objective reasons

the interbank market is "money"

from the historical data of the weighted average interest rate of LIBOR month can be seen, China's interbank market in 2011 and 2013 have frequently occurred in the Cheap Titans Jerseys "money" phenomenon (Figure 4), its basic characteristic is the weighted average interest rate of LIBOR month generally rose to 3.5% (or 4%) above the high bit. In 2011, the interbank lending month weighted average interest rate of more than 4% months have two (June 4.56%, July 4.44%), 2012 1 (January 4.37%), 3 (2013 June 6.58%, November 4.12%, December 4.16%). "Money" issue has attracted widespread attention in 2013, mainly because of problem of shortage of money in June too Cheap Dolphins Jerseys seriously. (the overnight lending rate climbed to the highest high of 30%).

China's interbank market are frequent "money" phenomenon, not only has the objective aspect reason, also has the subjective reason. The so-called objective reasons, one is that the interbank market base currency "traditional" supply channels in recent years have gradually narrowing trend; two is the market demand for the monetary base of a growing trend. The so-called subjective reasons, mainly refers to the Cheap Reebok NFL Jerseys monetary authorities for various considerations, the subjective desire of liquidity on the interbank market has tightened.

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a) objective reasons

1. Waihuizhankuan growth rate far lower than the peak

2005 years after the July reform policies introduced, China's foreign exchange reserves the overall growth rate decreased rapidly (Figure 5). But in 2013, foreign exchange reserves growth has seen a strong rebound, when the new foreign exchange reserves 2.78 trillion yuan, a year-on-year growth of 10.7%, growth rate 8.7 percentage points higher than in 2012. Even so, in 2013, foreign exchange reserves growth and the peak years of 40% to 50% speedup compared still at a relatively low level, the annual foreign exchange reserves increment still can not fully meet the interbank market on the basis of the currency demand. Foreign exchange reserves strong rebound will inevitably lead to the strong rebound. In 2013, foreign exchange reserves increased by $509730000000, a record, up 15.4%, the growth rate than in 2012 increased by 11.3 percentage points (Figure 6).

If

from the national strategic level, the central bank will continue to expand foreign exchange as conventional channels increase the base money supply, will cause serious problems in the following three aspects: (1) the expansion of foreign exchange reserves will lead to a further increase in foreign exchange Cheap Broncos Jerseys reserves, so that the foreign exchange assets face increasing risk of devaluation and debt default risk. (2) due Cheap Eagles Jerseys to the expansion of foreign exchange reserves is essentially the central bank through the purchase of foreign exchange for RMB exchange rate intervention behavior, therefore, with the reform of China's exchange rate market of RMB against the direction of. (3) the increase in foreign exchange will cause China's current-account surplus continued to expand, so will led to the continued decline in saving resources of a large number of leakage and potential domestic economic growth. >