我国中央银行的货币控制和冲销干预措施——基于中央银行资产负债表的分析

Review on Monetary Control and Sterilized Intervention Measures of the Central Bank

通过中央银行的资产负债表研究我国中央银行的货币控制和冲销干预,首先分析了货币供给的构成,强调外汇占款是货币供给增加的重要来源;其次从我国中央银行资产负债表的角度考察了影响货币供给的因素,指出我国控制基础货币的主要政策手段;最后分析了中央银行的冲销干预,指出我国目前综合运用提高存款准备金率、买卖国债和发行央行票据作为冲销措施,但发行央行票据是我国货币控制的主要手段,并强调从长远来看,中央银行应该更多地通过买卖国债来冲销。

The paper mainly analyzes monetary control and sterilized intervention measures of the PBC based on the balance sheet of the central bank. First, it analyzes the composition of money supply, emphasizing that net foreign assets are an important source of money supply increase. Second, it examines the factors influen- cing money supply from the perspective of the balance sheet of the PBC, showing the main instruments to control money base. Finally, the paper analyzes the measures of sterilized intervention. It shows that the combi- nation of the reserves requirements ratio, treasure bonds purchasing and selling and paper issuing is applied as the sterilized measures at present, but paper issuing is a main instrument of money control in China. The paper emphasizes that government bonds purchasing and selling should be more used to sterilize money supply increase in the long run.