好英语网什么是央行票据逆回购：中英文双语解读
中文版
央行票据逆回购是指中央银行向商业银行卖出票据，并约定在未来某一特定日期以事先确定的价格买回这些票据的交易行为。这种操作方式在货币市场中具有重要的调控作用，是中央银行进行公开市场操作的一种手段。
逆回购交易的基本流程是：中央银行首先发行票据，商业银行通过购买这些票据来获得资金。随后，在约定的未来日期，中央银行再以事先确定的价格买回这些票据，从而收回之前放出的资金。这个过程中，中央银行充当了资金的临时出借方，而商业银行则是资金的临时借入方。
央行票据逆回购的目的在于调节市场流动性。当市场流动性过剩时，中央银行通过发行票据吸收市场上的多余资金，以减缓通货膨胀压力；当市场流动性不足时，中央银行则通过逆回购操作向市场注入资金，以维护市场的稳定。
逆回购的利率，即中央银行买回票据时的价格，也是央行调控市场利率的重要手段。当央行提高逆回购利率时，意味着商业银行借款的成本增加，从而抑制市场的借贷活动，减缓通货膨胀；反之，当央行降低逆回购利率时，商业银行借款的成本降低，市场的借贷活动增加，有助于刺激经济增长。
英文版
What Is the Reverse Repurchase of Central Bank Bills? A Bilingual Chinese-English Explanation
Reverse Repurchase of Central Bank Bills refers to a transaction where the central bank sells bills to commercial banks with an agreement to buy them back at a predetermined price on a specific future date. This operation plays a crucial role in monetary market regulation and is a means for the central bank to conduct open market operations.
The basic process of a reverse repurchase transaction is as follows: The central bank first issues bills, which commercial banks purchase to obtain funds. Subsequently, on the agreed future date, the central bank buys back these bills at the predetermined price, thereby withdrawing the previously released funds. In this process, the central bank acts as a temporary lender of funds, while commercial banks are the temporary borrowers.
The purpose of the reverse repurchase of central bank bills is to regulate market liquidity. When there is excess liquidity in the market, the central bank absorbs the excess funds in the market by issuing bills, thereby slowing down inflationary pressure. When market liquidity is insufficient, the central bank injects funds into the market through reverse repurchase operations to maintain market stability.
The interest rate on reverse repurchases, which is the price at which the central bank buys back the bills, is also an important tool for the central bank to regulate market interest rates. When the central bank raises the reverse repurchase interest rate, it means that the cost of borrowing for commercial banks increases, thus inhibiting market lending activities and slowing down inflation. Conversely, when the central bank lowers the reverse repurchase interest rate, the cost of borrowing for commercial banks decreases, market lending activities increase, and economic growth is stimulated.
