Excess bank reserves will not lead to inflation so long as the Fed can still raise interest rates, which it can.
只要美联储还能提高利率银行的超额储备金就不会引起通货膨胀。
If bank policy is to make loans and investments equal to whatever reserves are in excess of legal requirements, the expansion process will be carried on.
如果银行的政策是让贷款和投资等于任何超出法律要求的储备金，那么扩张过程将继续下去。
In this case the central bank - by increasing excess reserves - would DE facto monetize commercial bank liabilities and thus increase the outstanding stock of money.
在这种情况下，央行通过增加超额准备金，实际上等于将商业银行的负债货币化，从而增加货币流通量。
It could then expand its balance-sheet indefinitely without driving the fed funds rate to zero; a bank will not lend out excess reserves at 0.25% if it can earn 1.75% at the Fed.
这可以无限制扩大它的资产负债表，而不会使联邦基金利率降到0。银行如果可以从联储那里得到1.75%的利息，就不会以0.25%的利率贷出多余的款项。
The central bank can try to "sterilise" the impact of bigger reserves by selling securities to mop up the excess liquidity.
当然中央银行也可以出售国债以“清除”巨额外汇储备的影响，解决流动性过剩。
For the reasons of administration, the Central bank also plays an important role in deciding the rate of excess reserves through controlling the loan size of business Banks.
由于存在行政关系，通过控制商业银行贷款规模，中央银行也参与超额准备率的决定。
The central bank must pay the interest to the excess reserve and the current excess reserves' annual interest rate is 0.99%.
中央银行必须为超额储备支付利息，目前的超额储备年利率是0.99 %。
The central bank must pay the interest to the excess reserve and the current excess reserves' annual interest rate is 0.99%.
中央银行必须为超额储备支付利息，目前的超额储备年利率是0.99 %。
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