Thought Of Chinese Reserve Requirement Tool To Use Against The International Trend

The statutory reserve requirement tool is known as monetary policy,"three magicweapons", said the choice of system and its changing role in the field of monetary policy toolsand features, has been the important issues of our country. In recent years, countries haveweakened the policy role of the statutory reserve requirement tool, and our frequent use of thetool, so the study cause and effect of our deposit tools contrarian gold, in order to determinethe trend of development of this system in our country，to explore ways to make it moreeffective to play a role in far-reaching significance of this topic.Since2006, China frequently use of the reserve tools, have been used to reserve tool37times. Tool operation by the beginning of the establishment of low-frequency, big-marginoperation, change the high-frequency, small amplitude frequent use of the positive effects ofpolicy performance：Impact credit scale in the short-term；To achieve policy objectives at thesame time do not cause market volatility；To optimization of capital structure. Also hinder theinnovation of financial market reform and monetary policy instruments, to hedge the pricecontrol policy and other adverse effects. But at this stage of reserve tools contrarian withpractical significance, the main reasons are the following:1, China’s market economy is stillthe primary stage, the financial markets are underdeveloped;2, indirect financing to occupythe country’s financial market the dominant position;, our unique deposit reserveinterest-bearing system;4, China’s monetary policy intermediate target is still the currencysupply;, our liquidity protection tools missing.The long term, when the financial markets to a certain level of development, China’sdeposit reserve tool use will eventually follow the international trend to a gradual weakeningtrend. However, in a very long period of time will continue to follow, they need to pay intereston the tool itself and the conduction process and the existence of the reserve, regulatoryloopholes, and adverse market conduction problems improved. The correspondingoptimization measures are: the implementation of the interest rate market, to expand the scopeof the reserve tools, rich differentiated reserve system and "halt" to prepare the goldinterest-bearing system.