身边的经济学·社会常识英语30篇（5）

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为何央行不仅调整利率，还要调节存款准备金率

Central banks use reserve requirements as a direct tool to control bank lending capacity.
When the requirement rises, banks hold more cash and lend less to businesses and households.
This policy works independently of interest rates and affects credit supply immediately.
Smaller banks often face greater operational strain from sudden reserve changes.
Reserve ratios also signal monetary policy direction before official rate announcements.
Emerging economies use this tool more frequently than advanced ones due to weaker bond markets.
Adjustments are usually modest to avoid disrupting daily interbank liquidity flows.
Regulators monitor aggregate reserves daily to assess real-time systemic tightness.
Unlike rate hikes, reserve changes impact all banks uniformly without market pricing delays.
This tool remains essential where short-term interest rate markets lack depth.