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。

News Release - Bank of England Reduces Bank Rate by 0.5 Percentage Points to 0.5% and Announces £75 Billion Asset

Purchase Programme 05 March 2009

The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 0.5%, and to undertake a programme of asset purchases of £75 billion financed by the issuance of central bank reserves.

World activity continued to weaken, reflecting both depressed confidence and the persistent problems in international credit markets. In the United Kingdom, output dropped sharply in the fourth quarter of 2008. That reflected lower consumer spending, a further fall in business investment and a rapid run-down in stocks, in part offset by stronger net exports as the past depreciation of sterling began to take effect. Business surveys continue to point to a similar rate of contraction in the early part of this year. Unemployment has risen markedly. Credit conditions faced by companies and households remain tight.

CPI inflation declined to 3.0% in January. The depreciation of sterling is adding to imported cost pressures, but pay pressures continue to wane. Inflation is likely to fall below the 2% target by

the second half of the year, reflecting diminishing contributions from retail energy and food prices and the impact of the temporary reduction in Value Added Tax.

At its March meeting, the Committee noted that the February Inflation Report had implied a substantial risk of undershooting the 2% CPI inflation target in the medium term and that a further easing in monetary policy was likely to be needed. Data released since

the finalisation of the Report had not materially altered that prospect. Accordingly, the Committee concluded that a further easing in the stance of monetary policy was warranted. But the Committee also noted that a very low level of Bank Rate could have

counter-productive effects on the operation of some financial markets and on the lending capacity of the banking system. On balance, the Committee decided to reduce Bank Rate by 0.5 percentage points, to 0.5%.

The Committee judged that this reduction in Bank Rate would by itself still leave a substantial risk of undershooting the 2% CPI inflation target in the medium term. Accordingly, the Committee