中国存款准备金政策及其效应分析—以2010~2011年央行货币政策调控为例

Analysis of the Effect of China Deposit Reserve Policy—2010-2011 Chinese Central Bank’s Monetary Policy Control, for Example

法定存款准备金是中国货币政策三大工具之一。从2010年1月到2011年12月,中国人民银行连续12次上调法定存款准备金率。本文从这一阶段存款准备金率的调整对商业银行、消费者价格指数、货币供应量以及股市和债券市场的影响,分析其调控是否达到2011年中国货币政策执行报告中所预期的政策效果,讨论存款准备金制度在执行过程中存在的主要问题,在此基础上提出了进一步完善存款准备金制度的几点建议。

The statutory deposit reserve is one of the three tools of monetary policy in China. From January 2010 to December 2011, the People’s Bank of China has raised the statutory deposit reserve ratio 12 times in a row. Based on the deposit reserve ratio adjustment in this stage, this paper has discussed its influence on commercial banks, the consumer price index, money supply and stock and bond markets, and analyzed the regulation is whether achieved the anticipated effects of policies in the 2011 Monetary Policy Report. This paper has discussed the main problems of the deposit reserve system in the implementation process. On this basis, we put forward several suggestions to further improve the reserve system.