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国内外有效需求降低和外汇占款减少是引致流动性紧缩的根本原因。流动性紧缩提高了市场融资成本,促使经济主体融资方式发生转变,造成股票市场逆周期波动。流动性紧缩与融资方式调整加剧了经济下行压力,使我国进入“中等收入国家陷阱”的可能性增强,并削弱了货币政策的有效性,加剧了产业结构调整难度,强化了金融体系的脆弱性。为提高市场流动性,降低实体经济融资成本,防范各类潜在风险和隐患,需要中国人民银行在货币政策执行中,进一步降低法定存款准备金率和基准利率,弱化经济主体对融资方式的敏感性。同时,加速人民币国际化进程,通过人民币国际化来消除外汇占款对流动性的影响,并通过资本项目有序开放来促进境外资金的合理流入,更大限度地为国内经济主体融资成本的降低创造条件。
The reduction of effective domestic and international demand and the reduction of foreign exchange reserves are the fundamental reasons for the tightening of liquidity. Liquidity tightening has raised the cost of market financing, prompted the transformation of the financing methods of economic agents, and caused counter-cyclical fluctuations in the stock market. The tightening of liquidity and the adjustment of financing methods have exacerbated the downward pressure on the economy and increased the possibility of China entering the “pitfalls of middle-income countries.” It has also eased the effectiveness of monetary policy, exacerbated the difficulty of industrial restructuring and strengthened the financial system’s Vulnerability. In order to improve market liquidity, reduce the cost of financing for the real economy and guard against all kinds of potential risks and risks, it is necessary for the People’s Bank of China to further reduce the statutory deposit reserve ratio and the benchmark interest rate in the implementation of monetary policy and weaken the sensitivity of economic agents to the financing methods . At the same time, it accelerated the process of RMB internationalization, eliminated the impact of foreign exchange deposits on liquidity through the internationalization of RMB, promoted the rational inflow of overseas funds through the orderly opening of capital account, and reduced the financing cost of domestic economic entities to a greater extent Create conditions.