摘要
Increasing the required reserve ratio under the circumstances of immense excess reserve cannot tighten the money supply; it can, however, avoid loosening the money supply. Similarly, it cannot tighten the credit loan by raising the interest rates of deposits and loans, but it can stimulate the growth of credit loans. The soaring CPI, stock prices and housing prices do not result from excess liquidity. On the contrary, excess liquidity and its growth restrain their rapid growth.
Increasing the required reserve ratio under the circumstances of immense excess reserve cannot tighten the money supply; it can, however, avoid loosening the money supply. Similarly, it cannot tighten the credit loan by raising the interest rates of deposits and loans, but it can stimulate the growth of credit loans. The soaring CPI, stock prices and housing prices do not result from excess liquidity. On the contrary, excess liquidity and its growth restrain their rapid growth.
