.

The central bank has confounded those expectations, relying almost exclusively in recent months on its open-market operations, especially reverse repos, to ensure that there is enough money flowing through the financial system.

The exceptionally large cash injection was precipitated by two upcoming events that had driven up money market rates.

First, a week-long public holiday begins on Sunday and, as usual in China, there had been a surge in demand for cash ahead of the holiday. Second, banks must meet strict deposit requirements at the end of every quarter and so have been scrambling to attract funds before the start of October.

Analysts have also been reading a deeper motive into the central bank’s decision to rely on open-market operations instead of adjustments to banks’ required reserve ratios, its preferred policy tool in the past for managing liquidity.

The amount pumped into the money market this week was roughly equivalent to what would have been injected had the central bank cut required reserves by 50 basis points, as it did three times over the past year.

Whereas shifts of the required reserve ratio make for long-lasting changes to the money supply, the open-market operations usually expire after just a few weeks, giving the central bank much more flexibility in its actions.

“The market is asking whether the People’s Bank of China is changing the market architecture,” said Raymond Yeung, an economist with ANZ. “They are probably trying to replicate what central banks in other jurisdictions are doing, building up a market between the commercial banks and the central bank.”

This development is crucial to the Chinese central bank’s plan to have more interest rate deregulation. In the past, it has controlled rates with an iron fist, dictating benchmark lending and deposit rates for banks. This year, it has begun to slacken its grip by giving banks more freedom to set rates. As this liberalisation continues, open-market operations will be its most powerful daily tool for influencing rates.

Nevertheless, the short-term nature of reverse repos means that the central bank might have to fall back on reserve requirement cuts in the fourth quarter if the economy continues to slow and it wants to bring about a more permanent easing of monetary policy.

“Every time we see reverse repos, the market reacts immediately but it is shortlived,” Mr Yeung said.

中国央行本周向金融体系注入创纪录数量的资金,以减轻流动性紧缺问题,这个问题已经推高了借款成本。

中国人民银行(PBoC)在过去三天里通过逆回购操作向货币市场投放3650亿元人民币(合580亿美元),这是史上最大的一周逆回购总额。

这些现金当即产生作用,导致7天回购利率(银行间流动性的关键衡量标准)从本周早些时候触及的4.75%这一3个月高位回落整整一个百分点。

随着中国经济增长放缓至3年来最慢速度,分析师和投资者都一直在期待央行加紧放松货币政策,比如削减商业银行的存款准备金率。

但中国央行并未采取外界所预期的措施,而是在近几个月里几乎完全依靠公开市场操作(尤其是逆回购)来确保金融体系中有充足资金流动。

本周规模超大的现金注入,是由即将发生的两件事引发的,这两件事此前推高了货币市场利率。

首先,中国将在周日进入为期一周的公共假期,如往常一样,节前人们对现金的需求飙升。其次,各银行必须在每季度结束时达到严格的存款要求,因此它们都忙于在10月份到来之前吸引资金。

对于央行决定借助公开市场操作,而非调整银行的存准率(这是中国央行在管理流动性方面以往爱用的政策工具),分析师们还看出一个更深层次的动机。

本周央行向货币市场投放的资金,大致上相当于央行下调存准率50个基点将会释放的资金。央行在过去一年已3次下调存准率50个基点。

调整存准率将持久改变货币供应,而公开市场操作的效果通常在几周后消失,这使央行的行动具有大得多的灵活性。

“市场在问,中国央行是否在改变市场架构,”澳新银行(ANZ)经济学家杨宇霆(Raymond Yeung)表示。“他们很可能在复制其它地方央行的做法,即在商业银行和央行之间打造一个市场。”

这个动态对于中国央行推进利率市场化的计划极为关键。过去,央行对中国的存贷款利率实行铁腕控制,为各银行制定基准贷款和存款利率。今年,央行开始放松管制,让各银行在设定利率方面具备更大自由。随着这一放开进程的推进,公开市场操作将是其在影响利率方面最强大的日常工具。

不过,逆回购的短期性质意味着,如果中国经济继续放缓,而央行希望实施更为持久的货币政策放松,那么央行可能在第四季度重启下调存准率的进程。

“我们每一次看到逆回购操作,市场都会作出即时反应,但效果不长,”杨宇霆表示。

译者/和风

本文关键字:双语阅读,小艾英语,双语网站,双语中国,实时资讯,互联网新闻,ERWAS,行业解析,创业指导,营销策略,英语学习,可以双语阅读的网站!
  • 我的微信
  • 扫一扫加关注
  • weinxin
  • 微信公众号
  • 扫一扫加关注
  • weinxin

发表评论

:?: :razz: :sad: :evil: :!: :smile: :oops: :grin: :eek: :shock: :???: :cool: :lol: :mad: :twisted: :roll: :wink: :idea: :arrow: :neutral: :cry: :mrgreen: