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24120091TheJournalofGangdongUniversityofFinanceVol.24,No.1Jan.2009:,100732:,,,,,:;;:F830.5:A:167421625(2009)0120035211:2008210215:(19722),,,,,1984,,,2090,,,,,,,;,53,(1993)[1],,,,,(1993),1984,,,,,(1993)(1996)[2](1997)[3],,,,,(2006)[4],,(2006)[5](2007)[6],,(2006)[7],198511994,1998,():198419931984,,,,1993,,,,63;,1.,,,,,,,?:=+(1),,();,,,:++=+(2),2090,,,,,,,?,,,()(),,,,,2.,,,,73:(,1990)[8],13,45,,,,,,(),,,,,,,():19941997,,1994,,,,1994,,,,1994,,,,,(),1995,1996;1996,,(,2007),();,;,():199772,,,,19982002,,,,,83,,,,,,,,,;,119992000(:)1999.10.1910040771999.10.1810034581999.10.1510028121999.04.20100394440014291::,1999,2,5002,470301.,:,;,,,,20,,,,,,,,;(,1990),,;,2005325,2005,19992000,139392.,,19992000,,1400093:,,6041,,(2004)[9],1997,,14112000,,,,(),,,,,,50%(2002)[10],():20032007,,,,,,,,1.,2004290:2004,4002004,,408,4082005,13602007,3658.5,35%220032007:200720062005200420033658.503870.005230.006099.006507.00304.65653.55524.84408.000.003725.502406.281241.68--:200804(2004),19996338(2006)[2004]59,,,;,;,,,,2.2003,,,320046734.30,520046181,3200461289,633.54520046210,3200564590,4,304.655::,,23,,,:,50%,,35,,,;,;,,,42003100a-100b100b100aAMC100aAMC100a-100b100b-100c100c-100b100b-100c100c:100:a:(AMC)100;b:AMC100;c:10014:,,,3,3.,,200410,,,10(10),10,9,,2005,100,,100,(,2005)[11]929,,,63();617,,,,,,,19841993,,;19941997,,,;,19982002,,,,,,,2003,,1998,,,,24,,()5,,,,,,,,,,,,(2006),,,,,,(),(),,,,,,,():,(,2006;,2006),,,;,34:,,,,2007,6000;2003,1656,,,2004,35,,2007,20089,,(),??(2005)[12],,(),(),,,;,,,,,,2000,20002000,,,,620002007:20002001200220032004200520062007868.5930.41720.42651.41863.52750.03284.73832.9:200812000,2000200717900,2240,,(),,,44,,,,1984,,,,,,,,,,,,,,,:[1].[M].:,1993.[2].[M].:,1996.[3].[A]..[M].:,1997.[4].:[J].,2006(4).[5].[J].,2006(20).[6].[J].,2007(3).[7].[J],2006(4).[8].[M].,1990.[9],.[J],2004(10).[10].[J].,2002(9).[11].100[N].,2005207225.[12].:[J](),2005,4(3).()(128)54:,,,,,(45)TheLoansofPeoplepsBankofChina:FunctionsandProspectsWangYang(InstituteofWorldEconomy&Politics,ChinaAcademyofSocialSciences,Beijing100732,China)Abstract:ThepositionoftheloansofthePeoplepsBankofChinaisstillanopenquestionforthemonetaryauthoritiesinChina.Inessence,itisconsideredasthemonetizationofbadloansaslongasthePeoplepsBankofChinaofferedcreditstotheinsolventfinancialinstitutions.Thepaperdiscussesitsbadeffectandprospectonthecentralbankpsfinancetobadloansofthestate2ownedfinancialinstitutions.ThemonetizationofbadloansmayinfluencethefinancialsecurityofthemonetaryauthoritiesandthereputationofmonetarypolicyinChina.Butfromtheminimumanalysis,thescaleofmonetizationofbadloansofthePeoplepsbankofChinacouldbeequaltothenewcurrenciesincirculationattheleast.Keywords:centralbankrelending;non2performingloan;monetization2009()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()821