英國量化寬松政策

1、第一輪英國自2008以來，首次出臺貨幣量化寬松政策，第一輪2009年3月5日宣布，總金額2000億英鎊， 2009年3月5日，宣布總金額為750億的刺激計劃；當(dāng)年 5月7日決定在原來基礎(chǔ)上增加1250億，第一輪貨幣量化寬松政策合計2000億據(jù)英國央行測算，它年11月推出的億英鎊（約合億美元）量化寬松政策帶來了相當(dāng)于將利率下調(diào)至個百分點的效果。 英國央行向市場注入的億英鎊巨資，絕大部分購買了英國國債. 目前看，英國央行最關(guān)注的銀行放貸和貨幣供應(yīng)雖有增長，但仍屬低水平。央行數(shù)據(jù)顯示，今年月份英國金融機構(gòu)對個人放貸凈額增長億英鎊，為年月份以來的最大增幅，但當(dāng)月抵押房貸申請獲批數(shù)量比前一個月減少，降至

2、此前個月來最低水平。月份英國廣義貨幣供應(yīng)量增長也是過去年來最少的，遠低于央行預(yù)期。 由于投資者擔(dān)心英國龐大的財政赤字難以得到有效削減，英國國債收益率一路走高。月日，年期國債收益率為，比過去一年的平均值高出個百分點。英國央行向市場注入巨資，則沉重打壓了英鎊。投資者過度拋售導(dǎo)致英鎊對美元匯率一跌再跌，并在月日跌至比，為個月來最低。News Release - Bank of England Reduces Bank Rate by 0.5 Percentage Points to 0.5% and Announces £75 Billion Asset Purchase Programm

3、e 05 March 2009 Page ContentThe Bank of Englands 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 rese

4、rves.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

5、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 ho

6、useholds 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 en

7、ergy 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

8、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

9、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 substan

10、tial risk of undershooting the 2% CPI inflation target in the medium term. Accordingly, the Committee also resolved to undertake further monetary actions, with the aim of boosting the supply of money and credit and thus raising the rate of growth of nominal spending to a level consistent with meetin

11、g the inflation target in the medium term.To that end, and noting the recent exchange of letters between the Governor and the Chancellor of the Exchequer concerning the use of the Asset Purchase Facility for monetary policy purposes, the Committee agreed that the Bank should, in the first instance,

12、finance £75 billion of asset purchases by the issuance of central bank reserves. The Committee recognised that it might take up to three months to carry out this programme of purchases. Part of that sum would finance the Bank of Englands programme of private sector asset purchases through the A

13、sset Purchase Facility, intended to improve the functioning of corporate credit markets. But in order to meet the Committees objective of total purchases of £75 billion, the Bank would also buy medium- and long-maturity conventional gilts in the secondary market. It is likely that the majority

14、of the overall purchases by value over the next three months will be of gilts.At its future meetings, the Committee will monitor the effectiveness of this purchase programme in boosting the supply of money and credit and in due course raising the rate of growth of nominal spending, adjusting the spe

15、ed and scale of purchases as appropriate.The minutes of the meeting will be published at 9.30am on Wednesday 18 March. Notes to EditorsThe previous change in Bank Rate was a reduction of 0.5 percentage points to 1.0% on 5 February 2009.News Release - Bank of England Maintains Bank Rate at 0.5% and I

16、ncreases Size of Asset Purchase Programme by £50 Billion to £125 Billion07 May 2009 The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset

17、purchases financed by the issuance of central bank reserves and to increase its size by £50 billion to a total of £125 billion.The world economy remains in deep recession. Output has continued to contract and international trade has fallen precipitously. The global banking and financial sy

18、stem remains fragile despite further significant intervention by the authorities. In the United Kingdom, GDP fell sharply in the first quarter of 2009. But surveys at home and abroad show promising signs that the pace of decline has begun to moderate.CPI inflation was 2.9% in March, significantly hi

19、gher than the 2% inflation target. Past falls in sterling have continued to put upwards pressure on inflation. But the degree of spare capacity in the economy has increased and the loosening in the labour market has contributed to a sharp easing in pay pressures. CPI inflation is likely to drop belo

20、w the 2% target later this year, driven in part by diminishing contributions from food and energy prices. The substantial margin of spare capacity in the economy should continue to bear down on inflation thereafter.The Committee noted that the outlook for economic activity was dominated by two count

21、ervailing forces. The process of adjustment in train in the UK economy, as private saving rises and banks restructure their balance sheets, combined with weak global demand, will continue to act as a significant drag on economic activity. But pushing in the opposite direction, there is considerable

22、economic stimulus stemming from the easing in monetary and fiscal policy, at home and abroad, the substantial depreciation in sterling, past falls in commodity prices, and actions by authorities internationally to improve the availability of credit. That stimulus should in due course lead to a recov

23、ery in economic growth, bringing inflation back towards the 2% target. But the timing and strength of that recovery is highly uncertain.In the light of that outlook and in order to keep CPI inflation on track to meet the 2% inflation target over the medium term, the Committee judged that maintaining

24、 Bank Rate at 0.5% was appropriate. The Committee also agreed to continue with its programme of purchases of government and corporate debt financed by the issuance of central bank reserves and to increase its size by £50 billion to a total of £125 billion. The Committee expected that it wo

25、uld take another three months to complete that programme, and it will keep the scale of the programme under review.The Committee's latest inflation and output projections will appear in the Inflation Report to be published on Wednesday 13 May. The minutes of the meeting will be published at 9.30

26、am on Wednesday 20 May.Note to EditorsThe previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009.第二輪 10月，英國央行貨幣政策委員會重啟資產(chǎn)購買計劃，這項計劃是量化寬松的核心。當(dāng)時該委員會授權(quán)購買了一批額外的價值750億英鎊（1170億美元）的證券，其中大部分為英國政府債券或金邊債券。News Release - Bank of England Maintains Bank Rate at 0.5% and Incre

27、ases Size of Asset Purchase Programme by £75 billion to £275 billion06 October 2011The Bank of Englands Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase pro

28、gramme, financed by the issuance of central bank reserves, by £75 billion to a total of £275 billion. The pace of global expansion has slackened, especially in the United Kingdoms main export markets. Vulnerabilities associated with the indebtedness of some euro-area sovereigns and banks h

29、ave resulted in severe strains in bank funding markets and financial markets more generally. These tensions in the world economy threaten the UK recovery. In the United Kingdom, the path of output has been affected by a number of temporary factors, but the available indicators suggest that the under

30、lying rate of growth has also moderated. The squeeze on households real incomes and the fiscal consolidation are likely to continue to weigh on domestic spending, while the strains in bank funding markets may also inhibit the availability of credit to consumers and businesses. While the stimulatory

31、monetary stance and the present level of sterling should help to support demand, the weaker outlook for, and the increased downside risks to, output growth mean that the margin of slack in the economy is likely to be greater and more persistent than previously expected. CPI inflation rose to 4.5% in

32、 August. The present elevated rate of inflation primarily reflects the increase in the standard rate of VAT in January and the impact of higher energy and import prices. Inflation is likely to rise to above 5% in the next month or so, boosted by already announced increases in utility prices. But mea

33、sures of domestically generated inflation remain contained and inflation is likely to fall back sharply next year as the influence of the factors temporarily raising inflation diminishes and downward pressure from unemployment and spare capacity persists. The deterioration in the outlook has made it

34、 more likely that inflation will undershoot the 2% target in the medium term. In the light of that shift in the balance of risks, and in order to keep inflation on track to meet the target over the medium term, the Committee judged that it was necessary to inject further monetary stimulus into the e

35、conomy. The Committee therefore voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £75 billion to a total of £275 billion. The Committee also voted to maintain Bank Rate at 0.5%. The Committee expects the announced programme of

36、 asset purchases to take four months to complete. The scale of the programme will be kept under review.The minutes of the meeting will be published at 9.30am on Wednesday 19 October 2011.Note to EditorsThe previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009.

37、 A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of £25 billion to a total of £200 billion on 5 November 2009.第三輪2012年2月，英國央行決定向市場增加500億英鎊（約合800億美元）的貨幣供應(yīng)，預(yù)計將于5月

38、完成。迄今為止，英國本輪量化寬松政策的總投入規(guī)模為3250億英鎊（約合5200億美元）。 此舉旨在進一步刺激經(jīng)濟增長，避免英國經(jīng)濟陷入衰退。3月8日，英格蘭銀行貨幣政策委員會宣布將主導(dǎo)利率繼續(xù)保持在0.5%的歷史最低水平，這一歷史最低水平已經(jīng)從2009年3月起一直維系了三年之久。按照目前的經(jīng)濟形勢，市場普遍預(yù)計，英國央行至少還會將低利率保持一年，這也即意味著英國央行將繼續(xù)推行新一輪量化寬松政策。News Release - Bank of England maintains Bank Rate at 0.5% and increases size of Asset Purchase Progr

39、amme by £50 billion to £325 billion 09 February 2012 The Bank of Englands Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuan

40、ce of central bank reserves, by £50 billion to a total of £325 billion. In the United Kingdom, the underlying pace of recovery slowed during 2011, with activity falling slightly during the final quarter. Some recent business surveys have painted a more positive picture and asset prices hav

41、e risen. But the pace of expansion in the United Kingdoms main export markets has also slowed and concerns remain about the indebtedness and competitiveness of some euro-area countries. A gradual strengthening of output growth later this year should be supported by a gentle recovery in household rea

42、l incomes as inflation falls, together with the continued stimulus from monetary policy. But the drag from tight credit conditions and the fiscal consolidation together present a headwind. The correspondingly weak outlook for near-term output growth means that a significant margin of economic slack

43、is likely to persist. CPI inflation has fallen back from its September peak, declining to 4.2% in December. Inflation should continue to fall sharply in the near term, as the increase in VAT in January 2011 drops out of the twelve-month comparison. Inflation is then likely to decline further as the

44、contribution of energy and import prices diminishes, while downward pressure from unemployment and spare capacity continues to restrain domestically generated inflation. In the light of its most recent economic projections, the Committee judged that the weak near-term growth outlook and associated d

45、ownward pressure from economic slack meant that, without further monetary stimulus, it was more likely than not that inflation would undershoot the 2% target in the medium term. The Committee therefore voted to increase the size of its programme of asset purchases, financed by the issuance of centra

46、l bank reserves, by £50 billion to a total of £325 billion. The Committee also voted to maintain Bank Rate at 0.5%. The Committee expects the announced programme of asset purchases to take three months to complete. The scale of the programme will be kept under review. The Committees latest

47、 inflation and output projections will appear in the Inflation Report to be published at 10.30am on Wednesday 15 February. The minutes of the meeting will be published at 9.30am on Wednesday 22 February. Note to Editors The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5

48、% on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The previous change in the size of that programme was an increase of £75 billion to a total of £275 billion on 6 October 2011. 第四輪英國央行6月貨幣政策會議紀(jì)要顯示，貨幣政策委員會9位成員中

49、的4位其中包括金恩投票贊成擴大資產(chǎn)購買計劃規(guī)模。根據(jù)實際情況，英國的通貨膨脹有所減緩，同時最近經(jīng)濟數(shù)據(jù)顯示前景仍然疲弱，2012年的第二次貨幣量化寬松政策開始 ，英國央行此次會議將擴大其資產(chǎn)購買計劃。Bank of England maintains Bank Rate at 0.5% and increases size of Asset Purchase Programme by £50 billion to £375 billion 05 July 2012The Bank of Englands Monetary Policy Committee today vot

50、ed to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £50 billion to a total of £375 billion.UK output has barely grown for a year

51、and a half and is estimated to have fallen in both of the past two quarters. The pace of expansion in most of the United Kingdoms main export markets also appears to have slowed. Business indicators point to a continuation of that weakness in the near term, both at home and abroad. In spite of the p

52、rogress made at the latest European Council, concerns remain about the indebtedness and competitiveness of several euro-area economies, and that is weighing on confidence here. The correspondingly weaker outlook for UK output growth means that the margin of economic slack is likely to be greater and more persistent.CPI inflation fell to 2.8% in May and is likely to edge down further in the near term. Commodity prices have fallen, which should help to moderate external price pressures. And