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TeachingObjectives,ChineseBankingSystemThecentralbank-PeoplesBankofChinaListeningPracticeMoney,banksandeconomyHomework,Chinesebankingsystem,TheevolutionoftheChinesebankingsystemcanbebroadlydividedintothreephases:1)TheestablishmentofthePeoplesBankofChina(PBC)inDecember1948markedthebeginningofthefirstphase,whichwascharacterizedbyamono-bankengagedinbothpolicyandcommercialbankingoperations.,Chinesebankingsystem,2)Thesecondphasebeganin1984whentheStateCouncildecidedtomakethePBCfunctionasacentralbank.FourspecializedbankswereestablishedandtookoverpartofPBCbusinessactivities.Acentralbankingsystembegantakingshape,butthetransformationofthePBCintoafull-fledged羽翼已就,成熟的centralbankhasturnedouttobealengthyprocess.,Chinesebankingsystem,3)Thethirdphasebeganin1993whentheStateCouncilissuedtheDecisiononFinancialReform.ThePBCdidnothaveaclearlegalstatusuntiltheenactmentoftheLawofthePeoplesBankofChinainMarch1995.ThelawprovidesthekeyfunctionsofPBC.,Chinesebankingsystem,Threepolicybanks(theStateDevelopmentBank,theAgriculturalDevelopmentBankofChinaandtheExportandImportBankofChina)wereestablishedin1994tofacilitatetheseparationofpolicybankingfromcommercialbankingoperations.,Chinesebankingsystem,Throughyearsofreformefforts,Chinahasdevelopedabankingsystemconsistingmainlyofthewhollystate-ownedcommercialbanksandjoint-equity股份制commercialbanksunderthesupervisionofthecentralbank.,Asoftheendof2000,Chinasbankingsystemhadthreepolicybanks,fourwhollystate-ownedcommercialbanksandmorethan100joint-equitycommercialbanks.,Thenon-bankfinancialsector财政部门mainlyconsistedoftrustandinvestmentcompanies,securitiesfirms,financecompanies信贷公司andinsurancefirmsaswellasmanyurbanandruralcreditcooperatives信用合作社.,TheCentralBank,TermsandTitleFunctionsoftheCentralBankMonetaryPolicyinChina,NameofCentralBanks,1.Bankof+国名=中央银行BankofCanada/Mexico/England2.BankofChina&BankofAmericaPeoplesBankofChinaFederalReserveSystem联邦储备系统(Fed/FRS)Bundesbank(德国联邦银行，德国央行),TermsandTitle,财政部:theTreasury/theMinistryofFinance财政部长:ChancelloroftheExchequer英国/TreasurySecretary/FinanceMinister央行行长:governordeputygovernor/President/vicepresident,TermsandTitle-USA,Fedhas12districtsintheUSA.RegionalFederalReserveBank-地区联邦储备银行-memberbanksFederalReserve(美联储)-BoardofDirectors(联邦储备委员会)-委员会的成员叫董事(governor)-联邦储备银行行长(president),TermsandTitle-Translation,FederalReservePresidentAlanGreenspanisaconductorwithastyleallhisown.-BusinessWeekly美联储主席格林斯潘是一个独具风格的领导者。,Centralbank中央银行,Agovernmentmonetaryauthoritythatissuescurrencyandregulatesthesupplyofcreditandholdsthereservesofotherbanksandsellsnewissuesofsecuritiesforthegovernment.,Act/control/fix/function/implement/influence/issue/supervise,1.asbanksforthegovernmentandforotherbanks.2.monetarypolicy-eitherthegovernments,asinBritain,ortheirown,iftheyareindependent,asinGermanyandtheUSA.3.themoneysupply.4.theminimuminterestrate.,Fix,Act/control/fix/function/implement/influence/issue/supervise,5.aslenderoflastresort最后贷款人tocommercialbankswithliquidity清偿债务能力problems.6.coinsandbanknotes.7.exchangeratesbyinterveninginforeignexchangemarkets.8.thebankingsystem.,Act,Issue,Influence,Supervise,NewFunctionsofcentralbank,1.coordinatorandthecentraloperatorofarescuesystem.2.tocombinewithfiscalpolicytobringaboutfullemployment,pricestability.3.theexerciseofmonetarypolicywhichbecomestheoverridingobjective.4.influenceforeignexchangeratebyinterveningforeignexchangemarket.,Translation,TheReserveBanktriestoplayaroleinprovidingacomfortcushionbyinterveningfromtimetotimeintheforeignexchangemarketwithaviewtolimitingitsmoreextremefluctuations.,Translation,储备银行试图在减缓市场冲击力方面发挥作用，对外汇市场不时进行干预，目的是要限制它更剧烈的动荡。cushion:Somethingthatrelievesanadverseeffect:缓冲：缓和不利后果的东西fluctuation：波动,上下移动,MonetaryPolicy&FiscalPolicy,Fiscalpolicyistheuseofgovernmentexpenditureandrevenuecollection征税toinfluencetheeconomy.Fiscalpolicycanbecontrastedwithmonetarypolicy,whichattemptstostabilizetheeconomybycontrollinginterestratesandthesupplyofmoney.,ToolsofMonetaryPolicy,monetarypolicy货币政策/openmarketoperations公开市场业务/reserverequirement存款准备金要求moneysupply货币供应量discountrate贴现率/interestrate利率raise/hike/liftinterestrate提息cutinterestrate降息,ToolsofMonetaryPolicy,OpenMarketOperationReservedRequirement:ChangesinreserverequirementsaffectthemoneysupplybycausingthemoneysupplymultipliertochangeDiscountPolicy:Discountpolicy,whichprimarilyinvolveschangesinthediscountrate,affectsthemoneysupplybyaffectingthevolumeofdiscountloansandthemonetarybase.,OpenMarketOperation,Theopenmarketoperationisapolicy-basedmeasureforthecentralbanktobuyorsellaftermarketsecuritiesintheopenmarkettoincreaseorreducecurrencysupply.公开市场业务是指中央银行在公开市场上买进或卖出二级市场债券用以增加或减少货币供应量的一种政策手段,OpenMarketOperation,一级市场primarymarket：也称发行市场，是通过发行股票进行筹资活动的市场。二级市场secondarymarket：也称流通市场，是已发行股票进行转让的市场。,ReservedRequirement,存款准备金是指金融机构为保证客户提取存款和资金清算需要而准备的在中央银行的存款，中央银行要求的存款准备金占其存款总额的比例就是存款准备金率（DepositReserveRatio）。,ReservedRequirement,准备金本来是为了保证支付的，但它却带来了一个意想不到的“副产品”，就是赋予了商业银行创造货币的职能，可以影响金融机构的信贷扩张能力，从而间接调控货币供应量。现已成为中央银行货币政策的重要工具，是传统的三大货币政策工具之一。实行存款准备金的目的是为了确保商业银行在遇到突然大量提取银行存款时，能有相当充足的清偿能力。,DiscountRate,贴现率是指将未来支付改变为现值所使用的利率，或指持票人以没有到期的票据向银行要求兑现，银行将利息先行扣除所使用的利率Example:Adiscountrateof10%appliedtoa$100sumexpectedtobereceivedinoneyearresultsinapresentvalueof$90.,DiscountRate,现在有人欠你10万元，但是要一年后才给你，根据当今市场的贴现率假设是5%，那相当于是现值的9万5千元，你可以考虑是不是要提高他欠钱的利息来弥补这部分损失,Money,banksandeconomy,1.inflation,speculation,mortgage2.propertymarket楼市realestatemarket房地产市场downpayment分期付款的首次款monthlypayment月付款数mortgagerate抵押利率,Inflation（通胀）,Inflation,inclassicaleconomics,isanincreaseinthetotalstockofmoney.Astheconsequenceofthat,socalledpriceinflationoccursandisrevealedinariseingenerallevelofpricesofgoodsandservicesovertime.相关新闻,mortgage,抵押:togiveaclaimtolegalpossessionofpropertytoamoney-lendingorganizationsuchasabanksecurityforaloan贷款担保品抵押贷款:shortfor“mortgageloan”,mortgage,按揭还款:themoneypaidbyaborrower,usuallymonthly,toalendingorganizationuntiltheentiresumborrowedbyamortgagorhasbeenrepaid,Homework,1.ReviewrelevantpartinPart1.2.ExerciseonP24.3.Trytovisithttp:/www.bank-of-,Review复习,centralbankcommercialbankpolicybankjoint-equitycommercialbankstrustandinvestmentcompanymoneysupply,中央银行,商业银行,政策性银行,股份制商业银行,投资信托公司,货币供应量,Review复习,monetarypolicyopenmarketoperationsreserverequirementdiscountrateinterestratemortgageloan,货币政策,公开市场业务,存款准备金要求,贴现率,利率,抵押贷款,
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