equals: Excess reserves . . . . . . . . . . . . . . . . . 9,000
结余：超额准备金 ….
Moreover, Banks have been happy to hold much of that new money as excess reserves.
再者，银行都乐意将那些新钱当作额外储备。
Excess reserves refer to the part of deposits that surpasses required reserve.
超额储备金指的是超过法定储备的那部分存款。
However, what if Banks use their increased excess reserves to pay down their debt vis-a-vis their clients?
然而，如果银行利用其增多的超额储备金来偿还所欠客户的债务，结果又如何呢？
For institutions that can hold reserves at the Fed, excess reserves are essentially equivalent to Treasury bills.
对那些在美联储存有准备金的机构来说，超额准备金基本上等同于中期国债。
The ratio of excess reserves of financial institutions averaged 8.3 percent, indicating strong payment capacity.
金融机构超额准备率平均为8.3%，支付能力充足。
And on Monday, the Fed said it would begin to pay interest on Banks' excess reserves and required reserve requirements.
同样是周一，联储还表示将为银行的法定储备和超额储备支付利息。
On the liability side of the Fed's ledger, excess reserves that pay close to zero interest have expanded by about $1 trillion.
在美联储资产负债表的负债部分，零利率的超额准备金增加了大约1万亿。
It sees excess reserves as a problem only if they overwhelm its ability to raise the federal funds rate when need arises.
它把过多的储备金看成一个问题只有当储备金超过自身能力来上调联邦资金率当需求上升时。
In America, for instance, paying Banks higher interest on excess reserves will sound to many like handing money to villains.
譬如，在美国，给银行的超额存款储备金支付更高的利息听起来就像是助纣为虐。
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 %。
So to keep the fed funds rate up, it has, since November 6th, been paying interest on excess reserves at the full target rate of 1%.
因此为了保持较高的联邦基金利率，美联储自11月6日来一直以1%的名义利率来支付剩余存款准备金的利息。
Furthermore, Banks will, sooner or later, put their excess reserves to use in terms of lending or purchasing interest-yielding assets.
此外，银行迟早会将它们的超额储备金用来贷款，或购买有利息收益的资产。
Since only $10 mustbe held against the new $100 in deposits, $90 is excess reserves and can giverise to $900 of additional deposits(7).
既然为新的100美元的存款只需要保留10美元，90美元都是超额准备金并可以生出900美元的新存款（7）。
Unfortunately it turned out that Banks, still nervous after the financial panics of the early 1930s, wanted to hold excess reserves as a cushion.
不幸的是，在经历了20世纪30年代初期的金融恐慌之后仍然心有余悸的银行都想持有超额储备作为后备。
This huge sum of so-called excess reserves has led to worries that any upturn in the economy will be met with an inflationary lending spike from Banks.
由于这笔所谓的超额准备金数额巨大，人们担心经济稍有好转，银行贷款就将猛增，从而引发通货膨胀。
The excess reserves thus seem to have taken on the status of a buffer, rather than actively participating in, and engendering, lending and economic activity.
因此，超额准备金似乎也带有某种“缓冲”性质，而非积极参与（或催生）放贷和经济活动。
Mr Bernanke suggested, for instance, that the fed could temporarily target the interest rate it paid on excess reserves, rather than the federal funds rate.
譬如，伯南克建议美联储应该暂时从超额存款准备金的支付利率下手，而不是联邦基金利率。
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。
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 exit strategy comes into play when and if the economy has improved and, hence, institutions no longer have an enormous demand for low-risk excess reserves that pay zero interest.
当且当经济改善和机构不再有对零利息的低风险超额准备金的大量需求，退出策略才能生效。
It is notable that the much-vaunted official purchases of gold over the past year are mainly by countries such as China and Russia - and, to a lesser extent, Mexico - with big excess reserves.
值得一提的是，去年闹得沸沸扬扬的官方购买黄金，主要是拥有过多外汇储备的中国和俄罗斯，墨西哥也买入了一些。
The other possible actions the Fed could take include: lowering the rates of excess reserves held at the Fed to encourage Banks to lend, more QE and even specific growth and inflation targets.
另一个可能是美联储采取包括：下调美联储手中的超额准备金利率以鼓励银行放贷、新一轮量化宽松甚至指定成长及通胀目标在内的举措。
The other possible actions the Fed could take include: lowering the rates of excess reserves held at the Fed to encourage Banks to lend, more QE and even specific growth and inflation targets.
另一个可能是美联储采取包括：下调美联储手中的超额准备金利率以鼓励银行放贷、新一轮量化宽松甚至指定成长及通胀目标在内的举措。
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