International Monetary Fund data on the composition of central bank reserves show reserve managers were increasing their holdings of euros as confidence returned in the second quarter of 2012. 国际货币基金组织(IMF)有关各国央行储备资产构成的数据显示,在2012年第二季度市场对欧元区经济重拾信心时,储备主管们就在提高欧元的持有量。
This would confirm that the central bank has only allowed a faint relaxation of monetary policy despite cutting banks 'required reserves last month. 这将证实中国央行只允许小幅放松货币政策的说法,尽管上月央行下调了存款准备金率。
SDRs are monetary units used by the IMF for international reserves. SDR是IMF用于国际储备的货币单位。
The move comes as European central banks continue to sell their gold and the International Monetary Fund has discussed selling some of its bullion reserves. 其来源于欧洲央行连续出售其黄金及国际货币基金组织讨论销售其金砖储备。
A long-term balance is noted among the Chinese bond prices and fixed-asset investment, net export, commodity price index, monetary supply, bank loans and foreign exchange reserves. 我国债券市场价格与固定资产投资、净出口、物价指数、货币供应量、金融机构存贷款和外汇储备存在长期均衡关系。
The author illustrates the theoretical relation between foreign exchange reserves and monetary policy in opening economy, analyzes the impact of foreign exchange reserves on the implementation of monetary policy, and discusses the conflict between foreign exchange rate policy and monetary policy. 在开放经济条件下,外汇储备与货币政策内在的逻辑联系;外汇储备变动会对我国货币政策调控产生冲击,引起汇率政策与货币政策的冲突。
More prudent fiscal and monetary policies have taken hold, while bulging foreign exchange reserves have replaced heavy reliance on short-term inflows from abroad. 更为审慎的财政与货币政策占据了主导地位,外汇储备日益上升,取代了以往严重依赖海外短期资金流入的局面。
Under the monetary rule that governs the Currency Board system, any change in the Monetary Base-whether increase or decrease-must be matched by corresponding changes in foreign reserves. 根据规范货币发行局所用的货币规则,货币基础不论是扩大或缩小,均必须有外汇储备的相应变动来配合。
China is beginning to reverse its tight monetary policy by cutting the reserves banks have to post with the central bank for the first time in three years. 中国已开始放松紧缩的货币政策,前不久调低了银行存款准备金率,这是三年来的首次。
Currency board arrangements translate currency strength arising from capital inflow into an expansion of the monetary base, more foreign reserves and lower domestic interest rates. 根据货币发行局制度,由于在汇率稳定的环境下资金流入,货币基础会扩大,外汇储备亦会增加,使本地利率下降。
Too many decisions, for example the recent withdrawal of monetary stimulus by the European Central Bank and US Federal reserves have been predicated on overly rosy growth projections. 有太多的决定是基于对经济增长前景过于乐观的预测做出的,比如近期欧洲央行(ecb)和美联储(fed)退出货币刺激政策的决定。
To turn a restructured SDR into a real monetary instrument that other central banks might hold in their reserves, its principal emerging market components led by the renminbi need to be made convertible. 要把重新计算权重的sdr变成其它央行可能以外汇储备形式持有的真正货币工具,其主要新兴市场组成货币以人民币为首需要实现可兑换性。
As one of the three major tools for monetary policy, required reserves policy is violent, time-delay and passive, etc in characteristics. 存款准备金政策作为货币政策三大工具之一,具有猛烈性、时滞性和被动性等特点。
Including SNB gold and International Monetary Fund assets, official reserves total US$ 262bn. 计入黄金以及在国际货币基金组织(IMF)的资产,瑞士央行的官方储备共计2620亿美元。
China has tightened monetary policy by expanding the base used to calculate banks 'required reserves in a move aimed at curbing off-balance-sheet lending. 中国已采取行动收紧货币政策,具体做法是扩大银行存款准备金的缴存范围,此举意在遏制表外放贷。
Just last autumn, Congress gave the fed a new tool that will play a crucial role as it exits from its unusually accommodative monetary policy: the ability to pay interest on reserves. 就在去年秋季,美国国会授予了美联储一个新工具:为准备金支付利息,这一工具将在美联储退出不同寻常的宽松货币政策的过程中发挥重要作用。
In view of the extremely volatile and unpredictable International Monetary environment, we must maintain abundant foreign reserves to preserve local and overseas confidence in the Hong Kong dollar. 鉴于国际金融环境极其波动和难以预测,我们必须维持充裕的外汇储备,以维系本地和海外人士对港元的信心。
The present international monetary system is basically characteristic of the diversification of currency reserves and liberalism of exchange rate system choice with the floating exchange rate system as the principle and the developing countries seem to have cast off the yoke of the original Bretton Woods System. 现行国际货币体系的基本特征是储备货币多元化和以浮动汇率制为主流的汇率制度选择自由化,发展中国家似乎摆脱了原有的布雷顿森林体系的纪律和约束。
The out-of-balance of monetary supply and demand is the basic factor affecting foreign reserves change. 货币供给和货币需求的失衡是影响外汇储备变动的主要原因。
Monetary Policy Dilemma with China's Foreign Exchange Reserves Increment 中国外汇储备增长下的货币政策调控困境
These methods are establishing a unified reserves system, redistributing the SDR, and reinforcing the regional monetary cooperation and the international reserves management. 要改变这种非均衡状态,应建立单一的储备货币体系、重新分配特别提款权(SDR)、加强区域货币合作和加强国际储备管理。
Secondly, this paper analyzes the relations between the effectiveness of monetary policy and foreign exchange reserves theoretically. 接着再运用实证分析的方法对外汇储备与货币政策有效性进行分析。
In recent years, economic stability, rapid growth, sound monetary and fiscal policy, good balance of payments and powerful international reserves of China become the basis of soundness and higher international reputation of RMB, which has greatly speeded up the process of RMB internationalization. 近年来,中国经济稳定、快速增长,稳健的货币政策和财政政策,良好的国际收支状况,雄厚的国际储备成为人民币坚挺和享有较高的国际信誉的基础,人民币国际化进程大大加快。
Some monetary policy tools such as re-lending, statutory reserves and open market operations are employed to eliminate these negative impacts, but they have limited effects. 而为了消除这些影响,央行所采取的法定存款准备金和公开市场业务等货币政策工具的有效性受到一定制约。
Based on monetary and financial theory, this paper research on the foreign exchange reserves growth on the impact of inflation and its linkage relationships. 本文基于货币金融理论,主要研究了外汇储备增长对通货膨胀的影响及其联动关系。
The trajectory of the impulse response indicates that the monetary base is impacted by foreign exchange reserves. The response curve apparently shows that the reaction mechanism with the influencing characteristic of lasting and stability. 脉冲响应值轨迹可以看出,基础货币受外汇储备的标准单位冲击,其响应曲线明显地表现出反应机制所具有冲击的持久性和长期中冲击的稳定性。
In an open economy, the monetary base of one country consists of foreign exchange reserves and domestic credit. 在开放经济条件下,一国基础货币可表示为外汇储备和央行国内信贷之和。
The monetary sterilization policy is effective, that is to say, to a certain extent the implementation of monetary sterilization policy reduces the inflation effect of foreign exchange reserves rising, but the intensity of monetary sterilization is not adequate. 尽管我国的货币冲销政策较为有效,即货币冲销政策的实施在一定程度上减少了外汇储备增长的通胀效应,但是货币冲销的力度并不大。
But by the ECM model reflecting the short-term correlation between the two, because of the central monetary policy intervention and incomplete market mechanism, foreign exchange reserves will not significantly impact on the price level. 但是由ECM模型反映的短期相关关系,外汇储备增加却会由于中央的货币政策干预及不完全的市场机制这两方面的作用,进而不会对物价水平上涨产生显著的影响。