Similarly, the quantitative easing (QE) that has defined many major central banks’ monetary policy in recent years does not involve buying or selling foreign assets. Under QE, the Federal Reserve buys – and announces that it will buy – assets; the only difference is that these assets are longer-maturity US government debt instruments and mortgage-backed securities of various kinds, all denominated in US dollars.
类似地，近几年来成为众多主要央行货币政策主流的量化宽松（QE）并不包括买入和卖出外国资产。在QE下，美联储购买——并宣布它将购买——资产；唯一的区别是这些资产是长期限美国政府债务工具和各种按揭抵押债券，它们均为美元计价。