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2013年6月20日,上海隔夜同业拆借利率达到13.44%的奇高位置。同时,我国广义货币(M2)存量高达104万亿元,按当时汇率折算相当于16.9亿美元,比美国的存量资金(M2)高出61%。如此高的货币存量竟然出现了“缺钱”状况,引起金融机构间竞相拆入资金,流动性紧缺在金融市场快速蔓延。这样的矛盾引发了社会各界对我国流动性状况和演变的思考,成为亟须深入研究的重大课题。
June 20, 2013, Shanghai overnight inter-bank lending rate reached 13.44% of the odd high position. At the same time, China’s broad money stock (M2) is as high as 104 trillion yuan, equivalent to 1.69 billion U.S. dollars, equivalent to 61% of the U.S. capital stock (M2). Such a high currency stock unexpectedly appeared in the state of “lack of money”, causing funds to be randomly split among financial institutions and the liquidity shortage spread rapidly in financial markets. Such contradictions have sparked the thinking of all sectors of society on the status and evolution of China’s liquidity situation and become an important issue that urgently needs further study.