流动性过剩根源与应对从紧货币政策之对策

Reasons of Excess Liquidity and Countermeasures for Tight Monetary Policy

人民币持续升值的预期和中国为抑制通胀的连续加息大大刺激了热钱的流入,使中国外汇储备遥遥领先于全球各国,热钱与强制结汇制结合引发了货币供给的高速增长,最终导致宏观流动性过剩。为防止流动性过剩导致严重的通胀,央行实施了从紧的货币政策,商业银行陷入宏观流动性过剩与微观流动性不足的境地,如何应对需要智慧与经验。

RMB revaluation and China's central bank raised interest rates continuously had brought about a huge inflow of money to China.To prevent inflation induced by liquidity surplus,the central bank has taken the countermeasures for tight monetary policy.It needs wisdom and experience to handle the problem that commercial banks mired in prrety pass with the liquidity surplus and insufficient at macro and micro aspects.