货币冲销

他表示：货币冲销操作力度加大，意味着人民币面临的升值压力在逐渐增加。

He says : The heightened monetary sterilisation operations suggest that appreciation pressure on the renminbi is intensifying .

论发展中国家的货币冲销政策

Policy On the Monetary Sterilization of Developing Countries

这些货币冲销措施是否有效，历来是备受国内外经济学家、学者关注和争论的焦点问题。

Are these monetary sterilized instruments effective ? It has always been a hot question which is concerned by the economists and the scholars at home and abroad .

为保持人民币币值稳定和防范通货膨胀，中国人民银行多次实施货币冲销政策，试图将外汇储备增加产生的通货膨胀效应降低到最低程度。

To keep its currency stable and prevent inflation , the PBC has been implementing monetary sterilization policies many times in an attempt to minimize inflationary effects produced by increased foreign exchange reserves .

这主要是因为随着外汇储备的增加，央行会相应的采取货币冲销政策来干预因外汇占款增加而导致的货币供应量的被动增加。

It is due to the foreign exchange write-off measures . The central bank will take some corresponding write-off measures to reduce the passive increase of money supply which is caused by the foreign exchange reserves .

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。

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 .

如果货币冲销是有效的，有力地阻止了外汇储备变动对货币供给的影响，那么外汇储备变动就不是货币数量变动的决定性原因，则货币政策仍然是自主的。

If monetary haircut to be effective , and effectively prevent the money supply to foreign exchange reserves changes on the impact of changes in foreign exchange reserves so it is not a decisive change in the number of monetary reasons , monetary policy is still independent .

我国中央银行的货币控制和冲销干预措施&基于中央银行资产负债表的分析

Review on Monetary Control and Sterilized Intervention Measures of the Central Bank

在中国的政策组合中，有一项就是对这些干预行动产生的货币后果进行冲销。

One tool in the policy box was to sterilise the monetary consequences of these interventions .

然而，如果中国的外汇干预以及对由此产生的货币效应的冲销未对其出口构成大幅补贴的话，我会更支持他。

I would sympathise far more , however , if China 's foreign currency interventions , combined with the sterilisation of their natural monetary effects , was not such a massive subsidy to its exports .

通过中央银行的资产负债表研究我国中央银行的货币控制和冲销干预，首先分析了货币供给的构成，强调外汇占款是货币供给增加的重要来源；

The paper mainly analyzes monetary control and sterilized intervention measures of the PBC based on the balance sheet of the central bank . First , it analyzes the composition of money supply , emphasizing that net foreign assets are an important source of money supply increase .

为了维持货币供应量的稳定，我国中央银行不得不进行大规模的货币冲销操作。

The central bank of our country has to carry out the monetary sterilization .

为了实现调控货币供应量的目标，防止高通货膨胀，央行使用各种货币政策工具来冲销这种由国际收支双顺差所带来的被动的货币供给变动。

In order to control the money supply and prevent high inflation , PBC has used some monetary policy instruments to sterilize the passively expanded money supply driven by the double surpluses .

对于这种区域信贷差异的成因，众多学者从区域经济发展、区域资金流动和货币政策的传导等多方面进行了探讨，但极少有学者从货币冲销角度对区域信贷差异进行解释。

Many scholars discussed the reason from the development of regional economy , regional capital flow and currency policy conduction and many other aspects , but few of them explained it from the perspective of the sterilized monetary policy .

我国目前是把货币供应量作为货币政策的中介目标，为了保持货币供应量的稳定，实现既定的政策目标，央行必须采取措施对外汇储备增加引起的基础货币投放增加进行冲销。

Now our country takes quantity of money supply as medium target of money policy , to keep quantity of money supply steady and achieve policy target , central bank must adopt measures to sterilize the plus of money base made by increasing of foreign exchange .