Reforms in China’s Monetary Policy Reforms in China’s Monetary
On the Current “Deposit-Loan Gap” Issue of Banks
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| On the Current “Deposit-Loan Gap” Issue of Banks
29 In 2001, the PBC implemented a sound monetary policy, which effectively facilitated the appropriate growth of money supply and the sustainable, rapid, and healthy development of the national economy. As shown in the statis- tics published by the central bank, by the end of 2011, the balance of broad money (M2) was 15.8 trillion yuan and the balance of narrow money was 6 trillion yuan, with a year-on-year growth of 14.4 percent and 12.7 percent, respectively, 4–6 percent higher than the sum of the real economic growth and the CPI. Therefore the money supply and economic growth are consistent with each other. However, in the mean time, with the slower growth of com- mercial bank loans, the “deposit-loan gap” of banks continuously expanded. At the end of 2001, the balance of deposits and loans of all commercial banks reached 11.1 trillion yuan and 8.1 trillion yuan, respectively, and the loan-to- deposit ratio was 72.8 percent, 1.7 percent lower than a year earlier, leading to a deposit-loan gap of 3 trillion yuan. People generally believe that the expansion of the deposit-loan gap of commercial banks is a result of the diversification of deposit funds use. For example, people believed that at the end of October, commercial banks used 1.48 trillion yuan to purchase treasury bonds and pol- icy financial bonds and set aside 638.4 billion yuan as required reserves. The deposit-loan gap of that month after deducting the above two items was 681 billion yuan, a part of which might be used for loans and purchase of treasury bonds, and the other part of which may remain as excess reserves. How to understand the current “deposit-loan gap” issue of banks depends on how to understand the basic money and banking theories and the current Monetary Theory ● 69 macroeconomic decisions. Accordingly, we need to first clarify some basic concepts. tải về 1.53 Mb. Chia sẻ với bạn bè của bạn:
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