| 1. | Sterilisation of monetary injections resulting from the rapid build up of foreign reserves is proving to be quite challenging
尽管内地新的央行票据计划的未偿还金额在不足一年内已累积超过 |
| 2. | The introduction of a weekly issue of central bank bills by the people s bank of china marks an important stage in the development of monetary management on the mainland
中国人民银行推出每星期发行央行票据的计划，是内地货币管理的一项重大发展。 |
| 3. | As a matter of fact , the continual issuance of the three - year central bank bills in latest three weeks is a clear signal that china ' s central bank is ready for a lasting war
事实上，近三周持续发行的三年期央行票据就是中国央行准备持久作战的明显信号。 |
| 4. | Indeed the issue of central bank bills by the people s bank of china looks like becoming a continuous feature with the introduction of the programme of weekly issues of bills
事实上，从人行固定每星期发行央行票据的计划来看，央行票据似乎会陆续发行。人行首次在 |
| 5. | But the market would like as much information on the central bank bills programme as possible in order to plan ahead , in terms , for example of managing maturity mismatches
但市场的期望却是希望知道央行票据计划的资讯愈多愈好，以便及早作好计划，例如管理好期限错配的情况。 |
| 6. | The issue of central bank bills will also provide a helpful financial instrument for monetary management , particularly when tighter monetary conditions become desirable
此外，央行票据也是有助货币管理的一种金融工具，尤其在适合收紧货币的环境下，发行这些票据是上佳的办法。 |
| 7. | So the lending ability of banks would return to a higher level in the 1q08 if the pboc does not use other tightening measures , such as issuing special bonds or central bank bills
从这一点来看，如果央行不能采取其他行之有效的紧缩政策(例如发行特别国债或央行票据) ，那么08年1季度各大商业银行的贷款能力将恢复至较高水平。 |
| 8. | The liquidity can be siphoned off the interbank market , as central banks often do , through the sterilisation process , in which the liquidity is substituted by other central bank liabilities such as debt issued by the central bank
央行可进行冲销来吸走银行同业市场过多的流动资金，以央行票据等形成的央行负债取代部分的银行体系结馀。 |
| 9. | Then the article goes through the empirical analysis . the conclusion is repurchasing interest rate in 7 days , r07d interest rate in the intern - bank bond market , 3 months , 1 - year note interest rate of central bank have the similar tendency
文章随后进行了实证分析。得出结论:公开市场7天正回购利率与银行间市场r07d利率、 3个月、 1年期央行票据利率都存在趋同的变动关系。 |
