The RRR is only one example of a textbook sterilization instrument.

The two 50 basis point RRR increases just locked up the same amount of liquidity.

But the most recent RRR increases serve mainly to sterilize the passive money supply caused by the increase in foreign exchange reserves.

Money used by commercial banks to satisfy the RRR, which is held in accounts at the PBC, can no longer be extended as loans.

For how long will this sterilization continue, and how far will it go? At what point will higher RRR levels cause Chinese commercial banks to begin running losses?

At the beginning of the year, the RRR increases could be regarded as part of efforts to correct the over supply of money that arose from the anti crisis stimulus package.

BEIJING Not long after the United States Federal Reserve Board announced its second round of quantitative easing (known as QE2), the People s Bank of China (PBC), China s central bank, announced two increases of 0.5 percentage points in the required reserve ratio (RRR) of bank deposits.

The proportion of girls going to school at right age is lower than that of boys and girl drop outs is higher than boys.

And, while inflation is a concern having risen to 4.4 year on year in October, from 3.6 in September this cannot explain why the PBC raised the RRR three times earlier this year, when inflation was lower.

The required cut is large eliminating half of Greece s public debt obligation would leave it at nearly 80 of GDP, a ratio higher than Spain s.

CAMBRIDGE The United States Federal Reserve s policy of quantitative easing is reducing the value of the dollar relative to other currencies that have floating exchange rates.

Moreover, both have a reputation for believing that the Fed should not place excessive weight on price stability relative to unemployment.

In addition, the absence of an IMF insurance facility with acceptable terms has been a major gap in the global financial architecture, especially for the more dynamic emerging market economies.

This is a small sum relative to Russia s currency reserves, but plenty for the underdeveloped banking system, which experienced a severe credit squeeze.

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The adjustments needed amount to a sizeable deficit to balance swing of around 700 billion in the US current account, or nearly 5 of US GNP.

Bernanke also noted the possibility of temporarily raising the Fed s medium term inflation target (a policy that I suggested in this column in December 2008).

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This report provides me, as Chief Administrative Officer of the Organization, a good overview of the major activities undertaken by the Office during the reporting period.

The Fed Trap

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Reserve Reform

THE YEXECUTIVE COMMITTEE OF THE HIGH COMMISSIONER'S PROGRAMME

Financial reserve

(f) Operating reserve

Homemakers are still required to prove 50 medical disability (as opposed to the usual 40 ) in order to be eligible for a pension.

The fertility rate in the Netherlands is 1.78 children per woman (2013 est), which is high compared with many other European countries, but below the rate of 2.1 children per woman required for natural population replacement.

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So, instead of becoming the principal reserve asset of the global system, the proportion of SDRs in global reserves shrank to a tiny fraction, rendering the SDR the monetary equivalent of Esperanto.

The Fed s Culture War

Fighting the Fed

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The Federal Reserve and the Currency Wars