Policy Transmission Mechanism and Effects Analysis of China's Standing Lending Facility

Yuexin Yao

《World Scientific Research Journal》 5卷11期 (2019/11) Pp. 39-43

https://doi.org/10.6911/WSRJ.201911_5(11).0006

摘要

In June 2013, on the basis of conventional monetary policy tools, People's Bank of China added unconventional monetary policy tool of standing lending facility as a complementary tool to bank liquidity management. The tool formed the upper limit of interest rate corridor to guide short-term market interest rate. This paper gives a brief introduction to standing lending facility, and focuses on the policy transmission mechanism and regulation effects of this innovative monetary policy tool.

關鍵字

Standing lending facility ； Liquidity ； Interest rate corridor ； Unconventional monetary policy

參考文獻

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