作　　者： (陆晓明）; (王有鑫）;

机构地区： 中国银行纽约分行

出　　处： 《中国货币市场》 2017年第8期5-10,共6页

摘　　要： 随着美国经济复苏基本完成，继续宽松将推升资产泡沫，此时美联储逐步缩表可为未来货币政策操作预留空间，也可刺激银行信贷，将资金由超额储备金转向实体经济领域。从方式看，美联储可能会采取自然缩表和缩短持有资产久期等相对渐进和可预测的方式进行缩表。面对美联储缩表给我国跨境资本流动和人民币汇率带来的挑战，文章提出了相关应对措施建议。 As the US economy recovered to continue with the quantitative easing will inflate asset bubbles. To gradually shrink the Fed＇s balance sheet from now on not only can reserve operating spaces for future monetary policies, but also can stimulate bank lending, guiding capital to flow from excess reserves to the real economy. In terms of balance sheet reduction paths the Fed may choose to reduce the balance sheet in a gradual and predictable manner, including to allow the bonds run off naturally or to shorten the asset maturities. Regarding challenges brought by the Fed＇s balance sheet reduction to China＇s cross-border capital flows and the RMB exchange rate, the paper proposes related countermeasures and suggestions.

关 键 词： 美联储 规模 货币政策操作 跨境资本流动 资产泡沫 人民币汇率 经济复苏 银行信贷