China has been able to resist pressure for appreciation by buying the dollars coming into the country with renminbi , and then draining the local funds out of the system by selling central bank bills , a process known as sterilisation 中国一直通过用人民币购买进入本国的美元的方式，来抵御升值压力，之后再通过出售央行票据，将本地资金抽离金融体系，这一过程被称之为“冲销” 。
The thing to do may be to fix the weekly programme and to fine - tune monetary conditions through rather more frequent money market operations of the type carried out daily by other central banks engaging in discretionary monetary management 事实上，央行可以考虑的做法，是固定了一个长期的每周发行央行票据的计划，并参照其他地区央行随机应变式的货币管理策略，每日进行较密集的货币市场操作，以达到微调货币状况的效果。
Whether it is in the form of the monetary base or paper issued to and held by the commercial banks , the increase on the liability side takes the form of an increase in borrowing by the peoples bank of china , rather than an increase in capital and reserves 但无论是透过增加货币基础，抑或让银行增持央行票据，都会使人民银行的负债上升而并非增加资本及储备。虽然许多央行都透过将到期票据续期来取代原有的负债，但负债最终是要偿还的。
In order to solve the difficulty of open market operation ( omo ) , greet world economical finance competition and challenge , the people ' s bank of china has been issuing centre bank paper as the tool of omo since 2003 , and then omo entered a new stage 为了更好地改善中国公开市场操作效果,迎接世界性的经济金融竞争和挑战,中国人民银行于2003年4月22日正式发行央行票据作为公开市场操作工具,这意味着我国公开市场业务进入了一个新的阶段。
The central bank conducts extensive money market operations to minimise the impact of capital inflows , issuing bills to drain liquidity from the system to ensure that it keeps in check the amount of money in the circulation , an important driver of inflation 中国央行进行广泛的货币市场操作，以将资本流入的影响降到最低，包括发行央行票据，减少系统内的流动资金，从而确保货币流通量始终在它控制之下，这些货币是通货膨胀的一个重要驱动力。
But obviously when there are prospects that these assets are being exhausted i have no idea though whether this is the case , or when other considerations preclude pursuing this to the full extent , the alternative is to create a different form of central bank liability to sterilise the clearing balance 当然，如果这些央行资产将近出现不敷应用实际情况是否如此不得而知，或基于其他考虑不得全面采用这个办法，央行可透过创造另一种央行负债的形式来冲销增加了的结算结馀。我相信这至少是人行上月决定固定发行央行票据的部分原因。
The above theory needs us to make a concrete empirical analysis . the conlusion is that the interest rate tendency of the medium - term bonds of bond market is unanimous with the 1 - year note interest rate tendency of central bank with 3 months . but the interest rate of the medium - term bonds only is influenced by the 1 - year note interest rate of central bank , and has influenced the interest rate tendency of the 1 - year note of central bank 债券市场中期债券的利率走势与3个月和1年期央行票据利率走势一致,但中期债券的利率只受到1年期央行票据利率的影响,并影响了1年期央行票据的利率走势。这些结论体现了我国公开市场业务操作确实对债券市场利率存在影响。
