英国量化宽松政策.docx

英国量化宽松政策.docx

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英国量化宽松政策

第一轮

英国自2008以来，首次出台货币量化宽松政策，第一轮2009年3月5日宣布，总金额2000亿英镑，2009年3月5日，宣布总金额为750亿的刺激计划；当年5月7日决定在原来基础上增加1250亿，第一轮货币量化宽松政策合计2000亿

据英国央行测算，它２００９年11月推出的２０００亿英镑（约合３１３５亿美元）量化宽松政策带来了相当于将利率下调１．５至３个百分点的效果。

英国央行向市场注入的２０００亿英镑巨资，绝大部分购买了英国国债.

目前看，英国央行最关注的银行放贷和货币供应虽有增长，但仍属低水平。

央行数据显示，今年１月份英国金融机构对个人放贷净额增长２０亿英镑，为２００８年７月份以来的最大增幅，但当月抵押房贷申请获批数量比前一个月减少１７％，降至此前８个月来最低水平。

１月份英国广义货币供应量增长也是过去１０年来最少的，远低于央行预期。

由于投资者担心英国庞大的财政赤字难以得到有效削减，英国国债收益率一路走高。

３月３日，１０年期国债收益率为４．０２％，比过去一年的平均值高出０．３２个百分点。

英国央行向市场注入巨资，则沉重打压了英镑。

投资者过度抛售导致英镑对美元汇率一跌再跌，并在３月１日跌至１比１．４７，为１０个月来最低。

NewsRelease-BankofEnglandReducesBankRateby0.5PercentagePointsto0.5%andAnnounces£75BillionAssetPurchaseProgramme05March2009

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TheBankofEngland’sMonetaryPolicyCommitteetodayvotedtoreducetheofficialBankRatepaidoncommercialbankreservesby0.5percentagepointsto0.5%,andtoundertakeaprogrammeofassetpurchasesof£75billionfinancedbytheissuanceofcentralbankreserves.

Worldactivitycontinuedtoweaken,reflectingbothdepressedconfidenceandthepersistentproblemsininternationalcreditmarkets.IntheUnitedKingdom,outputdroppedsharplyinthefourthquarterof2008.Thatreflectedlowerconsumerspending,afurtherfallinbusinessinvestmentandarapidrun-downinstocks,inpartoffsetbystrongernetexportsasthepastdepreciationofsterlingbegantotakeeffect.Businesssurveyscontinuetopointtoasimilarrateofcontractionintheearlypartofthisyear.Unemploymenthasrisenmarkedly.Creditconditionsfacedbycompaniesandhouseholdsremaintight.

CPIinflationdeclinedto3.0%inJanuary.Thedepreciationofsterlingisaddingtoimportedcostpressures,butpaypressurescontinuetowane.Inflationislikelytofallbelowthe2%targetbythesecondhalfoftheyear,reflectingdiminishingcontributionsfromretailenergyandfoodpricesandtheimpactofthetemporaryreductioninValueAddedTax.

AtitsMarchmeeting,theCommitteenotedthattheFebruaryInflationReporthadimpliedasubstantialriskofundershootingthe2%CPIinflationtargetinthemediumtermandthatafurthereasinginmonetarypolicywaslikelytobeneeded.DatareleasedsincethefinalisationoftheReporthadnotmateriallyalteredthatprospect.Accordingly,theCommitteeconcludedthatafurthereasinginthestanceofmonetarypolicywaswarranted.ButtheCommitteealsonotedthataverylowlevelofBankRatecouldhavecounter-productiveeffectsontheoperationofsomefinancialmarketsandonthelendingcapacityofthebankingsystem.Onbalance,theCommitteedecidedtoreduceBankRateby0.5percentagepoints,to0.5%.

TheCommitteejudgedthatthisreductioninBankRatewouldbyitselfstillleaveasubstantialriskofundershootingthe2%CPIinflationtargetinthemediumterm.Accordingly,theCommitteealsoresolvedtoundertakefurthermonetaryactions,withtheaimofboostingthesupplyofmoneyandcreditandthusraisingtherateofgrowthofnominalspendingtoalevelconsistentwithmeetingtheinflationtargetinthemediumterm.

Tothatend,andnotingtherecentexchangeoflettersbetweentheGovernorandtheChancelloroftheExchequerconcerningtheuseoftheAssetPurchaseFacilityformonetarypolicypurposes,theCommitteeagreedthattheBankshould,inthefirstinstance,finance£75billionofassetpurchasesbytheissuanceofcentralbankreserves.TheCommitteerecognisedthatitmighttakeuptothreemonthstocarryoutthisprogrammeofpurchases.PartofthatsumwouldfinancetheBankofEngland’sprogrammeofprivatesectorassetpurchasesthroughtheAssetPurchaseFacility,intendedtoimprovethefunctioningofcorporatecreditmarkets.ButinordertomeettheCommittee’sobjectiveoftotalpurchasesof£75billion,theBankwouldalsobuymedium-andlong-maturityconventionalgiltsinthesecondarymarket.Itislikelythatthemajorityoftheoverallpurchasesbyvalueoverthenextthreemonthswillbeofgilts.

Atitsfuturemeetings,theCommitteewillmonitortheeffectivenessofthispurchaseprogrammeinboostingthesupplyofmoneyandcreditandinduecourseraisingtherateofgrowthofnominalspending,adjustingthespeedandscaleofpurchasesasappropriate.

Theminutesofthemeetingwillbepublishedat9.30amonWednesday18March.

NotestoEditors

ThepreviouschangeinBankRatewasareductionof0.5percentagepointsto1.0%on5February2009.

NewsRelease-BankofEnglandMaintainsBankRateat0.5%andIncreasesSizeofAssetPurchaseProgrammeby£50Billionto£125Billion

07May2009

TheBankofEngland'sMonetaryPolicyCommitteetodayvotedtomaintaintheofficialBankRatepaidoncommercialbankreservesat0.5%.TheCommitteealsovotedtocontinuewithitsprogrammeofassetpurchasesfinancedbytheissuanceofcentralbankreservesandtoincreaseitssizeby£50billiontoatotalof£125billion.

Theworldeconomyremainsindeeprecession.Outputhascontinuedtocontractandinternationaltradehasfallenprecipitously.Theglobalbankingandfinancialsystemremainsfragiledespitefurthersignificantinterventionbytheauthorities.IntheUnitedKingdom,GDPfellsharplyinthefirstquarterof2009.Butsurveysathomeandabroadshowpromisingsignsthatthepaceofdeclinehasbeguntomoderate.

CPIinflationwas2.9%inMarch,significantlyhigherthanthe2%inflationtarget.Pastfallsinsterlinghavecontinuedtoputupwardspressureoninflation.Butthedegreeofsparecapacityintheeconomyhasincreasedandthelooseninginthelabourmarkethascontributedtoasharpeasinginpaypressures.CPIinflationislikelytodropbelowthe2%targetlaterthisyear,driveninpartbydiminishingcontributionsfromfoodandenergyprices.Thesubstantialmarginofsparecapacityintheeconomyshouldcontinuetobeardownoninflationthereafter.

TheCommitteenotedthattheoutlookforeconomicactivitywasdominatedbytwocountervailingforces.TheprocessofadjustmentintrainintheUKeconomy,asprivatesavingrisesandbanksrestructuretheirbalancesheets,combinedwithweakglobaldemand,willcontinuetoactasasignificantdragoneconomicactivity.Butpushingintheoppositedirection,thereisconsiderableeconomicstimulusstemmingfromtheeasinginmonetaryandfiscalpolicy,athomeandabroad,thesubstantialdepreciationinsterling,pastfallsincommodityprices,andactionsbyauthoritiesinternationallytoimprovetheavailabilityofcredit.Thatstimulusshouldinduecourseleadtoarecoveryineconomicgrowth,bringinginflationbacktowardsthe2%target.Butthetimingandstrengthofthatrecoveryishighlyuncertain.

InthelightofthatoutlookandinordertokeepCPIinflationontracktomeetthe2%inflationtargetoverthemediumterm,theCommitteejudgedthatmaintainingBankRateat0.5%wasappropriate.TheCommitteealsoagreedtocontinuewithitsprogrammeofpurchasesofgovernmentandcorporatedebtfinancedbytheissuanceofcentralbankreservesandtoincreaseitssizeby£50billiontoatotalof£125billion.TheCommitteeexpectedthatitwouldtakeanotherthreemonthstocompletethatprogramme,anditwillkeepthescaleoftheprogrammeunderreview.

TheCommittee'slatestinflationandoutputprojectionswillappearintheInflationReporttobepublishedonWednesday13May.

Theminutesofthemeetingwillbepublishedat9.30amonWednesday20May.

NotetoEditors

ThepreviouschangeinBankRatewasareductionof0.5percentagepointsto0.5%on5March2009.

第二轮

10月，英国央行货币政策委员会重启资产购买计划，这项计划是量化宽松的核心。

当时该委员会授权购买了一批额外的价值750亿英镑（1170亿美元）的证券，其中大部分为英国政府债券或金边债券。

NewsRelease-BankofEnglandMaintainsBankRateat0.5%andIncreasesSizeofAssetPurchaseProgrammeby£75billionto£275billion

06October2011

TheBankofEngland’sMonetaryPolicyCommitteetodayvotedtomaintaintheofficialBankRatepaidoncommercialbankreservesat0.5%.TheCommitteealsovotedtoincreasethesizeofitsassetpurchaseprogramme,financedbytheissuanceofcentralbankreserves,by£75billiontoatotalof£275billion.

Thepaceofglobalexpansionhasslackened,especiallyintheUnitedKingdom’smainexportmarkets.Vulnerabilitiesassociatedwiththeindebtednessofsomeeuro-areasovereignsandbankshaveresultedinseverestrainsinbankfundingmarketsandfinancialmarketsmoregenerally.ThesetensionsintheworldeconomythreatentheUKrecovery.

IntheUnitedKingdom,thepathofoutputhasbeenaffectedbyanumberoftemporaryfactors,buttheavailableindicatorssuggestthattheunderlyingrateofgrowthhasalsomoderated.Thesqueezeonhouseholds’realincomesandthefiscalconsolidationarelikelytocontinuetoweighondomesticspending,whilethestrainsinbankfundingmarketsmayalsoinhibittheavailabilityofcredittoconsumersandbusinesses.Whilethestimulatorymonetarystanceandthepresentlevelofsterlingshouldhelptosupportdemand,theweakeroutlookfor,andtheincreaseddownsiderisksto,outputgrowthmeanthatthemarginofslackintheeconomyislikelytobegreaterandmorepersistentthanpreviouslyexpected.

CPIinflationroseto4.5%inAugust.ThepresentelevatedrateofinflationprimarilyreflectstheincreaseinthestandardrateofVATinJanuaryandtheimpactofhigherenergyandimportprices.Inflationislikelytorisetoabove5%inthenextmonthorso,boostedbyalreadyannouncedincreasesinutilityprices.Butmeasuresofdomesticallygeneratedinflationremaincontainedandinflationislikelytofallbacksharplynextyearastheinfluenceofthefactorstemporarilyraisinginflationdiminishesanddownwardpressurefromunemploymentandsparecapacitypersists.

Thedeteriorationintheoutlookhasmadeitmorelikelythat