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。
如果热钱涌入，本国货币需求增加，利率上升，流动性会偏紧。这样央行通过购买债券释放流动性，使货币贬值，就可以达到流动性调节的目的了吧？
