术语“货币数量”的详细信息

英译术语:

quantity of money

汉语语境:

2002年以来，人民币处于升值压力中，国际收支双顺差使得我国外汇资产迅速扩大，外汇占款成为我国基础货币投放最主要的渠道。汇改后净国外资产增量变化成为基础货币增量变化唯一格兰杰因，国内信贷和发行票据作为对冲外汇资产增加、防止基础货币过快增长的手段均已失效，基础货币供应具有内生性，央行已不能通过控制货币数量来调控货币供应量。

英语语境:

Since 2002, under the pressure of RMB appreciation, foreign exchange assets have expanded rapidly due to the double surplus of China's balance of payments. Foreign exchange investment has been the main channel for the People's Bank of China to put base money on the market. After RMB exchange rate reform, the incremental change of net foreign exchange assets is the only Granger cause of the incremental change of base money. Domestic credit and bond issue taken as the means of offsetting the increase of net foreign assets to avoid the excessive augment of base money are invalid. The base money supply is endogenous, so the People's Bank of China has not been able to adjust the money supply through the control over the quantity of money.