NO.PZ202105270100000507
问题如下:
Based on Exhibit 1, which country’s central bank is most likely to buy domestic bonds near term to sterilize the impact of money flows on domestic liquidity?
选项:
A.Country A B.Country B C.Country C解释:
B is correct.
Hot money is flowing out of Country B; thus, Country B’s central bank is the most likely to sell foreign currency (thereby draining domestic liquidity) to limit/avoid depreciation of the domestic currency and buy government securities (thereby providing liquidity) to sterilize the impact on bank reserves and interest rates.
A is incorrect because Country A is not experiencing hot money flows and, therefore, would not need to sterilize the impact of money flows on domestic liquidity.
C is incorrect because hot money is flowing into Country C; thus, Country C’s central bank is most likely to sell government securities to limit the growth of bank reserves and/or maintain a target level of interest rates.
热钱正在流出B国;因此,B国央行最有可能出售外币(从而耗尽国内流动性),以限制/避免本国货币贬值,并购买政府证券(从而提供流动性),以冲销对银行准备金和利率的影响。
A是错误的,因为A国没有热钱流动,因此不需要冲销资金流动对国内流动性的影响。
C是错误的,因为热钱正在流入C国;因此,C国央行最有可能出售政府债券,以限制银行储备的增长和/或维持目标利率水平。
看了解析,逻辑有点搞不太明白..
我的理解:热钱流出,说明国外投资者要把钱收回,在市场上把手头的人民币换成美元,市场上人民币变多,RMB贬值。如果这个时候央行再buy domestic bond,买债券支付人民币,市场上人民币不就更多了吗?
这个理解哪里有问题呢?谢谢