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external assets
Foreign assets, including foreign exchange, monetary gold and other foreign assets, are the assets held by the central bank with the highest proportion.
It is worth noting that all subjects in the central bank's balance sheet are denominated in RMB, so the external assets are denominated by historical cost method.
1) foreign exchange
2) Monetary gold
The gold purchased by the central bank in the domestic and foreign markets also adopts the historical cost method and is denominated in RMB.
3) Other foreign assets
Mainly manifested in the reserve position and special drawing right (SDR) of the International Monetary Fund, as well as the statutory deposit reserve paid in the form of foreign exchange.
02
Creditors' rights to the government
The Law of the People's Bank of China stipulates that "the People's Bank of China shall not overdraw the government, and shall not directly subscribe for or underwrite government bonds and other government creditor's rights".
Therefore, from a legal point of view, banks in China are not allowed to directly hold government bonds. At present, the "creditor's rights to the government" in the balance sheet of the central bank is about10.5 trillion, mainly due to historical reasons. When CIC was established in 2007, the Ministry of Finance issued 1.55 trillion special national debt, which was finally held by the central bank through complicated transactions.
Since then, the subject has remained stable, and it is expected that the subject will remain stable in the future until there is a breakthrough in the legal level.
03
Creditor's rights to other deposit companies
It is mainly the base currency provided by the central bank to banks through reverse repurchase, refinancing, rediscount and other monetary instruments in the open market.
Before 20 14, the expectation of RMB appreciation was strong, and foreign exchange inflows under trade and capital were obvious. The central bank passively put in a large amount of foreign exchange to form the base currency.
After 20 14, foreign exchange reserves began to decline significantly, and foreign exchange holdings decreased significantly. The base currency began to shift from foreign exchange to reverse repurchase, refinancing and rediscount. The corresponding "creditor's rights to other deposit companies" under the central bank's balance sheet began to increase systematically.
04
Creditor's rights to other financial companies
Other financial institutions refer to financial institutions other than banks. The main purpose of the central bank's creditor's rights to banks is to put in the base currency and realize its monetary policy. Creditors' rights to other financial companies are mainly for maintaining financial stability.
05
Claims on non-financial sectors
Mainly loans issued by the central bank to support poor people and poor areas. The scale is very small, and it stopped updating from 2065438+March 2009.
06
Other assets
Historically, the central bank has not disclosed "other assets", and the current scale is about 1.4 trillion. It is inferred that other assets may mainly include fixed assets and equity investment in financial institutions.
The second part is the liability side of the central bank's balance sheet.
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reserve currency
Reserve currency is also the basic currency, including "currency issuance", "deposits of financial companies" and "deposits of non-financial institutions".
1) currency issuance
That is, currency in circulation and cash in the bank. The currency in circulation (M0) is mainly held by residents and enterprises, including banknotes and coins. M0 has two remarkable characteristics.
On the one hand, it has obvious seasonal characteristics, and the increase of residents' demand for cash withdrawal during the Spring Festival every year will lead to a substantial increase in M0. On the other hand, with the popularity of electronic payment, the growth rate of M0 has dropped significantly in recent years. Banks have little cash on hand, mainly to meet the withdrawal needs of residents (such as cash from ATMs).
2) Financial enterprise deposits
The deposits of financial institutions refer to the deposits of other deposit-taking institutions, including the statutory deposit reserve and excess deposit reserve of banks.
The purpose of statutory deposit reserve is to ensure that commercial banks still have sufficient solvency in the event of a bank run, but it has become one of the most important monetary policy tools of the Bank of China.
Excess deposit reserve is the position that commercial banks deposit in the central bank to meet the daily liquidation needs. It should be noted that the central bank's "RRR cut" itself will not increase the base currency, but will only convert part of the statutory deposit reserve into excess deposit reserve and increase the available funds of banks.
3) Deposits from non-financial institutions
According to the requirements of the central bank, starting from 20 17, the payment institution shall deposit the customer's reserve fund into the special deposit account of the designated institution according to a certain proportion, which is similar to the statutory deposit reserve of the bank. Unlike the statutory deposit reserve, the customer's reserve does not bear interest.
After 20 19, the ratio was raised to 100%, which means that the customer reserve funds received by payment institutions must be turned over to the central bank in full.
Financial company deposits not included in the reserve currency
Includes two parts:
1) statutory deposit reserve paid by non-bank financial institutions (including finance companies and trust companies);
2) funds deposited by non-bank financial institutions in the central bank to meet the liquidation needs.
On the one hand, the total capital scale of these two departments is very small (currently around 500 billion), on the other hand, the currency derivation ability is very small, so it is not included in the base currency;
03
Government deposit
Government deposits include central treasury deposits and local treasury deposits. In practice, the concepts of "government deposits", "fiscal deposits", government deposits in the balance sheet of the central bank and government deposits of financial institutions are often confused.
1) "Statement of Credit Revenue and Expenditure of Financial Institutions (RMB)" contains the subject of "government deposit". At present, the latest is about 35.3 trillion yuan, which consists of two parts. Among them, "fiscal deposits" are about 4.5 trillion, and "institutional group deposits" are about 30.8 trillion.
Deposits of government agencies and groups are deposited in commercial banks, mainly including social security funds, housing accumulation funds, health and military education and other system deposits. Although institutional group deposits are included in government deposits in a broad sense, they are not funds that can be directly used by the government, which is very different from government deposits in a narrow sense.
2) Financial deposits in the credit balance sheet (RMB) of financial institutions are government deposits in a narrow sense, including government deposits deposited in the central bank by governments at all levels (central government and local governments) and government deposits deposited in commercial banks.
So, this is not one of them