冲销操作

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 .

我国的货币需求、中央银行冲销操作与国际收支顺差

Money Demand , Sterilization Policy of Central Bank and Balance of Payments Surplus in China

中国央行（PBoC）通过冲销操作来回笼大多数流动性，但面临巨大压力，同时利率仍受到压制。

The People 's Bank of China , the central bank , has kept much of this liquidity at bay via sterilisation operations , but pressures are immense and interest rates remain suppressed .

我国央行票据冲销操作政策传导路径的实证研究

An Empirical Study of the Policy Transmission Path of Sterilization Operation of Central Bank Bill in China

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 .

如果继续进行冲销操作将加大结构性通货膨胀的压力，加大继续提高利率的压力，加大人民币预期升值的压力。

Continuing sterilization will impose on structural inflation , interest rate improvement and the expectation of the RMB 's appreciation .

本章从实现经济内外均衡的角度，分析了开放经济下中国货币政策的独立性以及央行的外汇冲销操作。

So we analyzed the independence of the Chinese monetary policy and the sterilization of foreign exchange by central bank under the open economy .

有趣的是，当中国2008年7月决定停止让人民币兑美元升值时，其冲销操作明显减少，因此，最近（冲销）的抬头，可能预示着人民币将重新升值。

Interestingly , the decision to halt renminbi appreciation against the dollar in July 2008 coincided closely with decreasing sterilisation , so the recent pick-up could be a harbinger of a resumption of renminbi appreciation .

反之，如果人民银行持有外汇储备资产的收益无法弥补其冲销操作的成本，则冲销操作是不可持续的，必须终止，央行必须寻求其他的解决办法。

Conversely , if the benefits from foreign reserve assets can not make up the costs of sterilization , the sterilization operation will not be sustainable and should be ended . The central bank must seek for other solutions .

为了控制货币供给，减小外汇储备增加给我国带来的基础货币的增长，中央银行利用各种货币政策工具对双顺差带来的货币供给的增加进行了冲销操作。

In order to reduce the impact of over-increased foreign exchange reserves , and have a control on money supply , the central bank has to use various monetary policy tools to sterilize the money supply brought about by the double surplus .

通常，国际收支活动对货币供给的影响是通过物价水平和经济增长的波动、货币危机的形态，以及中央银行的外汇干预和冲销操作直接或间接表现出来。

Usually , international payments affect money supply by the following ways : the forms of fluctuation of price index and economic growth rate and money crisis , or the measures including foreign exchange intervention and sterilization by central bank directly and indirectly .

估计结果表明，从目前来看，中国人民银行冲销操作收益大于成本，如果它持有的外汇储备资产平均期限较长（如10年）的话，冲销操作仍然可以持续一段时间。

Estimation results show that currently the yields on foreign reserve assets are greater than the costs of sterilization , if the average term of foreign assets held by the PBOC is long ( e.g. 10 years ) . So the sterilization operation can still continue for some time .

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 .

因此政府往往会进行“冲销”操作一般采用发行政府或央行债券的做法，以吸收货币市场上过剩的流动性。

So governments have tended to resort to " sterilisation " operations usually through the issuance of government or central bank debt securities in order to mop up excess liquidity from money markets .