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知念杏子 · 2023年01月06日

为什么热钱流出,央行要buy bond

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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

2 个答案

源_品职助教 · 2023年01月09日

嗨,从没放弃的小努力你好:


是的,原版书就是这样的逻辑思维

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

源_品职助教 · 2023年01月06日

嗨,爱思考的PZer你好:


热钱流出,代表大家在卖人民币,此时RMB是在贬值,同学理解是正确的。

这里有个隐含条件,那便是央行不愿意看到人民币大幅贬值,所以在外汇市场上,央行会买进人民币,这样会和卖出方的动作相抵消,以保证人民币汇率平稳。

可是央行做过这个动作后,国际市场上因为央行这个动作而导致人民币变少了。

为了抵消这个影响,央行就要在国内市场上买债券,再投放一部分人民币到国内市场上。但是国内市场是不影响汇率的。因此就即稳定了汇率,又没有改变市场上的货币供应。这就是原版书给的思路。

不客气的~

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加油吧,让我们一起遇见更好的自己!

知念杏子 · 2023年01月08日

所以要分为“外汇市场”和“国内市场”两个方面考虑吗?

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