我国货币冲销的效果分析

An Analysis on the Effect of Monetary Sterilization

为维护人民币汇率稳定,中国人民银行不得不干预外汇市场,导致我国外汇储备持续快速增加,外汇占款对我国货币供给的影响越来越大。为了缓解外汇占款带来的通货膨胀压力,中国人民银行采取了包括收回再贷款、正回购、发行中央银行票据、提高法定存款准备金率等货币冲销措施。本文对中央银行货币冲销措施一一进行分析,着重分析了它们的局限性,并提出了一些解决问题的建议。

The People's Bank of China has to interfere with exchange market to maintain the stability of RMB.This inference leads to the constant increase of foreign currency reserves.The Funds outstanding for foreign exchange have enforced an increasing impact on domestic currency supply.To ease the inflation pressure from funds outstanding for foreign exchange,the People's Bank of China has adopted various measures to sterilize currency.This article analyzes these measures with a focus on their limitation and proposed solutions.