The PBOC frequently does this by selling bonds to commercial banks or raising their reserve requirements. But this has reduced these banks’ effectiveness as financial intermediaries, while encouraging the rise of shadow banking to circumvent the restrictions.
“对冲”这些买入操作、抑制国内信用扩张也具有负面效应。人行频繁做这样的操作——将债券出售给商业银行或提高准备金率。但这降低了银行作为金融中介的效率，同时也助长了影子银行的崛起和绕过限制。