Before the financial crisis, banks held few reserves in excess of their requirements. This allowed the Fed to control closely the level of deposits that are extended when banks create loans.

Under the circumstances of interest rate liberalization, interest rate on excess reserve as the lower limit of market interest rates plays an important role in preventing interest rates from cutting down inordinately.

尤其是在利率市场化条件下，超额准备金利率成为货币市场利率的底线，对于防止利率过度低调具有其它工具所不可替代的作用。

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A trillion dollars of excess reserves remains parked, largely immobile, at Federal Reserve banks yielding only 25 basis points with little evidence of banks seeking higher returns through increased lending.

1万亿美元的超额准备金依然好好地存放在美联储（基本未动），收益率只有25个基点。没有迹象表明，银行寻求通过增加放贷来提高这些资金的收益率。

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The growth of reserves has led to an increase in the growth rate of the broader money aggregates, but less than proportionately because banks are still holding excess reserves.

准备金增加导致更广义货币总量的加速增长，但由于银行仍持有超额准备金，后者的增长低于比例。

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But it needs to reassure markets that it will prevent the excess reserves of the banks from financing a surge of inflationary lending when the economy begins to expand.

但它需要让市场相信，在经济开始扩张时，它不会让银行大举释出超额准备金，通过放贷助长通胀。

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It was previously "cautiously optimistic" it would be able to contain the inflationary pressures that could be unleashed by banks with a trillion dollars of excess reserves.

美联储此前曾“谨慎乐观”地表示，自己有能力控制坐拥1万亿美元超额准备金的银行业可能释放的通胀压力。

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The excess reserves thus seem to have taken on the status of a buffer, rather than actively participating in, and engendering, lending and economic activity.

因此，超额准备金似乎也带有某种缓冲性质，而非积极参与（或催生）放贷和经济活动。

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The excess reserves of the banking system have ballooned from less than$ 3bn a year ago to more than$ 700bn ( 536bn, 474bn) now.

银行体系的超额准备金从一年前的不到30亿美元，飙升至目前的逾7000亿美元。

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But today's huge supply of excess reserves means financial institutions can create trillions of dollars of loans and deposits, which will be highly inflationary.

但如今超额准备金的巨大供应意味着金融机构可以创造出数万亿美元的贷款和存款，这具有极高的通胀效应。

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Secondly, excess reserve ratio of variable was analyzed with principal component analysis, reaching the external economic environment factor and the internal economic factor.

其次，对超额准备金率变量进行主成分分析，得出外部经济环境因子与内部经济环境因子。

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Instead of lending this money onto the real economy, banks have either hoarded it in excess reserves or invested it in government bonds.

银行没有把这部分资金贷给实体经济部门，而是囤积于超额准备金，或者投资于政府债券。

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

央行票据是中央银行为调节商业银行超额准备金向金融机构发行的短期债权债务凭证，其实质是中央银行债券。

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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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