Deposit Reserve Ratio

The intervention in the Chinese housing market since 2005 shows that administrative orders, taxation, mortgage down-payment, mortgage rate and deposit reserve ratio are the regulation tools that can be used by the Chinese government.

2005年以来，我国对住房市场的新一轮宏观调控过程表明，政府可用的宏观调控工具主要由行政命令或指引、税收、住房贷款的首付比率和利率、存款准备金率等构成。

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The central bank had raised the deposit reserve ratio for 12 times and raised the benchmark of renminbi deposit and lending rate of financial institutions for 10 times, but still failed to reduce inflationary pressures.

自2006年以来，央行共12次提高存款准备金率，10次提高金融机构人民币存贷款基准利率，但通货膨胀压力依然未能消减。

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Monetary policy, the statutory deposit reserve ratio and benchmark lending interest rates could still dropped.

货币政策方面, 法定存款准备金率和存贷款基准利率仍可大幅下调.

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At present in the authoritative economics textbooks, interest rate, deposit reserve ratio and open market operations are treated as the three major tools of monetary policy.

目前权威的经济学教科书中，利率与存款准备金率、公开市场操作一并被作为货币政策的三大工具。

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Effects of Hike of Differentiated Deposit Reserve Ratio on Banks

扶优限劣影响不大&差别存款准备金率再次上调对银行业的影响

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It is obvious that not only the deposit reserve ratio exist obstacles in the transmission mechanism of monetary policy but also the effectiveness is relatively weak compared with other monetary policy tools.

研究发现，法定存款准备金率工具不仅自身在货币政策传导机制中存在阻碍，其较之其他操作工具的有效性也比较薄弱。

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The adjustments of deposit reserve ratio exists the time difference between Announcement Day and exercise day, which well guides public expectation.

存款准备金率的调整中存在的宣告日和执行日的时间差对公众预期实施了很好的引导。

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Due to the severe excess liquidity, the PRC has hiked the deposit reserve ratio several times since April, 2006 in order to tighten the money supply and control the excess liquidity.

由于经济体系中的流动性过剩问题日趋严重，中国人民银行连续上调存款准备金率，以期通过这种重量级的货币政策来收缩银行体系的货币供给，从而有效地控制流动性过剩。

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And every time before and after the adjustment of the deposit reserve ratio can cause the investors' attention, both from the central bank policy level and the angles of investors expect will have great influence.

每次存款准备金率调整前后，都会引起投资者的广泛关注，无论是从央行政策层面还是投资者心理预期角度都会对股市产生较大影响。

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Analyses on Raising Deposit-reserve Ratio And Liquidity

提高存款准备金率与流动性分析

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This is the central bank 11 times since last year raised the deposit reserve ratio, and the first five months are all 0.5% per month.

这是央行自去年以来第11次上调存款准备金率，而今年前五个月均为每月上调0.5个百分点。

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Chapter ⅲ describes the adjustment of deposit reserve ratio and the status of the stock market in recent years.

第三章分别介绍了目前存款准备金率调整的现状和股票市场近年来的现状。

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Our foreign exchange-based currency issuance mechanism makes monetary policy operations mainly depend on the deposit reserve ratio adjustment and open market operations. Through the impulse response function, co integration test and GRANGER causality test they prove effectiveness of these two foreign exchange hedging instruments are limited.

我国以外汇为基础的货币发行机制决定了货币政策操作主要依靠存款准备金率调节以及公开市场操作，通过脉冲响应模型、协整检验和GRANGER因果检验证明这两项外汇对冲手段都存在局限性。

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In the second half of 2008, to suppress the effect of finance crisis and disasters and stabilize the economy, our country put a lot of money into the market, and lowers the legal deposit reserve ratio.

2008年下半年，金融危机和国内灾害的影响，为稳定经济，国家投放了大量的货币，同时下调准备金率。

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In November 2008, Chinese government adopted a series of policies which contained ten main measures and 4000 billion RMB to stimulate the economy, followed by reducing the interest rate and deposit reserve ratio several times.

为了化解经济下滑的风险，我国于2008年11月5日出台了包括十项措施的四万亿人民币的经济刺激计划，并多次降低利率与存款准备金率。

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In 2010, the Central Bank has increased the deposit reserve ratio in order to response the hot economy.

2010年，我国面对经济过热的势头，又上调存款准备金率。

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Since the second half of 2007, the State introduced a number of policies and measures, such as interest rate hikes and to raise the deposit reserve ratio and so on.

2007年下半年以来，国家出台了多次加息和提高存款准备金率的政策措施，从开发商和购房者两头收紧信贷，提高贷款条件，抑制投机需求。

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In theory, raising the deposit reserve ratio had a significant effect to control the scale of commercial bank credit.

一般情况，存款准备金率的上调会对商业银行信贷规模产生重要的影响。

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In order to make money, banks need to keep the lending rates high to compensate for the reduced earnings arising from the deposit reserve requirement ratio.

为了赚取利润，银行需要提高贷款利率，以弥补因遵守存款准备金率而少收的盈利。

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But in China, because the interest rates are non-market and the intermediate target of monetary policy is money supply, as a monetary policy tool of quantity type, the legal deposit reserve ratio is an effective tool to adjust the money supply.

而在我国，因为利率的非市场化，货币政策的中介目标是货币供给量。

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The Empirical Studies of Currency Flow-ability Affects by Adjusting the Deposit Reserve Ratio

调整存款准备金率对流动性影响的实证研究

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Chapter ⅳ investigates the transmission mechanism of deposit reserve ratio to the capital market.

第四章介绍存款准备金率调整对资本市场的传导机制。

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Because of the inflation, credit expansion, and excess liquidity, the legal deposit reserve ratio raised for 22 times between 2006 and 2008, from 7.5% up to 17.5%.

当时针对物价上涨、信贷扩张、流动性过剩，2006年到2008年共计22次上调法定存款准备金率，从上调之前的7.5%提高到了上调之后的17.5%。

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Since 2007, PBC frequently curbs liquidity surplus by using the legal deposit reserve ratio, benchmark rate, central bank bonds, currency swaps and other liquidity management tools. However, the results are not very obvious.

2007年以来，中国人民银行频繁使用法定存款准备金率、基准利率、央行票据、货币掉期等多种流动性管理工具来遏制流动性过剩，然而效果却不十分明显。

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However, in recent years, many developed countries have reduced the deposit reserve ratio or even abolish the deposit reserve system.

但是，近年来许多发达国家纷纷降低存款准备金率甚至取消存款准备金制度，有人认为存款准备金制度已经过时，我国也应该取消这一制度。

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Generally speaking, the increase of deposit reserve requirement ratio will put an upward pressure on the interest rates, and usually is a signal for the upcoming tight monetary policy.

准备金率上调，受到影响较大的应该是楼市。因为首先部分银行可能会要求贷款人提高首付比例。

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To require a banking institution to place a deposit reserve at a prescribed ratio;

（一）要求金融机构按照规定的比例交存存款准备金；

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The fifth part focuses on the effect of adjusting the statutory deposit reserve ratio and the reasons for the limited effect analysis.

而第五部分则主要侧重于法定存款准备金率调整效果不稳定甚至效果有限的原因分析。

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According to dynamic change of the mobility, in 2007, the RMB deposit reserve ratio of financial institutions has been raised altogether ten times by 5.5%.

根据流动性的动态变化，2007年先后10次上调金融机构人民币存款准备金率共5.5个百分点。

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From July 2006 to June 2008, the PBoC adjusted the deposit reserve ratio 18 times while adjust the interest rate 7 times consecutively. The deposit reserve ration hit the record-high 17.5% from 5%.

从2006年7月至2008年6月，人民银行在连续7次调整基准利率的同时，连续18次提高法定存款准备金率，从5%提高到17.5%的历史高位。

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