身边的经济学·社会常识英语30篇（5）
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Why Central Banks Adjust Reserve Requirements—Not Just Interest Rates
为何央行不仅调整利率，还要调节存款准备金率
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Central banks use reserve requirements as a direct tool to control bank lending capacity.
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When the requirement rises, banks hold more cash and lend less to businesses and households.
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This policy works independently of interest rates and affects credit supply immediately.
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Smaller banks often face greater operational strain from sudden reserve changes.
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Reserve ratios also signal monetary policy direction before official rate announcements.
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Emerging economies use this tool more frequently than advanced ones due to weaker bond markets.
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Adjustments are usually modest to avoid disrupting daily interbank liquidity flows.
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Regulators monitor aggregate reserves daily to assess real-time systemic tightness.
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Unlike rate hikes, reserve changes impact all banks uniformly without market pricing delays.
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This tool remains essential where short-term interest rate markets lack depth.