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梨花0901 · 2022年11月23日

A选项采取怎样的手段进行冲销干预

NO.PZ2018091706000056

问题如下:

The emerging market country is more likely to engage in sterilized intervention if its:

选项:

A.

inflation rate is high

B.

currency is undervalued

C.

currency appreciation is caused by push factors rather than pull factors

解释:

A country would likely choose sterilized intervention if it had a highinflation rate, because unsterilized intervention would add to the monetary base andpossibly increase inflationary pressures. B is incorrect because an undervalued currencyis likely to lessen the probability of intervention, sterilized or unsterilized, in response tocapital inflows. C is incorrect because both push and pull factors can lead to bubbleconditions, excessive exchange rate appreciation, and the unwanted build-up ofexcessive speculative positions.

解析:如果一个国家的通胀率很高,它很可能会选择冲销干预,因为未冲销干预会增加货币供给量,从而增加通胀压力。A正确。

B是不正确的,因为被低估的货币可能会降低干预的效用,无论是冲销的还是未冲销的干预。

C是不正确的,因为push以及 pull因素都可能导致泡沫状况、汇率过度升值,以及不必要的过度投机仓位。

A选项采取怎样的手段进行冲销干预

1 个答案

笛子_品职助教 · 2022年11月24日

嗨,爱思考的PZer你好:


A选项采取怎样的手段进行冲销干预


举例来说:

如果是中国,人民币要升值,央行希望币值稳定,于是央行在外汇市场卖出人民币,例如卖出了1000亿元人民币,抑制升值。

但是央行卖出人民币的行为,会引起市场上人民币的供应量增加1000亿元。

此时央行为了保持国内货币供应量不受到外汇市场干预行为的影响,就可以通过其他货币政策工具,例如提高准备金,公开市场操作等手段,在市场上回收1000亿人民币。

因为外汇干预而增加的货币量 = 央行通过其他货币政策工具减少的货币量,实现相互抵消,国内总货币量不变。这样的操作就是名词“冲销干预”的含义。


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努力的时光都是限量版,加油!

AHC · 2023年08月27日

这个知识点在讲义的什么地方呀

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