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Liquidity,Liquidity Excess and Monetary Policy

Peng Xingyun(Institute of Finance and Banking, Chinese Academy of Social Sciences)  
This Paper holds that it is more correct to define liquidity as maturity curve of financial asset. Money and credit growth rate increasing does not mean liquidity excess, which should be defined as that short term asset is more than the desired equilibrium level and long term asset is inadequate in investor's portfolio in perspective of asset portfolio theory. On this ground, it is understandable that the typical phenomena of asset price is booming and yields curve becomes flatting accompanied with liquidity excess. Liquidity can be analyzed from various perspectives. The relationship between monetary policy intermediary target (operation target) and ultimate target might be changed by varied liquidity, therefore, liquidity change (excess) might make central bank reform monetary policy framework. This paper holds that liquidity management is too narrow in China and proposes some brief advice of improving Chinese liquidity management.
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