The central bank bill is a short-term debt instrument issued by central bank which purposes to regulate the commercial banks' excess reserves.

The result was the serious recession of 1937-38. Banks cut lending and sold assets to restore the cushion of excess reserves.

此举造成了1937-38年的严重衰退，银行被迫减少放贷并抛售资产，以恢复作为缓冲的超额准备金。

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Raising the rate of interest paid on excess reserves can make new bank loans less attractive, thus tempering overall credit creation.

增加超额准备金的利率可以降低银行新增贷款的吸引力，从而使总体的信贷供应趋于缓和。

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This implies that a 15 per cent reserve requirement on deposits would absorb almost all the excess reserves now in the banks.

这意味着，15%的存款准备金率将吸收银行目前几乎所有的超额准备金。

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Excess reserves, US dollars and even gold are now seen as extremely useful, counter-cyclical tools for future crises.

超额准备金、美元乃至黄金现在都被视为抵御未来危机的极其有用的反周期工具。

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Banks hold more than € 700bn of surplus liquidity at the ECB earning only 0.25 per cent interest.

欧洲银行存于欧洲央行的7000多亿欧元超额准备金，仅能获得0.25%的收益率。

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The increase in banks' liquidity would do nothing since banks already have massive excess reserves.

由于银行已拥有巨额超额准备金，因此银行流动性增加同样不会起到任何作用。

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This will be harder if the amount of excess reserves is doubled.

如果超额准备金规模增加一倍，这一任务将变得更为艰难。

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Traditional monetary policy has already done what it can: short-term interest rates are close to zero, commercial banks hold a trillion dollars of excess reserves, and the money supply is growing more rapidly than nominal gross domestic product.

传统货币政策已尽其所能：短期利率接近于零，商业银行坐拥1万亿美元超额准备金，货币供应增长速度超过名义国内生产总值（GDP）。

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The financial markets shook with fear last month when the minutes of the Federal Reserve's meeting suggested that the US central bank might reconsider the costs of pumping nearly$ 1.7tn of excess reserves into the banking system.

上月，美联储（Fed）会议纪要表明，美联储可能重新考虑向银行业体系注入近1.7万亿美元超额准备金的成本，这导致金融市场出现恐慌。

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To eliminate these excess reserves, the Fed would have to sell more than half its nearly$ 3tn portfolio of Treasury bonds and mortgage-backed securities.

要消除这些超额准备金，美联储将不得不出售其持有的近3万亿美元国债和抵押贷款支持证券（MBS）的一半以上。

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The Impact of Falling of Excess Reserve Ratio upon Banking Industry

超额准备金利率下调对银行业的影响

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China's policy of the statutory deposit reserve operation and analysis of the main problems

我国法定存款准备金政策操作及存在的主要问题分析

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Review on Increasing the Ratio of Required Reserves

提高法定存款准备金比率评述

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Since 1990, the Central Banks lowered or canceled required reserves rate in many western nations, such as the United States, Canada, Switzerland, New Zealand, the Australia, and zero reserves rate is becoming a kind of trend.

进入九十年代以来，许多西方国家，如美国、加拿大、瑞士、新西兰、澳大利亚等国的央行都降低或取消了法定准备金率，零资金积累金率正成为一种趋势。

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When the Fed sharply increased reserve requirements in 1936 and 1937 ( see chart 1), banks responded by calling in loans to build a liquidity cushion above legal requirements, thereby sharply contracting money, credit and economic activity.

1936年和1937年，当美联储大幅提高准备金要求时（见表1），银行的反应是，收回贷款，在法定准备金之外建立流动性缓冲，从而大幅收紧货币、信贷和经济活动。

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A fundamental misjudgment by the Fed was to assume that, as the economy revived, banks would manage liquidity exactly as they had prior to the banking crises earlier in the decade and hold only the legally required minimum.

美联储根本的判断失误在于下列假设：随着经济的复苏，银行将像本10年早些时候银行业危机爆发之前那样管理流动性，并仅持有最低比例的法定准备金。

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Given this result, we further analyze the factors that affect the policy, such as mechanism of the legal deposit reserve, base currency, reserve system, interest rate, and exchange rate and so on.

鉴于这个结果，本文进一步从法定准备金的作用机制、基础货币、准备金制度、利率、汇率等方面分析了影响准备金政策效果的原因。

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Besides, the use of credit cards will also reduce the seigniorage revenues of central banks, weaken the effects of monetary policy tools and raise the liquidity risk and credit risk in financial system.

此外，信用卡的使用还将减少中央银行的铸币税收入，削弱再贴现政策、法定准备金政策、公开市场操作等货币政策工具的效力，增大金融系统的流动性风险和信誉风险。

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The reserve requirement now is10% 10% on demand deposits so they're forced to keep those reserves and much of that is in the form of deposits at the Federal Reserve Banks.

现在的法定准备金率%，在活期存款上是，所以它们被强迫持有这些准备金，并且一大部分是在联邦储备银行，存着的。

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Thus shifting the burden of monetary tightening onto banks, via increased reserve requirements, caps growth in a sector that accounts for half of A shares' profits.

通过上调法定准备金率，将货币紧缩政策的负担转嫁到银行头上，限制了利润占A股半壁江山的一个行业的增长。

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