中国央行暗示货币政策将有重大改革-WSJ.pdf

中国央⾏暗⽰货币政策将有重⼤改⾰

AspeechbyChina’scentralbankchiefsignalsthatitis

lookingtoupdateitsmonetarytoolkitwithpotentialchanges

thateconomistssayheraldamajorpolicyrevamp,bringingit

closertopracticesadoptedbyitswesternpeers.

中国央⾏⾏长的讲话显⽰，央⾏正在研究更新货币政策⼯具

箱，可能做出⼀些调整。经济学家认为，这可能预⽰中国央⾏

货币政策将有重⼤改⾰，将更接近西⽅央⾏的做法。

PanGongsheng,governorofthePeople’sBankofChina,said

Wednesdaythatthemonetaryauthoritymightrestarttrading

Treasurybondsinsecondarymarkets,apolicyshiftthat

couldrewritethewayBeijingmanagesliquidity.

中国央⾏⾏长潘功胜周三表⽰，央⾏可能会恢复在⼆级市场交

易国债。这⼀政策转变可能代表着中国流动性管理⽅式的改

变。

Overthepastdecade,thePBOChasmainlyreliedonvarious

lendingfacilitiesandcutstobanks’reserverequirementsto

easemonetarysettings.Butgrowingconstraintsonits

currentrangeofpolicytoolshavenecessitatedbondtrading

bythecentralbank,acommonpracticeinmoreadvanced

economies,analystssay.

过去⼗年，中国央⾏主要依靠各种贷款机制和下调银⾏准备⾦

率来放松货币政策。但分析⼈⼠说，中国央⾏现有政策⼯具选

项愈发受到限制，因此央⾏有必要进⾏国债交易，这在较发达

经济体中是⼀种常见的做法。

Apartfrombondtrading,Panalsohintedatsimplifying

China’scurrentpolicyratestoallowasingleshort-termrate

toplayabiggerroleinguidingbanks.Pansaidheisalso

consideringnarrowingChina’sso-calledinterest-rate

corridor,whichregulatesmarket-ratefluctuations.

除了国债交易，潘功胜还暗⽰将简化中国⽬前的政策利率，考

虑明确由某个短期操作利率为主要政策利率。潘功胜说，他还

考虑收窄中国⽤于调节市场利率波动的利率⾛廊的宽度。

“Inourview,thisclearlyindicatesareforminmonetary

policyobjectivesandinstrumentsoverthenextfewyears,”

XingZhaopeng,aChinastrategistatANZ,saidinanote

Wednesday.Thatsaid,themarketimpactofsuchreforms

willlikelybegradualbecausethechangescan’tbedone

immediately,Xingadded.

澳新银⾏(ANZ)中国策略师邢兆鹏周三在⼀份报告中说，我们

认为，这清楚地表明，未来⼏年中国将对货币政策⽬标和⼯具

进⾏改⾰。他说，尽管如此，这种改⾰对市场的影响很可能是

渐进的，因为这些改⾰⽆法⼀蹴⽽就。

Itremainsunclearwhetherthecentralbankwouldintroduce

anewshort-termrateastheprimarypolicyrate,afterPan

saidWednesdayth