Recall that the Fed began its third round of quantitative easing (QE3) by purchasing $40 billion of securities a month, before boosting the volume to $85 billion. Monthly sales of $60 billion by China’s government would lie squarely in the middle.
其效果与量化宽松相当——但方向相反。回忆一下，美联储开始其第三轮量化宽松（QE3）时，每个月买入证券量为400亿美元，后来增加到850亿美元。中国政府每月抛售600亿美元正好是其中间量。关于QE3效果的估计莫衷一是。但大量证据表明，QE3对于美国国债收益率从存在温和但显著的抑制作用，对风险资产的需求存在积极影响。