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蛋黄也酥酥 · 2022年04月09日

这道题的知识在哪里呢?

* 问题详情,请 查看题干

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。

这道题的知识在哪里呢?

1 个答案

笛子_品职助教 · 2022年05月21日

嗨,从没放弃的小努力你好:


这个知识点是冲销干预(SterilizedIntervention


冲销干预(SterilizedIntervention)是指中央银行在进行外汇买卖的同时,又通过公开市场操作对国内市场进行反向操作,达到本币供应量不变目的。它是政府管理汇率的重要政策之一,也称冲销政策。


B国的货币正在贬值,B国央行需要采取措施,避免货币贬值。

什么样的措施可以避免贬值(也就是使货币升值),只有在外汇市场抛售外币,买入本币,这样才能使本币升值。

但是抛售外币,买入本币的行为,会使本币流动性减少,因为央行买入本币,本币集中在央行体系内,并没有在市场上流通。

为了抵消流动性减少的影响,央行就需要投放流动性,央行买入债券,可以向市场提供流动性。


一方面买本币,收缩流动性,一方面买债券,提供流动性。这就是冲销干预,既阻止了本币贬值,又使流动性保持不变。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

18147243134 · 2022年12月02日

这个解释非常正确,谢谢老师。

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