中國央行延續增加貨幣供應操作頻率
China’s central bank will increase the frequency of its money supply operations, with immediate effect, in a move to ensure there is ample liquidity in the banking system amid unprecedented capital outflow.
中國央行決定延續前期增加貨幣供應操作頻率的有關安排，在中國遭遇空前資本外流的背景下，此舉旨在確保銀行體系有充足流動性。
The People’s Bank of China is facing a tricky balancing act as it attempts to lower financing costs to support economic growth without resorting to heavy-handed monetary easing that could fuel capital flight.
中國人民銀行(PBoC)正面臨一個棘手的平衡難題：它試圖降低融資成本以支持經濟增長，但不願付諸大刀闊斧的貨幣政策放鬆，以免加劇資本外流。
The PBoC has cut benchmark interest rates six times since late 2014 and injected about Rmb2.5tn ($384bn) into the banking system by cutting the share of deposits that lenders must hold in reserve at the central bank. The moves were aimed at stimulating an economy that last year grew at its slowest pace since 1990.
自2014年末以來，中國央行已六次下調基準利率，並通過下調銀行存款準備金率，向銀行體系注入大約2.5萬億元人民幣（合3840億美元）。這些舉措旨在刺激經濟增長，去年中國經濟增速是自1990年以來最低的。
In recent weeks, however, authorities have signalled that they do not want to engage in further interest rate and reserve ratio cuts because doing so would encourage renminbi weakness and capital outflow.
但在最近幾周，當局發出信號暗示，他們不希望進行進一步的降息和降準，因爲那麼做會助長人民幣弱勢和資本外流。
Setting aside these tools — traditionally the PBoC’s mainstays — has forced the central bank to increase reliance on open market operations (OMO) to manage the money supply. The PBoC’s main task has been to counteract the monetary contraction caused by capital outflow and central bank intervention in the foreign exchange market designed to curb renminbi depreciation. This has led to record cash injections through open market operations.
擱置這些傳統上的首選工具後，中國央行被迫在更大程度上依賴公開市場操作(OMO)管理貨幣供應量。中國央行的主要任務，是抵消資本外流和央行爲遏止人民幣貶值而干預匯市所導致的貨幣緊縮。這已導致央行藉助公開市場操作進行創紀錄金額的注資。
In a brief statement on Thursday the central bank said it would conduct open market operations every business day, with immediate effect. Previously such operations were usually conducted twice a week — on Tuesdays and Thursdays.
中國央行在週四發佈的一份簡短公告中表示，它將延續前期增加公開市場操作頻率的有關安排，即原則上每個工作日均開展公開市場操作。此前這些操作通常每週進行兩次——在週二和週四。
“This is mainly about improving management of liquidity risk. The PBoC can act in a timely basis to provide funds to banks that need it,” said Guo Yanhong, analyst at Fangzheng Securities in Beijing.
“這主要是爲了改進流動性風險管理。中國央行可以及時行動，向需要的銀行提供資金，”方正證券(Fangzheng Securities)分析師郭燕紅在北京表示。
The new approach will bring the PBoC’s monetary policy implementation closer in line with peers such as the Federal Reserve and European Central Bank, for whom OMOs are the main tool for influencing interest rates. The PBoC had experimented with daily OMOs in recent weeks during the lunar new year holiday, when cash demand and money market volatility traditionally rise.
新的方式將使中國央行在貨幣政策的執行上更接近國際同行，如美聯儲(Fed)和歐洲央行(ECB)，對後兩者來說，公開市場操作是影響利率的主要工具。中國央行從1月29日起已開始試行每個工作日均開展公開市場操作；傳統上，春節期間現金需求和貨幣市場波動性都會上升。
OMOs, in which the PBoC injects or withdraws cash from the banking system through bond repurchase agreements, are a more flexible tool for managing money supply. Unlike reserve ratio cuts — which are permanent unless the central bank actively reverses them — the impact of OMOs is temporary. The PBoC typically uses repos with maturities ranging from seven to 28 days. Once the repos mature, the PBoC can choose to roll them over or let them expire.
公開市場操作包括中國央行通過債券回購協議向銀行體系注入（或從其抽取）資金。這是一種比較靈活的貨幣供應管理工具。下調銀行存款準備金率是永久性的措施——除非央行主動逆轉它們。與此不同的是，公開市場操作的影響是暫時的。中國央行通常使用的工具是期限爲7天至28天的回購協議。一旦回購協議到期，中國央行可選擇將其滾轉，或者讓它們過期。
Beyond capital outflows, money market interest rates have assumed greater importance in China’s overall financial system in recent years. The PBoC completed the process of deregulating domestic interest rates last year when it removed the longstanding cap on bank deposit rates. A floor on lending rates was eliminated in 2013.
除了資本外流之外，貨幣市場利率近年來在中國整個金融體系中的重要性有所上升。中國央行去年取消了對銀行存款利率實行已久的上限，從而完成了放開國內利率的進程。針對貸款利率的下限早在2013年就已放開。
The end of administrative control of interest rates means that interest rates in the interbank money market now exert a greater influence on the rate at which banks lend to companies and households.
結束對利率的行政管制意味着，銀行間貨幣市場上的利率現在對銀行向企業和家庭放貸的利率有更大影響力。
“There is pressure from capital outflow, so the PBoC increases open market operations, establishes an interest rate corridor, stabilises short term rates, and strengthens market communications,” said Li Qilin, analyst at Minsheng Securities in Beijing.
“面對資本外流壓力，中國央行增加公開市場操作，建立一條利率走廊，穩定短期利率，同時加強市場溝通，”民生證券(Minsheng Securities)分析師李奇霖在北京表示。
