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开展国债公开市场操作是中国人民银行加强和改善金融宏观调控的重大举措,标志着我国金融体制改革进入了一个新的发展阶段。然而,如何从中国的实际出发,严格、规范、高效地进行公开市场业务活动,需要创造哪些外部条件,以及如何在经济体制转轨期实施较为正确的操作策略,仍有一些值得研究的问题。本文就此略述已见,以期抛砖引玉,共同探讨。 一、公开市场业务及其在我国的影响 公开市场业务是指中央银行在公开市场上买进或卖出有价证券(主要是买卖政府债券)用以增加或减少货币供应量的一种政策手段。公开市场业务启动后,对我国的经济运行具有广泛的影响: 首先,中央银行在公开市场上以买卖国债的形式吞吐基础货币,可以调节商业银行的资金头寸,进而影响货币供应量的增减,传导中央银行货币政策意图。 其次,有利于国有商业银行在大力吸收存款的同时,减少不必要的资金闲置问题,商业银行可以把不能用于贷款的超额备付金购买国债。国债既能随时变现,又有一定的收益,是商业银行用于调节资产负债比例管理的合适工具。
The open market operation of national debts is a major measure taken by the PBC to strengthen and improve its macro-control over financial affairs, marking a new phase of the development of China’s financial system reform. However, from the reality of China, how to carry out the open market business strictly, regularly and efficiently, what external conditions need to be created and how to implement a more correct operating strategy during the transition period of the economic system, there are still some problems worthy of study. This article has been outlined in this article, with a view to start a discussion, to discuss. First, the open market business and its impact in our open market business refers to the central bank in the open market to buy or sell securities (mainly the sale of government bonds) to increase or decrease the money supply a policy tool . After the start-up of the open market business, it has a broad impact on the economic operation of our country. First, the Central Bank handles the treasury bonds in the open market in the form of treasury bonds. It can adjust the capital positions of commercial banks and thus the increase and decrease of the money supply. Conduct central bank monetary policy intentions. Second, it is conducive to the state-owned commercial banks in absorbing deposits, while reducing unnecessary idle funds, commercial banks can not be used to loan excess reserve purchase of national debt. Treasury bonds can be realized at any time, but also a certain amount of income, commercial banks is used to adjust the ratio of assets and liabilities management tool.