It could then expand its balance-sheet indefinitely without driving the fed funds rate to zero; a bank will not lend out excess reserves at 0.25% if it can earn 1.75% at the Fed.
这可以无限制扩大它的资产负债表，而不会使联邦基金利率降到0。银行如果可以从联储那里得到1.75%的利息，就不会以0.25%的利率贷出多余的款项。
When the PBoC sells dollars from its reserves to support the exchange rate, the central bank balance sheet shrinks and China's money supply contracts.
当中国央行抛售其储备的美元以支撑人民币汇率时，央行的资产负债表缩水，中国的货币供应量也出现收缩。
The foreign-exchange reserves, then, represent no more than the asset side of a balance sheet, against which the central bank holds liabilities.
因此，外汇储备不过是兑成了外币的央行负债而已。
Foreign exchange reserves as the central bank's foreign debts and the RMB were in match in the central bank's balance sheet.
外汇储备作为央行的对外债权和投放的人民币在央行的资产负债表中一一对应。
Foreign exchange reserves as the central bank's foreign debts and the RMB were in match in the central bank's balance sheet.
外汇储备作为央行的对外债权和投放的人民币在央行的资产负债表中一一对应。
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