国库现金管理:我国当前流动性投放的替代渠道

National Treasury Management: Alternative Tool to Supply Base Money

当前我国外汇占款不断流出,央行需要新的流动性投放工具。但降准的宽松信号过强,与稳健中性的政策基调不符;而公开市场操作和再贷款规模过大对商业银行、金融市场和实体经济均有负面影响。在该背景下,加强国库现金管理不仅有利于盘活财政资金,还可以作为流动性投放的替代渠道。本文在分析我国流动性投放机制存在的问题、梳理国库现金管理发展历程的基础上,通过分析国库现金管理对货币供给的影响,提出当前应加强国库现金管理,降低国库现金余额等政策建议。

As more foreign exchange outflows, People＇s Bank of China needs tools to replenish liquidity, however, the signal to reduce the deposit reserve ratio is too strong, which is inconsistent with the neutral policy, and open market operations and the size of the re-lending have a negative impact on commercial banks, financial markets and the real economy. Under such circumstances, national treasury management is not only beneficial to improve the efficiency of financial fund, but also can be alternative channel to supply liquidity. Based on the analysis of the problems existing in China＇s Liquidity Mechanism and the development process of the treasury cash management, this paper analyzes the impact of treasury cash management on money supply, and puts forward that national treasury management should be enforced to decrease its scale of balance.