存款准备金率政策频繁调整原因及其效应分析

On the Frequent Adjustment of Deposit-Reserve Ratio and Its Effect

2006年以来,中国央行频繁变动存款准备金率(主要是提高)。从积极方面看,它抑制了外汇储备增长过快、货币供应量过多、流动性过剩等突出问题,显示了宏观调控的力度;但从另一方面看,这种作用机制在理论上和实践上都存在重大缺陷。故而,存款准备金率的调整不应当长期作为经常性货币政策工具。

Since 2006, the Central Bank of China has frequently adjusted（mainly increase） the deposit-reserve ratio. Such an act has successfully curbed a sharp increase of foreign reserves, surplus monetary supply, and surplus of circulation and flow, which indicates the effective macro adjustment and control. On the other hand, such an act contains flaws in theory and practice. Therefore, the adjustment of should not be used as a routine monetary policy tool.