NO.PZ202212260100003902
问题如下：
(2) Based on Exhibit 1, which country’s central bank is most likely to buy domestic bonds near term to sterilize the impact of money flows on domestic liquidity?
选项：
A.Country A B.Country B C.Country C解释：
Hot money is flowing out of Country B; thus, Country B’s central bank is the most likely to sell foreign currency (thereby draining domestic liquidity) to limit/avoid depreciation of the domestic currency and buy government securities (thereby providing liquidity) to sterilize the impact on bank reserves and interest rates.
A is incorrect because Country A is not experiencing hot money flows and, therefore, would not need to sterilize the impact of money flows on domestic liquidity.
C is incorrect because hot money is flowing into Country C; thus, Country C’s central bank is most likely to sell government securities to limit the growth of bank reserves and/or maintain a target level of interest rates.
中文解析：
热钱从B国流出;因此，B国央行最有可能出售外币(从而抽走国内流动性)以限制/避免本币贬值，并购买政府证券(从而提供流动性)以冲销对银行储备和利率的影响。
A是不正确的，因为A国没有经历热钱流动，因此不需要冲销货币流动对国内流动性的影响。
C是不正确的，因为热钱正在流入C国;因此，C国央行最有可能出售政府证券，以限制银行储备的增长和/或维持目标利率水平。
这个地方不是很理解，热钱外流，会导致国内本币流动性泛滥，导致本币贬值，这个时候央行不应该发行债券吗，从而将市场上的流动性回收回来吗？
