In this paper, it is aimed to explore the relationship between the money supply, foreign exchange reserves, domestic credit and central bank bills on this phenomenon. 本文就这一现象展开研究,来探讨货币供应量和外汇储备、国内信贷及央行票据余额之间的关系。
Especially in recent years, along with the increasing in reserves and the foreign exchange as a representative of the central bank bills in sterilizing intervention policies, the monetary policy effect is more complex. 汇率制度一直都影响着我国货币政策的实施效果,尤其是近几年随外汇储备增加带来的外汇占款问题以及以央行票据为代表的冲销干预政策使得货币政策的实施效应产生更复杂的影响。
In recent years, foreign exchange reserves, the face of a sharp increase caused by the increase of foreign exchange, the central bank began issuing central bank bills. 近些年来,面对外汇储备急剧增加而导致外汇占款的增加,央行开始大量发行央行票据。
Foreign exchange has become main source of excess liquidity of China. Raising the reserve deposit ratio and issuing central bank bills can only temporarily seal excess liquidity, but not eliminate inflation and asset price bubble that excess liquidity brought. 外汇占款成为中国流动性过剩的主要来源,而提高存款准备金率和发行央行票据只能暂时封存过剩流动性,实际上并没有消除流动性过剩带来的通货膨胀和资产价格泡沫预期。