Just now, the answer was revealed, and the 40 billion yuan of special treasury bonds issued by the Ministry of Finance today (May 17) did not end up being purchased from banks
This matter has attracted much attention from the market, and the Ministry of Finance and the central bank have both spoken out
This time, the market has exploded, and all kinds of rumors are flying all over the sky
Today, let's clarify them one by one in the vernacular
The central mother bought treasury bonds ≠ released a lot of water
Although overseas quantitative easing (QE) is also accompanied by the central bank's purchase of government bonds, it is very different from the actions of our central mother
In QE, the money used by the central bank to buy treasury bonds is largely directly printed and released, and the amount of water released is huge, which is an unconventional operation and is only used in special periods
This is an ultra-aggressive economic stimulus measure, which can be called the "nuclear weapon" of monetary policy, and if you don't get it right, the consequences will be serious
The speeches of the domestic central mothers and rich fathers all emphasized that "buying and selling" is completely different from QE that knows "buy, buy, buy", we can buy or sell, we can both "release water" and "pump water"
And the abundance of Yang Ma's toolbox has not yet reached the point of using "nuclear weapons".
RMB for "anchor"?
The amount of banknotes printed by Yang Ma is not decided by patting the brain, but must have a certain "anchor" as a basis
Otherwise, prices will soar and the currency will depreciate into paper, and the interests of the common people and the country's credit will be greatly damaged
Previously, the mainland's foreign trade took off, and from 2000 to 2014, the central bank's "foreign exchange appropriation" grew rapidly, becoming the main channel for base currency delivery
In other words, at that time, the renminbi was mainly anchored by foreign exchange
Since then, the scale of foreign exchange reserves has stabilized, and the momentum of economic growth has shifted from foreign trade to domestic demand
The proportion of assets pledged by commercial banks and policy banks to the central bank has risen from less than 5% to about 40% at present, and the renminbi has begun to be more anchored to the mainland's banking system
It can be seen that in the balance sheet structure of the central government, claims on the government have always existed, and as of April this year, the central bank held about 1.52 trillion yuan of national bonds
As early as 2007, Cai's father issued special treasury bonds to raise capital from CIC, and Yang Ma bought them through the Agricultural Bank of China
In 2022, Cai Dad issued another 750 billion yuan of special treasury bonds to the bank, and Yang Ma also bought it out from the bank again
So, why should there be banks as middlemen, because-
From 2000 to 2003, the PBOC also carried out cash bond trading operations on several occasions, and bought and sold treasury bonds through free trading
Therefore, if the central bank buys and sells treasury bonds, it is a monetary policy optimization made in response to the economic situation, and there is no need to over-interpret it
Copywriter: Wang Zhuying, Chang Zhiruo, Peng Yangmei, Editor: Huang XuanEditor: Zhang Nan, Jiao Yuanyuan, Proofreader: Zhang Jing, Producer: Zhang Qinfeng, Reviewer: Peng Yong