央行继续“注入流动性”
<p>继上周重启逆回购后，央行8月6日再度小幅度释放流动性，以利率招标方式开展120亿元7天期逆回购。这是在经历了“钱荒”风暴后连续第三次逆回购操作。</p><p>请看相关报道：</p><p><span word="China">China</span>'<span word="s">s</span> <span word="central">central</span> <span word="bank">bank</span> <span word="continued">continued</span> <span word="to">to</span> <span word="inject">inject</span> <span word="liquidity">liquidity</span> <span word="into">into</span> <span word="the">the</span> <span word="banking">banking</span> <span word="system">system</span> <span word="on">on</span> <span word="Tuesday">Tuesday</span>, <span word="with">with</span> 12 <span word="billion">billion</span> <span word="yuan">yuan</span> ($1.96 <span word="billion">billion</span>) <span word="of">of</span> 7-<span word="day">day</span> <span word="reverse">reverse</span> <span word="repurchase">repurchase</span> <span word="agreement">agreement</span> (<span word="repo">repo</span>) <span word="operations">operations</span>.</p><p>中国央行周二继续向银行系统注入流动性，展开120亿元 央行“注入流动性” (<span word="to">to</span> <span word="inject">inject</span> <span word="liquidity">liquidity</span>)就是提高货币供应量，即人们俗话说的“印钞票”。这个流动性指的是整个“宏观经济”(<span word="macro">macro</span> <span word="economy">economy</span>)的流动性，也就是在经济体系中“货币投放量”(<span word="the">the</span> <span word="size">size</span> <span word="of">of</span> <span word="money">money</span> <span word="supply">supply</span>)的多少。2007-2008年的“流动性过剩”(<span word="excess">excess</span> <span word="liquidity">liquidity</span>)就是指有过多的货币投放量，于是就有了“经济过热”( <span word="overheated">overheated</span> <span word="economy">economy</span> )的现象及“通货膨胀”(<span word="inflation">inflation</span>)的危险。</p><p>央行注入流动性主要通过三大“货币政策工具” (<span word="monetary">monetary</span> <span word="policy">policy</span> <span word="tools">tools</span>)：公开市场业务(<span word="open">open</span> <span word="market">market</span> <span word="operation">operation</span>, <span word="OMO">OMO</span>)、贴现率(<span word="discount">discount</span> <span word="rate">rate</span>)、存款准备金率(<span word="reserve">reserve</span> <span word="requirement">requirement</span> <span word="ratio">ratio</span>, <span word="RRR">RRR</span>)。其中，公开市场业务主要是指央行在市场上买卖债券，最近央行展开的“逆回购” (<span word="reverse">reverse</span> <span word="repurchase">repurchase</span> <span word="agreement">agreement</span>/ <span word="reverse">reverse</span> <span word="repo">repo</span>)就属于公开市场业务的一种，指的是央行向商业银行“购买有价证券”(<span word="to">to</span> <span word="purchase">purchase</span> <span word="securities">securities</span>)，这样一来市场上流通的债券就少了，而央行支付给债券卖方的现金多了，这就注入了流动性。</p>
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