中国央行救市是中国版量化宽松_时事

中国央行救市是中国版量化宽松

“In that case, what’s in PBoC’s mind is to save the market, rather than stimulate the economyas [then-Fed chair Ben] Bernanke did with QE.

“但中国央行头脑中考虑的是救市，而不是像(时任美联储主席的)本•伯南克(Ben Bernanke)推出量化宽松时那样，考虑的是刺激经济。

Another difference is the context. Western central banks started buying bonds only when theirstandard monetary policy tool — short-term interest rates — were already at or near zero,leaving no room for further cuts.

另一个区别在于背景。西方央行是在它们的标准货币政策工具——短期利率——已处于或接近为零、无法进一步下调利率的情况下，才开始买入债券。

The PBoC has cut benchmark interest rates four times since November but the one-year rate,at 4.85 per cent, has room to fall further. In the context of tumbling share prices, however,lower borrowing costs would not persuade investors to buy stocks.

中国央行去年11月以来已经四次下调基准利率，但目前为4.85%的一年期贷款基准利率还有进一步下调空间。然而，在股价暴跌的背景下，借款成本下降无法说服投资者买入股票。

Unlike bond-buying by western central banks, the PBoC is also not taking stocks directly on toits balance sheet, but is instead using CSF as a conduit to inject funds into the market. Inpractice, the effect is largely the same, economists say, as loans to CSF also create new moneywhile boosting demand for stocks.