英国量化宽松政策Word格式文档下载.docx
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英国量化宽松政策Word格式文档下载.docx
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目前看,英国央行最关注的银行放贷和货币供应虽有增长,但仍属低水平。
央行数据显示,今年1月份英国金融机构对个人放贷净额增长20亿英镑,为2008年7月份以来的最大增幅,但当月抵押房贷申请获批数量比前一个月减少17%,降至此前8个月来最低水平。
1月份英国广义货币供应量增长也是过去10年来最少的,远低于央行预期。
由于投资者担心英国庞大的财政赤字难以得到有效削减,英国国债收益率一路走高。
3月3日,10年期国债收益率为4.02%,比过去一年的平均值高出0.32个百分点。
英国央行向市场注入巨资,则沉重打压了英镑。
投资者过度抛售导致英镑对美元汇率一跌再跌,并在3月1日跌至1比1.47,为10个月来最低。
NewsRelease-BankofEnglandReducesBankRateby0.5PercentagePointsto0.5%andAnnounces£
75BillionAssetPurchaseProgramme05March2009
PageContent
TheBankofEngland’sMonetaryPolicyCommitteetodayvotedtoreducetheofficialBankRatepaidoncommercialbankreservesby0.5percentagepointsto0.5%,andtoundertakeaprogrammeofassetpurchasesof£
75billionfinancedbytheissuanceofcentralbankreserves.
Worldactivitycontinuedtoweaken,reflectingbothdepressedconfidenceandthepersistentproblemsininternationalcreditmarkets.IntheUnitedKingdom,outputdroppedsharplyinthefourthquarterof2008.Thatreflectedlowerconsumerspending,afurtherfallinbusinessinvestmentandarapidrun-downinstocks,inpartoffsetbystrongernetexportsasthepastdepreciationofsterlingbegantotakeeffect.Businesssurveyscontinuetopointtoasimilarrateofcontractionintheearlypartofthisyear.Unemploymenthasrisenmarkedly.Creditconditionsfacedbycompaniesandhouseholdsremaintight.
CPIinflationdeclinedto3.0%inJanuary.Thedepreciationofsterlingisaddingtoimportedcostpressures,butpaypressurescontinuetowane.Inflationislikelytofallbelowthe2%targetbythesecondhalfoftheyear,reflectingdiminishingcontributionsfromretailenergyandfoodpricesandtheimpactofthetemporaryreductioninValueAddedTax.
AtitsMarchmeeting,theCommitteenotedthattheFebruaryInflationReporthadimpliedasubstantialriskofundershootingthe2%CPIinflationtargetinthemediumtermandthatafurthereasinginmonetarypolicywaslikelytobeneeded.DatareleasedsincethefinalisationoftheReporthadnotmateriallyalteredthatprospect.Accordingly,theCommitteeconcludedthatafurthereasinginthestanceofmonetarypolicywaswarranted.ButtheCommitteealsonotedthataverylowlevelofBankRatecouldhavecounter-productiveeffectsontheoperationofsomefinancialmarketsandonthelendingcapacityofthebankingsystem.Onbalance,theCommitteedecidedtoreduceBankRateby0.5percentagepoints,to0.5%.
TheCommitteejudgedthatthisreductioninBankRatewouldbyitselfstillleaveasubstantialriskofundershootingthe2%CPIinflationtargetinthemediumterm.Accordingly,theCommitteealsoresolvedtoundertakefurthermonetaryactions,withtheaimofboostingthesupplyofmoneyandcreditandthusraisingtherateofgrowthofnominalspendingtoalevelconsistentwithmeetingtheinflationtargetinthemediumterm.
Tothatend,andnotingtherecentexchangeoflettersbetweentheGovernorandtheChancelloroftheExchequerconcerningtheuseoftheAssetPurchaseFacilityformonetarypolicypurposes,theCommitteeagreedthattheBankshould,inthefirstinstance,finance£
75billionofassetpurchasesbytheissuanceofcentralbankreserves.TheCommitteerecognisedthatitmighttakeuptothreemonthstocarryoutthisprogrammeofpurchases.PartofthatsumwouldfinancetheBankofEngland’sprogrammeofprivatesectorassetpurchasesthroughtheAssetPurchaseFacility,intendedtoimprovethefunctioningofcorporatecreditmarkets.ButinordertomeettheCommittee’sobjectiveoftotalpurchasesof£
75billion,theBankwouldalsobuymedium-andlong-maturityconventionalgiltsinthesecondarymarket.Itislikelythatthemajorityoftheoverallpurchasesbyvalueoverthenextthreemonthswillbeofgilts.
Atitsfuturemeetings,theCommitteewillmonitortheeffectivenessofthispurchaseprogrammeinboostingthesupplyofmoneyandcreditandinduecourseraisingtherateofgrowthofnominalspending,adjustingthespeedandscaleofpurchasesasappropriate.
Theminutesofthemeetingwillbepublishedat9.30amonWednesday18March.
NotestoEditors
ThepreviouschangeinBankRatewasareductionof0.5percentagepointsto1.0%on5February2009.
NewsRelease-BankofEnglandMaintainsBankRateat0.5%andIncreasesSizeofAssetPurchaseProgrammeby£
50Billionto£
125Billion
07May2009
TheBankofEngland'
sMonetaryPolicyCommitteetodayvotedtomaintaintheofficialBankRatepaidoncommercialbankreservesat0.5%.TheCommitteealsovotedtocontinuewithitsprogrammeofassetpurchasesfinancedbytheissuanceofcentralbankreservesandtoincreaseitssizeby£
50billiontoatotalof£
125billion.
Theworldeconomyremainsindeeprecession.Outputhascontinuedtocontractandinternationaltradehasfallenprecipitously.Theglobalbankingandfinancialsystemremainsfragiledespitefurthersignificantinterventionbytheauthorities.IntheUnitedKingdom,GDPfellsharplyinthefirstquarterof2009.Butsurveysathomeandabroadshowpromisingsignsthatthepaceofdeclinehasbeguntomoderate.
CPIinflationwas2.9%inMarch,significantlyhigherthanthe2%inflationtarget.Pastfallsinsterlinghavecontinuedtoputupwardspressureoninflation.Butthedegreeofsparecapacityintheeconomyhasincreasedandthelooseninginthelabourmarkethascontributedtoasharpeasinginpaypressures.CPIinflationislikelytodropbelowthe2%targetlaterthisyear,driveninpartbydiminishingcontributionsfromfoodandenergyprices.Thesubstantialmarginofsparecapacityintheeconomyshouldcontinuetobeardownoninflationthereafter.
TheCommitteenotedthattheoutlookforeconomicactivitywasdominatedbytwocountervailingforces.TheprocessofadjustmentintrainintheUKeconomy,asprivatesavingrisesandbanksrestructuretheirbalancesheets,combinedwithweakglobaldemand,willcontinuetoactasasignificantdragoneconomicactivity.Butpushingintheoppositedirection,thereisconsiderableeconomicstimulusstemmingfromtheeasinginmonetaryandfiscalpolicy,athomeandabroad,thesubstantialdepreciationinsterling,pastfallsincommodityprices,andactionsbyauthoritiesinternationallytoimprovetheavailabilityofcredit.Thatstimulusshouldinduecourseleadtoarecoveryineconomicgrowth,bringinginflationbacktowardsthe2%target.Butthetimingandstrengthofthatrecoveryishighlyuncertain.
InthelightofthatoutlookandinordertokeepCPIinflationontracktomeetthe2%inflationtargetoverthemediumterm,theCommitteejudgedthatmaintainingBankRateat0.5%wasappropriate.TheCommitteealsoagreedtocontinuewithitsprogrammeofpurchasesofgovernmentandcorporatedebtfinancedbytheissuanceofcentralbankreservesandtoincreaseitssizeby£
125billion.TheCommitteeexpectedthatitwouldtakeanotherthreemonthstocompletethatprogramme,anditwillkeepthescaleoftheprogrammeunderreview.
TheCommittee'
slatestinflationandoutputprojectionswillappearintheInflationReporttobepublishedonWednesday13May.
Theminutesofthemeetingwillbepublishedat9.30amonWednesday20May.
NotetoEditors
ThepreviouschangeinBankRatewasareductionof0.5percentagepointsto0.5%on5March2009.
第二轮
10月,英国央行货币政策委员会重启资产购买计划,这项计划是量化宽松的核心。
当时该委员会授权购买了一批额外的价值750亿英镑(1170亿美元)的证券,其中大部分为英国政府债券或金边债券。
75billionto£
275billion
06October2011
TheBankofEngland’sMonetaryPolicyCommitteetodayvotedtomaintaintheofficialBankRatepaidoncommercialbankreservesat0.5%.TheCommitteealsovotedtoincreasethesizeofitsassetpurchaseprogramme,financedbytheissuanceofcentralbankreserves,by£
75billiontoatotalof£
275billion.
Thepaceofglobalexpansionhasslackened,especiallyintheUnitedKingdom’smainexportmarkets.Vulnerabilitiesassociatedwiththeindebtednessofsomeeuro-areasovereignsandbankshaveresultedinseverestrainsinbankfundingmarketsandfinancialmarketsmoregenerally.ThesetensionsintheworldeconomythreatentheUKrecovery.
IntheUnitedKingdom,thepathofoutputhasbeenaffectedbyanumberoftemporaryfactors,buttheavailableindicatorssuggestthattheunderlyingrateofgrowthhasalsomoderated.Thesqueezeonhouseholds’realincomesandthefiscalconsolidationarelikelytocontinuetoweighondomesticspending,whilethestrainsinbankfundingmarketsmayalsoinhibittheavailabilityofcredittoconsumersandbusinesses.Whilethestimulatorymonetarystanceandthepresentlevelofsterlingshouldhelptosupportdemand,theweakeroutlookfor,andtheincreaseddownsiderisksto,outputgrowthmeanthatthemarginofslackintheeconomyislikelytobegreaterandmorepersistentthanpreviouslyexpected.
CPIinflationroseto4.5%inAugust.ThepresentelevatedrateofinflationprimarilyreflectstheincreaseinthestandardrateofVATinJanuaryandtheimpactofhigherenergyandimportprices.Inflationislikelytorisetoabove5%inthenextmonthorso,boostedbyalreadyannouncedincreasesinutilityprices.Butmeasuresofdomesticallygeneratedinflationremaincontainedandinflationislikelytofallbacksharplynextyearastheinfluenceofthefactorstemporarilyraisinginflationdiminishesanddownwardpressurefromunemploymentandsparecapacitypersists.
Thedeteriorationintheoutlookhasmadeitmorelikelythat
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