回購與反向回購術語


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這可能是一個基本問題。但是我仍然對條款感到困惑。請提出我對回購與反向回購以及回購利率與反向回購利率及其貨幣申請的理解。

這是我的理解:

  1. 回購協議是指銀行向美聯儲出售證券以便以更高的價格回購。

  2. 反向協議是指美聯儲從銀行購買證券並以更高的價格轉售給銀行。

  3. 回購利率是從銀行的角度來看,當銀行在回購證券時必須向美聯儲付款時所採用的利率。(在這種情況下,銀行是在執行回購協議,美聯儲是在進行反向回購協議)

  4. 反向回購利率是指從銀行的角度來看,當銀行從聯儲購買證券以便在以後將證券轉售給聯儲時由聯儲支付時使用的利率。(在這種情況下,銀行簽署了反向回購協議,美聯儲簽署了回購協議)

當美聯儲想要增加貨幣供應量時,它將降低迴購利率。另一方面,如果美聯儲想減少貨幣供應量,它將提高回購利率。

當美聯儲想要減少貨幣供應量時,它將增加反向回購利率。另一方面,如果美聯儲想增加貨幣供應量,它將降低反向回購利率。

問:我的理解正確嗎?

我一直在閱讀文章和互聯網資源,但仍然沒辦法。請提出建議。先感謝您。

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A repo transaction and a reverse repo transaction are opposite sides of the same transaction.

A capital market participant enters into a "repo" with a counterparty, who is in a "reverse repo". A repo is repurchase agreement. The counterparty (liquidity taker) is effectively borrowing funds from the capital market participant (liquidity provider) on a secured basis. They sell the security to the capital market participant and simultaneously agrees to repurchase the same security. The difference between the price sold (lower) and the agree upon price to repurchase the same security represents the interest paid on the secured loan.

Higher interest rates discourage borrowing (lower interest rates encourage borrowing) in that higher interest rates increase the cost of borrowing money.

While the Fed and Banks are major participants in the repo market, the repo market has many participants (money market funds, mutual funds, institutional investors, etc). The consistency is that the borrower or liquidity taker enters into a "repo", and the lender or liquidity provider enters the same trade as a "reverse repo".

When the Fed is looking to inject liquidity (increase funds or money supply) into the market, they are engaging in a "reverse repo" transaction. When the Fed is looking to take liquidity out of the market (reduce funds or money supply), they are engaging in a "repo" transaction.