| 摘要: |
| 摘要：存款准备金制度确立以来，其功能定位由最初的保障银行支付清算的基础性安排，逐渐演变为央行实施流动性管理的重要货币政策工具。但随着准备金规模占比降至历史相对低位水平，其在总量调控中的作用或将减弱，下阶段存款准备金转型方向及与其他政策工具的协同机制，或为货币政策框架优化的关注重点。从国际经验来看，美国存款准备金制度先后经历稀缺准备金框架和充足准备金框架，从通过调控存款准备金规模来引导联邦基金利率和管理市场流动性，转向通过利率走廊引导，其转型经验为我国提供了重要参考。对于我国存款准备金制度的转型方向，有如下三方面考量：一是我国法定存款准备金率存在下行空间，但其作为直接调控银行流动性的重要工具尚不可替代；二是降准释放增量流动性，可能受限于需求不足和传导不畅等因素，因此需要需求端刺激政策和防资金空转政策的协同配合；三是在直接融资发展和存款脱媒趋势下，存款准备金制度或迎来转型窗口期。 |
| 关键词: 关键词：存款准备金制度；货币政策框架；货币供应量；利率；流动性 |
| DOI： |
| 分类号:F822.1 |
| 基金项目: |
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| Research on the Evolution and Transformation of the Reserve Requirement System |
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WEN Bin1，YUAN Hong-min21,2
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1.（1.China Minsheng Bank;2.Research Institute，China Minsheng Bank）
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| Abstract: |
| Abstract：Since its inception,the reserve requirement system has evolved from a basic arrangement designed to safeguard banks’ payment and settlement functions into a key monetary policy instrument for central bank liquidity management.As the share of required reserves in the overall monetary base has declined to a historically low level,its effectiveness in aggregate liquidity control may weaken.Consequently,identifying the future direction of reserve requirement reform and improving its coordination with other policy tools are becoming central issues in optimizing the monetary policy framework.Internationally,the United States has transitioned from a scarce-reserves framework to an ample-reserves framework,shifting from guiding the federal funds rate and managing market liquidity through adjustments in reserve balances to steering it via an interest rate corridor.This experience provides important insights for China’s prospective reform path.For China,three considerations shape the transformation of the reserve requirement system.First,although there is room to further reduce the statutory reserve requirement ratio,it remains irreplaceable as a direct liquidity management tool for the banking sector.Second,the liquidity released by reserve requirement cuts may face constraints arising from insufficient demand and weak policy transmission,underscoring the need for complementary demand side stimulus and measures to curb liquidity idling.Third,with the development of direct financing and the trend toward deposit disintermediation,China may be entering a window of opportunity for transforming its reserve requirement framework. |
| Key words: Key words：Reserve Requirement System；Monetary Policy Framework；Money Supply；Interest Rate；Liquidity |
