"印钱"本质是央行通过特定方式增加货币供应量，网上常说央行"印钱"，有人担心货币贬值，但普通人日常感知不明显。 以"xx奶茶"为例，其接到10万美元海外订单，需将美元兑换为人民币用于国内开支。商业银行收下10万美元，按7:1汇率向其账户发放70万元人民币。商业 银行积累一定外汇后，会在银行间外汇市场交易，央行作为最终买方买入外汇、形成外汇储备，同时向市场投放对应金额的基础货币。 这些新钱究竟如何产生、又流向何处？理解这一过程需拆解现代货币体系逻辑。 不妨做个假设：你穿越到古代成为皇帝，刚上任就遇敌军攻城，召集群臣却被告知"钱不够"。你提出"印钱"，大臣们却满脸困惑——古代货币无法凭空创 造，即便有纸币，也需金银作为背书，这就是"金本位"。 1971年布雷顿森林体系瓦解，美元与黄金彻底脱钩，全球货币陆续放弃金本位，转而依靠国家信用支撑。此后，货币供应量不再受金矿储量限制，央行可通 过外汇、债务等资产发行基础货币，再由商业银行进一步创造货币，形成广义货币（M2）。 央行"无中生有"创造货币，主要有三种核心方式： 从资产负债表看，央行资产端增加"外汇储备10万美元"，负债端增加"基础货币70万元"。这种通过买入外汇 ...

Group 1 - The report indicates that the external environment is severe, leading to a balanced and slightly loose funding situation, with expectations of a slight decline in market interest rates in April [3][5][87] - In March, the central bank increased liquidity, resulting in a slight easing of the funding environment, with average interbank and exchange repo rates mostly declining [3][12][55] - The average overnight transaction volume in the interbank market increased compared to the previous month, while the exchange's overnight transaction volume decreased [42][49] Group 2 - Key indicators in the overseas currency market show that the Federal Reserve paused interest rate cuts in March, and short-term U.S. Treasury rates remained stable [7][9] - Domestic monetary market indicators reveal a slight easing in March, with average repo rates declining, while fiscal deposits increased significantly [5][11] - The report predicts that fiscal deposits will continue to rise in April, with a slight decrease in the excess reserve ratio expected [56][66][81] Group 3 - The report highlights that the average yield on short-term bonds increased in March, with specific changes in yields for various types of bonds [13][32] - The average annualized yield of money market funds decreased slightly in March, indicating a trend of declining yields [37][41] - The report notes that the central bank may use monetary policy tools such as reserve requirement ratio cuts to counter external pressures [76][87]