冲销干预

我国外汇市场冲销干预研究

A Research on China 's Sterilized Intervention in the Foreign Exchange Market

我国央行冲销干预实践及政策性建议

The Practice and Policy Suggestions of Sterilized Intervention by China 's Central Bank

外汇储备、外汇交易量与CHIBOR利率的VAR模型（2000～2004）&兼论三元悖论下冲销干预与货币政策的独立性

A VAR Model of Foreign Exchange Reserve , Foreign Exchange Trading Volume and CHIBOR : 2002 ~ 2004

我国外汇冲销干预中存在的问题及对策分析

Problems and Solutions of Sterilized Intervention in Foreign Exchange in China

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

因此，进行外汇市场干预的一个主要手段就是外汇冲销干预。

Hence , the Sterilization Operations becomes the main measure to interpose in the foreign exchange market .

但是，我国的冲销干预操作存在着许多的问题和缺陷。

However , there are a lot of problems and defects in the operation of PBC 's sterilized intervention .

随后引入冲销干预，分析存在冲销干预情况下我国货币政策的有效性。

Then we introduce sterilization intervention and analyze the effectiveness of monetary policy under the existing sterilization intervention circumstances .

然后，本文最后提出优化冲销干预效果、增强货币政策独立性的政策建议。

In the end , the paper puts forward some suggestions for improving the sterilization efficiency and monetary policy independence .

外汇市场干预的中心问题，就是冲销干预和非冲销干预是否影响汇率以及如何影响汇率的问题。

The main problem of the intervention to foreign exchange market is whether charge against intervention and non-charge against intervention can affect exchange rate .

外汇市场干预包括冲销干预和非冲销干预，这两种干预方式的效力是不同的。

Intervention in the foreign exchange market , including haircut intervention and non-offset intervention , the effectiveness of the two modes of intervention is different .

首先对冲销干预的概念进行界定，阐明理论基础，发挥作用的机理和主要的冲销干预方法及其利弊；

First , it clarifies the meaning of the sterilized intervention on theory , introduces the function of acting mechanism , the advantages and disadvantages of this measure .

冲销干预作为货币政策操作的一种，对实现货币政策目标、保持货币政策的独立性具有重要意义。

As a kind of monetary policy , sterilized intervention has a great significance in achieving the monetary policy objective , and maintaining the independence of monetary policy .

为了分析我国冲销干预的可持续性，第五章研究了我国的冲销成本以及冲销成本对于央行政策制定的影响。

In order to explore the sustainability of the future sterilization intervention , the fifth chapter analyzed sterilization cost as well as the impact of sterilization cost on decision-making process of PBC .

在文章的最后，笔者对我国冲销干预存在的问题和缺陷提出了一些改进和改革的政策建议。

In the final section of this paper , according to the existing problems and defects of China 's sterilized intervention , the author put forward some policy suggestions for reforming and improving .

应继续通过改革外汇储备管理政策、发展外汇市场业务与公开市场操作、建立外汇平准基金等进一步完善冲销干预工具与方式。

We should continue reforming the management policy of the foreign exchange reserve , developing business of foreign exchange market and disclosing the market operation , developing the ways to improve the sterilized intervention .

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。

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 .

样本数据的分段结果显示在盯住美元和盯住一篮子货币的两种汇率制度下，冲销干预是能够通过资产组合渠道影响汇率的。

Section of the sample data results are displayed in the dollar peg and pegged to a basket of currencies this two exchange rate regime , sterilized intervention can influence exchange rate through the portfolio channel of exchange rate .

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 .

各国吸收国际流动性的方法之一，是进行冲销式干预。

One way for countries to absorb international liquidity is to sterilise it .

日本为了让日元走软，投入240亿美元进行非冲销式干预。

Japan has spent $ 24bn on unsterilised intervention trying to weaken the yen .

但是，此类冲销式干预似乎顶多只能说是不完全的，因而亚洲货币供应增长异常迅速。

However , it appears that such sterilisations are at best incomplete and that Asian money supply is consequently growing unusually fast .

另一方面，部分新兴市场通过在外汇市场的冲销式干预来遏制货币升值，这是加剧通胀的处方，最终将导致真正的升值。

On the other , fighting appreciation through partially sterilised intervention in currency markets is a recipe for more inflation , which eventually leads to real appreciation .

对资本流入进行冲销式干预，或许只会增加瑞郎的吸引力，而作为一个对金融业如此倚重的国家，瑞士不会愿意考虑实施资本管制。

Sterilising the inflows may just make the Swiss Franc even more attractive , and capital controls are not something a country so dependent on finance will want to contemplate .

由于我国的利率形成机制尚未市场化，加上对资本项目的严格管制，非冲销式干预难以发挥其应有的作用。

Because China 's interest rate is not determined by the market , in addition to the strictly controlled capital account , it is difficult for the non-sterilized intervention to play its role .

首先，中国当然是一个汇率操纵者，其行为与这一称号的定义吻合：中国大规模干预外汇市场，还采取措施冲销这种干预的货币政策后果。

First , of course , China is a currency manipulator . It is so in a precise sense : it intervenes very heavily in the foreign currency market and it also sterilises the monetary consequences of the intervention .

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 .