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1、QE3a third round of quantitative easingTime in the United States on September 13,2012,the Feds statement announcing its third round of quantitative easing is out.They will buy$85 billion in new assets,including$40 billion in mortgage-backed securities every month until the end of the year.The Washin
2、gton PostThe Washington Postmonetary policycentral banksfinancial assetsnewly created moneyQE1QE2backgroundbackgroundSub-prime mortgage Sub-prime mortgage crisis crisis The economy The economy remains in the remains in the doldrumsdoldrumsRelease Date2009 to 20102009 to 2010by the end of by the end
3、of August 2010 to August 2010 to June 2012June 2012scalen n mortgagemortgage-backed securities backed securities($1.25T)($1.25T)n n U.S.Treasury U.S.Treasury bonds($300B)bonds($300B)n n agency securities agency securities($175B)($175B)n n Federal Reserve Federal Reserve to pay for long-to pay for lo
4、ng-term bonds issued term bonds issued by the Treasury by the Treasury Department($600 Department($600 B)B)n nFrom March 1,2009 to 2010,the U.S.From March 1,2009 to 2010,the U.S.stocks stocks S&P 500 indexS&P 500 index rose 37.14%.rose 37.14%.n nU.S.economy bottomed out in mid-2009,U.S.economy botto
5、med out in mid-2009,the year after three quarters of the the year after three quarters of the GDPGDP ring growth gradually increased to 5%ring growth gradually increased to 5%from a negative value.from a negative value.p U.S.stock market rose 28.3%,the U.S.stock market rose 28.3%,the biggest gain of
6、 the biggest gain of the S&P 500 indexS&P 500 index.p GDP GDP growth exceeded 3%per growth exceeded 3%per annum.annum.QE1QE2PCE fell to 1.6%PCE fell to 1.6%The core CPI increase of 2.1%The core CPI increase of 2.1%96,000 new jobs in August,down from 96,000 new jobs in August,down from 141,000 in Jul
7、y 141,000 in July only 1.7%only 1.7%GDPGDP Unemployment Unemployment Inflation InflationStill at a high level$40 billion monthly$40 billion monthly mortgage-backed mortgage-backed securities untilsecurities until maintain the current maintain the current 0%-0.25%of the 0%-0.25%of the central bank ce
8、ntral bank benchmark interest benchmark interest rate to 2015 rate to 2015“No upper limit,No upper limit,the termsthe terms”;stimulate the U.S.stimulate the U.S.real estate marketreal estate marketreduce the cost of reduce the cost of borrowing to buy a borrowing to buy a house house further push do
9、wn further push down long-term bond long-term bond yieldsyields;remove remove expand balance sheet expand balance sheet riskriskcontinue the continue the operation twistoperation twist uDirect effects:Enhance market confidenceThe rise of stock,gold and oilDollar depreciationuLong-term effects:The re
10、al estate market recoveryEmployment increaseIncreasing inflationary pressures uAdvantage1.demand for exports will increase 2.a positive impact on the A-share marketuDisadvantage1.Inflation 2.Hot money 3.Increase the difficulty of the macro-control 4.RMB will be forced to appreciateOur countermeasures Moderately loose monetary policyInterest rate cutLower reserveRelief SMEs#?