the special mission. Therefore, the object of the loan, the central bank loans and loans from financial institutions is the essential difference between the. However, the central bank loans and loans from financial institutions in common is that borrowers are required by the stipulated time frame and timely return of loan principal and interest rates.
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Third, base money
Base currency, also known as high-energy currency, is the total amount of the currency has doubled the capacity of expansion or contraction of the currency. Monetary statistics in the modern system, will be defined as the reserve currency. In our country at this stage, it mainly by financial institutions, deposit reserve, the cash distribution (the flow of cash + financial institutions in cash) and non-deposit-taking financial institutions (postal savings deposits to the central bank) and other three parts.
Base currency is the money supply, which the basis of expansion or contraction. This degree of expansion or contraction in the number of currencies used to express the concept of the multiplier. In theory, money supply and monetary base money is the product of the multiplier, the formula can be expressed as:
M = m B
M on behalf of the money supply, m behalf of the monetary multiplier, B on behalf of the base currency. Under normal circumstances, the monetary multiplier is relatively stable, thus the central bank mainly through the control of base money to control money supply. But with the economic and financial structure and management system changes, the monetary multiplier will be some changes accordingly.
Monetary multiplier on the impact of money supply, mainly manifested in two aspects: First, an increase in the basic money supply, the monetary multiplier in order to enlarge the basis of a certain multiple of the effect of monetary expansion; Second, no change in base currency, the changes in the currency of its own multiplier, the same will cause changes in money supply.
Fourth, the central bank balance sheet
Base currency is the central bank's liabilities, but the Central Bank of the creation of base money through the operations of its assets. Of the central bank is concerned, is the first business assets, liabilities, business and then only, that is, to create the balance of assets. This is so because the central bank in accordance with the law the right to a monopoly of the currency. In contrast, the general liabilities of financial institutions, business decisions by the use of assets
Including the central bank's financial institutions, especially commercial bank loans, but also including the refinancing and rediscount bills and related operations. Tools of monetary policy is one of them.
According to December 27, 2003 amended the "Law on People's Republic of China People's Bank of China," the twenty-eighth article, "People's Bank of China in accordance with the needs of the implementation of monetary policy, commercial banks can decide on the amount of the loan period, interest rates and the way However, the duration of the loan may not exceed one year.
(4) interest rate policy
Interest rate is the amount of a certain period of time the interest rate and loan funds, usually divided into the annual interest rate, interest rates on interest rates and Japan. Relations in accordance with loan funds, such as the nature of both lenders and borrowers, such as the length of loan, the interest rate can be divided into different types - the statutory interest rate and market interest rates, short-term interest rates and long-term interest rates, fixed-rate and floating interest rates, nominal interest rates and the actual interest rates.
Interest rate policy of China's monetary policy is an important part of the implementation of monetary policy is one of the main instruments. People's Bank of China in accordance with the needs of the implementation of monetary policy, timely tool to use the interest rate on the interest rate level and interest rate structure, thereby affecting the supply and demand of social capital to achieve monetary policy objectives.
At present, the People's Bank of China interest rate used tools are: 1, the central bank benchmark interest rate adjustments, including: re-lending interest rates, means the People's Bank of China re-issuing financial institutions to loan interest rates used; rediscount interest rate that financial institutions will be held Some notes have been discounted by the People's Bank of China for the use of rediscount interest rates; deposit reserve rate, refers to the deposit of financial institutions of the People's statutory deposit reserve rate of pay; excess reserve interest rates, means the central bank's deposited by financial institutions in excess of the statutory reserve deposit reserve to pay part of the level of interest rates. 2, adjusting the financial institutions, statutory deposit and loan interest rates. 3, the development of financial institutions to deposit and lending rates of the floating range. 4, the development of relevant policies on the various types of interest rate structure and level of adjustment and so on.
In recent years, the People's Bank of China stepped up its use of interest rate tool. Frequent interest rate adjustments every year, interest rates more flexible regulatory approach, regulatory mechanisms are maturing. With market-oriented interest rate reform step by step, as one of the main instruments of monetary policy interest rate policy on interest rates gradually from direct to indirect regulation and transformation. Interest rates as an important economic lever, at the national macro-control system will play a more important role.
Since reform and opening up, People's Bank of China to strengthen the means of the use of interest rates, by adjusting the interest rate level and structure, the reform of interest rate management system, so that the interest rate has gradually become an important lever. In May 1993 and July, when People's Bank of China for overheating of the economy, market prices rise continuously increase, twice raised the deposit, lending rates in January 1995 and again in July to raise the lending rates twice, these adjustments effective control the scale of inflation and fixed asset investment. In May 1996 and August, in October 1997 and March 1998, in view of China's macroeconomic regulation and control has achieved remarkable results, the market prices drop significantly, the central bank also cut four timely deposit, lending rates, in the protection of depositors interests, to reduce the enterprises, especially state-owned large and medium-sized enterprises, the interest burden, and promote the stable development of the national economy had a positive impact.
(5) exchange rate policy
Exchange rate policy: refers to a country (or regional) government to achieve a certain purpose, through the enactment of Finance Act, regulations or policy initiatives, the national currency and foreign currency exchange rate to determine or control the level of moderate policy手段. Exchange rate policy, including exchange rate policy and exchange rate policy objectives.
Exchange rate policy objectives are: (1) to maintain export competitiveness, the achievement of the international balance of payments and economic growth objectives; (2) price stability; (3) to prevent excessive exchange rate fluctuations, thus ensuring stability of the financial system.
Exchange rate policy instruments are mainly the choice of exchange rate regime, exchange rate determination and exchange rate changes and adjustments.
Exchange rate policy in the most important thing is the choice of exchange rate regime, the exchange rate system means that a national government of national currency exchange rate determination, exchange rate issues such as changes in the way of a series of arrangements made and regulations. Exchange rate system is traditionally divided into a fixed exchange rate regime and floating exchange rate system, two broad categories.
Pegged exchange rate policy point of view: through the introduction of currency exchange rates pegged to anchor the country's anti-inflationary monetary policy credibility, while the public by adjusting the inflation rate is expected to make the inflation rate with the anchor currency country's inflation rate in line. If the country's inflation rate higher than the anchor currency country's inflation rate, then the country's currency will cause the real exchange rate appreciation, domestic commodity prices relative terms than the anchor currency country to high commodity prices, the demand for their goods accordingly reduced, the corresponding economic activity dropped, and then make the country's inflation rate and the anchor currency country's long-term inflation rate in line.
[Edit this paragraph] 8, China's tight monetary policy
December 2007, the central economic work conference pointed out that next year is one of "from the tight monetary policy."
(1) implementation of tight monetary policy, the core of what?
Currency from circulation, reducing the money supply. Now talk about a surplus of liquidity, there are two levels: one is more cash in circulation, an excess of bank reserve too. Excess reserve is the deposits of commercial banks and financial institutions in the Central Bank of the actual deposit accounts in excess of the statutory reserve part of the reserve. Too much excess reserves that banks holding too much money.
(2) from the tight monetary policy, have any effect?
From the tight monetary policy, it will indirectly affect the future profit enterprise space, as businesses increase in the cost of credit. Increased interest rates, real estate from the costs of bank loans rose by one point, but if housing prices have soared, then the increased costs that simply can not see, all of a sudden on the offset. A direct impact on the stock market out of the question, are indirect, should be a process.
After the tightening of monetary policy, inflation in the control area can achieve the desired results, more complicated. Prices index from the CPI, the major food and energy prices volatile.
According to the two root causes of inflation, a demand-pull, supply-driven one. Now from the perspective of demand, more supply of currency and demand factors: from the supply side, mainly pork and other agricultural products prices. However, pork prices, price increases associated with the feed, and feed prices, but also because of rising food prices caused. Therefore, in order to reduce the grain to increase the food supply, imports of agricultural products. However, the impact of imports on farmers, farmers had no money.
From the tight monetary policy will be brought to the commercial banks affected. If Not surprisingly, the central bank to raise deposit reserve rate is the inevitable choice, and this will the mobility of commercial banks within a major impact. Nine times this year to raise reserve ratio, the number of commercial banks including the four major state-owned banks have the inte