第02章货币市场(段落).docVIP

The Central Bank is the Treasury’s agent for the distribution of government securities. The central bank holds vast quantities of Treasury securities that it sells if it believes that the money supply should be reduced. Similarly, the central bank purchases Treasury securities if it believes that the money supply should be expanded. The central bank’s responsibility for the money supply makes it the single most influential participant in the money market. 中央银行作为财政部的代理人销售政府债券。中央银行持有大量政府债券。如果央行认为市场上货币供应量应减少，就会出售债券；同样，如果它认为货币供应量应该增加，就会购买政府债券。央行货币供应量使它成为货币市场一个最有影响力的参与者investment opportunities available to banks. Specifically, banks are prohibited from owning risky securities, such as stocks or corporate bonds. There are no restrictions against holding Treasury securities because of their low risk and high liquidity. Banks are also the major issuer of negotiable certificates of deposit（CDs）, banker’s acceptances, and repurchase agreements. In addition to money market securities to help manage their own liquidity, many banks trade on behalf of their customers. 商业银行持有的政府债券的比例要高于其他金融机构。这部分是由于相关法规限制了商业银行的投资机会。具体来说，商业银行被禁止持有股票或企业债券等高风险的证券，而由于政府债券的低风险和高流动性，商业银行持有政府债券没有任何限制。商业银行还是可转让定期存单、银行承兑汇票和回购协议的主要发行者。银行除了利用货币市场交易来管理其流动性，还可以代表他们的客户进行交易。 Chapter 2 Money Markets 第二章 货币市场（段落） - 1 - Jasmine