冲销干预对区域信贷利率的影响:一种新视角

Sterilized Intervention Effect on Regional Credit Interest Rate from New Perspective

在我国现行的外汇管理体制下,外汇储备增长导致了基础货币供应量的增长。为维持汇率稳定和防止流动性过剩,央行采取冲销干预手段对冲外汇占款。本文通过固定效应模型实证分析得出:冲销干预通过影响信贷资金的区域供给状况,进而影响区域信贷利率。据此,本文提出进一步完善汇率制度、改善金融生态环境等相关政策建议。

In China＇ s current foreign exchange management system, the growth of foreign exchange reserve led to the rapid growth of basic money supply. To maintain stability of exchange rate and prevent excess liquidity, the central bank use sterilized intervention to hedge foreign exchange. Through the analysis on the fixed effect model of panel data, the paper holds that sterilized intervention affects the regional supply situation of the credit funds, thereby affecting the regional credit interest rates. Finally, the paper puts forward related policy recommendations to improve the exchange rate system, financial ecological environment and so on.