id	sid	tid	token	lemma	pos
fbem-29599	1	1	frontiers	frontier	NOUN
fbem-29599	1	2	in	in	ADP
fbem-29599	1	3	business	business	NOUN
fbem-29599	1	4	,	,	PUNCT
fbem-29599	1	5	economics	economic	NOUN
fbem-29599	1	6	and	and	CCONJ
fbem-29599	1	7	management	management	NOUN
fbem-29599	1	8	issn	issn	PROPN
fbem-29599	1	9	:	:	PUNCT
fbem-29599	1	10	2766	2766	NUM
fbem-29599	1	11	-	-	PUNCT
fbem-29599	1	12	824x	824x	NUM
fbem-29599	1	13	|	|	ADJ
fbem-29599	1	14	vol	vol	NOUN
fbem-29599	1	15	.	.	PROPN
fbem-29599	1	16	18	18	NUM
fbem-29599	1	17	,	,	PUNCT
fbem-29599	1	18	no	no	INTJ
fbem-29599	1	19	.	.	NOUN
fbem-29599	1	20	2	2	NUM
fbem-29599	1	21	,	,	PUNCT
fbem-29599	1	22	2025	2025	NUM
fbem-29599	1	23	102	102	NUM
fbem-29599	1	24	channels	channel	NOUN
fbem-29599	1	25	of	of	ADP
fbem-29599	1	26	base	base	NOUN
fbem-29599	1	27	money	money	NOUN
fbem-29599	1	28	issuance	issuance	NOUN
fbem-29599	1	29	and	and	CCONJ
fbem-29599	1	30	policy	policy	NOUN
fbem-29599	1	31	responses	response	NOUN
fbem-29599	1	32	in	in	ADP
fbem-29599	1	33	monetary	monetary	ADJ
fbem-29599	1	34	supply	supply	NOUN
fbem-29599	1	35	linli	linli	PROPN
fbem-29599	1	36	luo	luo	PROPN
fbem-29599	1	37	east	east	PROPN
fbem-29599	1	38	china	china	PROPN
fbem-29599	1	39	university	university	PROPN
fbem-29599	1	40	of	of	ADP
fbem-29599	1	41	political	political	ADJ
fbem-29599	1	42	science	science	NOUN
fbem-29599	1	43	and	and	CCONJ
fbem-29599	1	44	law	law	NOUN
fbem-29599	1	45	,	,	PUNCT
fbem-29599	1	46	china	china	PROPN
fbem-29599	1	47	abstract	abstract	PROPN
fbem-29599	1	48	:	:	PUNCT
fbem-29599	1	49	since	since	SCONJ
fbem-29599	1	50	the	the	DET
fbem-29599	1	51	people	people	NOUN
fbem-29599	1	52	's	's	PART
fbem-29599	1	53	bank	bank	PROPN
fbem-29599	1	54	of	of	ADP
fbem-29599	1	55	china	china	PROPN
fbem-29599	1	56	became	become	VERB
fbem-29599	1	57	the	the	DET
fbem-29599	1	58	monetary	monetary	ADJ
fbem-29599	1	59	authority	authority	NOUN
fbem-29599	1	60	and	and	CCONJ
fbem-29599	1	61	implemented	implement	VERB
fbem-29599	1	62	the	the	DET
fbem-29599	1	63	functions	function	NOUN
fbem-29599	1	64	of	of	ADP
fbem-29599	1	65	the	the	DET
fbem-29599	1	66	central	central	ADJ
fbem-29599	1	67	bank	bank	NOUN
fbem-29599	1	68	in	in	ADP
fbem-29599	1	69	1996	1996	NUM
fbem-29599	1	70	,	,	PUNCT
fbem-29599	1	71	the	the	DET
fbem-29599	1	72	regulation	regulation	NOUN
fbem-29599	1	73	of	of	ADP
fbem-29599	1	74	the	the	DET
fbem-29599	1	75	money	money	NOUN
fbem-29599	1	76	supply	supply	NOUN
fbem-29599	1	77	is	be	AUX
fbem-29599	1	78	almost	almost	ADV
fbem-29599	1	79	regulated	regulate	VERB
fbem-29599	1	80	by	by	ADP
fbem-29599	1	81	the	the	DET
fbem-29599	1	82	channel	channel	NOUN
fbem-29599	1	83	of	of	ADP
fbem-29599	1	84	the	the	DET
fbem-29599	1	85	base	base	NOUN
fbem-29599	1	86	money	money	NOUN
fbem-29599	1	87	supply	supply	NOUN
fbem-29599	1	88	.	.	PUNCT
fbem-29599	2	1	therefore	therefore	ADV
fbem-29599	2	2	,	,	PUNCT
fbem-29599	2	3	the	the	DET
fbem-29599	2	4	discussion	discussion	NOUN
fbem-29599	2	5	on	on	ADP
fbem-29599	2	6	the	the	DET
fbem-29599	2	7	historical	historical	ADJ
fbem-29599	2	8	changes	change	NOUN
fbem-29599	2	9	of	of	ADP
fbem-29599	2	10	the	the	DET
fbem-29599	2	11	channel	channel	NOUN
fbem-29599	2	12	of	of	ADP
fbem-29599	2	13	the	the	DET
fbem-29599	2	14	base	base	NOUN
fbem-29599	2	15	money	money	NOUN
fbem-29599	2	16	supply	supply	NOUN
fbem-29599	2	17	in	in	ADP
fbem-29599	2	18	china	china	PROPN
fbem-29599	2	19	and	and	CCONJ
fbem-29599	2	20	their	their	PRON
fbem-29599	2	21	impact	impact	NOUN
fbem-29599	2	22	is	be	AUX
fbem-29599	2	23	helpful	helpful	ADJ
fbem-29599	2	24	to	to	PART
fbem-29599	2	25	study	study	VERB
fbem-29599	2	26	how	how	SCONJ
fbem-29599	2	27	to	to	PART
fbem-29599	2	28	adjust	adjust	VERB
fbem-29599	2	29	the	the	DET
fbem-29599	2	30	money	money	NOUN
fbem-29599	2	31	supply	supply	NOUN
fbem-29599	2	32	in	in	ADP
fbem-29599	2	33	the	the	DET
fbem-29599	2	34	future	future	NOUN
fbem-29599	2	35	,	,	PUNCT
fbem-29599	2	36	and	and	CCONJ
fbem-29599	2	37	then	then	ADV
fbem-29599	2	38	bring	bring	VERB
fbem-29599	2	39	good	good	ADJ
fbem-29599	2	40	guidance	guidance	NOUN
fbem-29599	2	41	to	to	ADP
fbem-29599	2	42	the	the	DET
fbem-29599	2	43	proposal	proposal	NOUN
fbem-29599	2	44	of	of	ADP
fbem-29599	2	45	monetary	monetary	ADJ
fbem-29599	2	46	policy	policy	NOUN
fbem-29599	2	47	.	.	PUNCT
fbem-29599	3	1	by	by	ADP
fbem-29599	3	2	analyzing	analyze	VERB
fbem-29599	3	3	the	the	DET
fbem-29599	3	4	four	four	NUM
fbem-29599	3	5	channels	channel	NOUN
fbem-29599	3	6	of	of	ADP
fbem-29599	3	7	base	base	NOUN
fbem-29599	3	8	money	money	NOUN
fbem-29599	3	9	supply	supply	NOUN
fbem-29599	3	10	one	one	NUM
fbem-29599	3	11	by	by	ADP
fbem-29599	3	12	one	one	NUM
fbem-29599	3	13	,	,	PUNCT
fbem-29599	3	14	and	and	CCONJ
fbem-29599	3	15	based	base	VERB
fbem-29599	3	16	on	on	ADP
fbem-29599	3	17	the	the	DET
fbem-29599	3	18	data	datum	NOUN
fbem-29599	3	19	from	from	ADP
fbem-29599	3	20	the	the	DET
fbem-29599	3	21	people	people	NOUN
fbem-29599	3	22	's	's	PART
fbem-29599	3	23	bank	bank	PROPN
fbem-29599	3	24	of	of	ADP
fbem-29599	3	25	china	china	PROPN
fbem-29599	3	26	and	and	CCONJ
fbem-29599	3	27	the	the	DET
fbem-29599	3	28	national	national	PROPN
fbem-29599	3	29	bureau	bureau	PROPN
fbem-29599	3	30	of	of	ADP
fbem-29599	3	31	statistics	statistic	NOUN
fbem-29599	3	32	,	,	PUNCT
fbem-29599	3	33	this	this	DET
fbem-29599	3	34	paper	paper	NOUN
fbem-29599	3	35	finds	find	VERB
fbem-29599	3	36	out	out	ADP
fbem-29599	3	37	the	the	DET
fbem-29599	3	38	overall	overall	ADJ
fbem-29599	3	39	trend	trend	NOUN
fbem-29599	3	40	change	change	NOUN
fbem-29599	3	41	and	and	CCONJ
fbem-29599	3	42	the	the	DET
fbem-29599	3	43	impact	impact	NOUN
fbem-29599	3	44	of	of	ADP
fbem-29599	3	45	the	the	DET
fbem-29599	3	46	analysis	analysis	NOUN
fbem-29599	3	47	on	on	ADP
fbem-29599	3	48	the	the	DET
fbem-29599	3	49	overall	overall	ADJ
fbem-29599	3	50	money	money	NOUN
fbem-29599	3	51	supply	supply	NOUN
fbem-29599	3	52	,	,	PUNCT
fbem-29599	3	53	and	and	CCONJ
fbem-29599	3	54	fin	fin	NOUN
fbem-29599	3	55	ally	ally	NOUN
fbem-29599	3	56	puts	put	VERB
fbem-29599	3	57	forward	forward	ADV
fbem-29599	3	58	constructive	constructive	ADJ
fbem-29599	3	59	suggestions	suggestion	NOUN
fbem-29599	3	60	from	from	ADP
fbem-29599	3	61	the	the	DET
fbem-29599	3	62	perspective	perspective	NOUN
fbem-29599	3	63	of	of	ADP
fbem-29599	3	64	relatively	relatively	ADJ
fbem-29599	3	65	deficiencies	deficiency	NOUN
fbem-29599	3	66	.	.	PUNCT
fbem-29599	4	1	keywords	keyword	NOUN
fbem-29599	4	2	:	:	PUNCT
fbem-29599	4	3	base	base	NOUN
fbem-29599	4	4	money	money	NOUN
fbem-29599	4	5	,	,	PUNCT
fbem-29599	4	6	supply	supply	NOUN
fbem-29599	4	7	channels	channel	NOUN
fbem-29599	4	8	,	,	PUNCT
fbem-29599	4	9	reloan	reloan	ADJ
fbem-29599	4	10	funds	fund	NOUN
fbem-29599	4	11	,	,	PUNCT
fbem-29599	4	12	outstanding	outstanding	ADJ
fbem-29599	4	13	for	for	ADP
fbem-29599	4	14	foreign	foreign	ADJ
fbem-29599	4	15	exchange	exchange	NOUN
fbem-29599	4	16	,	,	PUNCT
fbem-29599	4	17	open	open	ADJ
fbem-29599	4	18	market	market	NOUN
fbem-29599	4	19	operation	operation	NOUN
fbem-29599	4	20	,	,	PUNCT
fbem-29599	4	21	innovative	innovative	ADJ
fbem-29599	4	22	channels	channel	NOUN
fbem-29599	4	23	for	for	ADP
fbem-29599	4	24	base	base	NOUN
fbem-29599	4	25	money	money	NOUN
fbem-29599	4	26	delivery	delivery	NOUN
fbem-29599	4	27	.	.	PUNCT
fbem-29599	5	1	1	1	X
fbem-29599	5	2	.	.	X
fbem-29599	5	3	introduction	introduction	NOUN
fbem-29599	5	4	base	base	NOUN
fbem-29599	5	5	money	money	NOUN
fbem-29599	5	6	,	,	PUNCT
fbem-29599	5	7	also	also	ADV
fbem-29599	5	8	known	know	VERB
fbem-29599	5	9	as	as	ADP
fbem-29599	5	10	monetary	monetary	ADJ
fbem-29599	5	11	base	base	NOUN
fbem-29599	5	12	,	,	PUNCT
fbem-29599	5	13	is	be	AUX
fbem-29599	5	14	referred	refer	VERB
fbem-29599	5	15	to	to	ADP
fbem-29599	5	16	as	as	ADP
fbem-29599	5	17	high	high	ADJ
fbem-29599	5	18	-	-	PUNCT
fbem-29599	5	19	powered	power	VERB
fbem-29599	5	20	money	money	NOUN
fbem-29599	5	21	due	due	ADP
fbem-29599	5	22	to	to	ADP
fbem-29599	5	23	its	its	PRON
fbem-29599	5	24	ability	ability	NOUN
fbem-29599	5	25	to	to	PART
fbem-29599	5	26	amplify	amplify	VERB
fbem-29599	5	27	or	or	CCONJ
fbem-29599	5	28	contract	contract	VERB
fbem-29599	5	29	the	the	DET
fbem-29599	5	30	total	total	ADJ
fbem-29599	5	31	money	money	NOUN
fbem-29599	5	32	supply	supply	NOUN
fbem-29599	5	33	by	by	ADP
fbem-29599	5	34	multiples	multiple	NOUN
fbem-29599	5	35	.	.	PUNCT
fbem-29599	6	1	it	it	PRON
fbem-29599	6	2	is	be	AUX
fbem-29599	6	3	the	the	DET
fbem-29599	6	4	most	most	ADV
fbem-29599	6	5	core	core	NOUN
fbem-29599	6	6	and	and	CCONJ
fbem-29599	6	7	fundamental	fundamental	ADJ
fbem-29599	6	8	part	part	NOUN
fbem-29599	6	9	of	of	ADP
fbem-29599	6	10	the	the	DET
fbem-29599	6	11	money	money	NOUN
fbem-29599	6	12	supply	supply	NOUN
fbem-29599	6	13	,	,	PUNCT
fbem-29599	6	14	consisting	consist	VERB
fbem-29599	6	15	of	of	ADP
fbem-29599	6	16	currency	currency	NOUN
fbem-29599	6	17	in	in	ADP
fbem-29599	6	18	circulation	circulation	NOUN
fbem-29599	6	19	and	and	CCONJ
fbem-29599	6	20	the	the	DET
fbem-29599	6	21	total	total	ADJ
fbem-29599	6	22	reserves	reserve	NOUN
fbem-29599	6	23	of	of	ADP
fbem-29599	6	24	the	the	DET
fbem-29599	6	25	banking	banking	NOUN
fbem-29599	6	26	system	system	NOUN
fbem-29599	6	27	.	.	PUNCT
fbem-29599	7	1	base	base	NOUN
fbem-29599	7	2	money	money	NOUN
fbem-29599	7	3	is	be	AUX
fbem-29599	7	4	a	a	DET
fbem-29599	7	5	debt	debt	NOUN
fbem-29599	7	6	instrument	instrument	NOUN
fbem-29599	7	7	issued	issue	VERB
fbem-29599	7	8	by	by	ADP
fbem-29599	7	9	the	the	DET
fbem-29599	7	10	central	central	ADJ
fbem-29599	7	11	bank	bank	NOUN
fbem-29599	7	12	(	(	PUNCT
fbem-29599	7	13	or	or	CCONJ
fbem-29599	7	14	,	,	PUNCT
fbem-29599	7	15	in	in	ADP
fbem-29599	7	16	other	other	ADJ
fbem-29599	7	17	words	word	NOUN
fbem-29599	7	18	,	,	PUNCT
fbem-29599	7	19	an	an	DET
fbem-29599	7	20	iou	iou	NOUN
fbem-29599	7	21	)	)	PUNCT
fbem-29599	7	22	,	,	PUNCT
fbem-29599	7	23	manifesting	manifest	VERB
fbem-29599	7	24	as	as	ADP
fbem-29599	7	25	the	the	DET
fbem-29599	7	26	base	base	NOUN
fbem-29599	7	27	money	money	NOUN
fbem-29599	7	28	held	hold	VERB
fbem-29599	7	29	by	by	ADP
fbem-29599	7	30	commercial	commercial	ADJ
fbem-29599	7	31	banks	bank	NOUN
fbem-29599	7	32	and	and	CCONJ
fbem-29599	7	33	the	the	DET
fbem-29599	7	34	cash	cash	NOUN
fbem-29599	7	35	in	in	ADP
fbem-29599	7	36	circulation	circulation	NOUN
fbem-29599	7	37	held	hold	VERB
fbem-29599	7	38	by	by	ADP
fbem-29599	7	39	the	the	DET
fbem-29599	7	40	public	public	NOUN
fbem-29599	7	41	(	(	PUNCT
fbem-29599	7	42	recently	recently	ADV
fbem-29599	7	43	,	,	PUNCT
fbem-29599	7	44	there	there	PRON
fbem-29599	7	45	has	have	AUX
fbem-29599	7	46	been	be	AUX
fbem-29599	7	47	an	an	DET
fbem-29599	7	48	addition	addition	NOUN
fbem-29599	7	49	of	of	ADP
fbem-29599	7	50	customer	customer	NOUN
fbem-29599	7	51	reserve	reserve	NOUN
fbem-29599	7	52	funds	fund	NOUN
fbem-29599	7	53	held	hold	VERB
fbem-29599	7	54	by	by	ADP
fbem-29599	7	55	third	third	ADJ
fbem-29599	7	56	-	-	PUNCT
fbem-29599	7	57	party	party	NOUN
fbem-29599	7	58	payment	payment	NOUN
fbem-29599	7	59	companies	company	NOUN
fbem-29599	7	60	in	in	ADP
fbem-29599	7	61	the	the	DET
fbem-29599	7	62	central	central	ADJ
fbem-29599	7	63	bank	bank	NOUN
fbem-29599	7	64	,	,	PUNCT
fbem-29599	7	65	but	but	CCONJ
fbem-29599	7	66	the	the	DET
fbem-29599	7	67	amount	amount	NOUN
fbem-29599	7	68	is	be	AUX
fbem-29599	7	69	relatively	relatively	ADV
fbem-29599	7	70	small	small	ADJ
fbem-29599	7	71	and	and	CCONJ
fbem-29599	7	72	can	can	AUX
fbem-29599	7	73	be	be	AUX
fbem-29599	7	74	temporarily	temporarily	ADV
fbem-29599	7	75	ignored	ignore	VERB
fbem-29599	7	76	)	)	PUNCT
fbem-29599	8	1	[	[	X
fbem-29599	8	2	1	1	NUM
fbem-29599	8	3	]	]	PUNCT
fbem-29599	8	4	.	.	PUNCT
fbem-29599	9	1	generally	generally	ADV
fbem-29599	9	2	,	,	PUNCT
fbem-29599	9	3	when	when	SCONJ
fbem-29599	9	4	we	we	PRON
fbem-29599	9	5	refer	refer	VERB
fbem-29599	9	6	to	to	ADP
fbem-29599	9	7	base	base	NOUN
fbem-29599	9	8	money	money	NOUN
fbem-29599	9	9	,	,	PUNCT
fbem-29599	9	10	it	it	PRON
fbem-29599	9	11	usually	usually	ADV
fbem-29599	9	12	refers	refer	VERB
fbem-29599	9	13	to	to	ADP
fbem-29599	9	14	the	the	DET
fbem-29599	9	15	cash	cash	NOUN
fbem-29599	9	16	in	in	ADP
fbem-29599	9	17	circulation	circulation	NOUN
fbem-29599	9	18	issued	issue	VERB
fbem-29599	9	19	by	by	ADP
fbem-29599	9	20	the	the	DET
fbem-29599	9	21	central	central	ADJ
fbem-29599	9	22	bank	bank	NOUN
fbem-29599	9	23	,	,	PUNCT
fbem-29599	9	24	including	include	VERB
fbem-29599	9	25	vault	vault	NOUN
fbem-29599	9	26	cash	cash	NOUN
fbem-29599	9	27	,	,	PUNCT
fbem-29599	9	28	reserve	reserve	NOUN
fbem-29599	9	29	deposits	deposit	NOUN
fbem-29599	9	30	(	(	PUNCT
fbem-29599	9	31	comprising	comprise	VERB
fbem-29599	9	32	both	both	CCONJ
fbem-29599	9	33	required	required	ADJ
fbem-29599	9	34	reserves	reserve	NOUN
fbem-29599	9	35	and	and	CCONJ
fbem-29599	9	36	excess	excess	ADJ
fbem-29599	9	37	reserves	reserve	NOUN
fbem-29599	9	38	)	)	PUNCT
fbem-29599	9	39	,	,	PUNCT
fbem-29599	9	40	and	and	CCONJ
fbem-29599	9	41	cash	cash	NOUN
fbem-29599	9	42	held	hold	VERB
fbem-29599	9	43	by	by	ADP
fbem-29599	9	44	the	the	DET
fbem-29599	9	45	general	general	ADJ
fbem-29599	9	46	public	public	NOUN
fbem-29599	9	47	.	.	PUNCT
fbem-29599	10	1	in	in	ADP
fbem-29599	10	2	practice	practice	NOUN
fbem-29599	10	3	,	,	PUNCT
fbem-29599	10	4	the	the	DET
fbem-29599	10	5	people	people	NOUN
fbem-29599	10	6	's	's	PART
fbem-29599	10	7	bank	bank	PROPN
fbem-29599	10	8	of	of	ADP
fbem-29599	10	9	china	china	PROPN
fbem-29599	10	10	(	(	PUNCT
fbem-29599	10	11	pboc	pboc	NOUN
fbem-29599	10	12	)	)	PUNCT
fbem-29599	10	13	generally	generally	ADV
fbem-29599	10	14	injects	inject	VERB
fbem-29599	10	15	base	base	NOUN
fbem-29599	10	16	money	money	NOUN
fbem-29599	10	17	through	through	ADP
fbem-29599	10	18	channels	channel	NOUN
fbem-29599	10	19	such	such	ADJ
fbem-29599	10	20	as	as	ADP
fbem-29599	10	21	open	open	ADJ
fbem-29599	10	22	market	market	NOUN
fbem-29599	10	23	operations	operation	NOUN
fbem-29599	10	24	,	,	PUNCT
fbem-29599	10	25	rediscounting	rediscounte	VERB
fbem-29599	10	26	,	,	PUNCT
fbem-29599	10	27	and	and	CCONJ
fbem-29599	10	28	foreign	foreign	ADJ
fbem-29599	10	29	exchange	exchange	NOUN
fbem-29599	10	30	settlement	settlement	NOUN
fbem-29599	10	31	.	.	PUNCT
fbem-29599	11	1	base	base	NOUN
fbem-29599	11	2	money	money	NOUN
fbem-29599	11	3	can	can	AUX
fbem-29599	11	4	achieve	achieve	VERB
fbem-29599	11	5	the	the	DET
fbem-29599	11	6	purpose	purpose	NOUN
fbem-29599	11	7	of	of	ADP
fbem-29599	11	8	contracting	contracting	NOUN
fbem-29599	11	9	or	or	CCONJ
fbem-29599	11	10	expanding	expand	VERB
fbem-29599	11	11	the	the	DET
fbem-29599	11	12	money	money	NOUN
fbem-29599	11	13	supply	supply	NOUN
fbem-29599	11	14	through	through	ADP
fbem-29599	11	15	the	the	DET
fbem-29599	11	16	deposit	deposit	NOUN
fbem-29599	11	17	creation	creation	NOUN
fbem-29599	11	18	function	function	NOUN
fbem-29599	11	19	of	of	ADP
fbem-29599	11	20	commercial	commercial	ADJ
fbem-29599	11	21	banks	bank	NOUN
fbem-29599	11	22	.	.	PUNCT
fbem-29599	12	1	therefore	therefore	ADV
fbem-29599	12	2	,	,	PUNCT
fbem-29599	12	3	changes	change	NOUN
fbem-29599	12	4	in	in	ADP
fbem-29599	12	5	the	the	DET
fbem-29599	12	6	channels	channel	NOUN
fbem-29599	12	7	of	of	ADP
fbem-29599	12	8	base	base	NOUN
fbem-29599	12	9	money	money	NOUN
fbem-29599	12	10	injection	injection	NOUN
fbem-29599	12	11	are	be	AUX
fbem-29599	12	12	one	one	NUM
fbem-29599	12	13	of	of	ADP
fbem-29599	12	14	the	the	DET
fbem-29599	12	15	main	main	ADJ
fbem-29599	12	16	ways	way	NOUN
fbem-29599	12	17	for	for	SCONJ
fbem-29599	12	18	most	most	ADJ
fbem-29599	12	19	countries	country	NOUN
fbem-29599	12	20	in	in	ADP
fbem-29599	12	21	the	the	DET
fbem-29599	12	22	world	world	NOUN
fbem-29599	12	23	to	to	PART
fbem-29599	12	24	change	change	VERB
fbem-29599	12	25	their	their	PRON
fbem-29599	12	26	monetary	monetary	ADJ
fbem-29599	12	27	policies	policy	NOUN
fbem-29599	12	28	.	.	PUNCT
fbem-29599	13	1	in	in	ADP
fbem-29599	13	2	most	most	ADJ
fbem-29599	13	3	countries	country	NOUN
fbem-29599	13	4	,	,	PUNCT
fbem-29599	13	5	open	open	ADJ
fbem-29599	13	6	market	market	NOUN
fbem-29599	13	7	operations	operation	NOUN
fbem-29599	13	8	are	be	AUX
fbem-29599	13	9	the	the	DET
fbem-29599	13	10	main	main	ADJ
fbem-29599	13	11	monetary	monetary	ADJ
fbem-29599	13	12	policy	policy	NOUN
fbem-29599	13	13	tools	tool	NOUN
fbem-29599	13	14	for	for	SCONJ
fbem-29599	13	15	central	central	ADJ
fbem-29599	13	16	banks	bank	NOUN
fbem-29599	13	17	to	to	PART
fbem-29599	13	18	absorb	absorb	VERB
fbem-29599	13	19	or	or	CCONJ
fbem-29599	13	20	release	release	VERB
fbem-29599	13	21	base	base	NOUN
fbem-29599	13	22	money	money	NOUN
fbem-29599	13	23	and	and	CCONJ
fbem-29599	13	24	regulate	regulate	VERB
fbem-29599	13	25	market	market	NOUN
fbem-29599	13	26	liquidity	liquidity	NOUN
fbem-29599	13	27	.	.	PUNCT
fbem-29599	14	1	by	by	ADP
fbem-29599	14	2	conducting	conduct	VERB
fbem-29599	14	3	transactions	transaction	NOUN
fbem-29599	14	4	in	in	ADP
fbem-29599	14	5	negotiable	negotiable	ADJ
fbem-29599	14	6	securities	security	NOUN
fbem-29599	14	7	and	and	CCONJ
fbem-29599	14	8	foreign	foreign	ADJ
fbem-29599	14	9	exchange	exchange	NOUN
fbem-29599	14	10	with	with	ADP
fbem-29599	14	11	market	market	NOUN
fbem-29599	14	12	counterparties	counterpartie	NOUN
fbem-29599	14	13	,	,	PUNCT
fbem-29599	14	14	central	central	ADJ
fbem-29599	14	15	banks	bank	NOUN
fbem-29599	14	16	can	can	AUX
fbem-29599	14	17	achieve	achieve	VERB
fbem-29599	14	18	the	the	DET
fbem-29599	14	19	goals	goal	NOUN
fbem-29599	14	20	of	of	ADP
fbem-29599	14	21	monetary	monetary	ADJ
fbem-29599	14	22	policy	policy	NOUN
fbem-29599	14	23	regulation	regulation	NOUN
fbem-29599	14	24	.	.	PUNCT
fbem-29599	15	1	china	china	PROPN
fbem-29599	15	2	's	's	PART
fbem-29599	15	3	open	open	ADJ
fbem-29599	15	4	market	market	NOUN
fbem-29599	15	5	operations	operation	NOUN
fbem-29599	15	6	consist	consist	VERB
fbem-29599	15	7	of	of	ADP
fbem-29599	15	8	two	two	NUM
fbem-29599	15	9	parts	part	NOUN
fbem-29599	15	10	:	:	PUNCT
fbem-29599	15	11	rmb	rmb	NOUN
fbem-29599	15	12	operations	operation	NOUN
fbem-29599	15	13	and	and	CCONJ
fbem-29599	15	14	foreign	foreign	ADJ
fbem-29599	15	15	exchange	exchange	NOUN
fbem-29599	15	16	operations	operation	NOUN
fbem-29599	15	17	.	.	PUNCT
fbem-29599	16	1	foreign	foreign	ADJ
fbem-29599	16	2	exchange	exchange	NOUN
fbem-29599	16	3	open	open	ADJ
fbem-29599	16	4	market	market	NOUN
fbem-29599	16	5	operations	operation	NOUN
fbem-29599	16	6	were	be	AUX
fbem-29599	16	7	launched	launch	VERB
fbem-29599	16	8	in	in	ADP
fbem-29599	16	9	march	march	PROPN
fbem-29599	16	10	1994	1994	NUM
fbem-29599	16	11	,	,	PUNCT
fbem-29599	16	12	and	and	CCONJ
fbem-29599	16	13	rmb	rmb	VERB
fbem-29599	16	14	open	open	ADJ
fbem-29599	16	15	market	market	NOUN
fbem-29599	16	16	operations	operation	NOUN
fbem-29599	16	17	resumed	resume	VERB
fbem-29599	16	18	trading	trade	VERB
fbem-29599	16	19	on	on	ADP
fbem-29599	16	20	may	may	PROPN
fbem-29599	16	21	26	26	NUM
fbem-29599	16	22	,	,	PUNCT
fbem-29599	16	23	1998	1998	NUM
fbem-29599	16	24	,	,	PUNCT
fbem-29599	16	25	with	with	ADP
fbem-29599	16	26	the	the	DET
fbem-29599	16	27	scale	scale	NOUN
fbem-29599	16	28	gradually	gradually	ADV
fbem-29599	16	29	expanding	expand	VERB
fbem-29599	16	30	.	.	PUNCT
fbem-29599	17	1	since	since	SCONJ
fbem-29599	17	2	1999	1999	NUM
fbem-29599	17	3	,	,	PUNCT
fbem-29599	17	4	open	open	ADJ
fbem-29599	17	5	market	market	NOUN
fbem-29599	17	6	operations	operation	NOUN
fbem-29599	17	7	have	have	AUX
fbem-29599	17	8	developed	develop	VERB
fbem-29599	17	9	rapidly	rapidly	ADV
fbem-29599	17	10	and	and	CCONJ
fbem-29599	17	11	have	have	AUX
fbem-29599	17	12	now	now	ADV
fbem-29599	17	13	become	become	VERB
fbem-29599	17	14	one	one	NUM
fbem-29599	17	15	of	of	ADP
fbem-29599	17	16	the	the	DET
fbem-29599	17	17	main	main	ADJ
fbem-29599	17	18	tools	tool	NOUN
fbem-29599	17	19	for	for	ADP
fbem-29599	17	20	the	the	DET
fbem-29599	17	21	pboc	pboc	NOUN
fbem-29599	17	22	's	's	PART
fbem-29599	17	23	routine	routine	ADJ
fbem-29599	17	24	monetary	monetary	ADJ
fbem-29599	17	25	policy	policy	NOUN
fbem-29599	17	26	operations	operation	NOUN
fbem-29599	17	27	.	.	PUNCT
fbem-29599	18	1	they	they	PRON
fbem-29599	18	2	have	have	AUX
fbem-29599	18	3	played	play	VERB
fbem-29599	18	4	an	an	DET
fbem-29599	18	5	active	active	ADJ
fbem-29599	18	6	role	role	NOUN
fbem-29599	18	7	in	in	ADP
fbem-29599	18	8	regulating	regulate	VERB
fbem-29599	18	9	the	the	DET
fbem-29599	18	10	liquidity	liquidity	NOUN
fbem-29599	18	11	level	level	NOUN
fbem-29599	18	12	of	of	ADP
fbem-29599	18	13	the	the	DET
fbem-29599	18	14	banking	banking	NOUN
fbem-29599	18	15	system	system	NOUN
fbem-29599	18	16	,	,	PUNCT
fbem-29599	18	17	guiding	guide	VERB
fbem-29599	18	18	the	the	DET
fbem-29599	18	19	trend	trend	NOUN
fbem-29599	18	20	of	of	ADP
fbem-29599	18	21	money	money	NOUN
fbem-29599	18	22	market	market	NOUN
fbem-29599	18	23	interest	interest	NOUN
fbem-29599	18	24	rates	rate	NOUN
fbem-29599	18	25	,	,	PUNCT
fbem-29599	18	26	and	and	CCONJ
fbem-29599	18	27	promoting	promote	VERB
fbem-29599	18	28	the	the	DET
fbem-29599	18	29	reasonable	reasonable	ADJ
fbem-29599	18	30	growth	growth	NOUN
fbem-29599	18	31	of	of	ADP
fbem-29599	18	32	the	the	DET
fbem-29599	18	33	money	money	NOUN
fbem-29599	18	34	supply	supply	NOUN
fbem-29599	18	35	.	.	PUNCT
fbem-29599	19	1	the	the	DET
fbem-29599	19	2	use	use	NOUN
fbem-29599	19	3	of	of	ADP
fbem-29599	19	4	open	open	ADJ
fbem-29599	19	5	market	market	NOUN
fbem-29599	19	6	operations	operation	NOUN
fbem-29599	19	7	to	to	PART
fbem-29599	19	8	regulate	regulate	VERB
fbem-29599	19	9	the	the	DET
fbem-29599	19	10	injection	injection	NOUN
fbem-29599	19	11	of	of	ADP
fbem-29599	19	12	base	base	NOUN
fbem-29599	19	13	money	money	NOUN
fbem-29599	19	14	,	,	PUNCT
fbem-29599	19	15	thereby	thereby	ADV
fbem-29599	19	16	changing	change	VERB
fbem-29599	19	17	the	the	DET
fbem-29599	19	18	money	money	NOUN
fbem-29599	19	19	supply	supply	NOUN
fbem-29599	19	20	,	,	PUNCT
fbem-29599	19	21	is	be	AUX
fbem-29599	19	22	the	the	DET
fbem-29599	19	23	most	most	ADV
fbem-29599	19	24	moderate	moderate	ADJ
fbem-29599	19	25	and	and	CCONJ
fbem-29599	19	26	efficient	efficient	ADJ
fbem-29599	19	27	way	way	NOUN
fbem-29599	19	28	in	in	ADP
fbem-29599	19	29	monetary	monetary	ADJ
fbem-29599	19	30	policy	policy	NOUN
fbem-29599	19	31	methods	method	NOUN
fbem-29599	19	32	.	.	PUNCT
fbem-29599	20	1	therefore	therefore	ADV
fbem-29599	20	2	,	,	PUNCT
fbem-29599	20	3	it	it	PRON
fbem-29599	20	4	is	be	AUX
fbem-29599	20	5	highly	highly	ADV
fbem-29599	20	6	praised	praise	VERB
fbem-29599	20	7	by	by	ADP
fbem-29599	20	8	economists	economist	NOUN
fbem-29599	20	9	and	and	CCONJ
fbem-29599	20	10	central	central	ADJ
fbem-29599	20	11	banks	bank	NOUN
fbem-29599	20	12	of	of	ADP
fbem-29599	20	13	developed	develop	VERB
fbem-29599	20	14	countries	country	NOUN
fbem-29599	20	15	.	.	PUNCT
fbem-29599	21	1	however	however	ADV
fbem-29599	21	2	,	,	PUNCT
fbem-29599	21	3	the	the	DET
fbem-29599	21	4	conditions	condition	NOUN
fbem-29599	21	5	for	for	SCONJ
fbem-29599	21	6	it	it	PRON
fbem-29599	21	7	to	to	PART
fbem-29599	21	8	take	take	VERB
fbem-29599	21	9	effect	effect	NOUN
fbem-29599	21	10	are	be	AUX
fbem-29599	21	11	also	also	ADV
fbem-29599	21	12	relatively	relatively	ADV
fbem-29599	21	13	strict	strict	ADJ
fbem-29599	21	14	.	.	PUNCT
fbem-29599	22	1	it	it	PRON
fbem-29599	22	2	requires	require	VERB
fbem-29599	22	3	a	a	DET
fbem-29599	22	4	more	more	ADV
fbem-29599	22	5	developed	develop	VERB
fbem-29599	22	6	capital	capital	NOUN
fbem-29599	22	7	market	market	NOUN
fbem-29599	22	8	to	to	PART
fbem-29599	22	9	provide	provide	VERB
fbem-29599	22	10	more	more	ADV
fbem-29599	22	11	sufficient	sufficient	ADJ
fbem-29599	22	12	securities	security	NOUN
fbem-29599	22	13	trading	trading	NOUN
fbem-29599	22	14	information	information	NOUN
fbem-29599	22	15	,	,	PUNCT
fbem-29599	22	16	and	and	CCONJ
fbem-29599	22	17	quickly	quickly	ADV
fbem-29599	22	18	convey	convey	VERB
fbem-29599	22	19	the	the	DET
fbem-29599	22	20	purpose	purpose	NOUN
fbem-29599	22	21	that	that	SCONJ
fbem-29599	22	22	the	the	DET
fbem-29599	22	23	central	central	ADJ
fbem-29599	22	24	bank	bank	NOUN
fbem-29599	22	25	's	's	PART
fbem-29599	22	26	open	open	ADJ
fbem-29599	22	27	market	market	NOUN
fbem-29599	22	28	operations	operation	NOUN
fbem-29599	22	29	intend	intend	VERB
fbem-29599	22	30	to	to	PART
fbem-29599	22	31	achieve	achieve	VERB
fbem-29599	22	32	,	,	PUNCT
fbem-29599	22	33	so	so	SCONJ
fbem-29599	22	34	as	as	SCONJ
fbem-29599	22	35	to	to	PART
fbem-29599	22	36	realize	realize	VERB
fbem-29599	22	37	the	the	DET
fbem-29599	22	38	central	central	ADJ
fbem-29599	22	39	bank	bank	NOUN
fbem-29599	22	40	's	's	PART
fbem-29599	22	41	goal	goal	NOUN
fbem-29599	22	42	of	of	ADP
fbem-29599	22	43	contracting	contracting	NOUN
fbem-29599	22	44	or	or	CCONJ
fbem-29599	22	45	releasing	release	VERB
fbem-29599	22	46	the	the	DET
fbem-29599	22	47	money	money	NOUN
fbem-29599	22	48	supply	supply	NOUN
fbem-29599	22	49	.	.	PUNCT
fbem-29599	23	1	due	due	ADP
fbem-29599	23	2	to	to	ADP
fbem-29599	23	3	the	the	DET
fbem-29599	23	4	underdevelopment	underdevelopment	NOUN
fbem-29599	23	5	of	of	ADP
fbem-29599	23	6	financial	financial	ADJ
fbem-29599	23	7	markets	market	NOUN
fbem-29599	23	8	and	and	CCONJ
fbem-29599	23	9	the	the	DET
fbem-29599	23	10	imperfection	imperfection	NOUN
fbem-29599	23	11	of	of	ADP
fbem-29599	23	12	relevant	relevant	ADJ
fbem-29599	23	13	systems	system	NOUN
fbem-29599	23	14	,	,	PUNCT
fbem-29599	23	15	china	china	PROPN
fbem-29599	23	16	's	's	PART
fbem-29599	23	17	early	early	ADJ
fbem-29599	23	18	open	open	ADJ
fbem-29599	23	19	market	market	NOUN
fbem-29599	23	20	operations	operation	NOUN
fbem-29599	23	21	used	use	VERB
fbem-29599	23	22	central	central	ADJ
fbem-29599	23	23	bank	bank	NOUN
fbem-29599	23	24	bills	bill	NOUN
fbem-29599	23	25	as	as	ADP
fbem-29599	23	26	the	the	DET
fbem-29599	23	27	trading	trading	NOUN
fbem-29599	23	28	variety	variety	NOUN
fbem-29599	23	29	.	.	PUNCT
fbem-29599	24	1	in	in	ADP
fbem-29599	24	2	the	the	DET
fbem-29599	24	3	nearly	nearly	ADV
fbem-29599	24	4	ten	ten	NUM
fbem-29599	24	5	years	year	NOUN
fbem-29599	24	6	,	,	PUNCT
fbem-29599	24	7	central	central	ADJ
fbem-29599	24	8	bank	bank	NOUN
fbem-29599	24	9	bills	bill	NOUN
fbem-29599	24	10	have	have	AUX
fbem-29599	24	11	played	play	VERB
fbem-29599	24	12	an	an	DET
fbem-29599	24	13	important	important	ADJ
fbem-29599	24	14	role	role	NOUN
fbem-29599	24	15	in	in	ADP
fbem-29599	24	16	absorbing	absorb	VERB
fbem-29599	24	17	liquidity	liquidity	NOUN
fbem-29599	24	18	,	,	PUNCT
fbem-29599	24	19	curbing	curb	VERB
fbem-29599	24	20	inflation	inflation	NOUN
fbem-29599	24	21	,	,	PUNCT
fbem-29599	24	22	and	and	CCONJ
fbem-29599	24	23	controlling	control	VERB
fbem-29599	24	24	the	the	DET
fbem-29599	24	25	scale	scale	NOUN
fbem-29599	24	26	of	of	ADP
fbem-29599	24	27	money	money	NOUN
fbem-29599	24	28	supply	supply	NOUN
fbem-29599	24	29	.	.	PUNCT
fbem-29599	25	1	however	however	ADV
fbem-29599	25	2	,	,	PUNCT
fbem-29599	25	3	as	as	ADP
fbem-29599	25	4	a	a	DET
fbem-29599	25	5	transitional	transitional	ADJ
fbem-29599	25	6	product	product	NOUN
fbem-29599	25	7	under	under	ADP
fbem-29599	25	8	the	the	DET
fbem-29599	25	9	background	background	NOUN
fbem-29599	25	10	of	of	ADP
fbem-29599	25	11	china	china	PROPN
fbem-29599	25	12	's	's	PART
fbem-29599	25	13	longterm	longterm	PROPN
fbem-29599	25	14	trade	trade	NOUN
fbem-29599	25	15	surplus	surplus	NOUN
fbem-29599	25	16	,	,	PUNCT
fbem-29599	25	17	underdeveloped	underdeveloped	ADJ
fbem-29599	25	18	government	government	NOUN
fbem-29599	25	19	bond	bond	NOUN
fbem-29599	25	20	market	market	NOUN
fbem-29599	25	21	,	,	PUNCT
fbem-29599	25	22	and	and	CCONJ
fbem-29599	25	23	unreasonable	unreasonable	ADJ
fbem-29599	25	24	structure	structure	NOUN
fbem-29599	25	25	of	of	ADP
fbem-29599	25	26	the	the	DET
fbem-29599	25	27	central	central	ADJ
fbem-29599	25	28	bank	bank	NOUN
fbem-29599	25	29	's	's	PART
fbem-29599	25	30	balance	balance	NOUN
fbem-29599	25	31	sheet	sheet	NOUN
fbem-29599	25	32	,	,	PUNCT
fbem-29599	25	33	central	central	ADJ
fbem-29599	25	34	bank	bank	NOUN
fbem-29599	25	35	bills	bill	NOUN
fbem-29599	25	36	have	have	AUX
fbem-29599	25	37	gradually	gradually	ADV
fbem-29599	25	38	shown	show	VERB
fbem-29599	25	39	many	many	ADJ
fbem-29599	25	40	limitations	limitation	NOUN
fbem-29599	25	41	in	in	ADP
fbem-29599	25	42	their	their	PRON
fbem-29599	25	43	use	use	NOUN
fbem-29599	25	44	.	.	PUNCT
fbem-29599	26	1	a	a	DET
fbem-29599	26	2	large	large	ADJ
fbem-29599	26	3	issuance	issuance	NOUN
fbem-29599	26	4	not	not	PART
fbem-29599	26	5	only	only	ADV
fbem-29599	26	6	produces	produce	VERB
fbem-29599	26	7	a	a	DET
fbem-29599	26	8	“	"	PUNCT
fbem-29599	26	9	crowding	crowd	VERB
fbem-29599	26	10	-	-	PUNCT
fbem-29599	26	11	out	out	ADP
fbem-29599	26	12	effect	effect	NOUN
fbem-29599	26	13	”	"	PUNCT
fbem-29599	26	14	on	on	ADP
fbem-29599	26	15	the	the	DET
fbem-29599	26	16	government	government	NOUN
fbem-29599	26	17	bond	bond	NOUN
fbem-29599	26	18	market	market	NOUN
fbem-29599	26	19	,	,	PUNCT
fbem-29599	26	20	but	but	CCONJ
fbem-29599	26	21	also	also	ADV
fbem-29599	26	22	has	have	VERB
fbem-29599	26	23	a	a	DET
fbem-29599	26	24	high	high	ADJ
fbem-29599	26	25	issuance	issuance	NOUN
fbem-29599	26	26	cost	cost	NOUN
fbem-29599	26	27	,	,	PUNCT
fbem-29599	26	28	which	which	PRON
fbem-29599	26	29	can	can	AUX
fbem-29599	26	30	easily	easily	ADV
fbem-29599	26	31	lead	lead	VERB
fbem-29599	26	32	to	to	ADP
fbem-29599	26	33	a	a	DET
fbem-29599	26	34	significant	significant	ADJ
fbem-29599	26	35	increase	increase	NOUN
fbem-29599	26	36	in	in	ADP
fbem-29599	26	37	the	the	DET
fbem-29599	26	38	central	central	ADJ
fbem-29599	26	39	bank	bank	NOUN
fbem-29599	26	40	's	's	PART
fbem-29599	26	41	interest	interest	NOUN
fbem-29599	26	42	expenditure	expenditure	NOUN
fbem-29599	26	43	.	.	PUNCT
fbem-29599	27	1	therefore	therefore	ADV
fbem-29599	27	2	,	,	PUNCT
fbem-29599	27	3	central	central	ADJ
fbem-29599	27	4	bank	bank	NOUN
fbem-29599	27	5	bills	bill	NOUN
fbem-29599	27	6	are	be	AUX
fbem-29599	27	7	a	a	DET
fbem-29599	27	8	temporary	temporary	ADJ
fbem-29599	27	9	tool	tool	NOUN
fbem-29599	27	10	design	design	NOUN
fbem-29599	27	11	for	for	ADP
fbem-29599	27	12	monetary	monetary	ADJ
fbem-29599	27	13	contraction	contraction	NOUN
fbem-29599	27	14	,	,	PUNCT
fbem-29599	27	15	and	and	CCONJ
fbem-29599	27	16	they	they	PRON
fbem-29599	27	17	are	be	AUX
fbem-29599	27	18	not	not	PART
fbem-29599	27	19	sustainable	sustainable	ADJ
fbem-29599	27	20	in	in	ADP
fbem-29599	27	21	operation	operation	NOUN
fbem-29599	27	22	.	.	PUNCT
fbem-29599	28	1	with	with	ADP
fbem-29599	28	2	the	the	DET
fbem-29599	28	3	deepening	deepen	VERB
fbem-29599	28	4	development	development	NOUN
fbem-29599	28	5	of	of	ADP
fbem-29599	28	6	financial	financial	ADJ
fbem-29599	28	7	markets	market	NOUN
fbem-29599	28	8	,	,	PUNCT
fbem-29599	28	9	the	the	DET
fbem-29599	28	10	targets	target	NOUN
fbem-29599	28	11	of	of	ADP
fbem-29599	28	12	china	china	PROPN
fbem-29599	28	13	's	's	PART
fbem-29599	28	14	open	open	ADJ
fbem-29599	28	15	market	market	NOUN
fbem-29599	28	16	operations	operation	NOUN
fbem-29599	28	17	have	have	AUX
fbem-29599	28	18	gradually	gradually	ADV
fbem-29599	28	19	shifted	shift	VERB
fbem-29599	28	20	from	from	ADP
fbem-29599	28	21	central	central	ADJ
fbem-29599	28	22	bank	bank	NOUN
fbem-29599	28	23	bills	bill	NOUN
fbem-29599	28	24	to	to	ADP
fbem-29599	28	25	bonds	bond	NOUN
fbem-29599	28	26	,	,	PUNCT
fbem-29599	28	27	and	and	CCONJ
fbem-29599	28	28	the	the	DET
fbem-29599	28	29	frequency	frequency	NOUN
fbem-29599	28	30	and	and	CCONJ
fbem-29599	28	31	scope	scope	NOUN
fbem-29599	28	32	of	of	ADP
fbem-29599	28	33	operations	operation	NOUN
fbem-29599	28	34	have	have	AUX
fbem-29599	28	35	been	be	AUX
fbem-29599	28	36	significantly	significantly	ADV
fbem-29599	28	37	improved	improve	VERB
fbem-29599	28	38	.	.	PUNCT
fbem-29599	29	1	however	however	ADV
fbem-29599	29	2	,	,	PUNCT
fbem-29599	29	3	with	with	ADP
fbem-29599	29	4	the	the	DET
fbem-29599	29	5	development	development	NOUN
fbem-29599	29	6	of	of	ADP
fbem-29599	29	7	currency	currency	NOUN
fbem-29599	29	8	internationalization	internationalization	NOUN
fbem-29599	29	9	and	and	CCONJ
fbem-29599	29	10	digital	digital	ADJ
fbem-29599	29	11	currency	currency	NOUN
fbem-29599	29	12	,	,	PUNCT
fbem-29599	29	13	the	the	DET
fbem-29599	29	14	channels	channel	NOUN
fbem-29599	29	15	for	for	ADP
fbem-29599	29	16	the	the	DET
fbem-29599	29	17	injection	injection	NOUN
fbem-29599	29	18	of	of	ADP
fbem-29599	29	19	base	base	NOUN
fbem-29599	29	20	money	money	NOUN
fbem-29599	29	21	have	have	AUX
fbem-29599	29	22	also	also	ADV
fbem-29599	29	23	been	be	AUX
fbem-29599	29	24	innovated	innovate	VERB
fbem-29599	29	25	accordingly	accordingly	ADV
fbem-29599	29	26	.	.	PUNCT
fbem-29599	30	1	there	there	PRON
fbem-29599	30	2	are	be	VERB
fbem-29599	30	3	four	four	NUM
fbem-29599	30	4	main	main	ADJ
fbem-29599	30	5	innovative	innovative	ADJ
fbem-29599	30	6	injection	injection	NOUN
fbem-29599	30	7	tools	tool	NOUN
fbem-29599	30	8	used	use	VERB
fbem-29599	30	9	in	in	ADP
fbem-29599	30	10	china	china	PROPN
fbem-29599	30	11	,	,	PUNCT
fbem-29599	30	12	namely	namely	ADV
fbem-29599	30	13	standing	stand	VERB
fbem-29599	30	14	lending	lending	NOUN
fbem-29599	30	15	facility	facility	NOUN
fbem-29599	30	16	(	(	PUNCT
fbem-29599	30	17	slf	slf	PROPN
fbem-29599	30	18	)	)	PUNCT
fbem-29599	30	19	,	,	PUNCT
fbem-29599	30	20	medium	medium	ADJ
fbem-29599	30	21	-	-	PUNCT
fbem-29599	30	22	term	term	NOUN
fbem-29599	30	23	lending	lending	NOUN
fbem-29599	30	24	facility	facility	NOUN
fbem-29599	30	25	(	(	PUNCT
fbem-29599	30	26	mlf	mlf	NOUN
fbem-29599	30	27	)	)	PUNCT
fbem-29599	30	28	,	,	PUNCT
fbem-29599	30	29	pledged	pledge	VERB
fbem-29599	30	30	supplementary	supplementary	ADJ
fbem-29599	30	31	lending	lending	NOUN
fbem-29599	30	32	(	(	PUNCT
fbem-29599	30	33	psl	psl	PROPN
fbem-29599	30	34	)	)	PUNCT
fbem-29599	30	35	,	,	PUNCT
fbem-29599	30	36	and	and	CCONJ
fbem-29599	30	37	structural	structural	ADJ
fbem-29599	30	38	monetary	monetary	ADJ
fbem-29599	30	39	policy	policy	NOUN
fbem-29599	30	40	tools	tool	NOUN
fbem-29599	30	41	.	.	PUNCT
fbem-29599	31	1	the	the	DET
fbem-29599	31	2	slf	slf	PROPN
fbem-29599	31	3	is	be	AUX
fbem-29599	31	4	a	a	DET
fbem-29599	31	5	normal	normal	ADJ
fbem-29599	31	6	liquidity	liquidity	NOUN
fbem-29599	31	7	supply	supply	NOUN
fbem-29599	31	8	channel	channel	NOUN
fbem-29599	31	9	of	of	ADP
fbem-29599	31	10	the	the	DET
fbem-29599	31	11	pboc	pboc	NOUN
fbem-29599	31	12	,	,	PUNCT
fbem-29599	31	13	mainly	mainly	ADV
fbem-29599	31	14	designed	design	VERB
fbem-29599	31	15	to	to	PART
fbem-29599	31	16	meet	meet	VERB
fbem-29599	31	17	the	the	DET
fbem-29599	31	18	large	large	ADJ
fbem-29599	31	19	-	-	PUNCT
fbem-29599	31	20	scale	scale	NOUN
fbem-29599	31	21	liquidity	liquidity	NOUN
fbem-29599	31	22	needs	need	NOUN
fbem-29599	31	23	of	of	ADP
fbem-29599	31	24	financial	financial	ADJ
fbem-29599	31	25	103	103	NUM
fbem-29599	31	26	institutions	institution	NOUN
fbem-29599	31	27	with	with	ADP
fbem-29599	31	28	a	a	DET
fbem-29599	31	29	longer	long	ADJ
fbem-29599	31	30	term	term	NOUN
fbem-29599	31	31	.	.	PUNCT
fbem-29599	32	1	the	the	DET
fbem-29599	32	2	main	main	ADJ
fbem-29599	32	3	targets	target	NOUN
fbem-29599	32	4	are	be	AUX
fbem-29599	32	5	policy	policy	NOUN
fbem-29599	32	6	banks	bank	NOUN
fbem-29599	32	7	and	and	CCONJ
fbem-29599	32	8	nationwide	nationwide	ADJ
fbem-29599	32	9	commercial	commercial	ADJ
fbem-29599	32	10	banks	bank	NOUN
fbem-29599	32	11	,	,	PUNCT
fbem-29599	32	12	with	with	ADP
fbem-29599	32	13	a	a	DET
fbem-29599	32	14	term	term	NOUN
fbem-29599	32	15	of	of	ADP
fbem-29599	32	16	13	13	NUM
fbem-29599	32	17	months	month	NOUN
fbem-29599	32	18	.	.	PUNCT
fbem-29599	33	1	the	the	DET
fbem-29599	33	2	interest	interest	NOUN
fbem-29599	33	3	rate	rate	NOUN
fbem-29599	33	4	level	level	NOUN
fbem-29599	33	5	is	be	AUX
fbem-29599	33	6	determined	determine	VERB
fbem-29599	33	7	comprehensively	comprehensively	ADV
fbem-29599	33	8	according	accord	VERB
fbem-29599	33	9	to	to	ADP
fbem-29599	33	10	the	the	DET
fbem-29599	33	11	needs	need	NOUN
fbem-29599	33	12	of	of	ADP
fbem-29599	33	13	monetary	monetary	ADJ
fbem-29599	33	14	policy	policy	NOUN
fbem-29599	33	15	regulation	regulation	NOUN
fbem-29599	33	16	and	and	CCONJ
fbem-29599	33	17	market	market	NOUN
fbem-29599	33	18	interest	interest	NOUN
fbem-29599	33	19	rate	rate	NOUN
fbem-29599	33	20	guidance	guidance	NOUN
fbem-29599	33	21	.	.	PUNCT
fbem-29599	34	1	the	the	DET
fbem-29599	34	2	slf	slf	PROPN
fbem-29599	34	3	is	be	AUX
fbem-29599	34	4	issued	issue	VERB
fbem-29599	34	5	in	in	ADP
fbem-29599	34	6	the	the	DET
fbem-29599	34	7	form	form	NOUN
fbem-29599	34	8	of	of	ADP
fbem-29599	34	9	collateral	collateral	NOUN
fbem-29599	34	10	,	,	PUNCT
fbem-29599	34	11	with	with	ADP
fbem-29599	34	12	qualified	qualified	ADJ
fbem-29599	34	13	collateral	collateral	NOUN
fbem-29599	34	14	including	include	VERB
fbem-29599	34	15	high	high	ADV
fbem-29599	34	16	-	-	PUNCT
fbem-29599	34	17	creditrated	creditrate	VERB
fbem-29599	34	18	bond	bond	NOUN
fbem-29599	34	19	assets	asset	NOUN
fbem-29599	34	20	and	and	CCONJ
fbem-29599	34	21	high	high	ADJ
fbem-29599	34	22	-	-	PUNCT
fbem-29599	34	23	quality	quality	NOUN
fbem-29599	34	24	credit	credit	NOUN
fbem-29599	34	25	assets	asset	NOUN
fbem-29599	34	26	,	,	PUNCT
fbem-29599	34	27	etc	etc	X
fbem-29599	34	28	.	.	X
fbem-29599	35	1	the	the	DET
fbem-29599	35	2	mlf	mlf	NOUN
fbem-29599	35	3	is	be	AUX
fbem-29599	35	4	a	a	DET
fbem-29599	35	5	monetary	monetary	ADJ
fbem-29599	35	6	policy	policy	NOUN
fbem-29599	35	7	tool	tool	NOUN
fbem-29599	35	8	provided	provide	VERB
fbem-29599	35	9	by	by	ADP
fbem-29599	35	10	the	the	DET
fbem-29599	35	11	central	central	ADJ
fbem-29599	35	12	bank	bank	NOUN
fbem-29599	35	13	to	to	PART
fbem-29599	35	14	supply	supply	VERB
fbem-29599	35	15	medium	medium	ADJ
fbem-29599	35	16	-	-	PUNCT
fbem-29599	35	17	term	term	NOUN
fbem-29599	35	18	base	base	NOUN
fbem-29599	35	19	money	money	NOUN
fbem-29599	35	20	.	.	PUNCT
fbem-29599	36	1	the	the	DET
fbem-29599	36	2	targets	target	NOUN
fbem-29599	36	3	are	be	AUX
fbem-29599	36	4	commercial	commercial	ADJ
fbem-29599	36	5	banks	bank	NOUN
fbem-29599	36	6	and	and	CCONJ
fbem-29599	36	7	policy	policy	NOUN
fbem-29599	36	8	banks	bank	NOUN
fbem-29599	36	9	that	that	PRON
fbem-29599	36	10	meet	meet	VERB
fbem-29599	36	11	the	the	DET
fbem-29599	36	12	macro	macro	ADJ
fbem-29599	36	13	-	-	ADJ
fbem-29599	36	14	prudential	prudential	ADJ
fbem-29599	36	15	management	management	NOUN
fbem-29599	36	16	requirements	requirement	NOUN
fbem-29599	36	17	,	,	PUNCT
fbem-29599	36	18	and	and	CCONJ
fbem-29599	36	19	it	it	PRON
fbem-29599	36	20	can	can	AUX
fbem-29599	36	21	be	be	AUX
fbem-29599	36	22	carried	carry	VERB
fbem-29599	36	23	out	out	ADP
fbem-29599	36	24	through	through	ADP
fbem-29599	36	25	a	a	DET
fbem-29599	36	26	bidding	bidding	NOUN
fbem-29599	36	27	process	process	NOUN
fbem-29599	36	28	.	.	PUNCT
fbem-29599	37	1	the	the	DET
fbem-29599	37	2	mlf	mlf	NOUN
fbem-29599	37	3	is	be	AUX
fbem-29599	37	4	issued	issue	VERB
fbem-29599	37	5	in	in	ADP
fbem-29599	37	6	the	the	DET
fbem-29599	37	7	form	form	NOUN
fbem-29599	37	8	of	of	ADP
fbem-29599	37	9	pledge	pledge	NOUN
fbem-29599	37	10	,	,	PUNCT
fbem-29599	37	11	with	with	ADP
fbem-29599	37	12	financial	financial	ADJ
fbem-29599	37	13	institutions	institution	NOUN
fbem-29599	37	14	providing	provide	VERB
fbem-29599	37	15	high	high	ADJ
fbem-29599	37	16	-	-	PUNCT
fbem-29599	37	17	quality	quality	NOUN
fbem-29599	37	18	bonds	bond	NOUN
fbem-29599	37	19	such	such	ADJ
fbem-29599	37	20	as	as	ADP
fbem-29599	37	21	government	government	NOUN
fbem-29599	37	22	bonds	bond	NOUN
fbem-29599	37	23	,	,	PUNCT
fbem-29599	37	24	central	central	ADJ
fbem-29599	37	25	bank	bank	NOUN
fbem-29599	37	26	bills	bill	NOUN
fbem-29599	37	27	,	,	PUNCT
fbem-29599	37	28	policy	policy	NOUN
fbem-29599	37	29	financial	financial	ADJ
fbem-29599	37	30	bonds	bond	NOUN
fbem-29599	37	31	,	,	PUNCT
fbem-29599	37	32	and	and	CCONJ
fbem-29599	37	33	high	high	ADJ
fbem-29599	37	34	-	-	PUNCT
fbem-29599	37	35	grade	grade	NOUN
fbem-29599	37	36	credit	credit	NOUN
fbem-29599	37	37	bonds	bond	NOUN
fbem-29599	37	38	as	as	ADP
fbem-29599	37	39	qualified	qualified	ADJ
fbem-29599	37	40	pledged	pledge	VERB
fbem-29599	37	41	collateral	collateral	NOUN
fbem-29599	37	42	[	[	X
fbem-29599	37	43	4	4	NUM
fbem-29599	37	44	]	]	PUNCT
fbem-29599	37	45	.	.	PUNCT
fbem-29599	38	1	the	the	DET
fbem-29599	38	2	mlf	mlf	NOUN
fbem-29599	38	3	interest	interest	NOUN
fbem-29599	38	4	rate	rate	NOUN
fbem-29599	38	5	plays	play	VERB
fbem-29599	38	6	the	the	DET
fbem-29599	38	7	role	role	NOUN
fbem-29599	38	8	of	of	ADP
fbem-29599	38	9	a	a	DET
fbem-29599	38	10	medium	medium	ADJ
fbem-29599	38	11	-	-	PUNCT
fbem-29599	38	12	term	term	NOUN
fbem-29599	38	13	policy	policy	NOUN
fbem-29599	38	14	interest	interest	NOUN
fbem-29599	38	15	rate	rate	NOUN
fbem-29599	38	16	,	,	PUNCT
fbem-29599	38	17	influencing	influence	VERB
fbem-29599	38	18	the	the	DET
fbem-29599	38	19	balance	balance	NOUN
fbem-29599	38	20	sheets	sheet	NOUN
fbem-29599	38	21	of	of	ADP
fbem-29599	38	22	financial	financial	ADJ
fbem-29599	38	23	institutions	institution	NOUN
fbem-29599	38	24	and	and	CCONJ
fbem-29599	38	25	market	market	NOUN
fbem-29599	38	26	expectations	expectation	NOUN
fbem-29599	38	27	by	by	ADP
fbem-29599	38	28	adjusting	adjust	VERB
fbem-29599	38	29	the	the	DET
fbem-29599	38	30	cost	cost	NOUN
fbem-29599	38	31	of	of	ADP
fbem-29599	38	32	medium	medium	ADJ
fbem-29599	38	33	-	-	PUNCT
fbem-29599	38	34	term	term	NOUN
fbem-29599	38	35	financing	financing	NOUN
fbem-29599	38	36	to	to	ADP
fbem-29599	38	37	financial	financial	ADJ
fbem-29599	38	38	institutions	institution	NOUN
fbem-29599	38	39	,	,	PUNCT
fbem-29599	38	40	guiding	guide	VERB
fbem-29599	38	41	them	they	PRON
fbem-29599	38	42	to	to	PART
fbem-29599	38	43	provide	provide	VERB
fbem-29599	38	44	low	low	ADJ
fbem-29599	38	45	-	-	PUNCT
fbem-29599	38	46	cost	cost	NOUN
fbem-29599	38	47	funds	fund	NOUN
fbem-29599	38	48	to	to	ADP
fbem-29599	38	49	the	the	DET
fbem-29599	38	50	real	real	ADJ
fbem-29599	38	51	economy	economy	NOUN
fbem-29599	38	52	sectors	sector	NOUN
fbem-29599	38	53	that	that	PRON
fbem-29599	38	54	conform	conform	VERB
fbem-29599	38	55	to	to	ADP
fbem-29599	38	56	national	national	ADJ
fbem-29599	38	57	policy	policy	NOUN
fbem-29599	38	58	orientations	orientation	NOUN
fbem-29599	38	59	,	,	PUNCT
fbem-29599	38	60	and	and	CCONJ
fbem-29599	38	61	promoting	promote	VERB
fbem-29599	38	62	the	the	DET
fbem-29599	38	63	reduction	reduction	NOUN
fbem-29599	38	64	of	of	ADP
fbem-29599	38	65	social	social	ADJ
fbem-29599	38	66	financing	financing	NOUN
fbem-29599	38	67	costs	cost	NOUN
fbem-29599	38	68	.	.	PUNCT
fbem-29599	39	1	the	the	DET
fbem-29599	39	2	psl	psl	PROPN
fbem-29599	39	3	is	be	AUX
fbem-29599	39	4	designed	design	VERB
fbem-29599	39	5	to	to	PART
fbem-29599	39	6	provide	provide	VERB
fbem-29599	39	7	a	a	DET
fbem-29599	39	8	long	long	ADJ
fbem-29599	39	9	-	-	PUNCT
fbem-29599	39	10	term	term	NOUN
fbem-29599	39	11	stable	stable	ADJ
fbem-29599	39	12	and	and	CCONJ
fbem-29599	39	13	appropriately	appropriately	ADV
fbem-29599	39	14	costed	cost	VERB
fbem-29599	39	15	source	source	NOUN
fbem-29599	39	16	of	of	ADP
fbem-29599	39	17	funds	fund	NOUN
fbem-29599	39	18	for	for	ADP
fbem-29599	39	19	the	the	DET
fbem-29599	39	20	development	development	NOUN
fbem-29599	39	21	of	of	ADP
fbem-29599	39	22	financial	financial	ADJ
fbem-29599	39	23	support	support	NOUN
fbem-29599	39	24	for	for	ADP
fbem-29599	39	25	shantytown	shantytown	ADJ
fbem-29599	39	26	renovation	renovation	NOUN
fbem-29599	39	27	.	.	PUNCT
fbem-29599	40	1	the	the	DET
fbem-29599	40	2	main	main	ADJ
fbem-29599	40	3	function	function	NOUN
fbem-29599	40	4	of	of	ADP
fbem-29599	40	5	the	the	DET
fbem-29599	40	6	psl	psl	PROPN
fbem-29599	40	7	is	be	AUX
fbem-29599	40	8	to	to	PART
fbem-29599	40	9	provide	provide	VERB
fbem-29599	40	10	long	long	ADJ
fbem-29599	40	11	-	-	PUNCT
fbem-29599	40	12	term	term	NOUN
fbem-29599	40	13	and	and	CCONJ
fbem-29599	40	14	large	large	ADJ
fbem-29599	40	15	-	-	PUNCT
fbem-29599	40	16	scale	scale	NOUN
fbem-29599	40	17	financing	financing	NOUN
fbem-29599	40	18	to	to	ADP
fbem-29599	40	19	financial	financial	ADJ
fbem-29599	40	20	institutions	institution	NOUN
fbem-29599	40	21	to	to	PART
fbem-29599	40	22	support	support	VERB
fbem-29599	40	23	key	key	ADJ
fbem-29599	40	24	areas	area	NOUN
fbem-29599	40	25	,	,	PUNCT
fbem-29599	40	26	weak	weak	ADJ
fbem-29599	40	27	links	link	NOUN
fbem-29599	40	28	,	,	PUNCT
fbem-29599	40	29	and	and	CCONJ
fbem-29599	40	30	social	social	ADJ
fbem-29599	40	31	undertakings	undertaking	NOUN
fbem-29599	40	32	of	of	ADP
fbem-29599	40	33	the	the	DET
fbem-29599	40	34	national	national	ADJ
fbem-29599	40	35	economy	economy	NOUN
fbem-29599	40	36	.	.	PUNCT
fbem-29599	41	1	the	the	DET
fbem-29599	41	2	psl	psl	PROPN
fbem-29599	41	3	is	be	AUX
fbem-29599	41	4	issued	issue	VERB
fbem-29599	41	5	in	in	ADP
fbem-29599	41	6	the	the	DET
fbem-29599	41	7	form	form	NOUN
fbem-29599	41	8	of	of	ADP
fbem-29599	41	9	pledge	pledge	NOUN
fbem-29599	41	10	,	,	PUNCT
fbem-29599	41	11	with	with	ADP
fbem-29599	41	12	qualified	qualified	ADJ
fbem-29599	41	13	collateral	collateral	NOUN
fbem-29599	41	14	including	include	VERB
fbem-29599	41	15	high	high	ADJ
fbem-29599	41	16	-	-	PUNCT
fbem-29599	41	17	grade	grade	NOUN
fbem-29599	41	18	bond	bond	NOUN
fbem-29599	41	19	assets	asset	NOUN
fbem-29599	41	20	and	and	CCONJ
fbem-29599	41	21	high	high	ADJ
fbem-29599	41	22	-	-	PUNCT
fbem-29599	41	23	quality	quality	NOUN
fbem-29599	41	24	credit	credit	NOUN
fbem-29599	41	25	assets	asset	NOUN
fbem-29599	41	26	.	.	PUNCT
fbem-29599	42	1	structural	structural	ADJ
fbem-29599	42	2	monetary	monetary	ADJ
fbem-29599	42	3	policy	policy	NOUN
fbem-29599	42	4	tools	tool	NOUN
fbem-29599	42	5	are	be	AUX
fbem-29599	42	6	instruments	instrument	NOUN
fbem-29599	42	7	used	use	VERB
fbem-29599	42	8	by	by	ADP
fbem-29599	42	9	the	the	DET
fbem-29599	42	10	people	people	NOUN
fbem-29599	42	11	's	's	PART
fbem-29599	42	12	bank	bank	PROPN
fbem-29599	42	13	of	of	ADP
fbem-29599	42	14	china	china	PROPN
fbem-29599	42	15	to	to	PART
fbem-29599	42	16	guide	guide	VERB
fbem-29599	42	17	the	the	DET
fbem-29599	42	18	credit	credit	NOUN
fbem-29599	42	19	direction	direction	NOUN
fbem-29599	42	20	of	of	ADP
fbem-29599	42	21	financial	financial	ADJ
fbem-29599	42	22	institutions	institution	NOUN
fbem-29599	42	23	and	and	CCONJ
fbem-29599	42	24	play	play	VERB
fbem-29599	42	25	a	a	DET
fbem-29599	42	26	precise	precise	ADJ
fbem-29599	42	27	irrigation	irrigation	NOUN
fbem-29599	42	28	and	and	CCONJ
fbem-29599	42	29	leverage	leverage	NOUN
fbem-29599	42	30	role	role	NOUN
fbem-29599	42	31	.	.	PUNCT
fbem-29599	43	1	by	by	ADP
fbem-29599	43	2	providing	provide	VERB
fbem-29599	43	3	rediscounting	rediscounte	VERB
fbem-29599	43	4	or	or	CCONJ
fbem-29599	43	5	financial	financial	ADJ
fbem-29599	43	6	incentives	incentive	NOUN
fbem-29599	43	7	,	,	PUNCT
fbem-29599	43	8	they	they	PRON
fbem-29599	43	9	support	support	VERB
fbem-29599	43	10	financial	financial	ADJ
fbem-29599	43	11	institutions	institution	NOUN
fbem-29599	43	12	in	in	ADP
fbem-29599	43	13	increasing	increase	VERB
fbem-29599	43	14	credit	credit	NOUN
fbem-29599	43	15	allocation	allocation	NOUN
fbem-29599	43	16	to	to	ADP
fbem-29599	43	17	specific	specific	ADJ
fbem-29599	43	18	fields	field	NOUN
fbem-29599	43	19	and	and	CCONJ
fbem-29599	43	20	industries	industry	NOUN
fbem-29599	43	21	and	and	CCONJ
fbem-29599	43	22	reducing	reduce	VERB
fbem-29599	43	23	corporate	corporate	ADJ
fbem-29599	43	24	financing	financing	NOUN
fbem-29599	43	25	costs	cost	NOUN
fbem-29599	43	26	.	.	PUNCT
fbem-29599	44	1	in	in	ADP
fbem-29599	44	2	response	response	NOUN
fbem-29599	44	3	to	to	ADP
fbem-29599	44	4	the	the	DET
fbem-29599	44	5	economic	economic	ADJ
fbem-29599	44	6	situation	situation	NOUN
fbem-29599	44	7	in	in	ADP
fbem-29599	44	8	recent	recent	ADJ
fbem-29599	44	9	years	year	NOUN
fbem-29599	44	10	,	,	PUNCT
fbem-29599	44	11	a	a	DET
fbem-29599	44	12	series	series	NOUN
fbem-29599	44	13	of	of	ADP
fbem-29599	44	14	specific	specific	ADJ
fbem-29599	44	15	tools	tool	NOUN
fbem-29599	44	16	have	have	AUX
fbem-29599	44	17	been	be	AUX
fbem-29599	44	18	issued	issue	VERB
fbem-29599	44	19	accordingly	accordingly	ADV
fbem-29599	44	20	.	.	PUNCT
fbem-29599	45	1	2	2	X
fbem-29599	45	2	.	.	X
fbem-29599	45	3	changes	change	NOUN
fbem-29599	45	4	in	in	ADP
fbem-29599	45	5	the	the	DET
fbem-29599	45	6	channels	channel	NOUN
fbem-29599	45	7	of	of	ADP
fbem-29599	45	8	base	base	NOUN
fbem-29599	45	9	money	money	NOUN
fbem-29599	45	10	injection	injection	NOUN
fbem-29599	45	11	with	with	ADP
fbem-29599	45	12	the	the	DET
fbem-29599	45	13	evolution	evolution	NOUN
fbem-29599	45	14	of	of	ADP
fbem-29599	45	15	domestic	domestic	ADJ
fbem-29599	45	16	and	and	CCONJ
fbem-29599	45	17	international	international	ADJ
fbem-29599	45	18	economic	economic	ADJ
fbem-29599	45	19	conditions	condition	NOUN
fbem-29599	45	20	,	,	PUNCT
fbem-29599	45	21	the	the	DET
fbem-29599	45	22	channels	channel	NOUN
fbem-29599	45	23	through	through	ADP
fbem-29599	45	24	which	which	PRON
fbem-29599	45	25	china	china	PROPN
fbem-29599	45	26	injects	inject	VERB
fbem-29599	45	27	base	base	NOUN
fbem-29599	45	28	money	money	NOUN
fbem-29599	45	29	have	have	AUX
fbem-29599	45	30	also	also	ADV
fbem-29599	45	31	undergone	undergo	VERB
fbem-29599	45	32	changes	change	NOUN
fbem-29599	45	33	.	.	PUNCT
fbem-29599	46	1	in	in	ADP
fbem-29599	46	2	the	the	DET
fbem-29599	46	3	process	process	NOUN
fbem-29599	46	4	of	of	ADP
fbem-29599	46	5	base	base	NOUN
fbem-29599	46	6	money	money	NOUN
fbem-29599	46	7	injection	injection	NOUN
fbem-29599	46	8	by	by	ADP
fbem-29599	46	9	china	china	PROPN
fbem-29599	46	10	's	's	PART
fbem-29599	46	11	central	central	PROPN
fbem-29599	46	12	bank	bank	NOUN
fbem-29599	46	13	,	,	PUNCT
fbem-29599	46	14	rediscounting	rediscounte	VERB
fbem-29599	46	15	,	,	PUNCT
fbem-29599	46	16	foreign	foreign	ADJ
fbem-29599	46	17	exchange	exchange	NOUN
fbem-29599	46	18	settlement	settlement	NOUN
fbem-29599	46	19	,	,	PUNCT
fbem-29599	46	20	and	and	CCONJ
fbem-29599	46	21	rmb	rmb	VERB
fbem-29599	46	22	open	open	ADJ
fbem-29599	46	23	market	market	NOUN
fbem-29599	46	24	operations	operation	NOUN
fbem-29599	46	25	have	have	AUX
fbem-29599	46	26	each	each	PRON
fbem-29599	46	27	played	play	VERB
fbem-29599	46	28	a	a	DET
fbem-29599	46	29	significant	significant	ADJ
fbem-29599	46	30	role	role	NOUN
fbem-29599	46	31	in	in	ADP
fbem-29599	46	32	different	different	ADJ
fbem-29599	46	33	historical	historical	ADJ
fbem-29599	46	34	periods	period	NOUN
fbem-29599	46	35	.	.	PUNCT
fbem-29599	47	1	after	after	ADP
fbem-29599	47	2	2013	2013	NUM
fbem-29599	47	3	,	,	PUNCT
fbem-29599	47	4	the	the	DET
fbem-29599	47	5	people	people	NOUN
fbem-29599	47	6	's	's	PART
fbem-29599	47	7	bank	bank	PROPN
fbem-29599	47	8	of	of	ADP
fbem-29599	47	9	china	china	PROPN
fbem-29599	47	10	(	(	PUNCT
fbem-29599	47	11	pboc	pboc	NOUN
fbem-29599	47	12	)	)	PUNCT
fbem-29599	47	13	expanded	expand	VERB
fbem-29599	47	14	the	the	DET
fbem-29599	47	15	channels	channel	NOUN
fbem-29599	47	16	of	of	ADP
fbem-29599	47	17	base	base	NOUN
fbem-29599	47	18	money	money	NOUN
fbem-29599	47	19	injection	injection	NOUN
fbem-29599	47	20	according	accord	VERB
fbem-29599	47	21	to	to	ADP
fbem-29599	47	22	the	the	DET
fbem-29599	47	23	economic	economic	ADJ
fbem-29599	47	24	development	development	NOUN
fbem-29599	47	25	situation	situation	NOUN
fbem-29599	47	26	of	of	ADP
fbem-29599	47	27	different	different	ADJ
fbem-29599	47	28	stages	stage	NOUN
fbem-29599	47	29	,	,	PUNCT
fbem-29599	47	30	that	that	ADV
fbem-29599	47	31	is	is	ADV
fbem-29599	47	32	,	,	PUNCT
fbem-29599	47	33	it	it	PRON
fbem-29599	47	34	creatively	creatively	ADV
fbem-29599	47	35	introduced	introduce	VERB
fbem-29599	47	36	some	some	DET
fbem-29599	47	37	innovative	innovative	ADJ
fbem-29599	47	38	base	base	NOUN
fbem-29599	47	39	money	money	NOUN
fbem-29599	47	40	injection	injection	NOUN
fbem-29599	47	41	tools	tool	NOUN
fbem-29599	47	42	.	.	PUNCT
fbem-29599	48	1	the	the	DET
fbem-29599	48	2	specific	specific	ADJ
fbem-29599	48	3	channel	channel	NOUN
fbem-29599	48	4	changes	change	NOUN
fbem-29599	48	5	over	over	ADP
fbem-29599	48	6	different	different	ADJ
fbem-29599	48	7	periods	period	NOUN
fbem-29599	48	8	are	be	AUX
fbem-29599	48	9	as	as	SCONJ
fbem-29599	48	10	follows	follow	VERB
fbem-29599	48	11	:	:	PUNCT
fbem-29599	48	12	2.1	2.1	NUM
fbem-29599	48	13	.	.	PUNCT
fbem-29599	49	1	rediscounting	rediscounte	VERB
fbem-29599	49	2	since	since	SCONJ
fbem-29599	49	3	the	the	DET
fbem-29599	49	4	establishment	establishment	NOUN
fbem-29599	49	5	of	of	ADP
fbem-29599	49	6	the	the	DET
fbem-29599	49	7	people	people	NOUN
fbem-29599	49	8	's	's	PART
fbem-29599	49	9	bank	bank	PROPN
fbem-29599	49	10	of	of	ADP
fbem-29599	49	11	china	china	PROPN
fbem-29599	49	12	(	(	PUNCT
fbem-29599	49	13	pboc	pboc	NOUN
fbem-29599	49	14	)	)	PUNCT
fbem-29599	49	15	as	as	ADP
fbem-29599	49	16	china	china	PROPN
fbem-29599	49	17	's	's	PART
fbem-29599	49	18	central	central	ADJ
fbem-29599	49	19	bank	bank	NOUN
fbem-29599	49	20	in	in	ADP
fbem-29599	49	21	1984	1984	NUM
fbem-29599	49	22	,	,	PUNCT
fbem-29599	49	23	with	with	ADP
fbem-29599	49	24	primary	primary	ADJ
fbem-29599	49	25	functions	function	NOUN
fbem-29599	49	26	such	such	ADJ
fbem-29599	49	27	as	as	ADP
fbem-29599	49	28	currency	currency	NOUN
fbem-29599	49	29	issuance	issuance	NOUN
fbem-29599	49	30	,	,	PUNCT
fbem-29599	49	31	relending	relende	VERB
fbem-29599	49	32	has	have	AUX
fbem-29599	49	33	been	be	AUX
fbem-29599	49	34	a	a	DET
fbem-29599	49	35	major	major	ADJ
fbem-29599	49	36	channel	channel	NOUN
fbem-29599	49	37	for	for	ADP
fbem-29599	49	38	the	the	DET
fbem-29599	49	39	injection	injection	NOUN
fbem-29599	49	40	of	of	ADP
fbem-29599	49	41	base	base	ADJ
fbem-29599	49	42	money	money	NOUN
fbem-29599	49	43	.	.	PUNCT
fbem-29599	50	1	according	accord	VERB
fbem-29599	50	2	to	to	ADP
fbem-29599	50	3	historical	historical	ADJ
fbem-29599	50	4	data	datum	NOUN
fbem-29599	50	5	,	,	PUNCT
fbem-29599	50	6	from	from	ADP
fbem-29599	50	7	1985	1985	NUM
fbem-29599	50	8	to	to	ADP
fbem-29599	50	9	1993	1993	NUM
fbem-29599	50	10	,	,	PUNCT
fbem-29599	50	11	relending	relende	VERB
fbem-29599	50	12	accounted	account	VERB
fbem-29599	50	13	for	for	ADP
fbem-29599	50	14	approximately	approximately	ADV
fbem-29599	50	15	80	80	NUM
fbem-29599	50	16	%	%	NOUN
fbem-29599	50	17	of	of	ADP
fbem-29599	50	18	the	the	DET
fbem-29599	50	19	total	total	ADJ
fbem-29599	50	20	base	base	NOUN
fbem-29599	50	21	money	money	NOUN
fbem-29599	50	22	supply	supply	NOUN
fbem-29599	50	23	,	,	PUNCT
fbem-29599	50	24	a	a	DET
fbem-29599	50	25	situation	situation	NOUN
fbem-29599	50	26	that	that	PRON
fbem-29599	50	27	persisted	persist	VERB
fbem-29599	50	28	until	until	ADP
fbem-29599	50	29	1999	1999	NUM
fbem-29599	50	30	.	.	PUNCT
fbem-29599	51	1	with	with	ADP
fbem-29599	51	2	the	the	DET
fbem-29599	51	3	advent	advent	NOUN
fbem-29599	51	4	of	of	ADP
fbem-29599	51	5	the	the	DET
fbem-29599	51	6	21st	21st	ADJ
fbem-29599	51	7	century	century	NOUN
fbem-29599	51	8	and	and	CCONJ
fbem-29599	51	9	the	the	DET
fbem-29599	51	10	implementation	implementation	NOUN
fbem-29599	51	11	of	of	ADP
fbem-29599	51	12	other	other	ADJ
fbem-29599	51	13	monetary	monetary	ADJ
fbem-29599	51	14	policies	policy	NOUN
fbem-29599	51	15	during	during	ADP
fbem-29599	51	16	the	the	DET
fbem-29599	51	17	same	same	ADJ
fbem-29599	51	18	period	period	NOUN
fbem-29599	51	19	,	,	PUNCT
fbem-29599	51	20	the	the	DET
fbem-29599	51	21	proportion	proportion	NOUN
fbem-29599	51	22	of	of	ADP
fbem-29599	51	23	relending	relende	VERB
fbem-29599	51	24	declined	decline	VERB
fbem-29599	51	25	steadily	steadily	ADV
fbem-29599	51	26	from	from	ADP
fbem-29599	51	27	1999	1999	NUM
fbem-29599	51	28	to	to	ADP
fbem-29599	51	29	2007	2007	NUM
fbem-29599	51	30	,	,	PUNCT
fbem-29599	51	31	indicating	indicate	VERB
fbem-29599	51	32	that	that	SCONJ
fbem-29599	51	33	the	the	DET
fbem-29599	51	34	monetary	monetary	ADJ
fbem-29599	51	35	authorities	authority	NOUN
fbem-29599	51	36	attempted	attempt	VERB
fbem-29599	51	37	to	to	PART
fbem-29599	51	38	diversify	diversify	VERB
fbem-29599	51	39	the	the	DET
fbem-29599	51	40	channels	channel	NOUN
fbem-29599	51	41	of	of	ADP
fbem-29599	51	42	base	base	NOUN
fbem-29599	51	43	money	money	NOUN
fbem-29599	51	44	injection	injection	NOUN
fbem-29599	51	45	and	and	CCONJ
fbem-29599	51	46	use	use	VERB
fbem-29599	51	47	more	more	ADJ
fbem-29599	51	48	tools	tool	NOUN
fbem-29599	51	49	to	to	PART
fbem-29599	51	50	influence	influence	VERB
fbem-29599	51	51	the	the	DET
fbem-29599	51	52	money	money	NOUN
fbem-29599	51	53	supply	supply	NOUN
fbem-29599	51	54	.	.	PUNCT
fbem-29599	52	1	the	the	DET
fbem-29599	52	2	global	global	ADJ
fbem-29599	52	3	financial	financial	ADJ
fbem-29599	52	4	crisis	crisis	NOUN
fbem-29599	52	5	in	in	ADP
fbem-29599	52	6	2008	2008	NUM
fbem-29599	52	7	had	have	VERB
fbem-29599	52	8	a	a	DET
fbem-29599	52	9	significant	significant	ADJ
fbem-29599	52	10	impact	impact	NOUN
fbem-29599	52	11	on	on	ADP
fbem-29599	52	12	china	china	PROPN
fbem-29599	52	13	's	's	PART
fbem-29599	52	14	underdeveloped	underdeveloped	ADJ
fbem-29599	52	15	financial	financial	ADJ
fbem-29599	52	16	markets	market	NOUN
fbem-29599	52	17	at	at	ADP
fbem-29599	52	18	that	that	DET
fbem-29599	52	19	time	time	NOUN
fbem-29599	52	20	.	.	PUNCT
fbem-29599	53	1	to	to	PART
fbem-29599	53	2	stabilize	stabilize	VERB
fbem-29599	53	3	interest	interest	NOUN
fbem-29599	53	4	rates	rate	NOUN
fbem-29599	53	5	,	,	PUNCT
fbem-29599	53	6	the	the	DET
fbem-29599	53	7	monetary	monetary	ADJ
fbem-29599	53	8	authorities	authority	NOUN
fbem-29599	53	9	increased	increase	VERB
fbem-29599	53	10	credit	credit	NOUN
fbem-29599	53	11	injections	injection	NOUN
fbem-29599	53	12	into	into	ADP
fbem-29599	53	13	the	the	DET
fbem-29599	53	14	market	market	NOUN
fbem-29599	53	15	,	,	PUNCT
fbem-29599	53	16	resulting	result	VERB
fbem-29599	53	17	in	in	ADP
fbem-29599	53	18	a	a	DET
fbem-29599	53	19	gradual	gradual	ADJ
fbem-29599	53	20	increase	increase	NOUN
fbem-29599	53	21	in	in	ADP
fbem-29599	53	22	the	the	DET
fbem-29599	53	23	proportion	proportion	NOUN
fbem-29599	53	24	of	of	ADP
fbem-29599	53	25	relending	relende	VERB
fbem-29599	53	26	after	after	ADP
fbem-29599	53	27	2008	2008	NUM
fbem-29599	53	28	,	,	PUNCT
fbem-29599	53	29	albeit	albeit	SCONJ
fbem-29599	53	30	with	with	ADP
fbem-29599	53	31	relatively	relatively	ADV
fbem-29599	53	32	small	small	ADJ
fbem-29599	53	33	increments	increment	NOUN
fbem-29599	53	34	.	.	PUNCT
fbem-29599	54	1	after	after	ADP
fbem-29599	54	2	2015	2015	NUM
fbem-29599	54	3	,	,	PUNCT
fbem-29599	54	4	the	the	DET
fbem-29599	54	5	scale	scale	NOUN
fbem-29599	54	6	of	of	ADP
fbem-29599	54	7	relending	relende	VERB
fbem-29599	54	8	shrank	shrank	NOUN
fbem-29599	54	9	,	,	PUNCT
fbem-29599	54	10	but	but	CCONJ
fbem-29599	54	11	it	it	PRON
fbem-29599	54	12	began	begin	VERB
fbem-29599	54	13	to	to	PART
fbem-29599	54	14	rise	rise	VERB
fbem-29599	54	15	slowly	slowly	ADV
fbem-29599	54	16	again	again	ADV
fbem-29599	54	17	from	from	ADP
fbem-29599	54	18	2016	2016	NUM
fbem-29599	54	19	due	due	ADJ
fbem-29599	54	20	to	to	ADP
fbem-29599	54	21	policies	policy	NOUN
fbem-29599	54	22	such	such	ADJ
fbem-29599	54	23	as	as	ADP
fbem-29599	54	24	poverty	poverty	NOUN
fbem-29599	54	25	alleviation	alleviation	NOUN
fbem-29599	54	26	loans	loan	NOUN
fbem-29599	54	27	.	.	PUNCT
fbem-29599	55	1	during	during	ADP
fbem-29599	55	2	the	the	DET
fbem-29599	55	3	covid-19	covid-19	PROPN
fbem-29599	55	4	pandemic	pandemic	NOUN
fbem-29599	55	5	in	in	ADP
fbem-29599	55	6	2020	2020	NUM
fbem-29599	55	7	,	,	PUNCT
fbem-29599	55	8	to	to	PART
fbem-29599	55	9	counteract	counteract	VERB
fbem-29599	55	10	the	the	DET
fbem-29599	55	11	economic	economic	ADJ
fbem-29599	55	12	stagnation	stagnation	NOUN
fbem-29599	55	13	caused	cause	VERB
fbem-29599	55	14	by	by	ADP
fbem-29599	55	15	the	the	DET
fbem-29599	55	16	pandemic	pandemic	NOUN
fbem-29599	55	17	,	,	PUNCT
fbem-29599	55	18	the	the	DET
fbem-29599	55	19	scale	scale	NOUN
fbem-29599	55	20	of	of	ADP
fbem-29599	55	21	relending	relende	VERB
fbem-29599	55	22	gradually	gradually	ADV
fbem-29599	55	23	returned	return	VERB
fbem-29599	55	24	to	to	ADP
fbem-29599	55	25	the	the	DET
fbem-29599	55	26	levels	level	NOUN
fbem-29599	55	27	seen	see	VERB
fbem-29599	55	28	at	at	ADP
fbem-29599	55	29	the	the	DET
fbem-29599	55	30	beginning	beginning	NOUN
fbem-29599	55	31	of	of	ADP
fbem-29599	55	32	the	the	DET
fbem-29599	55	33	century	century	NOUN
fbem-29599	55	34	.	.	PUNCT
fbem-29599	56	1	as	as	SCONJ
fbem-29599	56	2	shown	show	VERB
fbem-29599	56	3	in	in	ADP
fbem-29599	56	4	figure	figure	NOUN
fbem-29599	56	5	1	1	NUM
fbem-29599	56	6	,	,	PUNCT
fbem-29599	56	7	despite	despite	SCONJ
fbem-29599	56	8	the	the	DET
fbem-29599	56	9	relatively	relatively	ADV
fbem-29599	56	10	large	large	ADJ
fbem-29599	56	11	share	share	NOUN
fbem-29599	56	12	of	of	ADP
fbem-29599	56	13	relending	relending	NOUN
fbem-29599	56	14	and	and	CCONJ
fbem-29599	56	15	the	the	DET
fbem-29599	56	16	fluctuations	fluctuation	NOUN
fbem-29599	56	17	in	in	ADP
fbem-29599	56	18	key	key	ADJ
fbem-29599	56	19	years	year	NOUN
fbem-29599	56	20	,	,	PUNCT
fbem-29599	56	21	the	the	DET
fbem-29599	56	22	overall	overall	ADJ
fbem-29599	56	23	trend	trend	NOUN
fbem-29599	56	24	has	have	AUX
fbem-29599	56	25	been	be	AUX
fbem-29599	56	26	downward	downward	ADJ
fbem-29599	56	27	.	.	PUNCT
fbem-29599	57	1	this	this	PRON
fbem-29599	57	2	is	be	AUX
fbem-29599	57	3	attributed	attribute	VERB
fbem-29599	57	4	to	to	ADP
fbem-29599	57	5	the	the	DET
fbem-29599	57	6	pboc	pboc	NOUN
fbem-29599	57	7	's	's	PART
fbem-29599	57	8	creation	creation	NOUN
fbem-29599	57	9	of	of	ADP
fbem-29599	57	10	more	more	ADV
fbem-29599	57	11	targeted	targeted	ADJ
fbem-29599	57	12	and	and	CCONJ
fbem-29599	57	13	innovative	innovative	ADJ
fbem-29599	57	14	channels	channel	NOUN
fbem-29599	57	15	for	for	ADP
fbem-29599	57	16	money	money	NOUN
fbem-29599	57	17	injection	injection	NOUN
fbem-29599	57	18	,	,	PUNCT
fbem-29599	57	19	which	which	PRON
fbem-29599	57	20	has	have	AUX
fbem-29599	57	21	diverted	divert	VERB
fbem-29599	57	22	funds	fund	NOUN
fbem-29599	57	23	from	from	ADP
fbem-29599	57	24	relending	relende	VERB
fbem-29599	57	25	.	.	PUNCT
fbem-29599	58	1	as	as	ADP
fbem-29599	58	2	a	a	DET
fbem-29599	58	3	result	result	NOUN
fbem-29599	58	4	,	,	PUNCT
fbem-29599	58	5	the	the	DET
fbem-29599	58	6	pboc	pboc	NOUN
fbem-29599	58	7	has	have	AUX
fbem-29599	58	8	achieved	achieve	VERB
fbem-29599	58	9	a	a	DET
fbem-29599	58	10	diversified	diversified	ADJ
fbem-29599	58	11	approach	approach	NOUN
fbem-29599	58	12	to	to	ADP
fbem-29599	58	13	monetary	monetary	ADJ
fbem-29599	58	14	injection	injection	NOUN
fbem-29599	58	15	and	and	CCONJ
fbem-29599	58	16	enhanced	enhance	VERB
fbem-29599	58	17	risk	risk	NOUN
fbem-29599	58	18	management	management	NOUN
fbem-29599	58	19	in	in	ADP
fbem-29599	58	20	monetary	monetary	ADJ
fbem-29599	58	21	policy	policy	NOUN
fbem-29599	58	22	.	.	PUNCT
fbem-29599	59	1	table	table	NOUN
fbem-29599	59	2	1	1	NUM
fbem-29599	59	3	.	.	PUNCT
fbem-29599	60	1	relending	relende	VERB
fbem-29599	60	2	balances	balance	NOUN
fbem-29599	60	3	and	and	CCONJ
fbem-29599	60	4	proportions	proportion	NOUN
fbem-29599	60	5	from	from	ADP
fbem-29599	60	6	the	the	DET
fbem-29599	60	7	end	end	NOUN
fbem-29599	60	8	of	of	ADP
fbem-29599	60	9	1999	1999	NUM
fbem-29599	60	10	to	to	ADP
fbem-29599	60	11	the	the	DET
fbem-29599	60	12	end	end	NOUN
fbem-29599	60	13	of	of	ADP
fbem-29599	60	14	2022	2022	NUM
fbem-29599	60	15	year	year	NOUN
fbem-29599	60	16	relending	relende	VERB
fbem-29599	60	17	balance	balance	NOUN
fbem-29599	60	18	(	(	PUNCT
fbem-29599	60	19	in	in	ADP
fbem-29599	60	20	billion	billion	NUM
fbem-29599	60	21	yuan	yuan	NOUN
fbem-29599	60	22	)	)	PUNCT
fbem-29599	60	23	proportion	proportion	NOUN
fbem-29599	60	24	(	(	PUNCT
fbem-29599	60	25	%	%	INTJ
fbem-29599	60	26	)	)	PUNCT
fbem-29599	60	27	1999	1999	NUM
fbem-29599	60	28	93734.3	93734.3	NUM
fbem-29599	60	29	76.06	76.06	NUM
fbem-29599	60	30	2000	2000	NUM
fbem-29599	60	31	99371.07	99371.07	NUM
fbem-29599	60	32	74.53	74.53	NUM
fbem-29599	60	33	2001	2001	NUM
fbem-29599	60	34	112314.7	112314.7	NUM
fbem-29599	60	35	73.15	73.15	NUM
fbem-29599	60	36	2002	2002	NUM
fbem-29599	60	37	131293.93	131293.93	NUM
fbem-29599	60	38	71.35	71.35	NUM
fbem-29599	60	39	2003	2003	NUM
fbem-29599	60	40	158996.23	158996.23	NUM
fbem-29599	60	41	70.57	70.57	NUM
fbem-29599	60	42	2004	2004	NUM
fbem-29599	60	43	177363.49	177363.49	NUM
fbem-29599	60	44	67.72	67.72	NUM
fbem-29599	60	45	2005	2005	NUM
fbem-29599	60	46	194690.39	194690.39	NUM
fbem-29599	60	47	64.46	64.46	NUM
fbem-29599	60	48	2006	2006	NUM
fbem-29599	60	49	225285.28	225285.28	NUM
fbem-29599	60	50	61.69	61.69	NUM
fbem-29599	60	51	2007	2007	NUM
fbem-29599	60	52	261690.88	261690.88	NUM
fbem-29599	60	53	57.61	57.61	NUM
fbem-29599	60	54	2008	2008	NUM
fbem-29599	60	55	303394.64	303394.64	NUM
fbem-29599	60	56	56.35	56.35	NUM
fbem-29599	60	57	2009	2009	NUM
fbem-29599	60	58	399684.82	399684.82	NUM
fbem-29599	60	59	58.62	58.62	NUM
fbem-29599	60	60	2010	2010	NUM
fbem-29599	60	61	479195.55	479195.55	NUM
fbem-29599	60	62	59.46	59.46	NUM
fbem-29599	60	63	2011	2011	NUM
fbem-29599	60	64	547946.69	547946.69	NUM
fbem-29599	60	65	60.00	60.00	NUM
fbem-29599	60	66	2012	2012	NUM
fbem-29599	60	67	629909.64	629909.64	NUM
fbem-29599	60	68	61.51	61.51	NUM
fbem-29599	60	69	2013	2013	NUM
fbem-29599	60	70	718961.46	718961.46	NUM
fbem-29599	60	71	61.21	61.21	NUM
fbem-29599	60	72	2014	2014	NUM
fbem-29599	60	73	816770.01	816770.01	NUM
fbem-29599	60	74	61.72	61.72	NUM
fbem-29599	60	75	2015	2015	NUM
fbem-29599	60	76	939540.16	939540.16	NUM
fbem-29599	60	77	60.96	60.96	NUM
fbem-29599	60	78	2016	2016	NUM
fbem-29599	60	79	1066040.06	1066040.06	NUM
fbem-29599	60	80	60.57	60.57	NUM
fbem-29599	60	81	2017	2017	NUM
fbem-29599	60	82	1201320.99	1201320.99	NUM
fbem-29599	60	83	62.18	62.18	NUM
fbem-29599	60	84	2018	2018	NUM
fbem-29599	60	85	1362966.65	1362966.65	NUM
fbem-29599	60	86	64.62	64.62	NUM
fbem-29599	60	87	2019	2019	NUM
fbem-29599	60	88	1531123.2	1531123.2	NUM
fbem-29599	60	89	66.08	66.08	NUM
fbem-29599	60	90	2020	2020	NUM
fbem-29599	60	91	1727452.07	1727452.07	NUM
fbem-29599	60	92	67.09	67.09	NUM
fbem-29599	60	93	2021	2021	NUM
fbem-29599	60	94	1926902.81	1926902.81	NUM
fbem-29599	60	95	68.06	68.06	NUM
fbem-29599	60	96	2022	2022	NUM
fbem-29599	60	97	2139852.67	2139852.67	NUM
fbem-29599	60	98	68.55	68.55	NUM
fbem-29599	60	99	source	source	NOUN
fbem-29599	60	100	:	:	PUNCT
fbem-29599	60	101	website	website	NOUN
fbem-29599	60	102	of	of	ADP
fbem-29599	60	103	the	the	DET
fbem-29599	60	104	people	people	NOUN
fbem-29599	60	105	's	's	PART
fbem-29599	60	106	bank	bank	PROPN
fbem-29599	60	107	of	of	ADP
fbem-29599	60	108	china	china	PROPN
fbem-29599	60	109	(	(	PUNCT
fbem-29599	60	110	www.pbc.gov.cn	www.pbc.gov.cn	PROPN
fbem-29599	60	111	)	)	PUNCT
fbem-29599	60	112	104	104	NUM
fbem-29599	60	113	figure	figure	NOUN
fbem-29599	60	114	1	1	NUM
fbem-29599	60	115	.	.	PUNCT
fbem-29599	60	116	proportion	proportion	NOUN
fbem-29599	60	117	of	of	ADP
fbem-29599	60	118	relending	relende	VERB
fbem-29599	60	119	2.2	2.2	NUM
fbem-29599	60	120	.	.	PUNCT
fbem-29599	61	1	funds	fund	NOUN
fbem-29599	61	2	outstanding	outstanding	ADJ
fbem-29599	61	3	for	for	ADP
fbem-29599	61	4	foreign	foreign	ADJ
fbem-29599	61	5	exchange	exchange	NOUN
fbem-29599	61	6	since	since	SCONJ
fbem-29599	61	7	1994	1994	NUM
fbem-29599	61	8	,	,	PUNCT
fbem-29599	61	9	china	china	PROPN
fbem-29599	61	10	has	have	AUX
fbem-29599	61	11	implemented	implement	VERB
fbem-29599	61	12	a	a	DET
fbem-29599	61	13	unified	unified	ADJ
fbem-29599	61	14	exchange	exchange	NOUN
fbem-29599	61	15	rate	rate	NOUN
fbem-29599	61	16	system	system	NOUN
fbem-29599	61	17	and	and	CCONJ
fbem-29599	61	18	a	a	DET
fbem-29599	61	19	mandatory	mandatory	ADJ
fbem-29599	61	20	foreign	foreign	ADJ
fbem-29599	61	21	exchange	exchange	NOUN
fbem-29599	61	22	settlement	settlement	NOUN
fbem-29599	61	23	system	system	NOUN
fbem-29599	61	24	,	,	PUNCT
fbem-29599	61	25	which	which	PRON
fbem-29599	61	26	requires	require	VERB
fbem-29599	61	27	non	non	ADJ
fbem-29599	61	28	-	-	ADJ
fbem-29599	61	29	financial	financial	ADJ
fbem-29599	61	30	institutions	institution	NOUN
fbem-29599	61	31	such	such	ADJ
fbem-29599	61	32	as	as	ADP
fbem-29599	61	33	enterprises	enterprise	NOUN
fbem-29599	61	34	to	to	PART
fbem-29599	61	35	sell	sell	VERB
fbem-29599	61	36	their	their	PRON
fbem-29599	61	37	foreign	foreign	ADJ
fbem-29599	61	38	exchange	exchange	NOUN
fbem-29599	61	39	to	to	ADP
fbem-29599	61	40	banks	bank	NOUN
fbem-29599	61	41	.	.	PUNCT
fbem-29599	62	1	these	these	DET
fbem-29599	62	2	banks	bank	NOUN
fbem-29599	62	3	then	then	ADV
fbem-29599	62	4	conduct	conduct	VERB
fbem-29599	62	5	foreign	foreign	ADJ
fbem-29599	62	6	exchange	exchange	NOUN
fbem-29599	62	7	transactions	transaction	NOUN
fbem-29599	62	8	with	with	ADP
fbem-29599	62	9	the	the	DET
fbem-29599	62	10	central	central	ADJ
fbem-29599	62	11	bank	bank	NOUN
fbem-29599	62	12	through	through	ADP
fbem-29599	62	13	the	the	DET
fbem-29599	62	14	state	state	NOUN
fbem-29599	62	15	administration	administration	NOUN
fbem-29599	62	16	of	of	ADP
fbem-29599	62	17	foreign	foreign	ADJ
fbem-29599	62	18	exchange	exchange	NOUN
fbem-29599	62	19	,	,	PUNCT
fbem-29599	62	20	thereby	thereby	ADV
fbem-29599	62	21	granting	grant	VERB
fbem-29599	62	22	the	the	DET
fbem-29599	62	23	central	central	ADJ
fbem-29599	62	24	bank	bank	PROPN
fbem-29599	62	25	actual	actual	ADJ
fbem-29599	62	26	control	control	NOUN
fbem-29599	62	27	over	over	ADP
fbem-29599	62	28	exchange	exchange	NOUN
fbem-29599	62	29	rate	rate	NOUN
fbem-29599	62	30	fluctuations	fluctuation	NOUN
fbem-29599	62	31	.	.	PUNCT
fbem-29599	63	1	as	as	ADP
fbem-29599	63	2	a	a	DET
fbem-29599	63	3	result	result	NOUN
fbem-29599	63	4	,	,	PUNCT
fbem-29599	63	5	china	china	PROPN
fbem-29599	63	6	's	's	PART
fbem-29599	63	7	monetary	monetary	ADJ
fbem-29599	63	8	authority	authority	NOUN
fbem-29599	63	9	—	—	PUNCT
fbem-29599	63	10	the	the	DET
fbem-29599	63	11	people	people	NOUN
fbem-29599	63	12	's	's	PART
fbem-29599	63	13	bank	bank	PROPN
fbem-29599	63	14	of	of	ADP
fbem-29599	63	15	china	china	PROPN
fbem-29599	63	16	(	(	PUNCT
fbem-29599	63	17	pboc)—has	pboc)—ha	VERB
fbem-29599	63	18	utilized	utilize	VERB
fbem-29599	63	19	funds	fund	NOUN
fbem-29599	63	20	outstanding	outstanding	ADJ
fbem-29599	63	21	for	for	ADP
fbem-29599	63	22	foreign	foreign	ADJ
fbem-29599	63	23	exchange	exchange	NOUN
fbem-29599	63	24	(	(	PUNCT
fbem-29599	63	25	foffe	foffe	ADV
fbem-29599	63	26	)	)	PUNCT
fbem-29599	63	27	to	to	PART
fbem-29599	63	28	inject	inject	VERB
fbem-29599	63	29	base	base	NOUN
fbem-29599	63	30	money	money	NOUN
fbem-29599	63	31	in	in	ADP
fbem-29599	63	32	order	order	NOUN
fbem-29599	63	33	to	to	PART
fbem-29599	63	34	stabilize	stabilize	VERB
fbem-29599	63	35	the	the	DET
fbem-29599	63	36	exchange	exchange	NOUN
fbem-29599	63	37	rate	rate	NOUN
fbem-29599	63	38	.	.	PUNCT
fbem-29599	64	1	as	as	SCONJ
fbem-29599	64	2	shown	show	VERB
fbem-29599	64	3	in	in	ADP
fbem-29599	64	4	table	table	NOUN
fbem-29599	64	5	3	3	NUM
fbem-29599	64	6	,	,	PUNCT
fbem-29599	64	7	the	the	DET
fbem-29599	64	8	proportion	proportion	NOUN
fbem-29599	64	9	of	of	ADP
fbem-29599	64	10	foffe	foffe	NOUN
fbem-29599	64	11	increased	increase	VERB
fbem-29599	64	12	continuously	continuously	ADV
fbem-29599	64	13	from	from	ADP
fbem-29599	64	14	1999	1999	NUM
fbem-29599	64	15	to	to	ADP
fbem-29599	64	16	2011	2011	NUM
fbem-29599	64	17	,	,	PUNCT
fbem-29599	64	18	a	a	DET
fbem-29599	64	19	trend	trend	NOUN
fbem-29599	64	20	closely	closely	ADV
fbem-29599	64	21	related	relate	VERB
fbem-29599	64	22	to	to	ADP
fbem-29599	64	23	china	china	PROPN
fbem-29599	64	24	's	's	PART
fbem-29599	64	25	accession	accession	NOUN
fbem-29599	64	26	to	to	ADP
fbem-29599	64	27	the	the	DET
fbem-29599	64	28	wto	wto	PROPN
fbem-29599	64	29	in	in	ADP
fbem-29599	64	30	2001	2001	NUM
fbem-29599	64	31	.	.	PUNCT
fbem-29599	65	1	following	follow	VERB
fbem-29599	65	2	its	its	PRON
fbem-29599	65	3	entry	entry	NOUN
fbem-29599	65	4	into	into	ADP
fbem-29599	65	5	the	the	DET
fbem-29599	65	6	international	international	ADJ
fbem-29599	65	7	organization	organization	NOUN
fbem-29599	65	8	,	,	PUNCT
fbem-29599	65	9	china	china	PROPN
fbem-29599	65	10	's	's	PART
fbem-29599	65	11	trade	trade	NOUN
fbem-29599	65	12	volume	volume	NOUN
fbem-29599	65	13	surged	surge	VERB
fbem-29599	65	14	,	,	PUNCT
fbem-29599	65	15	and	and	CCONJ
fbem-29599	65	16	its	its	PRON
fbem-29599	65	17	trade	trade	NOUN
fbem-29599	65	18	surplus	surplus	NOUN
fbem-29599	65	19	expanded	expand	VERB
fbem-29599	65	20	rapidly	rapidly	ADV
fbem-29599	65	21	,	,	PUNCT
fbem-29599	65	22	leading	lead	VERB
fbem-29599	65	23	to	to	ADP
fbem-29599	65	24	decades	decade	NOUN
fbem-29599	65	25	of	of	ADP
fbem-29599	65	26	high	high	ADJ
fbem-29599	65	27	growth	growth	NOUN
fbem-29599	65	28	in	in	ADP
fbem-29599	65	29	the	the	DET
fbem-29599	65	30	proportion	proportion	NOUN
fbem-29599	65	31	of	of	ADP
fbem-29599	65	32	foffe	foffe	NOUN
fbem-29599	65	33	.	.	PUNCT
fbem-29599	66	1	a	a	DET
fbem-29599	66	2	large	large	ADJ
fbem-29599	66	3	foffe	foffe	ADJ
fbem-29599	66	4	proportion	proportion	NOUN
fbem-29599	66	5	,	,	PUNCT
fbem-29599	66	6	however	however	ADV
fbem-29599	66	7	,	,	PUNCT
fbem-29599	66	8	causes	cause	VERB
fbem-29599	66	9	the	the	DET
fbem-29599	66	10	domestic	domestic	ADJ
fbem-29599	66	11	money	money	NOUN
fbem-29599	66	12	supply	supply	NOUN
fbem-29599	66	13	to	to	PART
fbem-29599	66	14	become	become	VERB
fbem-29599	66	15	overly	overly	ADV
fbem-29599	66	16	dependent	dependent	ADJ
fbem-29599	66	17	on	on	ADP
fbem-29599	66	18	international	international	ADJ
fbem-29599	66	19	exchange	exchange	NOUN
fbem-29599	66	20	rates	rate	NOUN
fbem-29599	66	21	and	and	CCONJ
fbem-29599	66	22	trade	trade	NOUN
fbem-29599	66	23	volumes	volume	NOUN
fbem-29599	66	24	.	.	PUNCT
fbem-29599	67	1	moreover	moreover	ADV
fbem-29599	67	2	,	,	PUNCT
fbem-29599	67	3	the	the	DET
fbem-29599	67	4	base	base	NOUN
fbem-29599	67	5	money	money	NOUN
fbem-29599	67	6	injection	injection	NOUN
fbem-29599	67	7	through	through	ADP
fbem-29599	67	8	foffe	foffe	ADJ
fbem-29599	67	9	places	place	NOUN
fbem-29599	67	10	the	the	DET
fbem-29599	67	11	central	central	ADJ
fbem-29599	67	12	bank	bank	NOUN
fbem-29599	67	13	in	in	ADP
fbem-29599	67	14	a	a	DET
fbem-29599	67	15	passive	passive	ADJ
fbem-29599	67	16	position	position	NOUN
fbem-29599	67	17	,	,	PUNCT
fbem-29599	67	18	which	which	PRON
fbem-29599	67	19	is	be	AUX
fbem-29599	67	20	not	not	PART
fbem-29599	67	21	conducive	conducive	ADJ
fbem-29599	67	22	to	to	ADP
fbem-29599	67	23	the	the	DET
fbem-29599	67	24	effective	effective	ADJ
fbem-29599	67	25	implementation	implementation	NOUN
fbem-29599	67	26	of	of	ADP
fbem-29599	67	27	monetary	monetary	ADJ
fbem-29599	67	28	policy	policy	NOUN
fbem-29599	67	29	.	.	PUNCT
fbem-29599	68	1	therefore	therefore	ADV
fbem-29599	68	2	,	,	PUNCT
fbem-29599	68	3	it	it	PRON
fbem-29599	68	4	is	be	AUX
fbem-29599	68	5	evident	evident	ADJ
fbem-29599	68	6	from	from	ADP
fbem-29599	68	7	the	the	DET
fbem-29599	68	8	data	datum	NOUN
fbem-29599	68	9	in	in	ADP
fbem-29599	68	10	table	table	NOUN
fbem-29599	68	11	2	2	NUM
fbem-29599	68	12	that	that	SCONJ
fbem-29599	68	13	since	since	SCONJ
fbem-29599	68	14	2012	2012	NUM
fbem-29599	68	15	,	,	PUNCT
fbem-29599	68	16	the	the	DET
fbem-29599	68	17	proportion	proportion	NOUN
fbem-29599	68	18	of	of	ADP
fbem-29599	68	19	foffe	foffe	NOUN
fbem-29599	68	20	has	have	AUX
fbem-29599	68	21	gradually	gradually	ADV
fbem-29599	68	22	declined	decline	VERB
fbem-29599	68	23	,	,	PUNCT
fbem-29599	68	24	reaching	reach	VERB
fbem-29599	68	25	single	single	ADJ
fbem-29599	68	26	-	-	PUNCT
fbem-29599	68	27	digit	digit	NOUN
fbem-29599	68	28	levels	level	NOUN
fbem-29599	68	29	during	during	ADP
fbem-29599	68	30	the	the	DET
fbem-29599	68	31	covid-19	covid-19	PROPN
fbem-29599	68	32	pandemic	pandemic	NOUN
fbem-29599	68	33	in	in	ADP
fbem-29599	68	34	2020	2020	NUM
fbem-29599	68	35	.	.	PUNCT
fbem-29599	69	1	this	this	DET
fbem-29599	69	2	trend	trend	NOUN
fbem-29599	69	3	aligns	align	VERB
fbem-29599	69	4	with	with	ADP
fbem-29599	69	5	the	the	DET
fbem-29599	69	6	pboc	pboc	NOUN
fbem-29599	69	7	's	's	PART
fbem-29599	69	8	policy	policy	NOUN
fbem-29599	69	9	shift	shift	NOUN
fbem-29599	69	10	beginning	begin	VERB
fbem-29599	69	11	in	in	ADP
fbem-29599	69	12	2012	2012	NUM
fbem-29599	69	13	,	,	PUNCT
fbem-29599	69	14	aimed	aim	VERB
fbem-29599	69	15	at	at	ADP
fbem-29599	69	16	effectively	effectively	ADV
fbem-29599	69	17	offsetting	offset	VERB
fbem-29599	69	18	the	the	DET
fbem-29599	69	19	excess	excess	ADJ
fbem-29599	69	20	liquidity	liquidity	NOUN
fbem-29599	69	21	caused	cause	VERB
fbem-29599	69	22	by	by	ADP
fbem-29599	69	23	foffe	foffe	NOUN
fbem-29599	69	24	through	through	ADP
fbem-29599	69	25	alternative	alternative	ADJ
fbem-29599	69	26	means	mean	NOUN
fbem-29599	69	27	of	of	ADP
fbem-29599	69	28	money	money	NOUN
fbem-29599	69	29	supply	supply	NOUN
fbem-29599	69	30	adjustment	adjustment	NOUN
fbem-29599	69	31	.	.	PUNCT
fbem-29599	70	1	thanks	thank	NOUN
fbem-29599	70	2	to	to	ADP
fbem-29599	70	3	the	the	DET
fbem-29599	70	4	central	central	PROPN
fbem-29599	70	5	bank	bank	NOUN
fbem-29599	70	6	's	's	PART
fbem-29599	70	7	timely	timely	ADJ
fbem-29599	70	8	policy	policy	NOUN
fbem-29599	70	9	adjustments	adjustment	NOUN
fbem-29599	70	10	,	,	PUNCT
fbem-29599	70	11	even	even	ADV
fbem-29599	70	12	during	during	ADP
fbem-29599	70	13	the	the	DET
fbem-29599	70	14	challenging	challenging	ADJ
fbem-29599	70	15	international	international	ADJ
fbem-29599	70	16	trade	trade	NOUN
fbem-29599	70	17	conditions	condition	NOUN
fbem-29599	70	18	of	of	ADP
fbem-29599	70	19	2020	2020	NUM
fbem-29599	70	20	,	,	PUNCT
fbem-29599	70	21	there	there	PRON
fbem-29599	70	22	was	be	VERB
fbem-29599	70	23	no	no	DET
fbem-29599	70	24	significant	significant	ADJ
fbem-29599	70	25	fluctuation	fluctuation	NOUN
fbem-29599	70	26	in	in	ADP
fbem-29599	70	27	base	base	NOUN
fbem-29599	70	28	money	money	NOUN
fbem-29599	70	29	due	due	ADP
fbem-29599	70	30	to	to	ADP
fbem-29599	70	31	changes	change	NOUN
fbem-29599	70	32	in	in	ADP
fbem-29599	70	33	foffe	foffe	ADV
fbem-29599	70	34	,	,	PUNCT
fbem-29599	70	35	thereby	thereby	ADV
fbem-29599	70	36	reducing	reduce	VERB
fbem-29599	70	37	uncertainties	uncertainty	NOUN
fbem-29599	70	38	in	in	ADP
fbem-29599	70	39	economic	economic	ADJ
fbem-29599	70	40	volatility	volatility	NOUN
fbem-29599	70	41	.	.	PUNCT
fbem-29599	71	1	as	as	SCONJ
fbem-29599	71	2	illustrated	illustrate	VERB
fbem-29599	71	3	in	in	ADP
fbem-29599	71	4	figure	figure	NOUN
fbem-29599	71	5	2	2	NUM
fbem-29599	71	6	,	,	PUNCT
fbem-29599	71	7	although	although	SCONJ
fbem-29599	71	8	the	the	DET
fbem-29599	71	9	proportion	proportion	NOUN
fbem-29599	71	10	of	of	ADP
fbem-29599	71	11	foffe	foffe	NOUN
fbem-29599	71	12	exhibits	exhibit	VERB
fbem-29599	71	13	a	a	DET
fbem-29599	71	14	relatively	relatively	ADV
fbem-29599	71	15	volatile	volatile	ADJ
fbem-29599	71	16	trend	trend	NOUN
fbem-29599	71	17	,	,	PUNCT
fbem-29599	71	18	it	it	PRON
fbem-29599	71	19	does	do	AUX
fbem-29599	71	20	not	not	PART
fbem-29599	71	21	obscure	obscure	VERB
fbem-29599	71	22	the	the	DET
fbem-29599	71	23	overall	overall	ADJ
fbem-29599	71	24	downward	downward	ADJ
fbem-29599	71	25	trajectory	trajectory	NOUN
fbem-29599	71	26	.	.	PUNCT
fbem-29599	72	1	this	this	PRON
fbem-29599	72	2	indicates	indicate	VERB
fbem-29599	72	3	that	that	SCONJ
fbem-29599	72	4	the	the	DET
fbem-29599	72	5	monetary	monetary	ADJ
fbem-29599	72	6	authorities	authority	NOUN
fbem-29599	72	7	are	be	AUX
fbem-29599	72	8	attempting	attempt	VERB
fbem-29599	72	9	to	to	PART
fbem-29599	72	10	liberate	liberate	VERB
fbem-29599	72	11	themselves	themselves	PRON
fbem-29599	72	12	from	from	ADP
fbem-29599	72	13	the	the	DET
fbem-29599	72	14	passive	passive	ADJ
fbem-29599	72	15	nature	nature	NOUN
fbem-29599	72	16	of	of	ADP
fbem-29599	72	17	base	base	NOUN
fbem-29599	72	18	money	money	NOUN
fbem-29599	72	19	injection	injection	NOUN
fbem-29599	72	20	through	through	ADP
fbem-29599	72	21	foffe	foffe	ADV
fbem-29599	72	22	,	,	PUNCT
fbem-29599	72	23	shifting	shift	VERB
fbem-29599	72	24	towards	towards	ADP
fbem-29599	72	25	more	more	ADV
fbem-29599	72	26	proactive	proactive	ADJ
fbem-29599	72	27	channels	channel	NOUN
fbem-29599	72	28	to	to	PART
fbem-29599	72	29	avoid	avoid	VERB
fbem-29599	72	30	the	the	DET
fbem-29599	72	31	numerous	numerous	ADJ
fbem-29599	72	32	disadvantages	disadvantage	NOUN
fbem-29599	72	33	associated	associate	VERB
fbem-29599	72	34	with	with	ADP
fbem-29599	72	35	passivity	passivity	NOUN
fbem-29599	72	36	.	.	PUNCT
fbem-29599	73	1	table	table	NOUN
fbem-29599	73	2	2	2	NUM
fbem-29599	73	3	.	.	PUNCT
fbem-29599	74	1	balance	balance	NOUN
fbem-29599	74	2	and	and	CCONJ
fbem-29599	74	3	proportion	proportion	NOUN
fbem-29599	74	4	of	of	ADP
fbem-29599	74	5	funds	fund	NOUN
fbem-29599	74	6	outstanding	outstanding	ADJ
fbem-29599	74	7	for	for	ADP
fbem-29599	74	8	foreign	foreign	ADJ
fbem-29599	74	9	exchange	exchange	NOUN
fbem-29599	74	10	at	at	ADP
fbem-29599	74	11	the	the	DET
fbem-29599	74	12	end	end	NOUN
fbem-29599	74	13	of	of	ADP
fbem-29599	74	14	1999–2022	1999–2022	NUM
fbem-29599	74	15	year	year	NOUN
fbem-29599	74	16	balance	balance	NOUN
fbem-29599	74	17	of	of	ADP
fbem-29599	74	18	funds	fund	NOUN
fbem-29599	74	19	outstanding	outstanding	ADJ
fbem-29599	74	20	for	for	ADP
fbem-29599	74	21	foreign	foreign	ADJ
fbem-29599	74	22	exchange	exchange	NOUN
fbem-29599	74	23	(	(	PUNCT
fbem-29599	74	24	in	in	ADP
fbem-29599	74	25	billion	billion	NUM
fbem-29599	74	26	yuan	yuan	NOUN
fbem-29599	74	27	)	)	PUNCT
fbem-29599	74	28	proportion	proportion	NOUN
fbem-29599	74	29	(	(	PUNCT
fbem-29599	74	30	%	%	INTJ
fbem-29599	74	31	)	)	PUNCT
fbem-29599	74	32	1999	1999	NUM
fbem-29599	74	33	14792.4	14792.4	NUM
fbem-29599	74	34	12.00	12.00	NUM
fbem-29599	74	35	2000	2000	NUM
fbem-29599	74	36	14291.14	14291.14	NUM
fbem-29599	74	37	10.72	10.72	NUM
fbem-29599	74	38	2001	2001	NUM
fbem-29599	74	39	17856.43	17856.43	NUM
fbem-29599	74	40	11.63	11.63	NUM
fbem-29599	74	41	2002	2002	NUM
fbem-29599	74	42	23223.34	23223.34	NUM
fbem-29599	74	43	12.62	12.62	NUM
fbem-29599	74	44	2003	2003	NUM
fbem-29599	74	45	34846.92	34846.92	NUM
fbem-29599	74	46	15.47	15.47	NUM
fbem-29599	74	47	2004	2004	NUM
fbem-29599	74	48	52592.64	52592.64	NUM
fbem-29599	74	49	20.08	20.08	NUM
fbem-29599	74	50	2005	2005	NUM
fbem-29599	74	51	71211.12	71211.12	NUM
fbem-29599	74	52	23.58	23.58	NUM
fbem-29599	74	53	2006	2006	NUM
fbem-29599	74	54	98980.27	98980.27	NUM
fbem-29599	74	55	27.11	27.11	NUM
fbem-29599	74	56	2007	2007	NUM
fbem-29599	74	57	128377.32	128377.32	NUM
fbem-29599	74	58	28.26	28.26	NUM
fbem-29599	74	59	2008	2008	NUM
fbem-29599	74	60	168431.11	168431.11	NUM
fbem-29599	74	61	31.28	31.28	NUM
fbem-29599	74	62	2009	2009	NUM
fbem-29599	74	63	193112.47	193112.47	NUM
fbem-29599	74	64	28.32	28.32	NUM
fbem-29599	74	65	2010	2010	NUM
fbem-29599	74	66	225795.14	225795.14	NUM
fbem-29599	74	67	28.02	28.02	NUM
fbem-29599	74	68	2011	2011	NUM
fbem-29599	74	69	253587.01	253587.01	NUM
fbem-29599	74	70	27.77	27.77	NUM
fbem-29599	74	71	2012	2012	NUM
fbem-29599	74	72	258533.48	258533.48	NUM
fbem-29599	74	73	25.25	25.25	NUM
fbem-29599	74	74	2013	2013	NUM
fbem-29599	74	75	286303.83	286303.83	NUM
fbem-29599	74	76	24.37	24.37	NUM
fbem-29599	74	77	2014	2014	NUM
fbem-29599	74	78	294090.46	294090.46	NUM
fbem-29599	74	79	22.22	22.22	NUM
fbem-29599	74	80	2015	2015	NUM
fbem-29599	74	81	265858.52	265858.52	NUM
fbem-29599	74	82	17.25	17.25	NUM
fbem-29599	74	83	2016	2016	NUM
fbem-29599	74	84	219425.26	219425.26	NUM
fbem-29599	74	85	12.47	12.47	NUM
fbem-29599	74	86	2017	2017	NUM
fbem-29599	74	87	214788.33	214788.33	NUM
fbem-29599	74	88	11.12	11.12	NUM
fbem-29599	74	89	2018	2018	NUM
fbem-29599	74	90	212556.68	212556.68	NUM
fbem-29599	74	91	10.08	10.08	NUM
fbem-29599	74	92	2019	2019	NUM
fbem-29599	74	93	212317.26	212317.26	NUM
fbem-29599	74	94	9.16	9.16	NUM
fbem-29599	74	95	2020	2020	NUM
fbem-29599	74	96	211308.1	211308.1	NUM
fbem-29599	74	97	8.21	8.21	NUM
fbem-29599	74	98	2021	2021	NUM
fbem-29599	74	99	212867.2	212867.2	NUM
fbem-29599	74	100	7.52	7.52	NUM
fbem-29599	74	101	2022	2022	NUM
fbem-29599	74	102	214712.28	214712.28	NUM
fbem-29599	74	103	6.88	6.88	NUM
fbem-29599	74	104	source	source	NOUN
fbem-29599	74	105	:	:	PUNCT
fbem-29599	74	106	website	website	NOUN
fbem-29599	74	107	of	of	ADP
fbem-29599	74	108	the	the	DET
fbem-29599	74	109	people	people	NOUN
fbem-29599	74	110	's	's	PART
fbem-29599	74	111	bank	bank	PROPN
fbem-29599	74	112	of	of	ADP
fbem-29599	74	113	china	china	PROPN
fbem-29599	74	114	(	(	PUNCT
fbem-29599	74	115	www.pbc.gov.cn	www.pbc.gov.cn	PROPN
fbem-29599	74	116	)	)	PUNCT
fbem-29599	74	117	76.06	76.06	NUM
fbem-29599	74	118	%	%	NOUN
fbem-29599	74	119	74.53	74.53	NUM
fbem-29599	74	120	%	%	NOUN
fbem-29599	74	121	73.15	73.15	NUM
fbem-29599	74	122	%	%	NOUN
fbem-29599	74	123	71.35	71.35	NUM
fbem-29599	74	124	%	%	NOUN
fbem-29599	74	125	70.57	70.57	NUM
fbem-29599	74	126	%	%	NOUN
fbem-29599	74	127	67.72	67.72	NUM
fbem-29599	74	128	%	%	NOUN
fbem-29599	74	129	64.46	64.46	NUM
fbem-29599	74	130	%	%	NOUN
fbem-29599	74	131	61.69	61.69	NUM
fbem-29599	74	132	%	%	NOUN
fbem-29599	74	133	57.61	57.61	NUM
fbem-29599	74	134	%	%	NOUN
fbem-29599	74	135	56.35	56.35	NUM
fbem-29599	74	136	%	%	NOUN
fbem-29599	74	137	58.62	58.62	NUM
fbem-29599	74	138	%	%	NOUN
fbem-29599	74	139	59.46	59.46	NUM
fbem-29599	74	140	%	%	NOUN
fbem-29599	74	141	60.00	60.00	NUM
fbem-29599	74	142	%	%	NOUN
fbem-29599	74	143	61.51	61.51	NUM
fbem-29599	74	144	%	%	NOUN
fbem-29599	74	145	61.21	61.21	NUM
fbem-29599	74	146	%	%	NOUN
fbem-29599	74	147	61.72	61.72	NUM
fbem-29599	74	148	%	%	NOUN
fbem-29599	74	149	60.96	60.96	NUM
fbem-29599	74	150	%	%	NOUN
fbem-29599	74	151	60.57	60.57	NUM
fbem-29599	74	152	%	%	NOUN
fbem-29599	74	153	62.18	62.18	NUM
fbem-29599	74	154	%	%	NOUN
fbem-29599	74	155	64.62	64.62	NUM
fbem-29599	74	156	%	%	NOUN
fbem-29599	74	157	66.08	66.08	NUM
fbem-29599	74	158	%	%	NOUN
fbem-29599	74	159	67.09	67.09	NUM
fbem-29599	74	160	%	%	NOUN
fbem-29599	74	161	68.06	68.06	NUM
fbem-29599	74	162	%	%	NOUN
fbem-29599	74	163	68.55	68.55	NUM
fbem-29599	74	164	%	%	NOUN
fbem-29599	74	165	0.00	0.00	NUM
fbem-29599	74	166	%	%	NOUN
fbem-29599	74	167	10.00	10.00	NUM
fbem-29599	74	168	%	%	NOUN
fbem-29599	74	169	20.00	20.00	NUM
fbem-29599	74	170	%	%	NOUN
fbem-29599	74	171	30.00	30.00	NUM
fbem-29599	74	172	%	%	NOUN
fbem-29599	74	173	40.00	40.00	NUM
fbem-29599	74	174	%	%	NOUN
fbem-29599	74	175	50.00	50.00	NUM
fbem-29599	74	176	%	%	NOUN
fbem-29599	74	177	60.00	60.00	NUM
fbem-29599	74	178	%	%	NOUN
fbem-29599	74	179	70.00	70.00	NUM
fbem-29599	74	180	%	%	NOUN
fbem-29599	74	181	80.00	80.00	NUM
fbem-29599	74	182	%	%	NOUN
fbem-29599	74	183	proportion	proportion	NOUN
fbem-29599	74	184	of	of	ADP
fbem-29599	74	185	relending	relende	VERB
fbem-29599	74	186	http://www.pbc.gov.cn/	http://www.pbc.gov.cn/	NOUN
fbem-29599	74	187	105	105	NUM
fbem-29599	74	188	figure	figure	NOUN
fbem-29599	74	189	2	2	NUM
fbem-29599	74	190	.	.	NOUN
fbem-29599	74	191	proportion	proportion	NOUN
fbem-29599	74	192	of	of	ADP
fbem-29599	74	193	funds	fund	NOUN
fbem-29599	74	194	outstanding	outstanding	ADJ
fbem-29599	74	195	for	for	ADP
fbem-29599	74	196	foreign	foreign	ADJ
fbem-29599	74	197	exchange	exchange	NOUN
fbem-29599	74	198	2.3	2.3	NUM
fbem-29599	74	199	.	.	PUNCT
fbem-29599	75	1	open	open	ADJ
fbem-29599	75	2	market	market	NOUN
fbem-29599	75	3	operations	operation	NOUN
fbem-29599	75	4	compared	compare	VERB
fbem-29599	75	5	to	to	ADP
fbem-29599	75	6	developed	develop	VERB
fbem-29599	75	7	countries	country	NOUN
fbem-29599	75	8	,	,	PUNCT
fbem-29599	75	9	china	china	PROPN
fbem-29599	75	10	's	's	PART
fbem-29599	75	11	open	open	ADJ
fbem-29599	75	12	market	market	NOUN
fbem-29599	75	13	operations	operation	NOUN
fbem-29599	75	14	(	(	PUNCT
fbem-29599	75	15	omos	omos	PROPN
fbem-29599	75	16	)	)	PUNCT
fbem-29599	75	17	started	start	VERB
fbem-29599	75	18	relatively	relatively	ADV
fbem-29599	75	19	late	late	ADV
fbem-29599	75	20	,	,	PUNCT
fbem-29599	75	21	beginning	begin	VERB
fbem-29599	75	22	in	in	ADP
fbem-29599	75	23	1994	1994	NUM
fbem-29599	75	24	.	.	PUNCT
fbem-29599	76	1	due	due	ADP
fbem-29599	76	2	to	to	ADP
fbem-29599	76	3	the	the	DET
fbem-29599	76	4	less	less	ADV
fbem-29599	76	5	developed	developed	ADJ
fbem-29599	76	6	and	and	CCONJ
fbem-29599	76	7	structurally	structurally	ADV
fbem-29599	76	8	incomplete	incomplete	ADJ
fbem-29599	76	9	capital	capital	NOUN
fbem-29599	76	10	market	market	NOUN
fbem-29599	76	11	,	,	PUNCT
fbem-29599	76	12	the	the	DET
fbem-29599	76	13	scale	scale	NOUN
fbem-29599	76	14	of	of	ADP
fbem-29599	76	15	operations	operation	NOUN
fbem-29599	76	16	was	be	AUX
fbem-29599	76	17	initially	initially	ADV
fbem-29599	76	18	small	small	ADJ
fbem-29599	76	19	and	and	CCONJ
fbem-29599	76	20	had	have	VERB
fbem-29599	76	21	a	a	DET
fbem-29599	76	22	limited	limited	ADJ
fbem-29599	76	23	impact	impact	NOUN
fbem-29599	76	24	on	on	ADP
fbem-29599	76	25	the	the	DET
fbem-29599	76	26	overall	overall	ADJ
fbem-29599	76	27	money	money	NOUN
fbem-29599	76	28	supply	supply	NOUN
fbem-29599	76	29	.	.	PUNCT
fbem-29599	77	1	initially	initially	ADV
fbem-29599	77	2	,	,	PUNCT
fbem-29599	77	3	to	to	PART
fbem-29599	77	4	stabilize	stabilize	VERB
fbem-29599	77	5	the	the	DET
fbem-29599	77	6	rmb	rmb	PROPN
fbem-29599	77	7	exchange	exchange	NOUN
fbem-29599	77	8	rate	rate	NOUN
fbem-29599	77	9	,	,	PUNCT
fbem-29599	77	10	the	the	DET
fbem-29599	77	11	monetary	monetary	ADJ
fbem-29599	77	12	authorities	authority	NOUN
fbem-29599	77	13	began	begin	VERB
fbem-29599	77	14	omos	omos	PROPN
fbem-29599	77	15	in	in	ADP
fbem-29599	77	16	march	march	PROPN
fbem-29599	77	17	1994	1994	NUM
fbem-29599	77	18	and	and	CCONJ
fbem-29599	77	19	launched	launch	VERB
fbem-29599	77	20	open	open	ADJ
fbem-29599	77	21	market	market	NOUN
fbem-29599	77	22	operations	operation	NOUN
fbem-29599	77	23	with	with	ADP
fbem-29599	77	24	short	short	ADJ
fbem-29599	77	25	-	-	PUNCT
fbem-29599	77	26	term	term	NOUN
fbem-29599	77	27	government	government	NOUN
fbem-29599	77	28	bonds	bond	NOUN
fbem-29599	77	29	in	in	ADP
fbem-29599	77	30	april	april	PROPN
fbem-29599	77	31	of	of	ADP
fbem-29599	77	32	the	the	DET
fbem-29599	77	33	same	same	ADJ
fbem-29599	77	34	year	year	NOUN
fbem-29599	77	35	.	.	PUNCT
fbem-29599	78	1	at	at	ADP
fbem-29599	78	2	that	that	DET
fbem-29599	78	3	time	time	NOUN
fbem-29599	78	4	,	,	PUNCT
fbem-29599	78	5	the	the	DET
fbem-29599	78	6	trading	trading	NOUN
fbem-29599	78	7	counterparties	counterpartie	NOUN
fbem-29599	78	8	for	for	ADP
fbem-29599	78	9	government	government	NOUN
fbem-29599	78	10	bond	bond	NOUN
fbem-29599	78	11	operations	operation	NOUN
fbem-29599	78	12	were	be	AUX
fbem-29599	78	13	limited	limit	VERB
fbem-29599	78	14	to	to	ADP
fbem-29599	78	15	only	only	ADV
fbem-29599	78	16	14	14	NUM
fbem-29599	78	17	commercial	commercial	ADJ
fbem-29599	78	18	banks	bank	NOUN
fbem-29599	78	19	,	,	PUNCT
fbem-29599	78	20	with	with	ADP
fbem-29599	78	21	a	a	DET
fbem-29599	78	22	singular	singular	ADJ
fbem-29599	78	23	trading	trading	NOUN
fbem-29599	78	24	method	method	NOUN
fbem-29599	78	25	and	and	CCONJ
fbem-29599	78	26	a	a	DET
fbem-29599	78	27	single	single	ADJ
fbem-29599	78	28	variety	variety	NOUN
fbem-29599	78	29	of	of	ADP
fbem-29599	78	30	transactions	transaction	NOUN
fbem-29599	78	31	—	—	PUNCT
fbem-29599	78	32	reverse	reverse	ADJ
fbem-29599	78	33	repurchase	repurchase	NOUN
fbem-29599	78	34	agreements	agreement	NOUN
fbem-29599	78	35	.	.	PUNCT
fbem-29599	79	1	the	the	DET
fbem-29599	79	2	auction	auction	NOUN
fbem-29599	79	3	volumes	volume	NOUN
fbem-29599	79	4	were	be	AUX
fbem-29599	79	5	small	small	ADJ
fbem-29599	79	6	,	,	PUNCT
fbem-29599	79	7	with	with	ADP
fbem-29599	79	8	each	each	DET
fbem-29599	79	9	operation	operation	NOUN
fbem-29599	79	10	ranging	range	VERB
fbem-29599	79	11	from	from	ADP
fbem-29599	79	12	1	1	NUM
fbem-29599	79	13	to	to	PART
fbem-29599	79	14	2	2	NUM
fbem-29599	79	15	billion	billion	NUM
fbem-29599	79	16	yuan	yuan	NOUN
fbem-29599	79	17	.	.	PUNCT
fbem-29599	80	1	affected	affect	VERB
fbem-29599	80	2	by	by	ADP
fbem-29599	80	3	the	the	DET
fbem-29599	80	4	asian	asian	ADJ
fbem-29599	80	5	financial	financial	ADJ
fbem-29599	80	6	crisis	crisis	NOUN
fbem-29599	80	7	,	,	PUNCT
fbem-29599	80	8	omos	omos	PROPN
fbem-29599	80	9	were	be	AUX
fbem-29599	80	10	essentially	essentially	ADV
fbem-29599	80	11	suspended	suspend	VERB
fbem-29599	80	12	in	in	ADP
fbem-29599	80	13	1997	1997	NUM
fbem-29599	80	14	.	.	PUNCT
fbem-29599	81	1	between	between	ADP
fbem-29599	81	2	1999	1999	NUM
fbem-29599	81	3	and	and	CCONJ
fbem-29599	81	4	2000	2000	NUM
fbem-29599	81	5	,	,	PUNCT
fbem-29599	81	6	the	the	DET
fbem-29599	81	7	monetary	monetary	ADJ
fbem-29599	81	8	authorities	authority	NOUN
fbem-29599	81	9	injected	inject	VERB
fbem-29599	81	10	440	440	NUM
fbem-29599	81	11	billion	billion	NUM
fbem-29599	81	12	yuan	yuan	NOUN
fbem-29599	81	13	of	of	ADP
fbem-29599	81	14	base	base	ADJ
fbem-29599	81	15	money	money	NOUN
fbem-29599	81	16	through	through	ADP
fbem-29599	81	17	omos	omos	PROPN
fbem-29599	81	18	.	.	PUNCT
fbem-29599	82	1	in	in	ADP
fbem-29599	82	2	2001	2001	NUM
fbem-29599	82	3	,	,	PUNCT
fbem-29599	82	4	funds	fund	NOUN
fbem-29599	82	5	outstanding	outstanding	ADJ
fbem-29599	82	6	for	for	ADP
fbem-29599	82	7	foreign	foreign	ADJ
fbem-29599	82	8	exchange	exchange	NOUN
fbem-29599	82	9	increased	increase	VERB
fbem-29599	82	10	by	by	ADP
fbem-29599	82	11	381.3	381.3	NUM
fbem-29599	82	12	billion	billion	NUM
fbem-29599	82	13	yuan	yuan	NOUN
fbem-29599	82	14	,	,	PUNCT
fbem-29599	82	15	and	and	CCONJ
fbem-29599	82	16	omos	omos	PROPN
fbem-29599	82	17	were	be	AUX
fbem-29599	82	18	conducted	conduct	VERB
fbem-29599	82	19	on	on	ADP
fbem-29599	82	20	54	54	NUM
fbem-29599	82	21	trading	trading	NOUN
fbem-29599	82	22	days	day	NOUN
fbem-29599	82	23	throughout	throughout	ADP
fbem-29599	82	24	the	the	DET
fbem-29599	82	25	year	year	NOUN
fbem-29599	82	26	.	.	PUNCT
fbem-29599	83	1	from	from	ADP
fbem-29599	83	2	2002	2002	NUM
fbem-29599	83	3	to	to	ADP
fbem-29599	83	4	2005	2005	NUM
fbem-29599	83	5	,	,	PUNCT
fbem-29599	83	6	as	as	SCONJ
fbem-29599	83	7	china	china	PROPN
fbem-29599	83	8	's	's	PART
fbem-29599	83	9	economy	economy	NOUN
fbem-29599	83	10	was	be	AUX
fbem-29599	83	11	in	in	ADP
fbem-29599	83	12	an	an	DET
fbem-29599	83	13	upswing	upswing	NOUN
fbem-29599	83	14	,	,	PUNCT
fbem-29599	83	15	the	the	DET
fbem-29599	83	16	monetary	monetary	ADJ
fbem-29599	83	17	authorities	authority	NOUN
fbem-29599	83	18	implemented	implement	VERB
fbem-29599	83	19	a	a	DET
fbem-29599	83	20	prudent	prudent	ADJ
fbem-29599	83	21	monetary	monetary	ADJ
fbem-29599	83	22	policy	policy	NOUN
fbem-29599	83	23	,	,	PUNCT
fbem-29599	83	24	significantly	significantly	ADV
fbem-29599	83	25	increasing	increase	VERB
fbem-29599	83	26	the	the	DET
fbem-29599	83	27	base	base	NOUN
fbem-29599	83	28	money	money	NOUN
fbem-29599	83	29	injection	injection	NOUN
fbem-29599	83	30	through	through	ADP
fbem-29599	83	31	foreign	foreign	ADJ
fbem-29599	83	32	exchange	exchange	NOUN
fbem-29599	83	33	operations	operation	NOUN
fbem-29599	83	34	.	.	PUNCT
fbem-29599	84	1	in	in	ADP
fbem-29599	84	2	2003	2003	NUM
fbem-29599	84	3	and	and	CCONJ
fbem-29599	84	4	2004	2004	NUM
fbem-29599	84	5	,	,	PUNCT
fbem-29599	84	6	1145.9	1145.9	NUM
fbem-29599	84	7	billion	billion	NUM
fbem-29599	84	8	yuan	yuan	NOUN
fbem-29599	84	9	and	and	CCONJ
fbem-29599	84	10	1609.8	1609.8	NUM
fbem-29599	84	11	billion	billion	NUM
fbem-29599	84	12	yuan	yuan	NOUN
fbem-29599	84	13	of	of	ADP
fbem-29599	84	14	base	base	NOUN
fbem-29599	84	15	money	money	NOUN
fbem-29599	84	16	were	be	AUX
fbem-29599	84	17	injected	inject	VERB
fbem-29599	84	18	,	,	PUNCT
fbem-29599	84	19	respectively	respectively	ADV
fbem-29599	84	20	.	.	PUNCT
fbem-29599	85	1	affected	affect	VERB
fbem-29599	85	2	by	by	ADP
fbem-29599	85	3	the	the	DET
fbem-29599	85	4	global	global	ADJ
fbem-29599	85	5	financial	financial	ADJ
fbem-29599	85	6	crisis	crisis	NOUN
fbem-29599	85	7	,	,	PUNCT
fbem-29599	85	8	starting	start	VERB
fbem-29599	85	9	in	in	ADP
fbem-29599	85	10	the	the	DET
fbem-29599	85	11	second	second	ADJ
fbem-29599	85	12	half	half	NOUN
fbem-29599	85	13	of	of	ADP
fbem-29599	85	14	2008	2008	NUM
fbem-29599	85	15	,	,	PUNCT
fbem-29599	85	16	china	china	PROPN
fbem-29599	85	17	's	's	PART
fbem-29599	85	18	monetary	monetary	ADJ
fbem-29599	85	19	policy	policy	NOUN
fbem-29599	85	20	shifted	shift	VERB
fbem-29599	85	21	from	from	ADP
fbem-29599	85	22	contractionary	contractionary	ADJ
fbem-29599	85	23	to	to	ADP
fbem-29599	85	24	moderately	moderately	ADV
fbem-29599	85	25	expansionary	expansionary	ADJ
fbem-29599	85	26	,	,	PUNCT
fbem-29599	85	27	with	with	ADP
fbem-29599	85	28	the	the	DET
fbem-29599	85	29	monetary	monetary	ADJ
fbem-29599	85	30	authorities	authority	NOUN
fbem-29599	85	31	flexibly	flexibly	ADV
fbem-29599	85	32	adjusting	adjust	VERB
fbem-29599	85	33	the	the	DET
fbem-29599	85	34	frequency	frequency	NOUN
fbem-29599	85	35	and	and	CCONJ
fbem-29599	85	36	methods	method	NOUN
fbem-29599	85	37	of	of	ADP
fbem-29599	85	38	omos	omos	PROPN
fbem-29599	85	39	according	accord	VERB
fbem-29599	85	40	to	to	ADP
fbem-29599	85	41	macroeconomic	macroeconomic	ADJ
fbem-29599	85	42	control	control	NOUN
fbem-29599	85	43	objectives	objective	NOUN
fbem-29599	85	44	.	.	PUNCT
fbem-29599	86	1	in	in	ADP
fbem-29599	86	2	2008	2008	NUM
fbem-29599	86	3	,	,	PUNCT
fbem-29599	86	4	the	the	DET
fbem-29599	86	5	authorities	authority	NOUN
fbem-29599	86	6	increased	increase	VERB
fbem-29599	86	7	the	the	DET
fbem-29599	86	8	volume	volume	NOUN
fbem-29599	86	9	of	of	ADP
fbem-29599	86	10	short	short	ADJ
fbem-29599	86	11	-	-	PUNCT
fbem-29599	86	12	term	term	NOUN
fbem-29599	86	13	reverse	reverse	NOUN
fbem-29599	86	14	repurchase	repurchase	VERB
fbem-29599	86	15	operations	operation	NOUN
fbem-29599	86	16	and	and	CCONJ
fbem-29599	86	17	reduced	reduce	VERB
fbem-29599	86	18	the	the	DET
fbem-29599	86	19	scale	scale	NOUN
fbem-29599	86	20	and	and	CCONJ
fbem-29599	86	21	frequency	frequency	NOUN
fbem-29599	86	22	of	of	ADP
fbem-29599	86	23	central	central	ADJ
fbem-29599	86	24	bank	bank	PROPN
fbem-29599	86	25	bills	bill	NOUN
fbem-29599	86	26	issuance	issuance	NOUN
fbem-29599	86	27	,	,	PUNCT
fbem-29599	86	28	conducting	conduct	VERB
fbem-29599	86	29	3.3	3.3	NUM
fbem-29599	86	30	trillion	trillion	NUM
fbem-29599	86	31	yuan	yuan	NOUN
fbem-29599	86	32	of	of	ADP
fbem-29599	86	33	short	short	ADJ
fbem-29599	86	34	-	-	PUNCT
fbem-29599	86	35	term	term	NOUN
fbem-29599	86	36	reverse	reverse	NOUN
fbem-29599	86	37	repurchase	repurchase	VERB
fbem-29599	86	38	operations	operation	NOUN
fbem-29599	86	39	and	and	CCONJ
fbem-29599	86	40	issuing	issue	VERB
fbem-29599	86	41	4.3	4.3	NUM
fbem-29599	86	42	trillion	trillion	NUM
fbem-29599	86	43	yuan	yuan	NOUN
fbem-29599	86	44	of	of	ADP
fbem-29599	86	45	central	central	ADJ
fbem-29599	86	46	bank	bank	NOUN
fbem-29599	86	47	bills	bill	NOUN
fbem-29599	86	48	.	.	PUNCT
fbem-29599	87	1	in	in	ADP
fbem-29599	87	2	2009	2009	NUM
fbem-29599	87	3	,	,	PUNCT
fbem-29599	87	4	870	870	NUM
fbem-29599	87	5	billion	billion	NUM
fbem-29599	87	6	yuan	yuan	NOUN
fbem-29599	87	7	of	of	ADP
fbem-29599	87	8	reverse	reverse	NOUN
fbem-29599	87	9	repurchase	repurchase	NOUN
fbem-29599	87	10	operations	operation	NOUN
fbem-29599	87	11	were	be	AUX
fbem-29599	87	12	conducted	conduct	VERB
fbem-29599	87	13	,	,	PUNCT
fbem-29599	87	14	and	and	CCONJ
fbem-29599	87	15	in	in	ADP
fbem-29599	87	16	2010	2010	NUM
fbem-29599	87	17	,	,	PUNCT
fbem-29599	87	18	4.24	4.24	NUM
fbem-29599	87	19	trillion	trillion	NUM
fbem-29599	87	20	yuan	yuan	NOUN
fbem-29599	87	21	of	of	ADP
fbem-29599	87	22	central	central	PROPN
fbem-29599	87	23	bank	bank	NOUN
fbem-29599	87	24	bills	bill	NOUN
fbem-29599	87	25	were	be	AUX
fbem-29599	87	26	issued	issue	VERB
fbem-29599	87	27	.	.	PUNCT
fbem-29599	88	1	from	from	ADP
fbem-29599	88	2	2009	2009	NUM
fbem-29599	88	3	to	to	ADP
fbem-29599	88	4	2015	2015	NUM
fbem-29599	88	5	,	,	PUNCT
fbem-29599	88	6	rmb	rmb	PROPN
fbem-29599	88	7	omos	omos	PROPN
fbem-29599	88	8	resulted	result	VERB
fbem-29599	88	9	in	in	ADP
fbem-29599	88	10	a	a	DET
fbem-29599	88	11	net	net	ADJ
fbem-29599	88	12	injection	injection	NOUN
fbem-29599	88	13	of	of	ADP
fbem-29599	88	14	liquidity	liquidity	NOUN
fbem-29599	88	15	.	.	PUNCT
fbem-29599	89	1	during	during	ADP
fbem-29599	89	2	this	this	DET
fbem-29599	89	3	period	period	NOUN
fbem-29599	89	4	,	,	PUNCT
fbem-29599	89	5	in	in	ADP
fbem-29599	89	6	2011	2011	NUM
fbem-29599	89	7	and	and	CCONJ
fbem-29599	89	8	2012	2012	NUM
fbem-29599	89	9	,	,	PUNCT
fbem-29599	89	10	the	the	DET
fbem-29599	89	11	net	net	ADJ
fbem-29599	89	12	injection	injection	NOUN
fbem-29599	89	13	of	of	ADP
fbem-29599	89	14	liquidity	liquidity	NOUN
fbem-29599	89	15	through	through	ADP
fbem-29599	89	16	rmb	rmb	PROPN
fbem-29599	89	17	omos	omos	PROPN
fbem-29599	89	18	reached	reach	VERB
fbem-29599	89	19	1907	1907	NUM
fbem-29599	89	20	billion	billion	NUM
fbem-29599	89	21	yuan	yuan	NOUN
fbem-29599	89	22	and	and	CCONJ
fbem-29599	89	23	1438	1438	NUM
fbem-29599	89	24	billion	billion	NUM
fbem-29599	89	25	yuan	yuan	NOUN
fbem-29599	89	26	,	,	PUNCT
fbem-29599	89	27	respectively	respectively	ADV
fbem-29599	89	28	,	,	PUNCT
fbem-29599	89	29	accounting	account	VERB
fbem-29599	89	30	for	for	ADP
fbem-29599	89	31	48.5	48.5	NUM
fbem-29599	89	32	%	%	NOUN
fbem-29599	89	33	and	and	CCONJ
fbem-29599	89	34	51.9	51.9	NUM
fbem-29599	89	35	%	%	NOUN
fbem-29599	89	36	of	of	ADP
fbem-29599	89	37	the	the	DET
fbem-29599	89	38	newly	newly	ADV
fbem-29599	89	39	added	add	VERB
fbem-29599	89	40	base	base	NOUN
fbem-29599	89	41	money	money	NOUN
fbem-29599	89	42	in	in	ADP
fbem-29599	89	43	those	those	DET
fbem-29599	89	44	years	year	NOUN
fbem-29599	89	45	.	.	PUNCT
fbem-29599	90	1	in	in	ADP
fbem-29599	90	2	2019	2019	NUM
fbem-29599	90	3	,	,	PUNCT
fbem-29599	90	4	significant	significant	ADJ
fbem-29599	90	5	progress	progress	NOUN
fbem-29599	90	6	was	be	AUX
fbem-29599	90	7	made	make	VERB
fbem-29599	90	8	in	in	ADP
fbem-29599	90	9	the	the	DET
fbem-29599	90	10	risk	risk	NOUN
fbem-29599	90	11	disposal	disposal	NOUN
fbem-29599	90	12	of	of	ADP
fbem-29599	90	13	key	key	ADJ
fbem-29599	90	14	financial	financial	ADJ
fbem-29599	90	15	institutions	institution	NOUN
fbem-29599	90	16	,	,	PUNCT
fbem-29599	90	17	with	with	ADP
fbem-29599	90	18	targeted	target	VERB
fbem-29599	90	19	measures	measure	NOUN
fbem-29599	90	20	taken	take	VERB
fbem-29599	90	21	to	to	PART
fbem-29599	90	22	address	address	VERB
fbem-29599	90	23	risks	risk	NOUN
fbem-29599	90	24	in	in	ADP
fbem-29599	90	25	some	some	DET
fbem-29599	90	26	small	small	ADJ
fbem-29599	90	27	and	and	CCONJ
fbem-29599	90	28	medium	medium	ADJ
fbem-29599	90	29	-	-	PUNCT
fbem-29599	90	30	sized	sized	ADJ
fbem-29599	90	31	banks	bank	NOUN
fbem-29599	90	32	.	.	PUNCT
fbem-29599	91	1	on	on	ADP
fbem-29599	91	2	the	the	DET
fbem-29599	91	3	basis	basis	NOUN
fbem-29599	91	4	of	of	ADP
fbem-29599	91	5	maintaining	maintain	VERB
fbem-29599	91	6	a	a	DET
fbem-29599	91	7	reasonably	reasonably	ADV
fbem-29599	91	8	ample	ample	ADJ
fbem-29599	91	9	macro	macro	ADJ
fbem-29599	91	10	liquidity	liquidity	NOUN
fbem-29599	91	11	,	,	PUNCT
fbem-29599	91	12	the	the	DET
fbem-29599	91	13	people	people	NOUN
fbem-29599	91	14	's	's	PART
fbem-29599	91	15	bank	bank	PROPN
fbem-29599	91	16	of	of	ADP
fbem-29599	91	17	china	china	PROPN
fbem-29599	91	18	established	establish	VERB
fbem-29599	91	19	a	a	DET
fbem-29599	91	20	"	"	PUNCT
fbem-29599	91	21	four	four	NUM
fbem-29599	91	22	-	-	PUNCT
fbem-29599	91	23	tier	tier	NOUN
fbem-29599	91	24	defense	defense	NOUN
fbem-29599	91	25	line	line	NOUN
fbem-29599	91	26	"	"	PUNCT
fbem-29599	91	27	to	to	PART
fbem-29599	91	28	prevent	prevent	VERB
fbem-29599	91	29	liquidity	liquidity	NOUN
fbem-29599	91	30	risks	risk	NOUN
fbem-29599	91	31	in	in	ADP
fbem-29599	91	32	small	small	ADJ
fbem-29599	91	33	and	and	CCONJ
fbem-29599	91	34	medium	medium	ADJ
fbem-29599	91	35	-	-	PUNCT
fbem-29599	91	36	sized	sized	ADJ
fbem-29599	91	37	banks	bank	NOUN
fbem-29599	91	38	,	,	PUNCT
fbem-29599	91	39	which	which	PRON
fbem-29599	91	40	included	include	VERB
fbem-29599	91	41	rediscounting	rediscounting	NOUN
fbem-29599	91	42	,	,	PUNCT
fbem-29599	91	43	standing	stand	VERB
fbem-29599	91	44	lending	lending	NOUN
fbem-29599	91	45	facility	facility	NOUN
fbem-29599	91	46	(	(	PUNCT
fbem-29599	91	47	slf	slf	PROPN
fbem-29599	91	48	)	)	PUNCT
fbem-29599	91	49	,	,	PUNCT
fbem-29599	91	50	use	use	NOUN
fbem-29599	91	51	of	of	ADP
fbem-29599	91	52	statutory	statutory	ADJ
fbem-29599	91	53	reserve	reserve	NOUN
fbem-29599	91	54	requirements	requirement	NOUN
fbem-29599	91	55	,	,	PUNCT
fbem-29599	91	56	and	and	CCONJ
fbem-29599	91	57	liquidity	liquidity	NOUN
fbem-29599	91	58	relending	relending	NOUN
fbem-29599	91	59	.	.	PUNCT
fbem-29599	92	1	the	the	DET
fbem-29599	92	2	central	central	PROPN
fbem-29599	92	3	bank	bank	NOUN
fbem-29599	92	4	increased	increase	VERB
fbem-29599	92	5	the	the	DET
fbem-29599	92	6	rediscounting	rediscounte	VERB
fbem-29599	92	7	quota	quota	NOUN
fbem-29599	92	8	by	by	ADP
fbem-29599	92	9	200	200	NUM
fbem-29599	92	10	billion	billion	NUM
fbem-29599	92	11	yuan	yuan	NOUN
fbem-29599	92	12	and	and	CCONJ
fbem-29599	92	13	the	the	DET
fbem-29599	92	14	slf	slf	PROPN
fbem-29599	92	15	quota	quota	NOUN
fbem-29599	92	16	by	by	ADP
fbem-29599	92	17	100	100	NUM
fbem-29599	92	18	billion	billion	NUM
fbem-29599	92	19	yuan	yuan	NOUN
fbem-29599	92	20	to	to	PART
fbem-29599	92	21	provide	provide	VERB
fbem-29599	92	22	liquidity	liquidity	NOUN
fbem-29599	92	23	support	support	NOUN
fbem-29599	92	24	to	to	ADP
fbem-29599	92	25	small	small	ADJ
fbem-29599	92	26	and	and	CCONJ
fbem-29599	92	27	medium	medium	ADJ
fbem-29599	92	28	-	-	PUNCT
fbem-29599	92	29	sized	sized	ADJ
fbem-29599	92	30	banks	bank	NOUN
fbem-29599	92	31	.	.	PUNCT
fbem-29599	93	1	timely	timely	ADJ
fbem-29599	93	2	monetary	monetary	ADJ
fbem-29599	93	3	policy	policy	NOUN
fbem-29599	93	4	operations	operation	NOUN
fbem-29599	93	5	effectively	effectively	ADV
fbem-29599	93	6	stabilized	stabilize	VERB
fbem-29599	93	7	market	market	NOUN
fbem-29599	93	8	confidence	confidence	NOUN
fbem-29599	93	9	and	and	CCONJ
fbem-29599	93	10	played	play	VERB
fbem-29599	93	11	a	a	DET
fbem-29599	93	12	crucial	crucial	ADJ
fbem-29599	93	13	role	role	NOUN
fbem-29599	93	14	in	in	ADP
fbem-29599	93	15	maintaining	maintain	VERB
fbem-29599	93	16	the	the	DET
fbem-29599	93	17	stable	stable	ADJ
fbem-29599	93	18	functioning	functioning	NOUN
fbem-29599	93	19	of	of	ADP
fbem-29599	93	20	financial	financial	ADJ
fbem-29599	93	21	markets	market	NOUN
fbem-29599	93	22	such	such	ADJ
fbem-29599	93	23	as	as	ADP
fbem-29599	93	24	the	the	DET
fbem-29599	93	25	money	money	NOUN
fbem-29599	93	26	,	,	PUNCT
fbem-29599	93	27	bill	bill	NOUN
fbem-29599	93	28	,	,	PUNCT
fbem-29599	93	29	and	and	CCONJ
fbem-29599	93	30	bond	bond	NOUN
fbem-29599	93	31	markets	market	NOUN
fbem-29599	93	32	.	.	PUNCT
fbem-29599	94	1	it	it	PRON
fbem-29599	94	2	is	be	AUX
fbem-29599	94	3	evident	evident	ADJ
fbem-29599	94	4	that	that	SCONJ
fbem-29599	94	5	omos	omo	NOUN
fbem-29599	94	6	have	have	AUX
fbem-29599	94	7	evolved	evolve	VERB
fbem-29599	94	8	from	from	ADP
fbem-29599	94	9	merely	merely	ADV
fbem-29599	94	10	being	be	AUX
fbem-29599	94	11	a	a	DET
fbem-29599	94	12	liquidity	liquidity	NOUN
fbem-29599	94	13	injection	injection	NOUN
fbem-29599	94	14	tool	tool	NOUN
fbem-29599	94	15	to	to	ADP
fbem-29599	94	16	one	one	NUM
fbem-29599	94	17	that	that	PRON
fbem-29599	94	18	enhances	enhance	VERB
fbem-29599	94	19	the	the	DET
fbem-29599	94	20	benchmark	benchmark	ADJ
fbem-29599	94	21	status	status	NOUN
fbem-29599	94	22	of	of	ADP
fbem-29599	94	23	policy	policy	NOUN
fbem-29599	94	24	interest	interest	NOUN
fbem-29599	94	25	rates	rate	NOUN
fbem-29599	94	26	and	and	CCONJ
fbem-29599	94	27	ensures	ensure	VERB
fbem-29599	94	28	that	that	SCONJ
fbem-29599	94	29	money	money	NOUN
fbem-29599	94	30	market	market	NOUN
fbem-29599	94	31	interest	interest	NOUN
fbem-29599	94	32	rates	rate	NOUN
fbem-29599	94	33	fluctuate	fluctuate	VERB
fbem-29599	94	34	around	around	ADP
fbem-29599	94	35	the	the	DET
fbem-29599	94	36	policy	policy	NOUN
fbem-29599	94	37	rates	rate	NOUN
fbem-29599	94	38	.	.	PUNCT
fbem-29599	95	1	in	in	ADP
fbem-29599	95	2	the	the	DET
fbem-29599	95	3	post	post	ADJ
fbem-29599	95	4	-	-	ADJ
fbem-29599	95	5	pandemic	pandemic	ADJ
fbem-29599	95	6	era	era	NOUN
fbem-29599	95	7	,	,	PUNCT
fbem-29599	95	8	omos	omos	PROPN
fbem-29599	95	9	remain	remain	VERB
fbem-29599	95	10	a	a	DET
fbem-29599	95	11	powerful	powerful	ADJ
fbem-29599	95	12	tool	tool	NOUN
fbem-29599	95	13	for	for	ADP
fbem-29599	95	14	regulating	regulate	VERB
fbem-29599	95	15	the	the	DET
fbem-29599	95	16	money	money	NOUN
fbem-29599	95	17	supply	supply	NOUN
fbem-29599	95	18	and	and	CCONJ
fbem-29599	95	19	are	be	AUX
fbem-29599	95	20	expected	expect	VERB
fbem-29599	95	21	to	to	PART
fbem-29599	95	22	continue	continue	VERB
fbem-29599	95	23	as	as	ADP
fbem-29599	95	24	the	the	DET
fbem-29599	95	25	optimal	optimal	ADJ
fbem-29599	95	26	choice	choice	NOUN
fbem-29599	95	27	for	for	ADP
fbem-29599	95	28	china	china	PROPN
fbem-29599	95	29	's	's	PART
fbem-29599	95	30	monetary	monetary	ADJ
fbem-29599	95	31	authorities	authority	NOUN
fbem-29599	95	32	in	in	ADP
fbem-29599	95	33	monetary	monetary	ADJ
fbem-29599	95	34	policy	policy	NOUN
fbem-29599	95	35	implementation	implementation	NOUN
fbem-29599	95	36	for	for	ADP
fbem-29599	95	37	the	the	DET
fbem-29599	95	38	foreseeable	foreseeable	ADJ
fbem-29599	95	39	future	future	NOUN
fbem-29599	95	40	.	.	PUNCT
fbem-29599	96	1	2.4	2.4	NUM
fbem-29599	96	2	.	.	PUNCT
fbem-29599	96	3	innovative	innovative	ADJ
fbem-29599	96	4	channels	channel	NOUN
fbem-29599	96	5	for	for	ADP
fbem-29599	96	6	base	base	NOUN
fbem-29599	96	7	currency	currency	NOUN
fbem-29599	96	8	issuance	issuance	NOUN
fbem-29599	96	9	to	to	PART
fbem-29599	96	10	break	break	VERB
fbem-29599	96	11	free	free	ADJ
fbem-29599	96	12	from	from	ADP
fbem-29599	96	13	the	the	DET
fbem-29599	96	14	constraints	constraint	NOUN
fbem-29599	96	15	of	of	ADP
fbem-29599	96	16	a	a	DET
fbem-29599	96	17	relatively	relatively	ADV
fbem-29599	96	18	singular	singular	ADJ
fbem-29599	96	19	channel	channel	NOUN
fbem-29599	96	20	for	for	ADP
fbem-29599	96	21	base	base	NOUN
fbem-29599	96	22	money	money	NOUN
fbem-29599	96	23	issuance	issuance	NOUN
fbem-29599	96	24	,	,	PUNCT
fbem-29599	96	25	the	the	DET
fbem-29599	96	26	people	people	NOUN
fbem-29599	96	27	's	's	PART
fbem-29599	96	28	bank	bank	PROPN
fbem-29599	96	29	of	of	ADP
fbem-29599	96	30	china	china	PROPN
fbem-29599	96	31	(	(	PUNCT
fbem-29599	96	32	pboc	pboc	NOUN
fbem-29599	96	33	)	)	PUNCT
fbem-29599	96	34	innovatively	innovatively	ADV
fbem-29599	96	35	introduced	introduce	VERB
fbem-29599	96	36	a	a	DET
fbem-29599	96	37	series	series	NOUN
fbem-29599	96	38	of	of	ADP
fbem-29599	96	39	novel	novel	ADJ
fbem-29599	96	40	monetary	monetary	ADJ
fbem-29599	96	41	policy	policy	NOUN
fbem-29599	96	42	instruments	instrument	NOUN
fbem-29599	96	43	,	,	PUNCT
fbem-29599	96	44	thereby	thereby	ADV
fbem-29599	96	45	increasingly	increasingly	ADV
fbem-29599	96	46	positioning	position	VERB
fbem-29599	96	47	the	the	DET
fbem-29599	96	48	central	central	ADJ
fbem-29599	96	49	bank	bank	NOUN
fbem-29599	96	50	in	in	ADP
fbem-29599	96	51	a	a	DET
fbem-29599	96	52	more	more	ADV
fbem-29599	96	53	proactive	proactive	ADJ
fbem-29599	96	54	stance	stance	NOUN
fbem-29599	96	55	.	.	PUNCT
fbem-29599	97	1	since	since	SCONJ
fbem-29599	97	2	2014	2014	NUM
fbem-29599	97	3	,	,	PUNCT
fbem-29599	97	4	the	the	DET
fbem-29599	97	5	pboc	pboc	NOUN
fbem-29599	97	6	's	's	PART
fbem-29599	97	7	regulatory	regulatory	ADJ
fbem-29599	97	8	approach	approach	NOUN
fbem-29599	97	9	has	have	AUX
fbem-29599	97	10	gradually	gradually	ADV
fbem-29599	97	11	shifted	shift	VERB
fbem-29599	97	12	from	from	ADP
fbem-29599	97	13	quantity	quantity	NOUN
fbem-29599	97	14	-	-	PUNCT
fbem-29599	97	15	based	base	VERB
fbem-29599	97	16	to	to	ADP
fbem-29599	97	17	price	price	NOUN
fbem-29599	97	18	-	-	PUNCT
fbem-29599	97	19	based	base	VERB
fbem-29599	97	20	,	,	PUNCT
fbem-29599	97	21	actively	actively	ADV
fbem-29599	97	22	constructing	construct	VERB
fbem-29599	97	23	a	a	DET
fbem-29599	97	24	corridor	corridor	NOUN
fbem-29599	97	25	for	for	ADP
fbem-29599	97	26	interest	interest	NOUN
fbem-29599	97	27	rate	rate	NOUN
fbem-29599	97	28	management	management	NOUN
fbem-29599	97	29	.	.	PUNCT
fbem-29599	98	1	as	as	ADP
fbem-29599	98	2	a	a	DET
fbem-29599	98	3	result	result	NOUN
fbem-29599	98	4	,	,	PUNCT
fbem-29599	98	5	numerous	numerous	ADJ
fbem-29599	98	6	innovative	innovative	ADJ
fbem-29599	98	7	instruments	instrument	NOUN
fbem-29599	98	8	emerged	emerge	VERB
fbem-29599	98	9	during	during	ADP
fbem-29599	98	10	this	this	DET
fbem-29599	98	11	period	period	NOUN
fbem-29599	98	12	.	.	PUNCT
fbem-29599	99	1	in	in	ADP
fbem-29599	99	2	2013	2013	NUM
fbem-29599	99	3	,	,	PUNCT
fbem-29599	99	4	the	the	DET
fbem-29599	99	5	standing	standing	PROPN
fbem-29599	99	6	lending	lending	PROPN
fbem-29599	99	7	facility	facility	NOUN
fbem-29599	99	8	(	(	PUNCT
fbem-29599	99	9	slf	slf	PROPN
fbem-29599	99	10	)	)	PUNCT
fbem-29599	99	11	was	be	AUX
fbem-29599	99	12	introduced	introduce	VERB
fbem-29599	99	13	to	to	PART
fbem-29599	99	14	meet	meet	VERB
fbem-29599	99	15	the	the	DET
fbem-29599	99	16	long	long	ADJ
fbem-29599	99	17	-	-	PUNCT
fbem-29599	99	18	term	term	NOUN
fbem-29599	99	19	,	,	PUNCT
fbem-29599	99	20	large	large	ADJ
fbem-29599	99	21	-	-	PUNCT
fbem-29599	99	22	scale	scale	NOUN
fbem-29599	99	23	liquidity	liquidity	NOUN
fbem-29599	99	24	needs	need	NOUN
fbem-29599	99	25	of	of	ADP
fbem-29599	99	26	financial	financial	ADJ
fbem-29599	99	27	institutions	institution	NOUN
fbem-29599	99	28	.	.	PUNCT
fbem-29599	100	1	in	in	ADP
fbem-29599	100	2	2014	2014	NUM
fbem-29599	100	3	,	,	PUNCT
fbem-29599	100	4	the	the	DET
fbem-29599	100	5	medium	medium	ADJ
fbem-29599	100	6	-	-	PUNCT
fbem-29599	100	7	term	term	NOUN
fbem-29599	100	8	lending	lending	NOUN
fbem-29599	100	9	facility	facility	NOUN
fbem-29599	100	10	(	(	PUNCT
fbem-29599	100	11	mlf	mlf	NOUN
fbem-29599	100	12	)	)	PUNCT
fbem-29599	100	13	was	be	AUX
fbem-29599	100	14	launched	launch	VERB
fbem-29599	100	15	to	to	PART
fbem-29599	100	16	address	address	VERB
fbem-29599	100	17	the	the	DET
fbem-29599	100	18	long	long	ADV
fbem-29599	100	19	-	-	PUNCT
fbem-29599	100	20	standing	stand	VERB
fbem-29599	100	21	funding	funding	NOUN
fbem-29599	100	22	gap	gap	NOUN
fbem-29599	100	23	12.00	12.00	NUM
fbem-29599	100	24	%	%	NOUN
fbem-29599	100	25	10.72	10.72	NUM
fbem-29599	100	26	%	%	NOUN
fbem-29599	100	27	11.63	11.63	NUM
fbem-29599	100	28	%	%	NOUN
fbem-29599	100	29	12.62	12.62	NUM
fbem-29599	100	30	%	%	NOUN
fbem-29599	100	31	15.47	15.47	NUM
fbem-29599	100	32	%	%	NOUN
fbem-29599	100	33	20.08	20.08	NUM
fbem-29599	100	34	%	%	NOUN
fbem-29599	100	35	23.58	23.58	NUM
fbem-29599	100	36	%	%	NOUN
fbem-29599	100	37	27.11	27.11	NUM
fbem-29599	100	38	%	%	NOUN
fbem-29599	100	39	28.26	28.26	NUM
fbem-29599	100	40	%	%	NOUN
fbem-29599	100	41	31.28	31.28	NUM
fbem-29599	100	42	%	%	NOUN
fbem-29599	100	43	28.32	28.32	NUM
fbem-29599	100	44	%	%	NOUN
fbem-29599	100	45	28.02	28.02	NUM
fbem-29599	100	46	%	%	NOUN
fbem-29599	100	47	27.77	27.77	NUM
fbem-29599	100	48	%	%	NOUN
fbem-29599	100	49	25.25	25.25	NUM
fbem-29599	100	50	%	%	NOUN
fbem-29599	100	51	24.37	24.37	NUM
fbem-29599	100	52	%	%	NOUN
fbem-29599	100	53	22.22	22.22	NUM
fbem-29599	100	54	%	%	NOUN
fbem-29599	100	55	17.25	17.25	NUM
fbem-29599	100	56	%	%	NOUN
fbem-29599	100	57	12.47	12.47	NUM
fbem-29599	100	58	%	%	NOUN
fbem-29599	100	59	11.12	11.12	NUM
fbem-29599	100	60	%	%	NOUN
fbem-29599	100	61	10.08	10.08	NUM
fbem-29599	100	62	%	%	NOUN
fbem-29599	100	63	9.16	9.16	NUM
fbem-29599	100	64	%	%	NOUN
fbem-29599	100	65	8.21	8.21	NUM
fbem-29599	100	66	%	%	NOUN
fbem-29599	100	67	7.52	7.52	NUM
fbem-29599	100	68	%	%	NOUN
fbem-29599	100	69	6.88	6.88	NUM
fbem-29599	100	70	%	%	NOUN
fbem-29599	100	71	0.00	0.00	NUM
fbem-29599	100	72	%	%	NOUN
fbem-29599	100	73	5.00	5.00	NUM
fbem-29599	100	74	%	%	NOUN
fbem-29599	100	75	10.00	10.00	NUM
fbem-29599	100	76	%	%	NOUN
fbem-29599	100	77	15.00	15.00	NUM
fbem-29599	100	78	%	%	NOUN
fbem-29599	100	79	20.00	20.00	NUM
fbem-29599	100	80	%	%	NOUN
fbem-29599	100	81	25.00	25.00	NUM
fbem-29599	100	82	%	%	NOUN
fbem-29599	100	83	30.00	30.00	NUM
fbem-29599	100	84	%	%	NOUN
fbem-29599	100	85	35.00	35.00	NUM
fbem-29599	100	86	%	%	NOUN
fbem-29599	100	87	proportion	proportion	NOUN
fbem-29599	100	88	of	of	ADP
fbem-29599	100	89	funds	fund	NOUN
fbem-29599	100	90	outstanding	outstanding	ADJ
fbem-29599	100	91	for	for	ADP
fbem-29599	100	92	foreign	foreign	ADJ
fbem-29599	100	93	exchange	exchange	NOUN
fbem-29599	100	94	proportion	proportion	NOUN
fbem-29599	100	95	of	of	ADP
fbem-29599	100	96	funds	fund	NOUN
fbem-29599	100	97	outstanding	outstanding	ADJ
fbem-29599	100	98	for	for	ADP
fbem-29599	100	99	foreign	foreign	ADJ
fbem-29599	100	100	exchange	exchange	NOUN
fbem-29599	100	101	106	106	NUM
fbem-29599	100	102	in	in	ADP
fbem-29599	100	103	the	the	DET
fbem-29599	100	104	banking	banking	NOUN
fbem-29599	100	105	system	system	NOUN
fbem-29599	100	106	.	.	PUNCT
fbem-29599	101	1	in	in	ADP
fbem-29599	101	2	december	december	PROPN
fbem-29599	101	3	2014	2014	NUM
fbem-29599	101	4	,	,	PUNCT
fbem-29599	101	5	the	the	DET
fbem-29599	101	6	pboc	pboc	NOUN
fbem-29599	101	7	also	also	ADV
fbem-29599	101	8	introduced	introduce	VERB
fbem-29599	101	9	the	the	DET
fbem-29599	101	10	pledged	pledge	VERB
fbem-29599	101	11	supplementary	supplementary	ADJ
fbem-29599	101	12	lending	lending	NOUN
fbem-29599	101	13	(	(	PUNCT
fbem-29599	101	14	psl	psl	PROPN
fbem-29599	101	15	)	)	PUNCT
fbem-29599	101	16	to	to	PART
fbem-29599	101	17	support	support	VERB
fbem-29599	101	18	financial	financial	ADJ
fbem-29599	101	19	projects	project	NOUN
fbem-29599	101	20	related	relate	VERB
fbem-29599	101	21	to	to	ADP
fbem-29599	101	22	urban	urban	ADJ
fbem-29599	101	23	housing	housing	NOUN
fbem-29599	101	24	renovation	renovation	NOUN
fbem-29599	101	25	.	.	PUNCT
fbem-29599	102	1	in	in	ADP
fbem-29599	102	2	2015	2015	NUM
fbem-29599	102	3	,	,	PUNCT
fbem-29599	102	4	a	a	DET
fbem-29599	102	5	series	series	NOUN
fbem-29599	102	6	of	of	ADP
fbem-29599	102	7	structural	structural	ADJ
fbem-29599	102	8	monetary	monetary	ADJ
fbem-29599	102	9	policy	policy	NOUN
fbem-29599	102	10	instruments	instrument	NOUN
fbem-29599	102	11	were	be	AUX
fbem-29599	102	12	issued	issue	VERB
fbem-29599	102	13	in	in	ADP
fbem-29599	102	14	response	response	NOUN
fbem-29599	102	15	to	to	ADP
fbem-29599	102	16	the	the	DET
fbem-29599	102	17	national	national	ADJ
fbem-29599	102	18	poverty	poverty	PROPN
fbem-29599	102	19	alleviation	alleviation	NOUN
fbem-29599	102	20	policy	policy	NOUN
fbem-29599	102	21	,	,	PUNCT
fbem-29599	102	22	including	include	VERB
fbem-29599	102	23	targeted	target	VERB
fbem-29599	102	24	agricultural	agricultural	ADJ
fbem-29599	102	25	relending	relending	NOUN
fbem-29599	102	26	,	,	PUNCT
fbem-29599	102	27	targeted	target	VERB
fbem-29599	102	28	small	small	ADJ
fbem-29599	102	29	business	business	NOUN
fbem-29599	102	30	relending	relending	NOUN
fbem-29599	102	31	,	,	PUNCT
fbem-29599	102	32	rediscounting	rediscounting	NOUN
fbem-29599	102	33	,	,	PUNCT
fbem-29599	102	34	inclusive	inclusive	ADJ
fbem-29599	102	35	small	small	ADJ
fbem-29599	102	36	and	and	CCONJ
fbem-29599	102	37	micro	micro	ADJ
fbem-29599	102	38	-	-	NOUN
fbem-29599	102	39	enterprise	enterprise	NOUN
fbem-29599	102	40	loan	loan	NOUN
fbem-29599	102	41	support	support	NOUN
fbem-29599	102	42	tools	tool	NOUN
fbem-29599	102	43	,	,	PUNCT
fbem-29599	102	44	pledged	pledge	VERB
fbem-29599	102	45	supplementary	supplementary	ADJ
fbem-29599	102	46	lending	lending	NOUN
fbem-29599	102	47	,	,	PUNCT
fbem-29599	102	48	carbon	carbon	NOUN
fbem-29599	102	49	emission	emission	NOUN
fbem-29599	102	50	reduction	reduction	NOUN
fbem-29599	102	51	support	support	NOUN
fbem-29599	102	52	tools	tool	NOUN
fbem-29599	102	53	,	,	PUNCT
fbem-29599	102	54	special	special	ADJ
fbem-29599	102	55	relending	relending	NOUN
fbem-29599	102	56	for	for	ADP
fbem-29599	102	57	clean	clean	ADJ
fbem-29599	102	58	and	and	CCONJ
fbem-29599	102	59	efficient	efficient	ADJ
fbem-29599	102	60	coal	coal	NOUN
fbem-29599	102	61	utilization	utilization	NOUN
fbem-29599	102	62	,	,	PUNCT
fbem-29599	102	63	relending	relende	VERB
fbem-29599	102	64	for	for	ADP
fbem-29599	102	65	scientific	scientific	ADJ
fbem-29599	102	66	and	and	CCONJ
fbem-29599	102	67	technological	technological	ADJ
fbem-29599	102	68	innovation	innovation	NOUN
fbem-29599	102	69	,	,	PUNCT
fbem-29599	102	70	inclusive	inclusive	ADJ
fbem-29599	102	71	elderly	elderly	ADJ
fbem-29599	102	72	care	care	VERB
fbem-29599	102	73	special	special	ADJ
fbem-29599	102	74	relending	relending	NOUN
fbem-29599	102	75	,	,	PUNCT
fbem-29599	102	76	transportation	transportation	NOUN
fbem-29599	102	77	and	and	CCONJ
fbem-29599	102	78	logistics	logistic	NOUN
fbem-29599	102	79	special	special	ADJ
fbem-29599	102	80	relending	relending	NOUN
fbem-29599	102	81	,	,	PUNCT
fbem-29599	102	82	equipment	equipment	NOUN
fbem-29599	102	83	upgrade	upgrade	NOUN
fbem-29599	102	84	and	and	CCONJ
fbem-29599	102	85	transformation	transformation	NOUN
fbem-29599	102	86	special	special	ADJ
fbem-29599	102	87	relending	relending	NOUN
fbem-29599	102	88	,	,	PUNCT
fbem-29599	102	89	interest	interest	NOUN
fbem-29599	102	90	rate	rate	NOUN
fbem-29599	102	91	reduction	reduction	NOUN
fbem-29599	102	92	support	support	NOUN
fbem-29599	102	93	tools	tool	NOUN
fbem-29599	102	94	for	for	ADP
fbem-29599	102	95	inclusive	inclusive	ADJ
fbem-29599	102	96	small	small	ADJ
fbem-29599	102	97	and	and	CCONJ
fbem-29599	102	98	micro	micro	ADJ
fbem-29599	102	99	-	-	NOUN
fbem-29599	102	100	enterprise	enterprise	ADJ
fbem-29599	102	101	loans	loan	NOUN
fbem-29599	102	102	,	,	PUNCT
fbem-29599	102	103	toll	toll	NOUN
fbem-29599	102	104	road	road	NOUN
fbem-29599	102	105	loan	loan	NOUN
fbem-29599	102	106	support	support	NOUN
fbem-29599	102	107	tools	tool	NOUN
fbem-29599	102	108	,	,	PUNCT
fbem-29599	102	109	private	private	ADJ
fbem-29599	102	110	enterprise	enterprise	NOUN
fbem-29599	102	111	bond	bond	NOUN
fbem-29599	102	112	financing	financing	NOUN
fbem-29599	102	113	support	support	NOUN
fbem-29599	102	114	tools	tool	NOUN
fbem-29599	102	115	,	,	PUNCT
fbem-29599	102	116	loan	loan	NOUN
fbem-29599	102	117	support	support	NOUN
fbem-29599	102	118	plan	plan	NOUN
fbem-29599	102	119	for	for	ADP
fbem-29599	102	120	housing	housing	NOUN
fbem-29599	102	121	delivery	delivery	NOUN
fbem-29599	102	122	,	,	PUNCT
fbem-29599	102	123	real	real	ADJ
fbem-29599	102	124	estate	estate	NOUN
fbem-29599	102	125	relief	relief	NOUN
fbem-29599	102	126	special	special	ADJ
fbem-29599	102	127	relending	relending	NOUN
fbem-29599	102	128	,	,	PUNCT
fbem-29599	102	129	and	and	CCONJ
fbem-29599	102	130	housing	housing	NOUN
fbem-29599	102	131	rental	rental	NOUN
fbem-29599	102	132	loan	loan	NOUN
fbem-29599	102	133	support	support	NOUN
fbem-29599	102	134	plan	plan	NOUN
fbem-29599	102	135	,	,	PUNCT
fbem-29599	102	136	among	among	ADP
fbem-29599	102	137	other	other	ADJ
fbem-29599	102	138	industryspecific	industryspecific	ADJ
fbem-29599	102	139	monetary	monetary	ADJ
fbem-29599	102	140	policy	policy	NOUN
fbem-29599	102	141	support	support	NOUN
fbem-29599	102	142	tools	tool	NOUN
fbem-29599	102	143	(	(	PUNCT
fbem-29599	102	144	as	as	ADP
fbem-29599	102	145	of	of	ADP
fbem-29599	102	146	march	march	PROPN
fbem-29599	102	147	2023	2023	NUM
fbem-29599	102	148	)	)	PUNCT
fbem-29599	102	149	.	.	PUNCT
fbem-29599	103	1	the	the	DET
fbem-29599	103	2	mechanism	mechanism	NOUN
fbem-29599	103	3	for	for	ADP
fbem-29599	103	4	base	base	NOUN
fbem-29599	103	5	money	money	NOUN
fbem-29599	103	6	issuance	issuance	NOUN
fbem-29599	103	7	in	in	ADP
fbem-29599	103	8	china	china	PROPN
fbem-29599	103	9	has	have	AUX
fbem-29599	103	10	been	be	AUX
fbem-29599	103	11	continuously	continuously	ADV
fbem-29599	103	12	adjusted	adjust	VERB
fbem-29599	103	13	both	both	CCONJ
fbem-29599	103	14	before	before	ADP
fbem-29599	103	15	and	and	CCONJ
fbem-29599	103	16	after	after	ADP
fbem-29599	103	17	the	the	DET
fbem-29599	103	18	outbreak	outbreak	NOUN
fbem-29599	103	19	of	of	ADP
fbem-29599	103	20	the	the	DET
fbem-29599	103	21	covid-19	covid-19	PROPN
fbem-29599	103	22	pandemic	pandemic	NOUN
fbem-29599	103	23	.	.	PUNCT
fbem-29599	104	1	the	the	DET
fbem-29599	104	2	overall	overall	ADJ
fbem-29599	104	3	shift	shift	NOUN
fbem-29599	104	4	in	in	ADP
fbem-29599	104	5	the	the	DET
fbem-29599	104	6	pboc	pboc	NOUN
fbem-29599	104	7	's	's	PART
fbem-29599	104	8	base	base	NOUN
fbem-29599	104	9	money	money	NOUN
fbem-29599	104	10	issuance	issuance	NOUN
fbem-29599	104	11	methods	method	NOUN
fbem-29599	104	12	signifies	signify	VERB
fbem-29599	104	13	an	an	DET
fbem-29599	104	14	enhanced	enhanced	ADJ
fbem-29599	104	15	level	level	NOUN
fbem-29599	104	16	of	of	ADP
fbem-29599	104	17	control	control	NOUN
fbem-29599	104	18	and	and	CCONJ
fbem-29599	104	19	proactivity	proactivity	NOUN
fbem-29599	104	20	over	over	ADP
fbem-29599	104	21	funds	fund	NOUN
fbem-29599	104	22	.	.	PUNCT
fbem-29599	105	1	this	this	PRON
fbem-29599	105	2	inevitably	inevitably	ADV
fbem-29599	105	3	increases	increase	VERB
fbem-29599	105	4	the	the	DET
fbem-29599	105	5	impact	impact	NOUN
fbem-29599	105	6	on	on	ADP
fbem-29599	105	7	the	the	DET
fbem-29599	105	8	implementation	implementation	NOUN
fbem-29599	105	9	of	of	ADP
fbem-29599	105	10	monetary	monetary	ADJ
fbem-29599	105	11	policy	policy	NOUN
fbem-29599	105	12	and	and	CCONJ
fbem-29599	105	13	the	the	DET
fbem-29599	105	14	money	money	NOUN
fbem-29599	105	15	supply	supply	NOUN
fbem-29599	105	16	,	,	PUNCT
fbem-29599	105	17	which	which	PRON
fbem-29599	105	18	is	be	AUX
fbem-29599	105	19	conducive	conducive	ADJ
fbem-29599	105	20	to	to	ADP
fbem-29599	105	21	the	the	DET
fbem-29599	105	22	central	central	ADJ
fbem-29599	105	23	bank	bank	NOUN
fbem-29599	105	24	's	's	PART
fbem-29599	105	25	grasp	grasp	NOUN
fbem-29599	105	26	and	and	CCONJ
fbem-29599	105	27	regulation	regulation	NOUN
fbem-29599	105	28	of	of	ADP
fbem-29599	105	29	the	the	DET
fbem-29599	105	30	overall	overall	ADJ
fbem-29599	105	31	monetary	monetary	ADJ
fbem-29599	105	32	supply	supply	NOUN
fbem-29599	105	33	required	require	VERB
fbem-29599	105	34	by	by	ADP
fbem-29599	105	35	the	the	DET
fbem-29599	105	36	national	national	ADJ
fbem-29599	105	37	economy	economy	NOUN
fbem-29599	105	38	.	.	PUNCT
fbem-29599	106	1	3	3	X
fbem-29599	106	2	.	.	X
fbem-29599	106	3	the	the	DET
fbem-29599	106	4	impact	impact	NOUN
fbem-29599	106	5	of	of	ADP
fbem-29599	106	6	the	the	DET
fbem-29599	106	7	changes	change	NOUN
fbem-29599	106	8	in	in	ADP
fbem-29599	106	9	the	the	DET
fbem-29599	106	10	channels	channel	NOUN
fbem-29599	106	11	of	of	ADP
fbem-29599	106	12	monetary	monetary	ADJ
fbem-29599	106	13	issuance	issuance	NOUN
fbem-29599	106	14	is	be	AUX
fbem-29599	106	15	precisely	precisely	ADV
fbem-29599	106	16	the	the	DET
fbem-29599	106	17	current	current	ADJ
fbem-29599	106	18	issues	issue	NOUN
fbem-29599	106	19	being	be	AUX
fbem-29599	106	20	faced	face	VERB
fbem-29599	106	21	since	since	SCONJ
fbem-29599	106	22	the	the	DET
fbem-29599	106	23	people	people	NOUN
fbem-29599	106	24	's	's	PART
fbem-29599	106	25	bank	bank	PROPN
fbem-29599	106	26	of	of	ADP
fbem-29599	106	27	china	china	PROPN
fbem-29599	106	28	(	(	PUNCT
fbem-29599	106	29	pboc	pboc	NOUN
fbem-29599	106	30	)	)	PUNCT
fbem-29599	106	31	began	begin	VERB
fbem-29599	106	32	to	to	PART
fbem-29599	106	33	exercise	exercise	VERB
fbem-29599	106	34	its	its	PRON
fbem-29599	106	35	functions	function	NOUN
fbem-29599	106	36	as	as	ADP
fbem-29599	106	37	china	china	PROPN
fbem-29599	106	38	's	's	PART
fbem-29599	106	39	central	central	ADJ
fbem-29599	106	40	bank	bank	NOUN
fbem-29599	106	41	in	in	ADP
fbem-29599	106	42	1994	1994	NUM
fbem-29599	106	43	,	,	PUNCT
fbem-29599	106	44	the	the	DET
fbem-29599	106	45	primary	primary	ADJ
fbem-29599	106	46	channels	channel	NOUN
fbem-29599	106	47	for	for	ADP
fbem-29599	106	48	base	base	NOUN
fbem-29599	106	49	money	money	NOUN
fbem-29599	106	50	issuance	issuance	NOUN
fbem-29599	106	51	have	have	AUX
fbem-29599	106	52	evolved	evolve	VERB
fbem-29599	106	53	in	in	ADP
fbem-29599	106	54	tandem	tandem	NOUN
fbem-29599	106	55	with	with	ADP
fbem-29599	106	56	different	different	ADJ
fbem-29599	106	57	stages	stage	NOUN
fbem-29599	106	58	of	of	ADP
fbem-29599	106	59	china	china	PROPN
fbem-29599	106	60	's	's	PART
fbem-29599	106	61	economic	economic	ADJ
fbem-29599	106	62	development	development	NOUN
fbem-29599	106	63	.	.	PUNCT
fbem-29599	107	1	along	along	ADP
fbem-29599	107	2	with	with	ADP
fbem-29599	107	3	these	these	DET
fbem-29599	107	4	changes	change	NOUN
fbem-29599	107	5	,	,	PUNCT
fbem-29599	107	6	not	not	PART
fbem-29599	107	7	only	only	ADV
fbem-29599	107	8	has	have	AUX
fbem-29599	107	9	the	the	DET
fbem-29599	107	10	monetary	monetary	ADJ
fbem-29599	107	11	authority	authority	NOUN
fbem-29599	107	12	's	's	PART
fbem-29599	107	13	control	control	NOUN
fbem-29599	107	14	over	over	ADP
fbem-29599	107	15	the	the	DET
fbem-29599	107	16	money	money	NOUN
fbem-29599	107	17	supply	supply	NOUN
fbem-29599	107	18	been	be	AUX
fbem-29599	107	19	altered	alter	VERB
fbem-29599	107	20	,	,	PUNCT
fbem-29599	107	21	but	but	CCONJ
fbem-29599	107	22	the	the	DET
fbem-29599	107	23	entire	entire	ADJ
fbem-29599	107	24	macro	macro	ADJ
fbem-29599	107	25	-	-	ADJ
fbem-29599	107	26	financial	financial	ADJ
fbem-29599	107	27	domain	domain	NOUN
fbem-29599	107	28	has	have	AUX
fbem-29599	107	29	also	also	ADV
fbem-29599	107	30	undergone	undergo	VERB
fbem-29599	107	31	corresponding	corresponding	ADJ
fbem-29599	107	32	transformations	transformation	NOUN
fbem-29599	107	33	.	.	PUNCT
fbem-29599	108	1	the	the	DET
fbem-29599	108	2	current	current	ADJ
fbem-29599	108	3	base	base	NOUN
fbem-29599	108	4	money	money	NOUN
fbem-29599	108	5	issuance	issuance	NOUN
fbem-29599	108	6	mechanism	mechanism	NOUN
fbem-29599	108	7	in	in	ADP
fbem-29599	108	8	china	china	PROPN
fbem-29599	108	9	has	have	AUX
fbem-29599	108	10	consistently	consistently	ADV
fbem-29599	108	11	adapted	adapt	VERB
fbem-29599	108	12	to	to	ADP
fbem-29599	108	13	the	the	DET
fbem-29599	108	14	changing	change	VERB
fbem-29599	108	15	macroeconomic	macroeconomic	ADJ
fbem-29599	108	16	situation	situation	NOUN
fbem-29599	108	17	,	,	PUNCT
fbem-29599	108	18	forming	form	VERB
fbem-29599	108	19	a	a	DET
fbem-29599	108	20	“	"	PUNCT
fbem-29599	108	21	trinity	trinity	NOUN
fbem-29599	108	22	”	"	PUNCT
fbem-29599	108	23	policy	policy	NOUN
fbem-29599	108	24	framework	framework	NOUN
fbem-29599	108	25	:	:	PUNCT
fbem-29599	108	26	short	short	ADJ
fbem-29599	108	27	-	-	PUNCT
fbem-29599	108	28	term	term	NOUN
fbem-29599	108	29	issuance	issuance	NOUN
fbem-29599	108	30	primarily	primarily	ADV
fbem-29599	108	31	through	through	ADP
fbem-29599	108	32	open	open	ADJ
fbem-29599	108	33	market	market	NOUN
fbem-29599	108	34	operations	operation	NOUN
fbem-29599	108	35	,	,	PUNCT
fbem-29599	108	36	mediumterm	mediumterm	NOUN
fbem-29599	108	37	issuance	issuance	NOUN
fbem-29599	108	38	mainly	mainly	ADV
fbem-29599	108	39	via	via	ADP
fbem-29599	108	40	medium	medium	ADJ
fbem-29599	108	41	-	-	PUNCT
fbem-29599	108	42	term	term	NOUN
fbem-29599	108	43	lending	lending	NOUN
fbem-29599	108	44	facility	facility	NOUN
fbem-29599	108	45	(	(	PUNCT
fbem-29599	108	46	mlf	mlf	NOUN
fbem-29599	108	47	)	)	PUNCT
fbem-29599	108	48	operations	operation	NOUN
fbem-29599	108	49	,	,	PUNCT
fbem-29599	108	50	and	and	CCONJ
fbem-29599	108	51	targeted	target	VERB
fbem-29599	108	52	issuance	issuance	NOUN
fbem-29599	108	53	dominated	dominate	VERB
fbem-29599	108	54	by	by	ADP
fbem-29599	108	55	relending	relende	VERB
fbem-29599	108	56	and	and	CCONJ
fbem-29599	108	57	rediscounting	rediscounting	NOUN
fbem-29599	108	58	.	.	PUNCT
fbem-29599	109	1	this	this	DET
fbem-29599	109	2	framework	framework	NOUN
fbem-29599	109	3	is	be	AUX
fbem-29599	109	4	supplemented	supplement	VERB
fbem-29599	109	5	by	by	ADP
fbem-29599	109	6	the	the	DET
fbem-29599	109	7	distinctive	distinctive	ADJ
fbem-29599	109	8	“	"	PUNCT
fbem-29599	109	9	three	three	NUM
fbem-29599	109	10	-	-	PUNCT
fbem-29599	109	11	tier	tier	NOUN
fbem-29599	109	12	,	,	PUNCT
fbem-29599	109	13	two	two	NUM
fbem-29599	109	14	-	-	PUNCT
fbem-29599	109	15	advantage	advantage	NOUN
fbem-29599	109	16	”	"	PUNCT
fbem-29599	109	17	reserve	reserve	NOUN
fbem-29599	109	18	requirement	requirement	NOUN
fbem-29599	109	19	policy	policy	NOUN
fbem-29599	109	20	as	as	ADP
fbem-29599	109	21	an	an	DET
fbem-29599	109	22	effective	effective	ADJ
fbem-29599	109	23	regulatory	regulatory	ADJ
fbem-29599	109	24	tool	tool	NOUN
fbem-29599	109	25	.	.	PUNCT
fbem-29599	110	1	overall	overall	ADV
fbem-29599	110	2	,	,	PUNCT
fbem-29599	110	3	it	it	PRON
fbem-29599	110	4	has	have	AUX
fbem-29599	110	5	met	meet	VERB
fbem-29599	110	6	the	the	DET
fbem-29599	110	7	needs	need	NOUN
fbem-29599	110	8	of	of	ADP
fbem-29599	110	9	economic	economic	ADJ
fbem-29599	110	10	development	development	NOUN
fbem-29599	110	11	and	and	CCONJ
fbem-29599	110	12	supported	support	VERB
fbem-29599	110	13	the	the	DET
fbem-29599	110	14	reform	reform	NOUN
fbem-29599	110	15	of	of	ADP
fbem-29599	110	16	interest	interest	NOUN
fbem-29599	110	17	rate	rate	NOUN
fbem-29599	110	18	liberalization	liberalization	NOUN
fbem-29599	110	19	.	.	PUNCT
fbem-29599	111	1	it	it	PRON
fbem-29599	111	2	is	be	AUX
fbem-29599	111	3	evident	evident	ADJ
fbem-29599	111	4	that	that	SCONJ
fbem-29599	111	5	the	the	DET
fbem-29599	111	6	changes	change	NOUN
fbem-29599	111	7	in	in	ADP
fbem-29599	111	8	base	base	NOUN
fbem-29599	111	9	money	money	NOUN
fbem-29599	111	10	issuance	issuance	NOUN
fbem-29599	111	11	channels	channel	NOUN
fbem-29599	111	12	have	have	AUX
fbem-29599	111	13	continuously	continuously	ADV
fbem-29599	111	14	enhanced	enhance	VERB
fbem-29599	111	15	the	the	DET
fbem-29599	111	16	proactivity	proactivity	NOUN
fbem-29599	111	17	of	of	ADP
fbem-29599	111	18	the	the	DET
fbem-29599	111	19	monetary	monetary	ADJ
fbem-29599	111	20	authority	authority	NOUN
fbem-29599	111	21	.	.	PUNCT
fbem-29599	112	1	while	while	SCONJ
fbem-29599	112	2	these	these	DET
fbem-29599	112	3	changes	change	NOUN
fbem-29599	112	4	have	have	AUX
fbem-29599	112	5	brought	bring	VERB
fbem-29599	112	6	benefits	benefit	NOUN
fbem-29599	112	7	to	to	ADP
fbem-29599	112	8	the	the	DET
fbem-29599	112	9	central	central	ADJ
fbem-29599	112	10	bank	bank	NOUN
fbem-29599	112	11	,	,	PUNCT
fbem-29599	112	12	they	they	PRON
fbem-29599	112	13	have	have	AUX
fbem-29599	112	14	also	also	ADV
fbem-29599	112	15	given	give	VERB
fbem-29599	112	16	rise	rise	NOUN
fbem-29599	112	17	to	to	ADP
fbem-29599	112	18	certain	certain	ADJ
fbem-29599	112	19	issues	issue	NOUN
fbem-29599	112	20	.	.	PUNCT
fbem-29599	113	1	3.1	3.1	NUM
fbem-29599	113	2	.	.	PUNCT
fbem-29599	114	1	the	the	DET
fbem-29599	114	2	administrative	administrative	ADJ
fbem-29599	114	3	intervention	intervention	NOUN
fbem-29599	114	4	in	in	ADP
fbem-29599	114	5	relending	relende	VERB
fbem-29599	114	6	is	be	AUX
fbem-29599	114	7	relatively	relatively	ADV
fbem-29599	114	8	high	high	ADJ
fbem-29599	114	9	,	,	PUNCT
fbem-29599	114	10	and	and	CCONJ
fbem-29599	114	11	the	the	DET
fbem-29599	114	12	implementation	implementation	NOUN
fbem-29599	114	13	of	of	ADP
fbem-29599	114	14	relending	relending	NOUN
fbem-29599	114	15	is	be	AUX
fbem-29599	114	16	not	not	PART
fbem-29599	114	17	sufficiently	sufficiently	ADV
fbem-29599	114	18	flexible	flexible	ADJ
fbem-29599	114	19	since	since	SCONJ
fbem-29599	114	20	the	the	DET
fbem-29599	114	21	inception	inception	NOUN
fbem-29599	114	22	of	of	ADP
fbem-29599	114	23	relending	relende	VERB
fbem-29599	114	24	by	by	ADP
fbem-29599	114	25	the	the	DET
fbem-29599	114	26	people	people	NOUN
fbem-29599	114	27	's	's	PART
fbem-29599	114	28	bank	bank	PROPN
fbem-29599	114	29	of	of	ADP
fbem-29599	114	30	china	china	PROPN
fbem-29599	114	31	(	(	PUNCT
fbem-29599	114	32	pboc	pboc	NOUN
fbem-29599	114	33	)	)	PUNCT
fbem-29599	114	34	,	,	PUNCT
fbem-29599	114	35	relending	relende	VERB
fbem-29599	114	36	has	have	AUX
fbem-29599	114	37	been	be	AUX
fbem-29599	114	38	characterized	characterize	VERB
fbem-29599	114	39	by	by	ADP
fbem-29599	114	40	significant	significant	ADJ
fbem-29599	114	41	administrative	administrative	ADJ
fbem-29599	114	42	intervention	intervention	NOUN
fbem-29599	114	43	,	,	PUNCT
fbem-29599	114	44	primarily	primarily	ADV
fbem-29599	114	45	due	due	ADP
fbem-29599	114	46	to	to	ADP
fbem-29599	114	47	its	its	PRON
fbem-29599	114	48	origin	origin	NOUN
fbem-29599	114	49	as	as	ADP
fbem-29599	114	50	a	a	DET
fbem-29599	114	51	policy	policy	NOUN
fbem-29599	114	52	instrument	instrument	NOUN
fbem-29599	114	53	issued	issue	VERB
fbem-29599	114	54	through	through	ADP
fbem-29599	114	55	administrative	administrative	ADJ
fbem-29599	114	56	directives	directive	NOUN
fbem-29599	114	57	to	to	ADP
fbem-29599	114	58	major	major	ADJ
fbem-29599	114	59	commercial	commercial	ADJ
fbem-29599	114	60	banks	bank	NOUN
fbem-29599	114	61	.	.	PUNCT
fbem-29599	115	1	this	this	DET
fbem-29599	115	2	historical	historical	ADJ
fbem-29599	115	3	legacy	legacy	NOUN
fbem-29599	115	4	has	have	AUX
fbem-29599	115	5	persisted	persist	VERB
fbem-29599	115	6	to	to	ADP
fbem-29599	115	7	the	the	DET
fbem-29599	115	8	present	present	ADJ
fbem-29599	115	9	day	day	NOUN
fbem-29599	115	10	,	,	PUNCT
fbem-29599	115	11	imbuing	imbue	VERB
fbem-29599	115	12	relending	relende	VERB
fbem-29599	115	13	—	—	PUNCT
fbem-29599	115	14	one	one	NUM
fbem-29599	115	15	of	of	ADP
fbem-29599	115	16	the	the	DET
fbem-29599	115	17	primary	primary	ADJ
fbem-29599	115	18	channels	channel	NOUN
fbem-29599	115	19	for	for	ADP
fbem-29599	115	20	base	base	NOUN
fbem-29599	115	21	money	money	NOUN
fbem-29599	115	22	issuance	issuance	NOUN
fbem-29599	115	23	—	—	PUNCT
fbem-29599	115	24	with	with	ADP
fbem-29599	115	25	a	a	DET
fbem-29599	115	26	strong	strong	ADJ
fbem-29599	115	27	administrative	administrative	ADJ
fbem-29599	115	28	hue	hue	NOUN
fbem-29599	115	29	.	.	PUNCT
fbem-29599	116	1	consequently	consequently	ADV
fbem-29599	116	2	,	,	PUNCT
fbem-29599	116	3	the	the	DET
fbem-29599	116	4	implementation	implementation	NOUN
fbem-29599	116	5	of	of	ADP
fbem-29599	116	6	relending	relende	VERB
fbem-29599	116	7	lacks	lack	VERB
fbem-29599	116	8	sufficient	sufficient	ADJ
fbem-29599	116	9	flexibility	flexibility	NOUN
fbem-29599	116	10	and	and	CCONJ
fbem-29599	116	11	does	do	AUX
fbem-29599	116	12	not	not	PART
fbem-29599	116	13	readily	readily	ADV
fbem-29599	116	14	adapt	adapt	VERB
fbem-29599	116	15	to	to	ADP
fbem-29599	116	16	market	market	NOUN
fbem-29599	116	17	fluctuations	fluctuation	NOUN
fbem-29599	116	18	.	.	PUNCT
fbem-29599	117	1	instead	instead	ADV
fbem-29599	117	2	of	of	ADP
fbem-29599	117	3	responding	respond	VERB
fbem-29599	117	4	dynamically	dynamically	ADV
fbem-29599	117	5	to	to	ADP
fbem-29599	117	6	market	market	NOUN
fbem-29599	117	7	changes	change	NOUN
fbem-29599	117	8	,	,	PUNCT
fbem-29599	117	9	relending	relende	VERB
fbem-29599	117	10	rates	rate	NOUN
fbem-29599	117	11	and	and	CCONJ
fbem-29599	117	12	volumes	volume	NOUN
fbem-29599	117	13	are	be	AUX
fbem-29599	117	14	often	often	ADV
fbem-29599	117	15	determined	determine	VERB
fbem-29599	117	16	by	by	ADP
fbem-29599	117	17	the	the	DET
fbem-29599	117	18	pboc	pboc	NOUN
fbem-29599	117	19	's	's	PART
fbem-29599	117	20	overall	overall	ADJ
fbem-29599	117	21	economic	economic	ADJ
fbem-29599	117	22	assessments	assessment	NOUN
fbem-29599	117	23	and	and	CCONJ
fbem-29599	117	24	subsequent	subsequent	ADJ
fbem-29599	117	25	administrative	administrative	ADJ
fbem-29599	117	26	instructions	instruction	NOUN
fbem-29599	117	27	or	or	CCONJ
fbem-29599	117	28	mandatory	mandatory	ADJ
fbem-29599	117	29	guidance	guidance	NOUN
fbem-29599	117	30	.	.	PUNCT
fbem-29599	118	1	the	the	DET
fbem-29599	118	2	impact	impact	NOUN
fbem-29599	118	3	of	of	ADP
fbem-29599	118	4	relending	relende	VERB
fbem-29599	118	5	extends	extend	VERB
fbem-29599	118	6	beyond	beyond	ADP
fbem-29599	118	7	mere	mere	ADJ
fbem-29599	118	8	changes	change	NOUN
fbem-29599	118	9	in	in	ADP
fbem-29599	118	10	the	the	DET
fbem-29599	118	11	money	money	NOUN
fbem-29599	118	12	supply	supply	NOUN
fbem-29599	118	13	;	;	PUNCT
fbem-29599	118	14	it	it	PRON
fbem-29599	118	15	also	also	ADV
fbem-29599	118	16	affects	affect	VERB
fbem-29599	118	17	the	the	DET
fbem-29599	118	18	loan	loan	NOUN
fbem-29599	118	19	-	-	PUNCT
fbem-29599	118	20	to	to	ADP
fbem-29599	118	21	-	-	PUNCT
fbem-29599	118	22	deposit	deposit	NOUN
fbem-29599	118	23	ratios	ratio	NOUN
fbem-29599	118	24	of	of	ADP
fbem-29599	118	25	commercial	commercial	ADJ
fbem-29599	118	26	banks	bank	NOUN
fbem-29599	118	27	.	.	PUNCT
fbem-29599	119	1	variations	variation	NOUN
fbem-29599	119	2	in	in	ADP
fbem-29599	119	3	relending	relende	VERB
fbem-29599	119	4	lead	lead	NOUN
fbem-29599	119	5	to	to	ADP
fbem-29599	119	6	changes	change	NOUN
fbem-29599	119	7	in	in	ADP
fbem-29599	119	8	the	the	DET
fbem-29599	119	9	reserve	reserve	NOUN
fbem-29599	119	10	deposits	deposit	NOUN
fbem-29599	119	11	of	of	ADP
fbem-29599	119	12	commercial	commercial	ADJ
fbem-29599	119	13	banks	bank	NOUN
fbem-29599	119	14	held	hold	VERB
fbem-29599	119	15	at	at	ADP
fbem-29599	119	16	the	the	DET
fbem-29599	119	17	central	central	ADJ
fbem-29599	119	18	bank	bank	NOUN
fbem-29599	119	19	,	,	PUNCT
fbem-29599	119	20	which	which	PRON
fbem-29599	119	21	in	in	ADP
fbem-29599	119	22	turn	turn	NOUN
fbem-29599	119	23	alter	alter	VERB
fbem-29599	119	24	the	the	DET
fbem-29599	119	25	volume	volume	NOUN
fbem-29599	119	26	of	of	ADP
fbem-29599	119	27	loans	loan	NOUN
fbem-29599	119	28	extended	extend	VERB
fbem-29599	119	29	by	by	ADP
fbem-29599	119	30	these	these	DET
fbem-29599	119	31	banks	bank	NOUN
fbem-29599	119	32	.	.	PUNCT
fbem-29599	120	1	for	for	ADP
fbem-29599	120	2	enterprises	enterprise	NOUN
fbem-29599	120	3	and	and	CCONJ
fbem-29599	120	4	other	other	ADJ
fbem-29599	120	5	borrowers	borrower	NOUN
fbem-29599	120	6	,	,	PUNCT
fbem-29599	120	7	changes	change	NOUN
fbem-29599	120	8	in	in	ADP
fbem-29599	120	9	relending	relende	VERB
fbem-29599	120	10	can	can	AUX
fbem-29599	120	11	also	also	ADV
fbem-29599	120	12	influence	influence	VERB
fbem-29599	120	13	lending	lending	NOUN
fbem-29599	120	14	interest	interest	NOUN
fbem-29599	120	15	rates	rate	NOUN
fbem-29599	120	16	,	,	PUNCT
fbem-29599	120	17	thereby	thereby	ADV
fbem-29599	120	18	affecting	affect	VERB
fbem-29599	120	19	the	the	DET
fbem-29599	120	20	overall	overall	ADJ
fbem-29599	120	21	cost	cost	NOUN
fbem-29599	120	22	of	of	ADP
fbem-29599	120	23	social	social	ADJ
fbem-29599	120	24	financing	financing	NOUN
fbem-29599	120	25	.	.	PUNCT
fbem-29599	121	1	these	these	DET
fbem-29599	121	2	changes	change	NOUN
fbem-29599	121	3	in	in	ADP
fbem-29599	121	4	social	social	ADJ
fbem-29599	121	5	financing	financing	NOUN
fbem-29599	121	6	costs	cost	NOUN
fbem-29599	121	7	can	can	AUX
fbem-29599	121	8	have	have	VERB
fbem-29599	121	9	broader	broad	ADJ
fbem-29599	121	10	implications	implication	NOUN
fbem-29599	121	11	for	for	ADP
fbem-29599	121	12	economic	economic	ADJ
fbem-29599	121	13	development	development	NOUN
fbem-29599	121	14	.	.	PUNCT
fbem-29599	122	1	moreover	moreover	ADV
fbem-29599	122	2	,	,	PUNCT
fbem-29599	122	3	when	when	SCONJ
fbem-29599	122	4	used	use	VERB
fbem-29599	122	5	as	as	ADP
fbem-29599	122	6	a	a	DET
fbem-29599	122	7	channel	channel	NOUN
fbem-29599	122	8	for	for	ADP
fbem-29599	122	9	base	base	NOUN
fbem-29599	122	10	money	money	NOUN
fbem-29599	122	11	issuance	issuance	NOUN
fbem-29599	122	12	,	,	PUNCT
fbem-29599	122	13	relending	relende	VERB
fbem-29599	122	14	typically	typically	ADV
fbem-29599	122	15	represents	represent	VERB
fbem-29599	122	16	a	a	DET
fbem-29599	122	17	short	short	ADJ
fbem-29599	122	18	-	-	PUNCT
fbem-29599	122	19	term	term	NOUN
fbem-29599	122	20	policy	policy	NOUN
fbem-29599	122	21	measure	measure	NOUN
fbem-29599	122	22	(	(	PUNCT
fbem-29599	122	23	the	the	DET
fbem-29599	122	24	maximum	maximum	ADJ
fbem-29599	122	25	term	term	NOUN
fbem-29599	122	26	for	for	ADP
fbem-29599	122	27	base	base	NOUN
fbem-29599	122	28	money	money	NOUN
fbem-29599	122	29	issued	issue	VERB
fbem-29599	122	30	through	through	ADP
fbem-29599	122	31	relending	relende	VERB
fbem-29599	122	32	is	be	AUX
fbem-29599	122	33	one	one	NUM
fbem-29599	122	34	year	year	NOUN
fbem-29599	122	35	)	)	PUNCT
fbem-29599	122	36	.	.	PUNCT
fbem-29599	123	1	this	this	DET
fbem-29599	123	2	short	short	ADJ
fbem-29599	123	3	-	-	PUNCT
fbem-29599	123	4	term	term	NOUN
fbem-29599	123	5	nature	nature	NOUN
fbem-29599	123	6	introduces	introduce	VERB
fbem-29599	123	7	significant	significant	ADJ
fbem-29599	123	8	volatility	volatility	NOUN
fbem-29599	123	9	in	in	ADP
fbem-29599	123	10	the	the	DET
fbem-29599	123	11	money	money	NOUN
fbem-29599	123	12	supply	supply	NOUN
fbem-29599	123	13	provided	provide	VERB
fbem-29599	123	14	through	through	ADP
fbem-29599	123	15	this	this	DET
fbem-29599	123	16	channel	channel	NOUN
fbem-29599	123	17	.	.	PUNCT
fbem-29599	124	1	such	such	ADJ
fbem-29599	124	2	volatility	volatility	NOUN
fbem-29599	124	3	can	can	AUX
fbem-29599	124	4	,	,	PUNCT
fbem-29599	124	5	in	in	ADP
fbem-29599	124	6	turn	turn	NOUN
fbem-29599	124	7	,	,	PUNCT
fbem-29599	124	8	lead	lead	VERB
fbem-29599	124	9	to	to	ADP
fbem-29599	124	10	corresponding	corresponding	ADJ
fbem-29599	124	11	issues	issue	NOUN
fbem-29599	124	12	in	in	ADP
fbem-29599	124	13	the	the	DET
fbem-29599	124	14	overall	overall	ADJ
fbem-29599	124	15	implementation	implementation	NOUN
fbem-29599	124	16	of	of	ADP
fbem-29599	124	17	monetary	monetary	ADJ
fbem-29599	124	18	policy	policy	NOUN
fbem-29599	124	19	.	.	PUNCT
fbem-29599	125	1	3.2	3.2	NUM
fbem-29599	125	2	.	.	PUNCT
fbem-29599	126	1	foreign	foreign	ADJ
fbem-29599	126	2	exchange	exchange	NOUN
fbem-29599	126	3	purchases	purchase	NOUN
fbem-29599	126	4	have	have	AUX
fbem-29599	126	5	diminished	diminish	VERB
fbem-29599	126	6	the	the	DET
fbem-29599	126	7	proactivity	proactivity	NOUN
fbem-29599	126	8	of	of	ADP
fbem-29599	126	9	the	the	DET
fbem-29599	126	10	monetary	monetary	ADJ
fbem-29599	126	11	authorities	authority	NOUN
fbem-29599	126	12	and	and	CCONJ
fbem-29599	126	13	impacted	impact	VERB
fbem-29599	126	14	the	the	DET
fbem-29599	126	15	cost	cost	NOUN
fbem-29599	126	16	of	of	ADP
fbem-29599	126	17	social	social	ADJ
fbem-29599	126	18	financing	financing	NOUN
fbem-29599	126	19	foreign	foreign	ADJ
fbem-29599	126	20	exchange	exchange	NOUN
fbem-29599	126	21	purchases	purchase	NOUN
fbem-29599	126	22	once	once	ADV
fbem-29599	126	23	constituted	constitute	VERB
fbem-29599	126	24	a	a	DET
fbem-29599	126	25	primary	primary	ADJ
fbem-29599	126	26	channel	channel	NOUN
fbem-29599	126	27	for	for	ADP
fbem-29599	126	28	base	base	NOUN
fbem-29599	126	29	money	money	NOUN
fbem-29599	126	30	issuance	issuance	NOUN
fbem-29599	126	31	in	in	ADP
fbem-29599	126	32	china	china	PROPN
fbem-29599	126	33	.	.	PUNCT
fbem-29599	127	1	however	however	ADV
fbem-29599	127	2	,	,	PUNCT
fbem-29599	127	3	their	their	PRON
fbem-29599	127	4	presence	presence	NOUN
fbem-29599	127	5	has	have	AUX
fbem-29599	127	6	significantly	significantly	ADV
fbem-29599	127	7	weakened	weaken	VERB
fbem-29599	127	8	the	the	DET
fbem-29599	127	9	proactivity	proactivity	NOUN
fbem-29599	127	10	of	of	ADP
fbem-29599	127	11	monetary	monetary	ADJ
fbem-29599	127	12	authorities	authority	NOUN
fbem-29599	127	13	,	,	PUNCT
fbem-29599	127	14	a	a	DET
fbem-29599	127	15	feature	feature	NOUN
fbem-29599	127	16	that	that	PRON
fbem-29599	127	17	has	have	AUX
fbem-29599	127	18	long	long	ADV
fbem-29599	127	19	been	be	AUX
fbem-29599	127	20	criticized	criticize	VERB
fbem-29599	127	21	in	in	ADP
fbem-29599	127	22	the	the	DET
fbem-29599	127	23	economics	economic	NOUN
fbem-29599	127	24	community	community	NOUN
fbem-29599	127	25	.	.	PUNCT
fbem-29599	128	1	therefore	therefore	ADV
fbem-29599	128	2	,	,	PUNCT
fbem-29599	128	3	when	when	SCONJ
fbem-29599	128	4	any	any	DET
fbem-29599	128	5	country	country	NOUN
fbem-29599	128	6	's	's	PART
fbem-29599	128	7	base	base	NOUN
fbem-29599	128	8	money	money	NOUN
fbem-29599	128	9	issuance	issuance	NOUN
fbem-29599	128	10	is	be	AUX
fbem-29599	128	11	dominated	dominate	VERB
fbem-29599	128	12	by	by	ADP
fbem-29599	128	13	foreign	foreign	ADJ
fbem-29599	128	14	exchange	exchange	NOUN
fbem-29599	128	15	purchases	purchase	NOUN
fbem-29599	128	16	,	,	PUNCT
fbem-29599	128	17	it	it	PRON
fbem-29599	128	18	inevitably	inevitably	ADV
fbem-29599	128	19	considers	consider	VERB
fbem-29599	128	20	a	a	DET
fbem-29599	128	21	transition	transition	NOUN
fbem-29599	128	22	.	.	PUNCT
fbem-29599	129	1	consequently	consequently	ADV
fbem-29599	129	2	,	,	PUNCT
fbem-29599	129	3	china	china	PROPN
fbem-29599	129	4	began	begin	VERB
fbem-29599	129	5	to	to	PART
fbem-29599	129	6	guide	guide	VERB
fbem-29599	129	7	the	the	DET
fbem-29599	129	8	decline	decline	NOUN
fbem-29599	129	9	of	of	ADP
fbem-29599	129	10	the	the	DET
fbem-29599	129	11	proportion	proportion	NOUN
fbem-29599	129	12	of	of	ADP
fbem-29599	129	13	foreign	foreign	ADJ
fbem-29599	129	14	exchange	exchange	NOUN
fbem-29599	129	15	purchases	purchase	NOUN
fbem-29599	129	16	in	in	ADP
fbem-29599	129	17	2011	2011	NUM
fbem-29599	129	18	,	,	PUNCT
fbem-29599	129	19	which	which	PRON
fbem-29599	129	20	helped	help	VERB
fbem-29599	129	21	the	the	DET
fbem-29599	129	22	economy	economy	NOUN
fbem-29599	129	23	navigate	navigate	VERB
fbem-29599	129	24	through	through	ADP
fbem-29599	129	25	the	the	DET
fbem-29599	129	26	pandemic	pandemic	ADJ
fbem-29599	129	27	years	year	NOUN
fbem-29599	129	28	more	more	ADV
fbem-29599	129	29	smoothly	smoothly	ADV
fbem-29599	129	30	.	.	PUNCT
fbem-29599	130	1	the	the	DET
fbem-29599	130	2	impact	impact	NOUN
fbem-29599	130	3	of	of	ADP
fbem-29599	130	4	foreign	foreign	ADJ
fbem-29599	130	5	exchange	exchange	NOUN
fbem-29599	130	6	purchases	purchase	NOUN
fbem-29599	130	7	on	on	ADP
fbem-29599	130	8	proactivity	proactivity	NOUN
fbem-29599	130	9	is	be	AUX
fbem-29599	130	10	particularly	particularly	ADV
fbem-29599	130	11	evident	evident	ADJ
fbem-29599	130	12	in	in	ADP
fbem-29599	130	13	the	the	DET
fbem-29599	130	14	context	context	NOUN
fbem-29599	130	15	of	of	ADP
fbem-29599	130	16	china	china	PROPN
fbem-29599	130	17	's	's	PART
fbem-29599	130	18	growing	grow	VERB
fbem-29599	130	19	international	international	ADJ
fbem-29599	130	20	trade	trade	NOUN
fbem-29599	130	21	.	.	PUNCT
fbem-29599	131	1	as	as	SCONJ
fbem-29599	131	2	enterprises	enterprise	NOUN
fbem-29599	131	3	'	'	PART
fbem-29599	131	4	foreign	foreign	ADJ
fbem-29599	131	5	exchange	exchange	NOUN
fbem-29599	131	6	reserves	reserve	NOUN
fbem-29599	131	7	increase	increase	VERB
fbem-29599	131	8	,	,	PUNCT
fbem-29599	131	9	they	they	PRON
fbem-29599	131	10	exchange	exchange	VERB
fbem-29599	131	11	these	these	DET
fbem-29599	131	12	reserves	reserve	NOUN
fbem-29599	131	13	for	for	ADP
fbem-29599	131	14	base	base	ADJ
fbem-29599	131	15	money	money	NOUN
fbem-29599	131	16	through	through	ADP
fbem-29599	131	17	commercial	commercial	ADJ
fbem-29599	131	18	banks	bank	NOUN
fbem-29599	131	19	.	.	PUNCT
fbem-29599	132	1	this	this	DET
fbem-29599	132	2	process	process	NOUN
fbem-29599	132	3	places	place	VERB
fbem-29599	132	4	the	the	DET
fbem-29599	132	5	banking	banking	NOUN
fbem-29599	132	6	system	system	NOUN
fbem-29599	132	7	in	in	ADP
fbem-29599	132	8	a	a	DET
fbem-29599	132	9	passive	passive	ADJ
fbem-29599	132	10	position	position	NOUN
fbem-29599	132	11	regarding	regard	VERB
fbem-29599	132	12	this	this	DET
fbem-29599	132	13	channel	channel	NOUN
fbem-29599	132	14	of	of	ADP
fbem-29599	132	15	base	base	NOUN
fbem-29599	132	16	money	money	NOUN
fbem-29599	132	17	issuance	issuance	NOUN
fbem-29599	132	18	.	.	PUNCT
fbem-29599	133	1	moreover	moreover	ADV
fbem-29599	133	2	,	,	PUNCT
fbem-29599	133	3	foreign	foreign	ADJ
fbem-29599	133	4	exchange	exchange	NOUN
fbem-29599	133	5	purchases	purchase	NOUN
fbem-29599	133	6	also	also	ADV
fbem-29599	133	7	affect	affect	VERB
fbem-29599	133	8	the	the	DET
fbem-29599	133	9	loan	loan	NOUN
fbem-29599	133	10	-	-	PUNCT
fbem-29599	133	11	to	to	ADP
fbem-29599	133	12	-	-	PUNCT
fbem-29599	133	13	deposit	deposit	NOUN
fbem-29599	133	14	ratios	ratio	NOUN
fbem-29599	133	15	of	of	ADP
fbem-29599	133	16	commercial	commercial	ADJ
fbem-29599	133	17	banks	bank	NOUN
fbem-29599	133	18	.	.	PUNCT
fbem-29599	134	1	when	when	SCONJ
fbem-29599	134	2	enterprises	enterprise	NOUN
fbem-29599	134	3	or	or	CCONJ
fbem-29599	134	4	residents	resident	NOUN
fbem-29599	134	5	purchase	purchase	VERB
fbem-29599	134	6	foreign	foreign	ADJ
fbem-29599	134	7	exchange	exchange	NOUN
fbem-29599	134	8	through	through	ADP
fbem-29599	134	9	commercial	commercial	ADJ
fbem-29599	134	10	banks	bank	NOUN
fbem-29599	134	11	,	,	PUNCT
fbem-29599	134	12	the	the	DET
fbem-29599	134	13	latter	latter	NOUN
fbem-29599	134	14	's	's	PART
fbem-29599	134	15	deposit	deposit	NOUN
fbem-29599	134	16	ratios	ratio	NOUN
fbem-29599	134	17	increase	increase	VERB
fbem-29599	134	18	,	,	PUNCT
fbem-29599	134	19	which	which	PRON
fbem-29599	134	20	in	in	ADP
fbem-29599	134	21	turn	turn	NOUN
fbem-29599	134	22	affects	affect	VERB
fbem-29599	134	23	the	the	DET
fbem-29599	134	24	money	money	NOUN
fbem-29599	134	25	multiplier	multiplier	ADV
fbem-29599	134	26	and	and	CCONJ
fbem-29599	134	27	ultimately	ultimately	ADV
fbem-29599	134	28	influences	influence	VERB
fbem-29599	134	29	the	the	DET
fbem-29599	134	30	issuance	issuance	NOUN
fbem-29599	134	31	of	of	ADP
fbem-29599	134	32	base	base	ADJ
fbem-29599	134	33	money	money	NOUN
fbem-29599	134	34	.	.	PUNCT
fbem-29599	135	1	107	107	NUM
fbem-29599	135	2	foreign	foreign	ADJ
fbem-29599	135	3	exchange	exchange	NOUN
fbem-29599	135	4	purchases	purchase	NOUN
fbem-29599	135	5	also	also	ADV
fbem-29599	135	6	impact	impact	VERB
fbem-29599	135	7	the	the	DET
fbem-29599	135	8	cost	cost	NOUN
fbem-29599	135	9	of	of	ADP
fbem-29599	135	10	social	social	ADJ
fbem-29599	135	11	financing	financing	NOUN
fbem-29599	135	12	.	.	PUNCT
fbem-29599	136	1	when	when	SCONJ
fbem-29599	136	2	enterprises	enterprise	NOUN
fbem-29599	136	3	or	or	CCONJ
fbem-29599	136	4	residents	resident	NOUN
fbem-29599	136	5	purchase	purchase	VERB
fbem-29599	136	6	foreign	foreign	ADJ
fbem-29599	136	7	exchange	exchange	NOUN
fbem-29599	136	8	through	through	ADP
fbem-29599	136	9	commercial	commercial	ADJ
fbem-29599	136	10	banks	bank	NOUN
fbem-29599	136	11	,	,	PUNCT
fbem-29599	136	12	the	the	DET
fbem-29599	136	13	exchange	exchange	NOUN
fbem-29599	136	14	rate	rate	NOUN
fbem-29599	136	15	changes	change	NOUN
fbem-29599	136	16	,	,	PUNCT
fbem-29599	136	17	adding	add	VERB
fbem-29599	136	18	an	an	DET
fbem-29599	136	19	additional	additional	ADJ
fbem-29599	136	20	cost	cost	NOUN
fbem-29599	136	21	to	to	ADP
fbem-29599	136	22	their	their	PRON
fbem-29599	136	23	financing	financing	NOUN
fbem-29599	136	24	.	.	PUNCT
fbem-29599	137	1	this	this	PRON
fbem-29599	137	2	effectively	effectively	ADV
fbem-29599	137	3	increases	increase	VERB
fbem-29599	137	4	the	the	DET
fbem-29599	137	5	financing	financing	NOUN
fbem-29599	137	6	costs	cost	NOUN
fbem-29599	137	7	for	for	ADP
fbem-29599	137	8	enterprises	enterprise	NOUN
fbem-29599	137	9	and	and	CCONJ
fbem-29599	137	10	residents	resident	NOUN
fbem-29599	137	11	.	.	PUNCT
fbem-29599	138	1	additionally	additionally	ADV
fbem-29599	138	2	,	,	PUNCT
fbem-29599	138	3	changes	change	NOUN
fbem-29599	138	4	in	in	ADP
fbem-29599	138	5	loan	loan	NOUN
fbem-29599	138	6	-	-	PUNCT
fbem-29599	138	7	to	to	ADP
fbem-29599	138	8	-	-	PUNCT
fbem-29599	138	9	deposit	deposit	NOUN
fbem-29599	138	10	ratios	ratio	NOUN
fbem-29599	138	11	lead	lead	VERB
fbem-29599	138	12	to	to	ADP
fbem-29599	138	13	an	an	DET
fbem-29599	138	14	increase	increase	NOUN
fbem-29599	138	15	in	in	ADP
fbem-29599	138	16	the	the	DET
fbem-29599	138	17	broad	broad	ADJ
fbem-29599	138	18	money	money	NOUN
fbem-29599	138	19	supply	supply	NOUN
fbem-29599	138	20	,	,	PUNCT
fbem-29599	138	21	which	which	PRON
fbem-29599	138	22	in	in	ADP
fbem-29599	138	23	turn	turn	NOUN
fbem-29599	138	24	affects	affect	VERB
fbem-29599	138	25	interest	interest	NOUN
fbem-29599	138	26	rates	rate	NOUN
fbem-29599	138	27	.	.	PUNCT
fbem-29599	139	1	as	as	ADP
fbem-29599	139	2	the	the	DET
fbem-29599	139	3	channels	channel	NOUN
fbem-29599	139	4	for	for	ADP
fbem-29599	139	5	base	base	NOUN
fbem-29599	139	6	money	money	NOUN
fbem-29599	139	7	issuance	issuance	NOUN
fbem-29599	139	8	change	change	NOUN
fbem-29599	139	9	,	,	PUNCT
fbem-29599	139	10	interest	interest	NOUN
fbem-29599	139	11	rates	rate	NOUN
fbem-29599	139	12	also	also	ADV
fbem-29599	139	13	fluctuate	fluctuate	VERB
fbem-29599	139	14	,	,	PUNCT
fbem-29599	139	15	further	far	ADV
fbem-29599	139	16	raising	raise	VERB
fbem-29599	139	17	the	the	DET
fbem-29599	139	18	financing	financing	NOUN
fbem-29599	139	19	costs	cost	NOUN
fbem-29599	139	20	for	for	ADP
fbem-29599	139	21	enterprises	enterprise	NOUN
fbem-29599	139	22	and	and	CCONJ
fbem-29599	139	23	individuals	individual	NOUN
fbem-29599	139	24	.	.	PUNCT
fbem-29599	140	1	the	the	DET
fbem-29599	140	2	long	long	ADJ
fbem-29599	140	3	-	-	PUNCT
fbem-29599	140	4	term	term	NOUN
fbem-29599	140	5	nature	nature	NOUN
fbem-29599	140	6	of	of	ADP
fbem-29599	140	7	base	base	NOUN
fbem-29599	140	8	money	money	NOUN
fbem-29599	140	9	issued	issue	VERB
fbem-29599	140	10	through	through	ADP
fbem-29599	140	11	foreign	foreign	ADJ
fbem-29599	140	12	exchange	exchange	NOUN
fbem-29599	140	13	purchases	purchase	NOUN
fbem-29599	140	14	means	mean	VERB
fbem-29599	140	15	that	that	SCONJ
fbem-29599	140	16	their	their	PRON
fbem-29599	140	17	impact	impact	NOUN
fbem-29599	140	18	on	on	ADP
fbem-29599	140	19	the	the	DET
fbem-29599	140	20	overall	overall	ADJ
fbem-29599	140	21	money	money	NOUN
fbem-29599	140	22	supply	supply	NOUN
fbem-29599	140	23	is	be	AUX
fbem-29599	140	24	enduring	endure	VERB
fbem-29599	140	25	.	.	PUNCT
fbem-29599	141	1	this	this	DET
fbem-29599	141	2	long	long	ADJ
fbem-29599	141	3	-	-	PUNCT
fbem-29599	141	4	term	term	NOUN
fbem-29599	141	5	influence	influence	NOUN
fbem-29599	141	6	complicates	complicate	VERB
fbem-29599	141	7	both	both	CCONJ
fbem-29599	141	8	the	the	DET
fbem-29599	141	9	central	central	ADJ
fbem-29599	141	10	bank	bank	NOUN
fbem-29599	141	11	's	's	PART
fbem-29599	141	12	efforts	effort	NOUN
fbem-29599	141	13	to	to	PART
fbem-29599	141	14	adjust	adjust	VERB
fbem-29599	141	15	the	the	DET
fbem-29599	141	16	current	current	ADJ
fbem-29599	141	17	economic	economic	ADJ
fbem-29599	141	18	situation	situation	NOUN
fbem-29599	141	19	and	and	CCONJ
fbem-29599	141	20	the	the	DET
fbem-29599	141	21	more	more	ADV
fbem-29599	141	22	profound	profound	ADJ
fbem-29599	141	23	effects	effect	NOUN
fbem-29599	141	24	of	of	ADP
fbem-29599	141	25	the	the	DET
fbem-29599	141	26	original	original	ADJ
fbem-29599	141	27	foreign	foreign	ADJ
fbem-29599	141	28	exchange	exchange	NOUN
fbem-29599	141	29	purchase	purchase	NOUN
fbem-29599	141	30	channels	channel	NOUN
fbem-29599	141	31	.	.	PUNCT
fbem-29599	142	1	therefore	therefore	ADV
fbem-29599	142	2	,	,	PUNCT
fbem-29599	142	3	the	the	DET
fbem-29599	142	4	impact	impact	NOUN
fbem-29599	142	5	on	on	ADP
fbem-29599	142	6	the	the	DET
fbem-29599	142	7	time	time	NOUN
fbem-29599	142	8	cost	cost	NOUN
fbem-29599	142	9	of	of	ADP
fbem-29599	142	10	social	social	ADJ
fbem-29599	142	11	financing	financing	NOUN
fbem-29599	142	12	is	be	AUX
fbem-29599	142	13	also	also	ADV
fbem-29599	142	14	significant	significant	ADJ
fbem-29599	142	15	.	.	PUNCT
fbem-29599	143	1	3.3	3.3	NUM
fbem-29599	143	2	.	.	PUNCT
fbem-29599	144	1	open	open	ADJ
fbem-29599	144	2	market	market	NOUN
fbem-29599	144	3	operations	operation	NOUN
fbem-29599	144	4	are	be	AUX
fbem-29599	144	5	constrained	constrain	VERB
fbem-29599	144	6	by	by	ADP
fbem-29599	144	7	the	the	DET
fbem-29599	144	8	imperfections	imperfection	NOUN
fbem-29599	144	9	in	in	ADP
fbem-29599	144	10	the	the	DET
fbem-29599	144	11	capital	capital	NOUN
fbem-29599	144	12	market	market	NOUN
fbem-29599	144	13	structure	structure	NOUN
fbem-29599	144	14	compared	compare	VERB
fbem-29599	144	15	to	to	ADP
fbem-29599	144	16	developed	develop	VERB
fbem-29599	144	17	countries	country	NOUN
fbem-29599	144	18	,	,	PUNCT
fbem-29599	144	19	china	china	PROPN
fbem-29599	144	20	's	's	PART
fbem-29599	144	21	development	development	NOUN
fbem-29599	144	22	of	of	ADP
fbem-29599	144	23	open	open	ADJ
fbem-29599	144	24	market	market	NOUN
fbem-29599	144	25	operations	operation	NOUN
fbem-29599	144	26	(	(	PUNCT
fbem-29599	144	27	omos	omo	NOUN
fbem-29599	144	28	)	)	PUNCT
fbem-29599	144	29	began	begin	VERB
fbem-29599	144	30	relatively	relatively	ADV
fbem-29599	144	31	late	late	ADV
fbem-29599	144	32	.	.	PUNCT
fbem-29599	145	1	in	in	ADP
fbem-29599	145	2	the	the	DET
fbem-29599	145	3	early	early	ADJ
fbem-29599	145	4	stages	stage	NOUN
fbem-29599	145	5	,	,	PUNCT
fbem-29599	145	6	china	china	PROPN
fbem-29599	145	7	's	's	PART
fbem-29599	145	8	omos	omos	PROPN
fbem-29599	145	9	primarily	primarily	ADV
fbem-29599	145	10	focused	focus	VERB
fbem-29599	145	11	on	on	ADP
fbem-29599	145	12	government	government	NOUN
fbem-29599	145	13	bonds	bond	NOUN
fbem-29599	145	14	,	,	PUNCT
fbem-29599	145	15	which	which	PRON
fbem-29599	145	16	were	be	AUX
fbem-29599	145	17	constrained	constrain	VERB
fbem-29599	145	18	by	by	ADP
fbem-29599	145	19	the	the	DET
fbem-29599	145	20	limited	limited	ADJ
fbem-29599	145	21	scale	scale	NOUN
fbem-29599	145	22	of	of	ADP
fbem-29599	145	23	these	these	DET
fbem-29599	145	24	securities	security	NOUN
fbem-29599	145	25	.	.	PUNCT
fbem-29599	146	1	this	this	DET
fbem-29599	146	2	limitation	limitation	NOUN
fbem-29599	146	3	,	,	PUNCT
fbem-29599	146	4	in	in	ADP
fbem-29599	146	5	turn	turn	NOUN
fbem-29599	146	6	,	,	PUNCT
fbem-29599	146	7	affected	affect	VERB
fbem-29599	146	8	the	the	DET
fbem-29599	146	9	effectiveness	effectiveness	NOUN
fbem-29599	146	10	of	of	ADP
fbem-29599	146	11	omos	omos	PROPN
fbem-29599	146	12	.	.	PUNCT
fbem-29599	147	1	in	in	ADP
fbem-29599	147	2	the	the	DET
fbem-29599	147	3	current	current	ADJ
fbem-29599	147	4	context	context	NOUN
fbem-29599	147	5	where	where	SCONJ
fbem-29599	147	6	omos	omos	PROPN
fbem-29599	147	7	are	be	AUX
fbem-29599	147	8	more	more	ADV
fbem-29599	147	9	feasible	feasible	ADJ
fbem-29599	147	10	,	,	PUNCT
fbem-29599	147	11	the	the	DET
fbem-29599	147	12	people	people	NOUN
fbem-29599	147	13	's	's	PART
fbem-29599	147	14	bank	bank	PROPN
fbem-29599	147	15	of	of	ADP
fbem-29599	147	16	china	china	PROPN
fbem-29599	147	17	(	(	PUNCT
fbem-29599	147	18	pboc	pboc	NOUN
fbem-29599	147	19	)	)	PUNCT
fbem-29599	147	20	has	have	AUX
fbem-29599	147	21	relied	rely	VERB
fbem-29599	147	22	on	on	ADP
fbem-29599	147	23	central	central	ADJ
fbem-29599	147	24	bank	bank	NOUN
fbem-29599	147	25	bills	bill	NOUN
fbem-29599	147	26	as	as	ADP
fbem-29599	147	27	a	a	DET
fbem-29599	147	28	tool	tool	NOUN
fbem-29599	147	29	for	for	ADP
fbem-29599	147	30	base	base	NOUN
fbem-29599	147	31	money	money	NOUN
fbem-29599	147	32	issuance	issuance	NOUN
fbem-29599	147	33	.	.	PUNCT
fbem-29599	148	1	while	while	SCONJ
fbem-29599	148	2	the	the	DET
fbem-29599	148	3	pboc	pboc	NOUN
fbem-29599	148	4	has	have	VERB
fbem-29599	148	5	a	a	DET
fbem-29599	148	6	high	high	ADJ
fbem-29599	148	7	degree	degree	NOUN
fbem-29599	148	8	of	of	ADP
fbem-29599	148	9	control	control	NOUN
fbem-29599	148	10	over	over	ADP
fbem-29599	148	11	the	the	DET
fbem-29599	148	12	issuance	issuance	NOUN
fbem-29599	148	13	of	of	ADP
fbem-29599	148	14	these	these	DET
fbem-29599	148	15	bills	bill	NOUN
fbem-29599	148	16	,	,	PUNCT
fbem-29599	148	17	the	the	DET
fbem-29599	148	18	underdeveloped	underdeveloped	ADJ
fbem-29599	148	19	nature	nature	NOUN
fbem-29599	148	20	of	of	ADP
fbem-29599	148	21	china	china	PROPN
fbem-29599	148	22	's	's	PART
fbem-29599	148	23	financial	financial	ADJ
fbem-29599	148	24	markets	market	NOUN
fbem-29599	148	25	and	and	CCONJ
fbem-29599	148	26	the	the	DET
fbem-29599	148	27	imperfect	imperfect	ADJ
fbem-29599	148	28	capital	capital	NOUN
fbem-29599	148	29	structure	structure	NOUN
fbem-29599	148	30	restrict	restrict	VERB
fbem-29599	148	31	the	the	DET
fbem-29599	148	32	effective	effective	ADJ
fbem-29599	148	33	implementation	implementation	NOUN
fbem-29599	148	34	of	of	ADP
fbem-29599	148	35	omos	omos	PROPN
fbem-29599	148	36	.	.	PUNCT
fbem-29599	149	1	this	this	PRON
fbem-29599	149	2	,	,	PUNCT
fbem-29599	149	3	in	in	ADP
fbem-29599	149	4	turn	turn	NOUN
fbem-29599	149	5	,	,	PUNCT
fbem-29599	149	6	impacts	impact	VERB
fbem-29599	149	7	the	the	DET
fbem-29599	149	8	efficacy	efficacy	NOUN
fbem-29599	149	9	of	of	ADP
fbem-29599	149	10	monetary	monetary	ADJ
fbem-29599	149	11	supply	supply	NOUN
fbem-29599	149	12	regulation	regulation	NOUN
fbem-29599	149	13	.	.	PUNCT
fbem-29599	150	1	central	central	PROPN
fbem-29599	150	2	bank	bank	PROPN
fbem-29599	150	3	bills	bill	NOUN
fbem-29599	150	4	are	be	AUX
fbem-29599	150	5	not	not	PART
fbem-29599	150	6	only	only	ADV
fbem-29599	150	7	costly	costly	ADJ
fbem-29599	150	8	but	but	CCONJ
fbem-29599	150	9	also	also	ADV
fbem-29599	150	10	create	create	VERB
fbem-29599	150	11	significant	significant	ADJ
fbem-29599	150	12	redemption	redemption	NOUN
fbem-29599	150	13	pressure	pressure	NOUN
fbem-29599	150	14	for	for	ADP
fbem-29599	150	15	the	the	DET
fbem-29599	150	16	central	central	ADJ
fbem-29599	150	17	bank	bank	NOUN
fbem-29599	150	18	upon	upon	SCONJ
fbem-29599	150	19	maturity	maturity	NOUN
fbem-29599	150	20	.	.	PUNCT
fbem-29599	151	1	therefore	therefore	ADV
fbem-29599	151	2	,	,	PUNCT
fbem-29599	151	3	in	in	ADP
fbem-29599	151	4	addition	addition	NOUN
fbem-29599	151	5	to	to	ADP
fbem-29599	151	6	bills	bill	NOUN
fbem-29599	151	7	,	,	PUNCT
fbem-29599	151	8	other	other	ADJ
fbem-29599	151	9	instruments	instrument	NOUN
fbem-29599	151	10	that	that	PRON
fbem-29599	151	11	are	be	AUX
fbem-29599	151	12	more	more	ADV
fbem-29599	151	13	conducive	conducive	ADJ
fbem-29599	151	14	to	to	ADP
fbem-29599	151	15	the	the	DET
fbem-29599	151	16	implementation	implementation	NOUN
fbem-29599	151	17	of	of	ADP
fbem-29599	151	18	omos	omos	PROPN
fbem-29599	151	19	should	should	AUX
fbem-29599	151	20	be	be	AUX
fbem-29599	151	21	further	far	ADV
fbem-29599	151	22	developed	develop	VERB
fbem-29599	151	23	to	to	PART
fbem-29599	151	24	enhance	enhance	VERB
fbem-29599	151	25	the	the	DET
fbem-29599	151	26	effectiveness	effectiveness	NOUN
fbem-29599	151	27	of	of	ADP
fbem-29599	151	28	these	these	DET
fbem-29599	151	29	operations	operation	NOUN
fbem-29599	151	30	.	.	PUNCT
fbem-29599	152	1	3.4	3.4	NUM
fbem-29599	152	2	.	.	PUNCT
fbem-29599	153	1	the	the	DET
fbem-29599	153	2	intensity	intensity	NOUN
fbem-29599	153	3	of	of	ADP
fbem-29599	153	4	base	base	NOUN
fbem-29599	153	5	money	money	NOUN
fbem-29599	153	6	issuance	issuance	NOUN
fbem-29599	153	7	through	through	ADP
fbem-29599	153	8	innovative	innovative	ADJ
fbem-29599	153	9	channels	channel	NOUN
fbem-29599	153	10	is	be	AUX
fbem-29599	153	11	insufficient	insufficient	ADJ
fbem-29599	153	12	innovative	innovative	ADJ
fbem-29599	153	13	channels	channel	NOUN
fbem-29599	153	14	for	for	ADP
fbem-29599	153	15	base	base	NOUN
fbem-29599	153	16	money	money	NOUN
fbem-29599	153	17	issuance	issuance	NOUN
fbem-29599	153	18	are	be	AUX
fbem-29599	153	19	relatively	relatively	ADV
fbem-29599	153	20	novel	novel	ADJ
fbem-29599	153	21	compared	compare	VERB
fbem-29599	153	22	to	to	ADP
fbem-29599	153	23	traditional	traditional	ADJ
fbem-29599	153	24	channels	channel	NOUN
fbem-29599	153	25	and	and	CCONJ
fbem-29599	153	26	are	be	AUX
fbem-29599	153	27	more	more	ADV
fbem-29599	153	28	targeted	targeted	ADJ
fbem-29599	153	29	.	.	PUNCT
fbem-29599	154	1	they	they	PRON
fbem-29599	154	2	are	be	AUX
fbem-29599	154	3	designed	design	VERB
fbem-29599	154	4	to	to	PART
fbem-29599	154	5	adjust	adjust	VERB
fbem-29599	154	6	base	base	NOUN
fbem-29599	154	7	money	money	NOUN
fbem-29599	154	8	issuance	issuance	NOUN
fbem-29599	154	9	for	for	ADP
fbem-29599	154	10	specific	specific	ADJ
fbem-29599	154	11	sectors	sector	NOUN
fbem-29599	154	12	or	or	CCONJ
fbem-29599	154	13	periods	period	NOUN
fbem-29599	154	14	to	to	PART
fbem-29599	154	15	regulate	regulate	VERB
fbem-29599	154	16	the	the	DET
fbem-29599	154	17	money	money	NOUN
fbem-29599	154	18	supply	supply	NOUN
fbem-29599	154	19	.	.	PUNCT
fbem-29599	155	1	the	the	DET
fbem-29599	155	2	introduction	introduction	NOUN
fbem-29599	155	3	of	of	ADP
fbem-29599	155	4	these	these	DET
fbem-29599	155	5	new	new	ADJ
fbem-29599	155	6	policy	policy	NOUN
fbem-29599	155	7	tools	tool	NOUN
fbem-29599	155	8	has	have	AUX
fbem-29599	155	9	indeed	indeed	ADV
fbem-29599	155	10	maintained	maintain	VERB
fbem-29599	155	11	the	the	DET
fbem-29599	155	12	stable	stable	ADJ
fbem-29599	155	13	growth	growth	NOUN
fbem-29599	155	14	of	of	ADP
fbem-29599	155	15	the	the	DET
fbem-29599	155	16	total	total	ADJ
fbem-29599	155	17	base	base	NOUN
fbem-29599	155	18	money	money	NOUN
fbem-29599	155	19	supply	supply	NOUN
fbem-29599	155	20	.	.	PUNCT
fbem-29599	156	1	however	however	ADV
fbem-29599	156	2	,	,	PUNCT
fbem-29599	156	3	structurally	structurally	ADV
fbem-29599	156	4	,	,	PUNCT
fbem-29599	156	5	these	these	DET
fbem-29599	156	6	new	new	ADJ
fbem-29599	156	7	tools	tool	NOUN
fbem-29599	156	8	have	have	AUX
fbem-29599	156	9	shown	show	VERB
fbem-29599	156	10	significant	significant	ADJ
fbem-29599	156	11	biases	bias	NOUN
fbem-29599	156	12	in	in	ADP
fbem-29599	156	13	their	their	PRON
fbem-29599	156	14	distribution	distribution	NOUN
fbem-29599	156	15	.	.	PUNCT
fbem-29599	157	1	this	this	PRON
fbem-29599	157	2	is	be	AUX
fbem-29599	157	3	because	because	SCONJ
fbem-29599	157	4	,	,	PUNCT
fbem-29599	157	5	on	on	ADP
fbem-29599	157	6	the	the	DET
fbem-29599	157	7	one	one	NUM
fbem-29599	157	8	hand	hand	NOUN
fbem-29599	157	9	,	,	PUNCT
fbem-29599	157	10	the	the	DET
fbem-29599	157	11	central	central	ADJ
fbem-29599	157	12	bank	bank	NOUN
fbem-29599	157	13	explicitly	explicitly	ADV
fbem-29599	157	14	requires	require	VERB
fbem-29599	157	15	banks	bank	NOUN
fbem-29599	157	16	to	to	PART
fbem-29599	157	17	provide	provide	VERB
fbem-29599	157	18	high	high	ADJ
fbem-29599	157	19	-	-	PUNCT
fbem-29599	157	20	quality	quality	NOUN
fbem-29599	157	21	collateral	collateral	NOUN
fbem-29599	157	22	or	or	CCONJ
fbem-29599	157	23	pledged	pledge	VERB
fbem-29599	157	24	assets	asset	NOUN
fbem-29599	157	25	,	,	PUNCT
fbem-29599	157	26	including	include	VERB
fbem-29599	157	27	government	government	NOUN
fbem-29599	157	28	bonds	bond	NOUN
fbem-29599	157	29	,	,	PUNCT
fbem-29599	157	30	central	central	ADJ
fbem-29599	157	31	bank	bank	NOUN
fbem-29599	157	32	bills	bill	NOUN
fbem-29599	157	33	,	,	PUNCT
fbem-29599	157	34	policy	policy	NOUN
fbem-29599	157	35	bank	bank	NOUN
fbem-29599	157	36	bonds	bond	NOUN
fbem-29599	157	37	,	,	PUNCT
fbem-29599	157	38	high	high	ADJ
fbem-29599	157	39	-	-	PUNCT
fbem-29599	157	40	grade	grade	NOUN
fbem-29599	157	41	credit	credit	NOUN
fbem-29599	157	42	bonds	bond	NOUN
fbem-29599	157	43	,	,	PUNCT
fbem-29599	157	44	and	and	CCONJ
fbem-29599	157	45	high	high	ADJ
fbem-29599	157	46	-	-	PUNCT
fbem-29599	157	47	quality	quality	NOUN
fbem-29599	157	48	credit	credit	NOUN
fbem-29599	157	49	assets	asset	NOUN
fbem-29599	157	50	.	.	PUNCT
fbem-29599	158	1	large	large	ADJ
fbem-29599	158	2	national	national	ADJ
fbem-29599	158	3	banks	bank	NOUN
fbem-29599	158	4	are	be	AUX
fbem-29599	158	5	more	more	ADV
fbem-29599	158	6	capable	capable	ADJ
fbem-29599	158	7	of	of	ADP
fbem-29599	158	8	providing	provide	VERB
fbem-29599	158	9	such	such	ADJ
fbem-29599	158	10	collateral	collateral	NOUN
fbem-29599	158	11	compared	compare	VERB
fbem-29599	158	12	to	to	ADP
fbem-29599	158	13	smaller	small	ADJ
fbem-29599	158	14	regional	regional	ADJ
fbem-29599	158	15	commercial	commercial	ADJ
fbem-29599	158	16	banks	bank	NOUN
fbem-29599	158	17	.	.	PUNCT
fbem-29599	159	1	on	on	ADP
fbem-29599	159	2	the	the	DET
fbem-29599	159	3	other	other	ADJ
fbem-29599	159	4	hand	hand	NOUN
fbem-29599	159	5	,	,	PUNCT
fbem-29599	159	6	the	the	DET
fbem-29599	159	7	central	central	ADJ
fbem-29599	159	8	bank	bank	NOUN
fbem-29599	159	9	also	also	ADV
fbem-29599	159	10	specifies	specify	VERB
fbem-29599	159	11	that	that	SCONJ
fbem-29599	159	12	certain	certain	ADJ
fbem-29599	159	13	tools	tool	NOUN
fbem-29599	159	14	are	be	AUX
fbem-29599	159	15	only	only	ADV
fbem-29599	159	16	available	available	ADJ
fbem-29599	159	17	to	to	ADP
fbem-29599	159	18	national	national	ADJ
fbem-29599	159	19	commercial	commercial	ADJ
fbem-29599	159	20	banks	bank	NOUN
fbem-29599	159	21	or	or	CCONJ
fbem-29599	159	22	policy	policy	NOUN
fbem-29599	159	23	banks	bank	NOUN
fbem-29599	159	24	,	,	PUNCT
fbem-29599	159	25	directly	directly	ADV
fbem-29599	159	26	excluding	exclude	VERB
fbem-29599	159	27	regional	regional	ADJ
fbem-29599	159	28	banks	bank	NOUN
fbem-29599	159	29	and	and	CCONJ
fbem-29599	159	30	smaller	small	ADJ
fbem-29599	159	31	institutions	institution	NOUN
fbem-29599	159	32	.	.	PUNCT
fbem-29599	160	1	for	for	ADP
fbem-29599	160	2	example	example	NOUN
fbem-29599	160	3	,	,	PUNCT
fbem-29599	160	4	the	the	DET
fbem-29599	160	5	short	short	ADJ
fbem-29599	160	6	-	-	PUNCT
fbem-29599	160	7	term	term	NOUN
fbem-29599	160	8	liquidity	liquidity	NOUN
fbem-29599	160	9	operations	operation	NOUN
fbem-29599	160	10	(	(	PUNCT
fbem-29599	160	11	slo	slo	PROPN
fbem-29599	160	12	)	)	PUNCT
fbem-29599	160	13	are	be	AUX
fbem-29599	160	14	only	only	ADV
fbem-29599	160	15	available	available	ADJ
fbem-29599	160	16	to	to	ADP
fbem-29599	160	17	some	some	DET
fbem-29599	160	18	banks	bank	NOUN
fbem-29599	160	19	among	among	ADP
fbem-29599	160	20	the	the	DET
fbem-29599	160	21	central	central	ADJ
fbem-29599	160	22	bank	bank	NOUN
fbem-29599	160	23	's	's	PART
fbem-29599	160	24	open	open	ADJ
fbem-29599	160	25	market	market	NOUN
fbem-29599	160	26	primary	primary	ADJ
fbem-29599	160	27	dealers	dealer	NOUN
fbem-29599	160	28	,	,	PUNCT
fbem-29599	160	29	excluding	exclude	VERB
fbem-29599	160	30	non	non	ADJ
fbem-29599	160	31	-	-	ADJ
fbem-29599	160	32	primary	primary	ADJ
fbem-29599	160	33	dealer	dealer	NOUN
fbem-29599	160	34	banks	bank	NOUN
fbem-29599	160	35	.	.	PUNCT
fbem-29599	161	1	the	the	DET
fbem-29599	161	2	standing	standing	PROPN
fbem-29599	161	3	lending	lending	PROPN
fbem-29599	161	4	facility	facility	NOUN
fbem-29599	161	5	(	(	PUNCT
fbem-29599	161	6	slf	slf	PROPN
fbem-29599	161	7	)	)	PUNCT
fbem-29599	161	8	is	be	AUX
fbem-29599	161	9	limited	limit	VERB
fbem-29599	161	10	to	to	ADP
fbem-29599	161	11	national	national	ADJ
fbem-29599	161	12	banks	bank	NOUN
fbem-29599	161	13	and	and	CCONJ
fbem-29599	161	14	policy	policy	NOUN
fbem-29599	161	15	banks	bank	NOUN
fbem-29599	161	16	,	,	PUNCT
fbem-29599	161	17	excluding	exclude	VERB
fbem-29599	161	18	regional	regional	ADJ
fbem-29599	161	19	city	city	NOUN
fbem-29599	161	20	commercial	commercial	ADJ
fbem-29599	161	21	banks	bank	NOUN
fbem-29599	161	22	or	or	CCONJ
fbem-29599	161	23	rural	rural	ADJ
fbem-29599	161	24	commercial	commercial	ADJ
fbem-29599	161	25	banks	bank	NOUN
fbem-29599	161	26	.	.	PUNCT
fbem-29599	162	1	the	the	DET
fbem-29599	162	2	pledged	pledge	VERB
fbem-29599	162	3	supplementary	supplementary	ADJ
fbem-29599	162	4	lending	lending	NOUN
fbem-29599	162	5	(	(	PUNCT
fbem-29599	162	6	psl	psl	PROPN
fbem-29599	162	7	)	)	PUNCT
fbem-29599	162	8	is	be	AUX
fbem-29599	162	9	restricted	restrict	VERB
fbem-29599	162	10	to	to	ADP
fbem-29599	162	11	policy	policy	NOUN
fbem-29599	162	12	banks	bank	NOUN
fbem-29599	162	13	,	,	PUNCT
fbem-29599	162	14	making	make	VERB
fbem-29599	162	15	it	it	PRON
fbem-29599	162	16	inaccessible	inaccessible	ADJ
fbem-29599	162	17	to	to	ADP
fbem-29599	162	18	non	non	ADJ
fbem-29599	162	19	-	-	ADJ
fbem-29599	162	20	policy	policy	ADJ
fbem-29599	162	21	banks	bank	NOUN
fbem-29599	162	22	.	.	PUNCT
fbem-29599	163	1	this	this	DET
fbem-29599	163	2	discriminatory	discriminatory	ADJ
fbem-29599	163	3	treatment	treatment	NOUN
fbem-29599	163	4	is	be	AUX
fbem-29599	163	5	direct	direct	ADJ
fbem-29599	163	6	and	and	CCONJ
fbem-29599	163	7	rigid	rigid	ADJ
fbem-29599	163	8	,	,	PUNCT
fbem-29599	163	9	and	and	CCONJ
fbem-29599	163	10	the	the	DET
fbem-29599	163	11	excluded	exclude	VERB
fbem-29599	163	12	banks	bank	NOUN
fbem-29599	163	13	find	find	VERB
fbem-29599	163	14	it	it	PRON
fbem-29599	163	15	difficult	difficult	ADJ
fbem-29599	163	16	to	to	PART
fbem-29599	163	17	gain	gain	VERB
fbem-29599	163	18	access	access	NOUN
fbem-29599	163	19	to	to	ADP
fbem-29599	163	20	these	these	DET
fbem-29599	163	21	new	new	ADJ
fbem-29599	163	22	channels	channel	NOUN
fbem-29599	163	23	through	through	ADP
fbem-29599	163	24	competitive	competitive	ADJ
fbem-29599	163	25	efforts	effort	NOUN
fbem-29599	163	26	in	in	ADP
fbem-29599	163	27	the	the	DET
fbem-29599	163	28	short	short	ADJ
fbem-29599	163	29	term	term	NOUN
fbem-29599	163	30	.	.	PUNCT
fbem-29599	164	1	therefore	therefore	ADV
fbem-29599	164	2	,	,	PUNCT
fbem-29599	164	3	under	under	ADP
fbem-29599	164	4	the	the	DET
fbem-29599	164	5	framework	framework	NOUN
fbem-29599	164	6	of	of	ADP
fbem-29599	164	7	new	new	ADJ
fbem-29599	164	8	monetary	monetary	ADJ
fbem-29599	164	9	policy	policy	NOUN
fbem-29599	164	10	tools	tool	NOUN
fbem-29599	164	11	,	,	PUNCT
fbem-29599	164	12	large	large	ADJ
fbem-29599	164	13	banks	bank	NOUN
fbem-29599	164	14	are	be	AUX
fbem-29599	164	15	more	more	ADV
fbem-29599	164	16	likely	likely	ADJ
fbem-29599	164	17	to	to	PART
fbem-29599	164	18	obtain	obtain	VERB
fbem-29599	164	19	low	low	ADJ
fbem-29599	164	20	-	-	PUNCT
fbem-29599	164	21	cost	cost	NOUN
fbem-29599	164	22	liquidity	liquidity	NOUN
fbem-29599	164	23	directly	directly	ADV
fbem-29599	164	24	through	through	ADP
fbem-29599	164	25	loans	loan	NOUN
fbem-29599	164	26	from	from	ADP
fbem-29599	164	27	the	the	DET
fbem-29599	164	28	central	central	ADJ
fbem-29599	164	29	bank	bank	NOUN
fbem-29599	164	30	.	.	PUNCT
fbem-29599	165	1	it	it	PRON
fbem-29599	165	2	is	be	AUX
fbem-29599	165	3	worth	worth	ADJ
fbem-29599	165	4	noting	note	VERB
fbem-29599	165	5	that	that	SCONJ
fbem-29599	165	6	open	open	ADJ
fbem-29599	165	7	market	market	NOUN
fbem-29599	165	8	primary	primary	ADJ
fbem-29599	165	9	dealers	dealer	NOUN
fbem-29599	165	10	are	be	AUX
fbem-29599	165	11	typical	typical	ADJ
fbem-29599	165	12	representatives	representative	NOUN
fbem-29599	165	13	of	of	ADP
fbem-29599	165	14	these	these	PRON
fbem-29599	165	15	benefiting	benefit	VERB
fbem-29599	165	16	large	large	ADJ
fbem-29599	165	17	banks	bank	NOUN
fbem-29599	165	18	.	.	PUNCT
fbem-29599	166	1	in	in	ADP
fbem-29599	166	2	essence	essence	NOUN
fbem-29599	166	3	,	,	PUNCT
fbem-29599	166	4	tools	tool	NOUN
fbem-29599	166	5	such	such	ADJ
fbem-29599	166	6	as	as	ADP
fbem-29599	166	7	slo	slo	PROPN
fbem-29599	166	8	,	,	PUNCT
fbem-29599	166	9	slf	slf	PROPN
fbem-29599	166	10	,	,	PUNCT
fbem-29599	166	11	mlf	mlf	NOUN
fbem-29599	166	12	,	,	PUNCT
fbem-29599	166	13	and	and	CCONJ
fbem-29599	166	14	tmlf	tmlf	NOUN
fbem-29599	166	15	are	be	AUX
fbem-29599	166	16	broad	broad	ADJ
fbem-29599	166	17	forms	form	NOUN
fbem-29599	166	18	of	of	ADP
fbem-29599	166	19	open	open	ADJ
fbem-29599	166	20	market	market	NOUN
fbem-29599	166	21	operations	operation	NOUN
fbem-29599	166	22	.	.	PUNCT
fbem-29599	167	1	a	a	DET
fbem-29599	167	2	bank	bank	NOUN
fbem-29599	167	3	listed	list	VERB
fbem-29599	167	4	as	as	ADP
fbem-29599	167	5	a	a	DET
fbem-29599	167	6	primary	primary	ADJ
fbem-29599	167	7	dealer	dealer	NOUN
fbem-29599	167	8	has	have	VERB
fbem-29599	167	9	the	the	DET
fbem-29599	167	10	qualification	qualification	NOUN
fbem-29599	167	11	to	to	PART
fbem-29599	167	12	trade	trade	VERB
fbem-29599	167	13	directly	directly	ADV
fbem-29599	167	14	with	with	ADP
fbem-29599	167	15	the	the	DET
fbem-29599	167	16	central	central	ADJ
fbem-29599	167	17	bank	bank	NOUN
fbem-29599	167	18	and	and	CCONJ
fbem-29599	167	19	can	can	AUX
fbem-29599	167	20	more	more	ADV
fbem-29599	167	21	easily	easily	ADV
fbem-29599	167	22	obtain	obtain	VERB
fbem-29599	167	23	low	low	ADJ
fbem-29599	167	24	-	-	PUNCT
fbem-29599	167	25	cost	cost	NOUN
fbem-29599	167	26	funds	fund	NOUN
fbem-29599	167	27	.	.	PUNCT
fbem-29599	168	1	to	to	PART
fbem-29599	168	2	break	break	VERB
fbem-29599	168	3	through	through	ADP
fbem-29599	168	4	the	the	DET
fbem-29599	168	5	current	current	ADJ
fbem-29599	168	6	limitations	limitation	NOUN
fbem-29599	168	7	of	of	ADP
fbem-29599	168	8	innovative	innovative	ADJ
fbem-29599	168	9	base	base	NOUN
fbem-29599	168	10	money	money	NOUN
fbem-29599	168	11	issuance	issuance	NOUN
fbem-29599	168	12	channels	channel	NOUN
fbem-29599	168	13	,	,	PUNCT
fbem-29599	168	14	the	the	DET
fbem-29599	168	15	monetary	monetary	ADJ
fbem-29599	168	16	authorities	authority	NOUN
fbem-29599	168	17	have	have	AUX
fbem-29599	168	18	proposed	propose	VERB
fbem-29599	168	19	additional	additional	ADJ
fbem-29599	168	20	requirements	requirement	NOUN
fbem-29599	168	21	.	.	PUNCT
fbem-29599	169	1	4	4	X
fbem-29599	169	2	.	.	X
fbem-29599	169	3	monetary	monetary	ADJ
fbem-29599	169	4	supply	supply	NOUN
fbem-29599	169	5	policy	policy	NOUN
fbem-29599	169	6	response	response	NOUN
fbem-29599	169	7	this	this	DET
fbem-29599	169	8	section	section	NOUN
fbem-29599	169	9	addresses	address	VERB
fbem-29599	169	10	the	the	DET
fbem-29599	169	11	issues	issue	NOUN
fbem-29599	169	12	currently	currently	ADV
fbem-29599	169	13	faced	face	VERB
fbem-29599	169	14	by	by	ADP
fbem-29599	169	15	channels	channel	NOUN
fbem-29599	169	16	of	of	ADP
fbem-29599	169	17	base	base	NOUN
fbem-29599	169	18	money	money	NOUN
fbem-29599	169	19	issuance	issuance	NOUN
fbem-29599	169	20	and	and	CCONJ
fbem-29599	169	21	draws	draw	VERB
fbem-29599	169	22	on	on	ADP
fbem-29599	169	23	existing	exist	VERB
fbem-29599	169	24	solutions	solution	NOUN
fbem-29599	169	25	(	(	PUNCT
fbem-29599	169	26	experiences	experience	NOUN
fbem-29599	169	27	from	from	ADP
fbem-29599	169	28	developed	developed	ADJ
fbem-29599	169	29	and	and	CCONJ
fbem-29599	169	30	developing	develop	VERB
fbem-29599	169	31	countries	country	NOUN
fbem-29599	169	32	)	)	PUNCT
fbem-29599	169	33	to	to	PART
fbem-29599	169	34	propose	propose	VERB
fbem-29599	169	35	suggestions	suggestion	NOUN
fbem-29599	169	36	from	from	ADP
fbem-29599	169	37	various	various	ADJ
fbem-29599	169	38	dimensions	dimension	NOUN
fbem-29599	169	39	for	for	ADP
fbem-29599	169	40	each	each	DET
fbem-29599	169	41	type	type	NOUN
fbem-29599	169	42	of	of	ADP
fbem-29599	169	43	channel	channel	NOUN
fbem-29599	169	44	.	.	PUNCT
fbem-29599	170	1	these	these	DET
fbem-29599	170	2	proposals	proposal	NOUN
fbem-29599	170	3	are	be	AUX
fbem-29599	170	4	aimed	aim	VERB
fbem-29599	170	5	at	at	ADP
fbem-29599	170	6	providing	provide	VERB
fbem-29599	170	7	better	well	ADJ
fbem-29599	170	8	insights	insight	NOUN
fbem-29599	170	9	for	for	ADP
fbem-29599	170	10	the	the	DET
fbem-29599	170	11	improvement	improvement	NOUN
fbem-29599	170	12	of	of	ADP
fbem-29599	170	13	monetary	monetary	ADJ
fbem-29599	170	14	supply	supply	NOUN
fbem-29599	170	15	policy	policy	NOUN
fbem-29599	170	16	.	.	PUNCT
fbem-29599	171	1	from	from	ADP
fbem-29599	171	2	the	the	DET
fbem-29599	171	3	perspective	perspective	NOUN
fbem-29599	171	4	of	of	ADP
fbem-29599	171	5	the	the	DET
fbem-29599	171	6	overall	overall	ADJ
fbem-29599	171	7	market	market	NOUN
fbem-29599	171	8	environment	environment	NOUN
fbem-29599	171	9	and	and	CCONJ
fbem-29599	171	10	interbank	interbank	NOUN
fbem-29599	171	11	supervision	supervision	NOUN
fbem-29599	171	12	,	,	PUNCT
fbem-29599	171	13	it	it	PRON
fbem-29599	171	14	is	be	AUX
fbem-29599	171	15	necessary	necessary	ADJ
fbem-29599	171	16	to	to	PART
fbem-29599	171	17	re	re	VERB
fbem-29599	171	18	-	-	VERB
fbem-29599	171	19	examine	examine	VERB
fbem-29599	171	20	the	the	DET
fbem-29599	171	21	strict	strict	ADJ
fbem-29599	171	22	capital	capital	NOUN
fbem-29599	171	23	adequacy	adequacy	NOUN
fbem-29599	171	24	regulatory	regulatory	ADJ
fbem-29599	171	25	standards	standard	NOUN
fbem-29599	171	26	for	for	ADP
fbem-29599	171	27	banks	bank	NOUN
fbem-29599	171	28	.	.	PUNCT
fbem-29599	172	1	china	china	PROPN
fbem-29599	172	2	's	's	PART
fbem-29599	172	3	financial	financial	ADJ
fbem-29599	172	4	regulatory	regulatory	ADJ
fbem-29599	172	5	authorities	authority	NOUN
fbem-29599	172	6	have	have	AUX
fbem-29599	172	7	closely	closely	ADV
fbem-29599	172	8	followed	follow	VERB
fbem-29599	172	9	basel	basel	PROPN
fbem-29599	172	10	iii	iii	PROPN
fbem-29599	172	11	,	,	PUNCT
fbem-29599	172	12	imposing	impose	VERB
fbem-29599	172	13	relatively	relatively	ADV
fbem-29599	172	14	high	high	ADJ
fbem-29599	172	15	capital	capital	NOUN
fbem-29599	172	16	adequacy	adequacy	NOUN
fbem-29599	172	17	requirements	requirement	NOUN
fbem-29599	172	18	on	on	ADP
fbem-29599	172	19	commercial	commercial	ADJ
fbem-29599	172	20	banks	bank	NOUN
fbem-29599	172	21	.	.	PUNCT
fbem-29599	173	1	under	under	ADP
fbem-29599	173	2	china	china	PROPN
fbem-29599	173	3	's	's	PART
fbem-29599	173	4	indirect	indirect	ADJ
fbem-29599	173	5	financial	financial	ADJ
fbem-29599	173	6	system	system	NOUN
fbem-29599	173	7	,	,	PUNCT
fbem-29599	173	8	commercial	commercial	ADJ
fbem-29599	173	9	banks	bank	NOUN
fbem-29599	173	10	serve	serve	VERB
fbem-29599	173	11	as	as	ADP
fbem-29599	173	12	the	the	DET
fbem-29599	173	13	primary	primary	ADJ
fbem-29599	173	14	conduit	conduit	NOUN
fbem-29599	173	15	for	for	SCONJ
fbem-29599	173	16	funds	fund	NOUN
fbem-29599	173	17	to	to	PART
fbem-29599	173	18	flow	flow	VERB
fbem-29599	173	19	into	into	ADP
fbem-29599	173	20	the	the	DET
fbem-29599	173	21	real	real	ADJ
fbem-29599	173	22	economy	economy	NOUN
fbem-29599	173	23	,	,	PUNCT
fbem-29599	173	24	with	with	ADP
fbem-29599	173	25	traditional	traditional	ADJ
fbem-29599	173	26	bank	bank	NOUN
fbem-29599	173	27	loans	loan	NOUN
fbem-29599	173	28	being	be	AUX
fbem-29599	173	29	the	the	DET
fbem-29599	173	30	core	core	ADJ
fbem-29599	173	31	channel	channel	NOUN
fbem-29599	173	32	that	that	PRON
fbem-29599	173	33	can	can	AUX
fbem-29599	173	34	effectively	effectively	ADV
fbem-29599	173	35	balance	balance	VERB
fbem-29599	173	36	risk	risk	NOUN
fbem-29599	173	37	and	and	CCONJ
fbem-29599	173	38	return	return	VERB
fbem-29599	173	39	.	.	PUNCT
fbem-29599	174	1	against	against	ADP
fbem-29599	174	2	the	the	DET
fbem-29599	174	3	backdrop	backdrop	NOUN
fbem-29599	174	4	of	of	ADP
fbem-29599	174	5	steady	steady	ADJ
fbem-29599	174	6	growth	growth	NOUN
fbem-29599	174	7	in	in	ADP
fbem-29599	174	8	the	the	DET
fbem-29599	174	9	central	central	ADJ
fbem-29599	174	10	bank	bank	NOUN
fbem-29599	174	11	's	's	PART
fbem-29599	174	12	base	base	NOUN
fbem-29599	174	13	money	money	NOUN
fbem-29599	174	14	supply	supply	NOUN
fbem-29599	174	15	,	,	PUNCT
fbem-29599	174	16	newly	newly	ADV
fbem-29599	174	17	added	add	VERB
fbem-29599	174	18	liquidity	liquidity	NOUN
fbem-29599	174	19	ultimately	ultimately	ADV
fbem-29599	174	20	flows	flow	VERB
fbem-29599	174	21	into	into	ADP
fbem-29599	174	22	the	the	DET
fbem-29599	174	23	commercial	commercial	ADJ
fbem-29599	174	24	banking	banking	NOUN
fbem-29599	174	25	system	system	NOUN
fbem-29599	174	26	,	,	PUNCT
fbem-29599	174	27	becoming	become	VERB
fbem-29599	174	28	either	either	CCONJ
fbem-29599	174	29	explicit	explicit	ADJ
fbem-29599	174	30	or	or	CCONJ
fbem-29599	174	31	implicit	implicit	ADJ
fbem-29599	174	32	liabilities	liability	NOUN
fbem-29599	174	33	for	for	ADP
fbem-29599	174	34	banks	bank	NOUN
fbem-29599	174	35	.	.	PUNCT
fbem-29599	175	1	faced	face	VERB
fbem-29599	175	2	with	with	ADP
fbem-29599	175	3	the	the	DET
fbem-29599	175	4	expansion	expansion	NOUN
fbem-29599	175	5	of	of	ADP
fbem-29599	175	6	liabilities	liability	NOUN
fbem-29599	175	7	and	and	CCONJ
fbem-29599	175	8	the	the	DET
fbem-29599	175	9	resulting	result	VERB
fbem-29599	175	10	increased	increase	VERB
fbem-29599	175	11	costs	cost	NOUN
fbem-29599	175	12	,	,	PUNCT
fbem-29599	175	13	rational	rational	ADJ
fbem-29599	175	14	banks	bank	NOUN
fbem-29599	175	15	must	must	AUX
fbem-29599	175	16	consider	consider	VERB
fbem-29599	175	17	how	how	SCONJ
fbem-29599	175	18	to	to	PART
fbem-29599	175	19	create	create	VERB
fbem-29599	175	20	high	high	ADJ
fbem-29599	175	21	-	-	PUNCT
fbem-29599	175	22	yield	yield	NOUN
fbem-29599	175	23	assets	asset	NOUN
fbem-29599	175	24	based	base	VERB
fbem-29599	175	25	on	on	ADP
fbem-29599	175	26	these	these	DET
fbem-29599	175	27	liabilities	liability	NOUN
fbem-29599	175	28	to	to	PART
fbem-29599	175	29	cover	cover	VERB
fbem-29599	175	30	their	their	PRON
fbem-29599	175	31	costs	cost	NOUN
fbem-29599	175	32	.	.	PUNCT
fbem-29599	176	1	however	however	ADV
fbem-29599	176	2	,	,	PUNCT
fbem-29599	176	3	overly	overly	ADV
fbem-29599	176	4	stringent	stringent	ADJ
fbem-29599	176	5	capital	capital	NOUN
fbem-29599	176	6	adequacy	adequacy	NOUN
fbem-29599	176	7	requirements	requirement	NOUN
fbem-29599	176	8	directly	directly	ADV
fbem-29599	176	9	limit	limit	VERB
fbem-29599	176	10	banks	bank	NOUN
fbem-29599	176	11	'	'	PART
fbem-29599	176	12	ability	ability	NOUN
fbem-29599	176	13	to	to	PART
fbem-29599	176	14	allocate	allocate	VERB
fbem-29599	176	15	newly	newly	ADV
fbem-29599	176	16	added	add	VERB
fbem-29599	176	17	liquidity	liquidity	NOUN
fbem-29599	176	18	to	to	ADP
fbem-29599	176	19	traditional	traditional	ADJ
fbem-29599	176	20	on	on	ADP
fbem-29599	176	21	-	-	PUNCT
fbem-29599	176	22	balance	balance	NOUN
fbem-29599	176	23	-	-	PUNCT
fbem-29599	176	24	sheet	sheet	NOUN
fbem-29599	176	25	loans	loan	NOUN
fbem-29599	176	26	.	.	PUNCT
fbem-29599	177	1	to	to	PART
fbem-29599	177	2	formally	formally	ADV
fbem-29599	177	3	meet	meet	VERB
fbem-29599	177	4	capital	capital	NOUN
fbem-29599	177	5	regulatory	regulatory	ADJ
fbem-29599	177	6	standards	standard	NOUN
fbem-29599	177	7	,	,	PUNCT
fbem-29599	177	8	banks	bank	NOUN
fbem-29599	177	9	have	have	AUX
fbem-29599	177	10	had	have	VERB
fbem-29599	177	11	to	to	PART
fbem-29599	177	12	create	create	VERB
fbem-29599	177	13	a	a	DET
fbem-29599	177	14	new	new	ADJ
fbem-29599	177	15	off	off	ADP
fbem-29599	177	16	-	-	PUNCT
fbem-29599	177	17	balance	balance	NOUN
fbem-29599	177	18	-	-	PUNCT
fbem-29599	177	19	sheet	sheet	NOUN
fbem-29599	177	20	asset	asset	NOUN
fbem-29599	177	21	allocation	allocation	NOUN
fbem-29599	177	22	channel	channel	NOUN
fbem-29599	177	23	parallel	parallel	NOUN
fbem-29599	177	24	to	to	ADP
fbem-29599	177	25	the	the	DET
fbem-29599	177	26	traditional	traditional	ADJ
fbem-29599	177	27	lending	lending	NOUN
fbem-29599	177	28	channel	channel	NOUN
fbem-29599	177	29	.	.	PUNCT
fbem-29599	178	1	furthermore	furthermore	ADV
fbem-29599	178	2	,	,	PUNCT
fbem-29599	178	3	due	due	ADP
fbem-29599	178	4	to	to	ADP
fbem-29599	178	5	the	the	DET
fbem-29599	178	6	off	off	ADP
fbem-29599	178	7	-	-	PUNCT
fbem-29599	178	8	balance	balance	NOUN
fbem-29599	178	9	-	-	PUNCT
fbem-29599	178	10	sheet	sheet	NOUN
fbem-29599	178	11	operation	operation	NOUN
fbem-29599	178	12	of	of	ADP
fbem-29599	178	13	wealth	wealth	NOUN
fbem-29599	178	14	management	management	NOUN
fbem-29599	178	15	funds	fund	NOUN
fbem-29599	178	16	,	,	PUNCT
fbem-29599	178	17	the	the	DET
fbem-29599	178	18	risk	risk	NOUN
fbem-29599	178	19	management	management	NOUN
fbem-29599	178	20	mechanisms	mechanism	NOUN
fbem-29599	178	21	that	that	PRON
fbem-29599	178	22	banks	bank	NOUN
fbem-29599	178	23	have	have	AUX
fbem-29599	178	24	developed	develop	VERB
fbem-29599	178	25	around	around	ADP
fbem-29599	178	26	traditional	traditional	ADJ
fbem-29599	178	27	lending	lending	NOUN
fbem-29599	178	28	processes	process	NOUN
fbem-29599	178	29	—	—	PUNCT
fbem-29599	178	30	such	such	ADJ
fbem-29599	178	31	as	as	ADP
fbem-29599	178	32	asset	asset	NOUN
fbem-29599	178	33	screening	screening	NOUN
fbem-29599	178	34	,	,	PUNCT
fbem-29599	178	35	disbursement	disbursement	NOUN
fbem-29599	178	36	,	,	PUNCT
fbem-29599	178	37	and	and	CCONJ
fbem-29599	178	38	supervision	supervision	NOUN
fbem-29599	178	39	—	—	PUNCT
fbem-29599	178	40	are	be	AUX
fbem-29599	178	41	not	not	PART
fbem-29599	178	42	directly	directly	ADV
fbem-29599	178	43	applicable	applicable	ADJ
fbem-29599	178	44	to	to	ADP
fbem-29599	178	45	the	the	DET
fbem-29599	178	46	allocation	allocation	NOUN
fbem-29599	178	47	of	of	ADP
fbem-29599	178	48	off	off	ADP
fbem-29599	178	49	-	-	PUNCT
fbem-29599	178	50	balance	balance	NOUN
fbem-29599	178	51	-	-	PUNCT
fbem-29599	178	52	sheet	sheet	NOUN
fbem-29599	178	53	wealth	wealth	NOUN
fbem-29599	178	54	management	management	NOUN
fbem-29599	178	55	funds	fund	NOUN
fbem-29599	178	56	.	.	PUNCT
fbem-29599	179	1	this	this	PRON
fbem-29599	179	2	exacerbates	exacerbate	VERB
fbem-29599	179	3	the	the	DET
fbem-29599	179	4	risk	risk	NOUN
fbem-29599	179	5	associated	associate	VERB
fbem-29599	179	6	with	with	ADP
fbem-29599	179	7	off	off	ADP
fbem-29599	179	8	-	-	PUNCT
fbem-29599	179	9	balance	balance	NOUN
fbem-29599	179	10	-	-	PUNCT
fbem-29599	179	11	sheet	sheet	NOUN
fbem-29599	179	12	wealth	wealth	NOUN
fbem-29599	179	13	management	management	NOUN
fbem-29599	179	14	asset	asset	NOUN
fbem-29599	179	15	allocation	allocation	NOUN
fbem-29599	179	16	,	,	PUNCT
fbem-29599	179	17	making	make	VERB
fbem-29599	179	18	its	its	PRON
fbem-29599	179	19	overall	overall	ADJ
fbem-29599	179	20	risk	risk	NOUN
fbem-29599	179	21	higher	high	ADJ
fbem-29599	179	22	than	than	ADP
fbem-29599	179	23	that	that	PRON
fbem-29599	179	24	of	of	ADP
fbem-29599	179	25	traditional	traditional	ADJ
fbem-29599	179	26	bank	bank	NOUN
fbem-29599	179	27	lending	lending	NOUN
fbem-29599	179	28	projects	project	NOUN
fbem-29599	179	29	.	.	PUNCT
fbem-29599	180	1	under	under	ADP
fbem-29599	180	2	the	the	DET
fbem-29599	180	3	implicit	implicit	ADJ
fbem-29599	180	4	guarantee	guarantee	NOUN
fbem-29599	180	5	of	of	ADP
fbem-29599	180	6	rigid	rigid	ADJ
fbem-29599	180	7	redemptions	redemption	NOUN
fbem-29599	180	8	,	,	PUNCT
fbem-29599	180	9	this	this	PRON
fbem-29599	180	10	further	further	ADJ
fbem-29599	180	11	intensifies	intensify	VERB
fbem-29599	180	12	systemic	systemic	ADJ
fbem-29599	180	13	financial	financial	ADJ
fbem-29599	180	14	risks	risk	NOUN
fbem-29599	180	15	.	.	PUNCT
fbem-29599	181	1	if	if	SCONJ
fbem-29599	181	2	capital	capital	NOUN
fbem-29599	181	3	adequacy	adequacy	NOUN
fbem-29599	181	4	standards	standard	NOUN
fbem-29599	181	5	could	could	AUX
fbem-29599	181	6	be	be	AUX
fbem-29599	181	7	moderately	moderately	ADV
fbem-29599	181	8	relaxed	relax	VERB
fbem-29599	181	9	,	,	PUNCT
fbem-29599	181	10	108	108	NUM
fbem-29599	181	11	banks	bank	NOUN
fbem-29599	181	12	'	'	PART
fbem-29599	181	13	incentives	incentive	NOUN
fbem-29599	181	14	to	to	PART
fbem-29599	181	15	create	create	VERB
fbem-29599	181	16	shadow	shadow	NOUN
fbem-29599	181	17	banking	banking	NOUN
fbem-29599	181	18	activities	activity	NOUN
fbem-29599	181	19	would	would	AUX
fbem-29599	181	20	be	be	AUX
fbem-29599	181	21	significantly	significantly	ADV
fbem-29599	181	22	weakened	weaken	VERB
fbem-29599	181	23	.	.	PUNCT
fbem-29599	182	1	only	only	ADV
fbem-29599	182	2	then	then	ADV
fbem-29599	182	3	could	could	AUX
fbem-29599	182	4	off	off	ADP
fbem-29599	182	5	-	-	PUNCT
fbem-29599	182	6	balance	balance	NOUN
fbem-29599	182	7	-	-	PUNCT
fbem-29599	182	8	sheet	sheet	NOUN
fbem-29599	182	9	credit	credit	NOUN
fbem-29599	182	10	assets	asset	NOUN
fbem-29599	182	11	truly	truly	ADV
fbem-29599	182	12	return	return	VERB
fbem-29599	182	13	to	to	ADP
fbem-29599	182	14	the	the	DET
fbem-29599	182	15	balance	balance	NOUN
fbem-29599	182	16	sheet	sheet	NOUN
fbem-29599	182	17	,	,	PUNCT
fbem-29599	182	18	allowing	allow	VERB
fbem-29599	182	19	for	for	ADP
fbem-29599	182	20	more	more	ADV
fbem-29599	182	21	effective	effective	ADJ
fbem-29599	182	22	risk	risk	NOUN
fbem-29599	182	23	control	control	NOUN
fbem-29599	182	24	.	.	PUNCT
fbem-29599	183	1	conversely	conversely	ADV
fbem-29599	183	2	,	,	PUNCT
fbem-29599	183	3	if	if	SCONJ
fbem-29599	183	4	capital	capital	NOUN
fbem-29599	183	5	adequacy	adequacy	NOUN
fbem-29599	183	6	requirements	requirement	NOUN
fbem-29599	183	7	are	be	AUX
fbem-29599	183	8	not	not	PART
fbem-29599	183	9	reduced	reduce	VERB
fbem-29599	183	10	and	and	CCONJ
fbem-29599	183	11	banks	bank	NOUN
fbem-29599	183	12	are	be	AUX
fbem-29599	183	13	forced	force	VERB
fbem-29599	183	14	to	to	PART
fbem-29599	183	15	bring	bring	VERB
fbem-29599	183	16	off	off	ADP
fbem-29599	183	17	-	-	PUNCT
fbem-29599	183	18	balance	balance	NOUN
fbem-29599	183	19	-	-	PUNCT
fbem-29599	183	20	sheet	sheet	NOUN
fbem-29599	183	21	wealth	wealth	NOUN
fbem-29599	183	22	management	management	NOUN
fbem-29599	183	23	assets	asset	NOUN
fbem-29599	183	24	back	back	ADV
fbem-29599	183	25	onto	onto	ADP
fbem-29599	183	26	the	the	DET
fbem-29599	183	27	balance	balance	NOUN
fbem-29599	183	28	sheet	sheet	NOUN
fbem-29599	183	29	,	,	PUNCT
fbem-29599	183	30	banks	bank	NOUN
fbem-29599	183	31	may	may	AUX
fbem-29599	183	32	face	face	VERB
fbem-29599	183	33	new	new	ADJ
fbem-29599	183	34	uncertainties	uncertainty	NOUN
fbem-29599	183	35	and	and	CCONJ
fbem-29599	183	36	increased	increase	VERB
fbem-29599	183	37	systemic	systemic	ADJ
fbem-29599	183	38	financial	financial	ADJ
fbem-29599	183	39	risks	risk	NOUN
fbem-29599	183	40	.	.	PUNCT
fbem-29599	184	1	in	in	ADP
fbem-29599	184	2	the	the	DET
fbem-29599	184	3	absence	absence	NOUN
fbem-29599	184	4	of	of	ADP
fbem-29599	184	5	sufficient	sufficient	ADJ
fbem-29599	184	6	capital	capital	NOUN
fbem-29599	184	7	to	to	PART
fbem-29599	184	8	quickly	quickly	ADV
fbem-29599	184	9	replenish	replenish	VERB
fbem-29599	184	10	their	their	PRON
fbem-29599	184	11	own	own	ADJ
fbem-29599	184	12	capital	capital	NOUN
fbem-29599	184	13	base	base	NOUN
fbem-29599	184	14	,	,	PUNCT
fbem-29599	184	15	banks	bank	NOUN
fbem-29599	184	16	may	may	AUX
fbem-29599	184	17	continue	continue	VERB
fbem-29599	184	18	to	to	PART
fbem-29599	184	19	innovate	innovate	VERB
fbem-29599	184	20	other	other	ADJ
fbem-29599	184	21	off	off	ADP
fbem-29599	184	22	-	-	PUNCT
fbem-29599	184	23	balance	balance	NOUN
fbem-29599	184	24	-	-	PUNCT
fbem-29599	184	25	sheet	sheet	NOUN
fbem-29599	184	26	asset	asset	NOUN
fbem-29599	184	27	allocation	allocation	NOUN
fbem-29599	184	28	channels	channel	NOUN
fbem-29599	184	29	,	,	PUNCT
fbem-29599	184	30	further	far	ADV
fbem-29599	184	31	exacerbating	exacerbate	VERB
fbem-29599	184	32	systemic	systemic	ADJ
fbem-29599	184	33	financial	financial	ADJ
fbem-29599	184	34	risks	risk	NOUN
fbem-29599	184	35	.	.	PUNCT
fbem-29599	185	1	from	from	ADP
fbem-29599	185	2	the	the	DET
fbem-29599	185	3	perspective	perspective	NOUN
fbem-29599	185	4	of	of	ADP
fbem-29599	185	5	the	the	DET
fbem-29599	185	6	financial	financial	ADJ
fbem-29599	185	7	market	market	NOUN
fbem-29599	185	8	structure	structure	NOUN
fbem-29599	185	9	,	,	PUNCT
fbem-29599	185	10	the	the	DET
fbem-29599	185	11	imperfections	imperfection	NOUN
fbem-29599	185	12	of	of	ADP
fbem-29599	185	13	the	the	DET
fbem-29599	185	14	bond	bond	NOUN
fbem-29599	185	15	market	market	NOUN
fbem-29599	185	16	have	have	AUX
fbem-29599	185	17	hindered	hinder	VERB
fbem-29599	185	18	the	the	DET
fbem-29599	185	19	implementation	implementation	NOUN
fbem-29599	185	20	of	of	ADP
fbem-29599	185	21	open	open	ADJ
fbem-29599	185	22	market	market	NOUN
fbem-29599	185	23	operations	operation	NOUN
fbem-29599	185	24	and	and	CCONJ
fbem-29599	185	25	other	other	ADJ
fbem-29599	185	26	channels	channel	NOUN
fbem-29599	185	27	for	for	ADP
fbem-29599	185	28	base	base	NOUN
fbem-29599	185	29	money	money	NOUN
fbem-29599	185	30	issuance	issuance	NOUN
fbem-29599	185	31	.	.	PUNCT
fbem-29599	186	1	drawing	draw	VERB
fbem-29599	186	2	on	on	ADP
fbem-29599	186	3	the	the	DET
fbem-29599	186	4	experience	experience	NOUN
fbem-29599	186	5	of	of	ADP
fbem-29599	186	6	developed	develop	VERB
fbem-29599	186	7	countries	country	NOUN
fbem-29599	186	8	'	'	PART
fbem-29599	186	9	monetary	monetary	ADJ
fbem-29599	186	10	policy	policy	NOUN
fbem-29599	186	11	transitions	transition	NOUN
fbem-29599	186	12	,	,	PUNCT
fbem-29599	186	13	as	as	SCONJ
fbem-29599	186	14	interest	interest	NOUN
fbem-29599	186	15	rate	rate	NOUN
fbem-29599	186	16	liberalization	liberalization	NOUN
fbem-29599	186	17	deepens	deepen	NOUN
fbem-29599	186	18	and	and	CCONJ
fbem-29599	186	19	financial	financial	ADJ
fbem-29599	186	20	innovation	innovation	NOUN
fbem-29599	186	21	accelerates	accelerate	VERB
fbem-29599	186	22	,	,	PUNCT
fbem-29599	186	23	base	base	NOUN
fbem-29599	186	24	money	money	NOUN
fbem-29599	186	25	is	be	AUX
fbem-29599	186	26	increasingly	increasingly	ADV
fbem-29599	186	27	issued	issue	VERB
fbem-29599	186	28	through	through	ADP
fbem-29599	186	29	open	open	ADJ
fbem-29599	186	30	market	market	NOUN
fbem-29599	186	31	operations	operation	NOUN
fbem-29599	186	32	.	.	PUNCT
fbem-29599	187	1	however	however	ADV
fbem-29599	187	2	,	,	PUNCT
fbem-29599	187	3	in	in	ADP
fbem-29599	187	4	china	china	PROPN
fbem-29599	187	5	,	,	PUNCT
fbem-29599	187	6	the	the	DET
fbem-29599	187	7	channels	channel	NOUN
fbem-29599	187	8	for	for	ADP
fbem-29599	187	9	base	base	NOUN
fbem-29599	187	10	money	money	NOUN
fbem-29599	187	11	issuance	issuance	NOUN
fbem-29599	187	12	through	through	ADP
fbem-29599	187	13	open	open	ADJ
fbem-29599	187	14	market	market	NOUN
fbem-29599	187	15	operations	operation	NOUN
fbem-29599	187	16	are	be	AUX
fbem-29599	187	17	not	not	PART
fbem-29599	187	18	yet	yet	ADV
fbem-29599	187	19	smooth	smooth	ADJ
fbem-29599	187	20	.	.	PUNCT
fbem-29599	188	1	in	in	ADP
fbem-29599	188	2	this	this	DET
fbem-29599	188	3	regard	regard	NOUN
fbem-29599	188	4	,	,	PUNCT
fbem-29599	188	5	china	china	PROPN
fbem-29599	188	6	's	's	PART
fbem-29599	188	7	bond	bond	NOUN
fbem-29599	188	8	market	market	NOUN
fbem-29599	188	9	is	be	AUX
fbem-29599	188	10	still	still	ADV
fbem-29599	188	11	in	in	ADP
fbem-29599	188	12	its	its	PRON
fbem-29599	188	13	early	early	ADJ
fbem-29599	188	14	stages	stage	NOUN
fbem-29599	188	15	of	of	ADP
fbem-29599	188	16	development	development	NOUN
fbem-29599	188	17	,	,	PUNCT
fbem-29599	188	18	with	with	ADP
fbem-29599	188	19	various	various	ADJ
fbem-29599	188	20	forms	form	NOUN
fbem-29599	188	21	still	still	ADV
fbem-29599	188	22	emerging	emerge	VERB
fbem-29599	188	23	.	.	PUNCT
fbem-29599	189	1	therefore	therefore	ADV
fbem-29599	189	2	,	,	PUNCT
fbem-29599	189	3	china	china	PROPN
fbem-29599	189	4	's	's	PART
fbem-29599	189	5	policy	policy	NOUN
fbem-29599	189	6	focus	focus	NOUN
fbem-29599	189	7	should	should	AUX
fbem-29599	189	8	be	be	AUX
fbem-29599	189	9	more	more	ADV
fbem-29599	189	10	oriented	oriented	ADJ
fbem-29599	189	11	towards	towards	ADP
fbem-29599	189	12	the	the	DET
fbem-29599	189	13	bond	bond	NOUN
fbem-29599	189	14	market	market	NOUN
fbem-29599	189	15	,	,	PUNCT
fbem-29599	189	16	continuously	continuously	ADV
fbem-29599	189	17	developing	develop	VERB
fbem-29599	189	18	and	and	CCONJ
fbem-29599	189	19	improving	improve	VERB
fbem-29599	189	20	it	it	PRON
fbem-29599	189	21	to	to	PART
fbem-29599	189	22	enhance	enhance	VERB
fbem-29599	189	23	the	the	DET
fbem-29599	189	24	overall	overall	ADJ
fbem-29599	189	25	financial	financial	ADJ
fbem-29599	189	26	structure	structure	NOUN
fbem-29599	189	27	and	and	CCONJ
fbem-29599	189	28	facilitate	facilitate	VERB
fbem-29599	189	29	the	the	DET
fbem-29599	189	30	effectiveness	effectiveness	NOUN
fbem-29599	189	31	of	of	ADP
fbem-29599	189	32	open	open	ADJ
fbem-29599	189	33	market	market	NOUN
fbem-29599	189	34	operations	operation	NOUN
fbem-29599	189	35	.	.	PUNCT
fbem-29599	190	1	developing	develop	VERB
fbem-29599	190	2	the	the	DET
fbem-29599	190	3	bond	bond	NOUN
fbem-29599	190	4	market	market	NOUN
fbem-29599	190	5	is	be	AUX
fbem-29599	190	6	not	not	PART
fbem-29599	190	7	only	only	ADV
fbem-29599	190	8	aimed	aim	VERB
fbem-29599	190	9	at	at	ADP
fbem-29599	190	10	improving	improve	VERB
fbem-29599	190	11	the	the	DET
fbem-29599	190	12	channels	channel	NOUN
fbem-29599	190	13	for	for	ADP
fbem-29599	190	14	base	base	NOUN
fbem-29599	190	15	money	money	NOUN
fbem-29599	190	16	issuance	issuance	NOUN
fbem-29599	190	17	but	but	CCONJ
fbem-29599	190	18	also	also	ADV
fbem-29599	190	19	requires	require	VERB
fbem-29599	190	20	expanding	expand	VERB
fbem-29599	190	21	the	the	DET
fbem-29599	190	22	scale	scale	NOUN
fbem-29599	190	23	and	and	CCONJ
fbem-29599	190	24	variety	variety	NOUN
fbem-29599	190	25	of	of	ADP
fbem-29599	190	26	bond	bond	NOUN
fbem-29599	190	27	market	market	NOUN
fbem-29599	190	28	transactions	transaction	NOUN
fbem-29599	190	29	,	,	PUNCT
fbem-29599	190	30	while	while	SCONJ
fbem-29599	190	31	relaxing	relax	VERB
fbem-29599	190	32	market	market	NOUN
fbem-29599	190	33	access	access	NOUN
fbem-29599	190	34	restrictions	restriction	NOUN
fbem-29599	190	35	to	to	PART
fbem-29599	190	36	promote	promote	VERB
fbem-29599	190	37	investor	investor	NOUN
fbem-29599	190	38	diversification	diversification	NOUN
fbem-29599	190	39	.	.	PUNCT
fbem-29599	191	1	this	this	DET
fbem-29599	191	2	approach	approach	NOUN
fbem-29599	191	3	will	will	AUX
fbem-29599	191	4	help	help	VERB
fbem-29599	191	5	enhance	enhance	VERB
fbem-29599	191	6	the	the	DET
fbem-29599	191	7	liquidity	liquidity	NOUN
fbem-29599	191	8	and	and	CCONJ
fbem-29599	191	9	efficiency	efficiency	NOUN
fbem-29599	191	10	of	of	ADP
fbem-29599	191	11	the	the	DET
fbem-29599	191	12	bond	bond	NOUN
fbem-29599	191	13	market	market	NOUN
fbem-29599	191	14	,	,	PUNCT
fbem-29599	191	15	making	make	VERB
fbem-29599	191	16	it	it	PRON
fbem-29599	191	17	more	more	ADV
fbem-29599	191	18	resilient	resilient	ADJ
fbem-29599	191	19	and	and	CCONJ
fbem-29599	191	20	supportive	supportive	ADJ
fbem-29599	191	21	of	of	ADP
fbem-29599	191	22	broader	broad	ADJ
fbem-29599	191	23	financial	financial	ADJ
fbem-29599	191	24	stability	stability	NOUN
fbem-29599	191	25	.	.	PUNCT
fbem-29599	192	1	in	in	ADP
fbem-29599	192	2	the	the	DET
fbem-29599	192	3	context	context	NOUN
fbem-29599	192	4	of	of	ADP
fbem-29599	192	5	changes	change	NOUN
fbem-29599	192	6	in	in	ADP
fbem-29599	192	7	base	base	NOUN
fbem-29599	192	8	money	money	NOUN
fbem-29599	192	9	issuance	issuance	NOUN
fbem-29599	192	10	channels	channel	NOUN
fbem-29599	192	11	,	,	PUNCT
fbem-29599	192	12	the	the	DET
fbem-29599	192	13	central	central	ADJ
fbem-29599	192	14	bank	bank	NOUN
fbem-29599	192	15	needs	need	VERB
fbem-29599	192	16	to	to	PART
fbem-29599	192	17	moderately	moderately	ADV
fbem-29599	192	18	consider	consider	VERB
fbem-29599	192	19	fairness	fairness	NOUN
fbem-29599	192	20	when	when	SCONJ
fbem-29599	192	21	determining	determine	VERB
fbem-29599	192	22	the	the	DET
fbem-29599	192	23	loan	loan	NOUN
fbem-29599	192	24	banks	bank	NOUN
fbem-29599	192	25	as	as	ADP
fbem-29599	192	26	channels	channel	NOUN
fbem-29599	192	27	for	for	ADP
fbem-29599	192	28	base	base	NOUN
fbem-29599	192	29	money	money	NOUN
fbem-29599	192	30	issuance	issuance	NOUN
fbem-29599	192	31	.	.	PUNCT
fbem-29599	193	1	amid	amid	ADP
fbem-29599	193	2	the	the	DET
fbem-29599	193	3	overall	overall	ADJ
fbem-29599	193	4	downward	downward	ADJ
fbem-29599	193	5	trend	trend	NOUN
fbem-29599	193	6	of	of	ADP
fbem-29599	193	7	foreign	foreign	ADJ
fbem-29599	193	8	exchange	exchange	NOUN
fbem-29599	193	9	purchases	purchase	NOUN
fbem-29599	193	10	,	,	PUNCT
fbem-29599	193	11	to	to	PART
fbem-29599	193	12	ensure	ensure	VERB
fbem-29599	193	13	the	the	DET
fbem-29599	193	14	stability	stability	NOUN
fbem-29599	193	15	of	of	ADP
fbem-29599	193	16	money	money	NOUN
fbem-29599	193	17	supply	supply	NOUN
fbem-29599	193	18	,	,	PUNCT
fbem-29599	193	19	the	the	DET
fbem-29599	193	20	central	central	ADJ
fbem-29599	193	21	bank	bank	NOUN
fbem-29599	193	22	has	have	AUX
fbem-29599	193	23	chosen	choose	VERB
fbem-29599	193	24	to	to	PART
fbem-29599	193	25	use	use	VERB
fbem-29599	193	26	various	various	ADJ
fbem-29599	193	27	collateralized	collateralized	ADJ
fbem-29599	193	28	loans	loan	NOUN
fbem-29599	193	29	to	to	ADP
fbem-29599	193	30	banks	bank	NOUN
fbem-29599	193	31	as	as	ADP
fbem-29599	193	32	new	new	ADJ
fbem-29599	193	33	channels	channel	NOUN
fbem-29599	193	34	for	for	ADP
fbem-29599	193	35	base	base	NOUN
fbem-29599	193	36	money	money	NOUN
fbem-29599	193	37	issuance	issuance	NOUN
fbem-29599	193	38	.	.	PUNCT
fbem-29599	194	1	however	however	ADV
fbem-29599	194	2	,	,	PUNCT
fbem-29599	194	3	since	since	SCONJ
fbem-29599	194	4	the	the	DET
fbem-29599	194	5	central	central	ADJ
fbem-29599	194	6	bank	bank	NOUN
fbem-29599	194	7	's	's	PART
fbem-29599	194	8	loans	loan	NOUN
fbem-29599	194	9	are	be	AUX
fbem-29599	194	10	actually	actually	ADV
fbem-29599	194	11	biased	biased	ADJ
fbem-29599	194	12	towards	towards	ADP
fbem-29599	194	13	large	large	ADJ
fbem-29599	194	14	banks	bank	NOUN
fbem-29599	194	15	represented	represent	VERB
fbem-29599	194	16	by	by	ADP
fbem-29599	194	17	open	open	ADJ
fbem-29599	194	18	market	market	NOUN
fbem-29599	194	19	primary	primary	ADJ
fbem-29599	194	20	dealers	dealer	NOUN
fbem-29599	194	21	,	,	PUNCT
fbem-29599	194	22	smaller	small	ADJ
fbem-29599	194	23	banks	bank	NOUN
fbem-29599	194	24	are	be	AUX
fbem-29599	194	25	discriminated	discriminate	VERB
fbem-29599	194	26	against	against	ADP
fbem-29599	194	27	and	and	CCONJ
fbem-29599	194	28	unable	unable	ADJ
fbem-29599	194	29	to	to	PART
fbem-29599	194	30	fairly	fairly	ADV
fbem-29599	194	31	obtain	obtain	VERB
fbem-29599	194	32	new	new	ADJ
fbem-29599	194	33	liquidity	liquidity	NOUN
fbem-29599	194	34	from	from	ADP
fbem-29599	194	35	the	the	DET
fbem-29599	194	36	central	central	ADJ
fbem-29599	194	37	bank	bank	NOUN
fbem-29599	194	38	.	.	PUNCT
fbem-29599	195	1	this	this	PRON
fbem-29599	195	2	has	have	AUX
fbem-29599	195	3	driven	drive	VERB
fbem-29599	195	4	smaller	small	ADJ
fbem-29599	195	5	banks	bank	NOUN
fbem-29599	195	6	to	to	PART
fbem-29599	195	7	issue	issue	VERB
fbem-29599	195	8	high	high	ADJ
fbem-29599	195	9	-	-	PUNCT
fbem-29599	195	10	yield	yield	NOUN
fbem-29599	195	11	off	off	ADP
fbem-29599	195	12	-	-	PUNCT
fbem-29599	195	13	balance	balance	NOUN
fbem-29599	195	14	-	-	PUNCT
fbem-29599	195	15	sheet	sheet	NOUN
fbem-29599	195	16	wealth	wealth	NOUN
fbem-29599	195	17	management	management	NOUN
fbem-29599	195	18	products	product	NOUN
fbem-29599	195	19	to	to	PART
fbem-29599	195	20	compete	compete	VERB
fbem-29599	195	21	with	with	ADP
fbem-29599	195	22	large	large	ADJ
fbem-29599	195	23	banks	bank	NOUN
fbem-29599	195	24	for	for	ADP
fbem-29599	195	25	existing	exist	VERB
fbem-29599	195	26	funds	fund	NOUN
fbem-29599	195	27	.	.	PUNCT
fbem-29599	196	1	therefore	therefore	ADV
fbem-29599	196	2	,	,	PUNCT
fbem-29599	196	3	when	when	SCONJ
fbem-29599	196	4	changing	change	VERB
fbem-29599	196	5	the	the	DET
fbem-29599	196	6	channels	channel	NOUN
fbem-29599	196	7	for	for	ADP
fbem-29599	196	8	base	base	NOUN
fbem-29599	196	9	money	money	NOUN
fbem-29599	196	10	issuance	issuance	NOUN
fbem-29599	196	11	,	,	PUNCT
fbem-29599	196	12	it	it	PRON
fbem-29599	196	13	is	be	AUX
fbem-29599	196	14	necessary	necessary	ADJ
fbem-29599	196	15	to	to	PART
fbem-29599	196	16	consider	consider	VERB
fbem-29599	196	17	not	not	PART
fbem-29599	196	18	only	only	ADV
fbem-29599	196	19	the	the	DET
fbem-29599	196	20	impact	impact	NOUN
fbem-29599	196	21	on	on	ADP
fbem-29599	196	22	the	the	DET
fbem-29599	196	23	money	money	NOUN
fbem-29599	196	24	supply	supply	NOUN
fbem-29599	196	25	but	but	CCONJ
fbem-29599	196	26	also	also	ADV
fbem-29599	196	27	the	the	DET
fbem-29599	196	28	development	development	NOUN
fbem-29599	196	29	of	of	ADP
fbem-29599	196	30	the	the	DET
fbem-29599	196	31	entire	entire	ADJ
fbem-29599	196	32	banking	banking	NOUN
fbem-29599	196	33	system	system	NOUN
fbem-29599	196	34	and	and	CCONJ
fbem-29599	196	35	its	its	PRON
fbem-29599	196	36	broader	broad	ADJ
fbem-29599	196	37	impact	impact	NOUN
fbem-29599	196	38	on	on	ADP
fbem-29599	196	39	the	the	DET
fbem-29599	196	40	financial	financial	ADJ
fbem-29599	196	41	system	system	NOUN
fbem-29599	196	42	.	.	PUNCT
fbem-29599	197	1	on	on	ADP
fbem-29599	197	2	the	the	DET
fbem-29599	197	3	basis	basis	NOUN
fbem-29599	197	4	of	of	ADP
fbem-29599	197	5	existing	exist	VERB
fbem-29599	197	6	innovative	innovative	ADJ
fbem-29599	197	7	channels	channel	NOUN
fbem-29599	197	8	for	for	ADP
fbem-29599	197	9	base	base	NOUN
fbem-29599	197	10	money	money	NOUN
fbem-29599	197	11	issuance	issuance	NOUN
fbem-29599	197	12	,	,	PUNCT
fbem-29599	197	13	it	it	PRON
fbem-29599	197	14	is	be	AUX
fbem-29599	197	15	essential	essential	ADJ
fbem-29599	197	16	to	to	PART
fbem-29599	197	17	further	far	ADV
fbem-29599	197	18	strengthen	strengthen	VERB
fbem-29599	197	19	the	the	DET
fbem-29599	197	20	innovation	innovation	NOUN
fbem-29599	197	21	of	of	ADP
fbem-29599	197	22	base	base	NOUN
fbem-29599	197	23	money	money	NOUN
fbem-29599	197	24	issuance	issuance	NOUN
fbem-29599	197	25	mechanisms	mechanism	NOUN
fbem-29599	197	26	.	.	PUNCT
fbem-29599	198	1	due	due	ADP
fbem-29599	198	2	to	to	ADP
fbem-29599	198	3	the	the	DET
fbem-29599	198	4	term	term	NOUN
fbem-29599	198	5	constraints	constraint	NOUN
fbem-29599	198	6	of	of	ADP
fbem-29599	198	7	relending	relending	NOUN
fbem-29599	198	8	,	,	PUNCT
fbem-29599	198	9	the	the	DET
fbem-29599	198	10	central	central	ADJ
fbem-29599	198	11	bank	bank	NOUN
fbem-29599	198	12	is	be	AUX
fbem-29599	198	13	unable	unable	ADJ
fbem-29599	198	14	to	to	PART
fbem-29599	198	15	provide	provide	VERB
fbem-29599	198	16	long	long	ADJ
fbem-29599	198	17	-	-	PUNCT
fbem-29599	198	18	term	term	NOUN
fbem-29599	198	19	base	base	NOUN
fbem-29599	198	20	money	money	NOUN
fbem-29599	198	21	to	to	ADP
fbem-29599	198	22	society	society	NOUN
fbem-29599	198	23	.	.	PUNCT
fbem-29599	199	1	therefore	therefore	ADV
fbem-29599	199	2	,	,	PUNCT
fbem-29599	199	3	to	to	PART
fbem-29599	199	4	further	far	ADV
fbem-29599	199	5	meet	meet	VERB
fbem-29599	199	6	the	the	DET
fbem-29599	199	7	monetary	monetary	ADJ
fbem-29599	199	8	needs	need	NOUN
fbem-29599	199	9	of	of	ADP
fbem-29599	199	10	economic	economic	ADJ
fbem-29599	199	11	development	development	NOUN
fbem-29599	199	12	,	,	PUNCT
fbem-29599	199	13	it	it	PRON
fbem-29599	199	14	is	be	AUX
fbem-29599	199	15	necessary	necessary	ADJ
fbem-29599	199	16	to	to	PART
fbem-29599	199	17	continue	continue	VERB
fbem-29599	199	18	improving	improve	VERB
fbem-29599	199	19	channels	channel	NOUN
fbem-29599	199	20	for	for	ADP
fbem-29599	199	21	long	long	ADJ
fbem-29599	199	22	-	-	PUNCT
fbem-29599	199	23	term	term	NOUN
fbem-29599	199	24	base	base	NOUN
fbem-29599	199	25	money	money	NOUN
fbem-29599	199	26	issuance	issuance	NOUN
fbem-29599	199	27	.	.	PUNCT
fbem-29599	200	1	in	in	ADP
fbem-29599	200	2	the	the	DET
fbem-29599	200	3	short	short	ADJ
fbem-29599	200	4	term	term	NOUN
fbem-29599	200	5	,	,	PUNCT
fbem-29599	200	6	unconventional	unconventional	ADJ
fbem-29599	200	7	policy	policy	NOUN
fbem-29599	200	8	tools	tool	NOUN
fbem-29599	200	9	can	can	AUX
fbem-29599	200	10	be	be	AUX
fbem-29599	200	11	actively	actively	ADV
fbem-29599	200	12	explored	explore	VERB
fbem-29599	200	13	to	to	PART
fbem-29599	200	14	increase	increase	VERB
fbem-29599	200	15	channels	channel	NOUN
fbem-29599	200	16	for	for	ADP
fbem-29599	200	17	longterm	longterm	ADJ
fbem-29599	200	18	base	base	NOUN
fbem-29599	200	19	money	money	NOUN
fbem-29599	200	20	supply	supply	NOUN
fbem-29599	200	21	.	.	PUNCT
fbem-29599	201	1	in	in	ADP
fbem-29599	201	2	the	the	DET
fbem-29599	201	3	medium	medium	ADJ
fbem-29599	201	4	term	term	NOUN
fbem-29599	201	5	,	,	PUNCT
fbem-29599	201	6	relevant	relevant	ADJ
fbem-29599	201	7	regulations	regulation	NOUN
fbem-29599	201	8	should	should	AUX
fbem-29599	201	9	be	be	AUX
fbem-29599	201	10	further	far	ADV
fbem-29599	201	11	revised	revise	VERB
fbem-29599	201	12	and	and	CCONJ
fbem-29599	201	13	improved	improve	VERB
fbem-29599	201	14	to	to	PART
fbem-29599	201	15	issue	issue	VERB
fbem-29599	201	16	long	long	ADJ
fbem-29599	201	17	-	-	PUNCT
fbem-29599	201	18	term	term	NOUN
fbem-29599	201	19	base	base	NOUN
fbem-29599	201	20	money	money	NOUN
fbem-29599	201	21	through	through	ADP
fbem-29599	201	22	relending	relende	VERB
fbem-29599	201	23	or	or	CCONJ
fbem-29599	201	24	rediscounting	rediscounting	NOUN
fbem-29599	201	25	.	.	PUNCT
fbem-29599	202	1	in	in	ADP
fbem-29599	202	2	the	the	DET
fbem-29599	202	3	long	long	ADJ
fbem-29599	202	4	term	term	NOUN
fbem-29599	202	5	,	,	PUNCT
fbem-29599	202	6	drawing	draw	VERB
fbem-29599	202	7	on	on	ADP
fbem-29599	202	8	the	the	DET
fbem-29599	202	9	experience	experience	NOUN
fbem-29599	202	10	of	of	ADP
fbem-29599	202	11	developed	develop	VERB
fbem-29599	202	12	countries	country	NOUN
fbem-29599	202	13	,	,	PUNCT
fbem-29599	202	14	open	open	ADJ
fbem-29599	202	15	market	market	NOUN
fbem-29599	202	16	operations	operation	NOUN
fbem-29599	202	17	can	can	AUX
fbem-29599	202	18	be	be	AUX
fbem-29599	202	19	explored	explore	VERB
fbem-29599	202	20	as	as	ADP
fbem-29599	202	21	a	a	DET
fbem-29599	202	22	means	means	NOUN
fbem-29599	202	23	of	of	ADP
fbem-29599	202	24	base	base	NOUN
fbem-29599	202	25	money	money	NOUN
fbem-29599	202	26	issuance	issuance	NOUN
fbem-29599	202	27	.	.	PUNCT
fbem-29599	203	1	by	by	ADP
fbem-29599	203	2	fully	fully	ADV
fbem-29599	203	3	learning	learn	VERB
fbem-29599	203	4	from	from	ADP
fbem-29599	203	5	international	international	ADJ
fbem-29599	203	6	base	base	NOUN
fbem-29599	203	7	money	money	NOUN
fbem-29599	203	8	tools	tool	NOUN
fbem-29599	203	9	and	and	CCONJ
fbem-29599	203	10	combining	combine	VERB
fbem-29599	203	11	them	they	PRON
fbem-29599	203	12	with	with	ADP
fbem-29599	203	13	china	china	PROPN
fbem-29599	203	14	's	's	PART
fbem-29599	203	15	actual	actual	ADJ
fbem-29599	203	16	situation	situation	NOUN
fbem-29599	203	17	,	,	PUNCT
fbem-29599	203	18	the	the	DET
fbem-29599	203	19	existing	exist	VERB
fbem-29599	203	20	channels	channel	NOUN
fbem-29599	203	21	for	for	ADP
fbem-29599	203	22	base	base	NOUN
fbem-29599	203	23	money	money	NOUN
fbem-29599	203	24	issuance	issuance	NOUN
fbem-29599	203	25	in	in	ADP
fbem-29599	203	26	china	china	PROPN
fbem-29599	203	27	can	can	AUX
fbem-29599	203	28	be	be	AUX
fbem-29599	203	29	enriched	enrich	VERB
fbem-29599	203	30	.	.	PUNCT
fbem-29599	204	1	as	as	SCONJ
fbem-29599	204	2	china	china	PROPN
fbem-29599	204	3	's	's	PART
fbem-29599	204	4	balance	balance	NOUN
fbem-29599	204	5	of	of	ADP
fbem-29599	204	6	payments	payment	NOUN
fbem-29599	204	7	tends	tend	VERB
fbem-29599	204	8	towards	towards	ADP
fbem-29599	204	9	equilibrium	equilibrium	NOUN
fbem-29599	204	10	and	and	CCONJ
fbem-29599	204	11	foreign	foreign	ADJ
fbem-29599	204	12	exchange	exchange	NOUN
fbem-29599	204	13	purchases	purchase	NOUN
fbem-29599	204	14	return	return	VERB
fbem-29599	204	15	to	to	ADP
fbem-29599	204	16	low	low	ADJ
fbem-29599	204	17	growth	growth	NOUN
fbem-29599	204	18	,	,	PUNCT
fbem-29599	204	19	the	the	DET
fbem-29599	204	20	innovation	innovation	NOUN
fbem-29599	204	21	of	of	ADP
fbem-29599	204	22	base	base	NOUN
fbem-29599	204	23	money	money	NOUN
fbem-29599	204	24	issuance	issuance	NOUN
fbem-29599	204	25	models	model	NOUN
fbem-29599	204	26	faces	face	VERB
fbem-29599	204	27	a	a	DET
fbem-29599	204	28	favorable	favorable	ADJ
fbem-29599	204	29	opportunity	opportunity	NOUN
fbem-29599	204	30	.	.	PUNCT
fbem-29599	205	1	the	the	DET
fbem-29599	205	2	central	central	ADJ
fbem-29599	205	3	bank	bank	NOUN
fbem-29599	205	4	should	should	AUX
fbem-29599	205	5	draw	draw	VERB
fbem-29599	205	6	on	on	ADP
fbem-29599	205	7	the	the	DET
fbem-29599	205	8	liquidity	liquidity	NOUN
fbem-29599	205	9	provision	provision	NOUN
fbem-29599	205	10	models	model	NOUN
fbem-29599	205	11	of	of	ADP
fbem-29599	205	12	developed	develop	VERB
fbem-29599	205	13	countries	country	NOUN
fbem-29599	205	14	,	,	PUNCT
fbem-29599	205	15	proactively	proactively	ADV
fbem-29599	205	16	strengthen	strengthen	VERB
fbem-29599	205	17	asset	asset	NOUN
fbem-29599	205	18	operations	operation	NOUN
fbem-29599	205	19	,	,	PUNCT
fbem-29599	205	20	enhance	enhance	VERB
fbem-29599	205	21	the	the	DET
fbem-29599	205	22	targeting	targeting	NOUN
fbem-29599	205	23	of	of	ADP
fbem-29599	205	24	base	base	NOUN
fbem-29599	205	25	money	money	NOUN
fbem-29599	205	26	issuance	issuance	NOUN
fbem-29599	205	27	,	,	PUNCT
fbem-29599	205	28	and	and	CCONJ
fbem-29599	205	29	enrich	enrich	VERB
fbem-29599	205	30	liquidity	liquidity	NOUN
fbem-29599	205	31	management	management	NOUN
fbem-29599	205	32	tools	tool	NOUN
fbem-29599	205	33	.	.	PUNCT
fbem-29599	206	1	for	for	ADP
fbem-29599	206	2	example	example	NOUN
fbem-29599	206	3	,	,	PUNCT
fbem-29599	206	4	the	the	DET
fbem-29599	206	5	central	central	ADJ
fbem-29599	206	6	bank	bank	NOUN
fbem-29599	206	7	can	can	AUX
fbem-29599	206	8	reasonably	reasonably	ADV
fbem-29599	206	9	adjust	adjust	VERB
fbem-29599	206	10	the	the	DET
fbem-29599	206	11	term	term	NOUN
fbem-29599	206	12	of	of	ADP
fbem-29599	206	13	relending	relende	VERB
fbem-29599	206	14	based	base	VERB
fbem-29599	206	15	on	on	ADP
fbem-29599	206	16	the	the	DET
fbem-29599	206	17	operation	operation	NOUN
fbem-29599	206	18	of	of	ADP
fbem-29599	206	19	the	the	DET
fbem-29599	206	20	economy	economy	NOUN
fbem-29599	206	21	and	and	CCONJ
fbem-29599	206	22	the	the	DET
fbem-29599	206	23	supply	supply	NOUN
fbem-29599	206	24	and	and	CCONJ
fbem-29599	206	25	demand	demand	NOUN
fbem-29599	206	26	of	of	ADP
fbem-29599	206	27	funds	fund	NOUN
fbem-29599	206	28	,	,	PUNCT
fbem-29599	206	29	thereby	thereby	ADV
fbem-29599	206	30	regulating	regulate	VERB
fbem-29599	206	31	bank	bank	NOUN
fbem-29599	206	32	liquidity	liquidity	NOUN
fbem-29599	206	33	.	.	PUNCT
fbem-29599	207	1	the	the	DET
fbem-29599	207	2	scope	scope	NOUN
fbem-29599	207	3	of	of	ADP
fbem-29599	207	4	collateral	collateral	NOUN
fbem-29599	207	5	for	for	ADP
fbem-29599	207	6	relending	relende	VERB
fbem-29599	207	7	can	can	AUX
fbem-29599	207	8	also	also	ADV
fbem-29599	207	9	be	be	AUX
fbem-29599	207	10	adjusted	adjust	VERB
fbem-29599	207	11	to	to	PART
fbem-29599	207	12	indirectly	indirectly	ADV
fbem-29599	207	13	control	control	VERB
fbem-29599	207	14	the	the	DET
fbem-29599	207	15	total	total	ADJ
fbem-29599	207	16	amount	amount	NOUN
fbem-29599	207	17	of	of	ADP
fbem-29599	207	18	bank	bank	NOUN
fbem-29599	207	19	financing	financing	NOUN
fbem-29599	207	20	.	.	PUNCT
fbem-29599	208	1	financial	financial	ADJ
fbem-29599	208	2	institutions	institution	NOUN
fbem-29599	208	3	can	can	AUX
fbem-29599	208	4	organize	organize	VERB
fbem-29599	208	5	the	the	DET
fbem-29599	208	6	establishment	establishment	NOUN
fbem-29599	208	7	of	of	ADP
fbem-29599	208	8	special	special	ADJ
fbem-29599	208	9	purpose	purpose	NOUN
fbem-29599	208	10	vehicles	vehicle	NOUN
fbem-29599	208	11	(	(	PUNCT
fbem-29599	208	12	spvs	spv	NOUN
fbem-29599	208	13	)	)	PUNCT
fbem-29599	208	14	to	to	PART
fbem-29599	208	15	purchase	purchase	VERB
fbem-29599	208	16	specific	specific	ADJ
fbem-29599	208	17	bank	bank	NOUN
fbem-29599	208	18	credit	credit	NOUN
fbem-29599	208	19	assets	asset	NOUN
fbem-29599	208	20	or	or	CCONJ
fbem-29599	208	21	bills	bill	NOUN
fbem-29599	208	22	during	during	ADP
fbem-29599	208	23	crises	crisis	NOUN
fbem-29599	208	24	,	,	PUNCT
fbem-29599	208	25	using	use	VERB
fbem-29599	208	26	these	these	DET
fbem-29599	208	27	purchased	purchase	VERB
fbem-29599	208	28	assets	asset	NOUN
fbem-29599	208	29	as	as	ADP
fbem-29599	208	30	collateral	collateral	NOUN
fbem-29599	208	31	to	to	PART
fbem-29599	208	32	obtain	obtain	VERB
fbem-29599	208	33	financing	financing	NOUN
fbem-29599	208	34	from	from	ADP
fbem-29599	208	35	the	the	DET
fbem-29599	208	36	central	central	ADJ
fbem-29599	208	37	bank	bank	NOUN
fbem-29599	208	38	.	.	PUNCT
fbem-29599	209	1	overall	overall	ADV
fbem-29599	209	2	,	,	PUNCT
fbem-29599	209	3	china	china	PROPN
fbem-29599	209	4	's	's	PART
fbem-29599	209	5	current	current	ADJ
fbem-29599	209	6	base	base	NOUN
fbem-29599	209	7	money	money	NOUN
fbem-29599	209	8	issuance	issuance	NOUN
fbem-29599	209	9	mechanism	mechanism	NOUN
fbem-29599	209	10	,	,	PUNCT
fbem-29599	209	11	after	after	ADP
fbem-29599	209	12	continuous	continuous	ADJ
fbem-29599	209	13	adjustments	adjustment	NOUN
fbem-29599	209	14	,	,	PUNCT
fbem-29599	209	15	is	be	AUX
fbem-29599	209	16	well	well	ADV
fbem-29599	209	17	-	-	PUNCT
fbem-29599	209	18	suited	suit	VERB
fbem-29599	209	19	to	to	ADP
fbem-29599	209	20	the	the	DET
fbem-29599	209	21	requirements	requirement	NOUN
fbem-29599	209	22	of	of	ADP
fbem-29599	209	23	the	the	DET
fbem-29599	209	24	current	current	ADJ
fbem-29599	209	25	macroeconomic	macroeconomic	ADJ
fbem-29599	209	26	operations	operation	NOUN
fbem-29599	209	27	.	.	PUNCT
fbem-29599	210	1	in	in	ADP
fbem-29599	210	2	the	the	DET
fbem-29599	210	3	future	future	NOUN
fbem-29599	210	4	,	,	PUNCT
fbem-29599	210	5	as	as	SCONJ
fbem-29599	210	6	macroeconomic	macroeconomic	ADJ
fbem-29599	210	7	objectives	objective	NOUN
fbem-29599	210	8	evolve	evolve	VERB
fbem-29599	210	9	,	,	PUNCT
fbem-29599	210	10	it	it	PRON
fbem-29599	210	11	is	be	AUX
fbem-29599	210	12	appropriate	appropriate	ADJ
fbem-29599	210	13	to	to	PART
fbem-29599	210	14	make	make	VERB
fbem-29599	210	15	fine	fine	ADV
fbem-29599	210	16	-	-	PUNCT
fbem-29599	210	17	tuned	tune	VERB
fbem-29599	210	18	adjustments	adjustment	NOUN
fbem-29599	210	19	to	to	ADP
fbem-29599	210	20	the	the	DET
fbem-29599	210	21	existing	exist	VERB
fbem-29599	210	22	monetary	monetary	ADJ
fbem-29599	210	23	policy	policy	NOUN
fbem-29599	210	24	tools	tool	NOUN
fbem-29599	210	25	.	.	PUNCT
fbem-29599	211	1	it	it	PRON
fbem-29599	211	2	is	be	AUX
fbem-29599	211	3	neither	neither	CCONJ
fbem-29599	211	4	necessary	necessary	ADJ
fbem-29599	211	5	nor	nor	CCONJ
fbem-29599	211	6	suitable	suitable	ADJ
fbem-29599	211	7	to	to	PART
fbem-29599	211	8	directly	directly	ADV
fbem-29599	211	9	replicate	replicate	VERB
fbem-29599	211	10	foreign	foreign	ADJ
fbem-29599	211	11	monetary	monetary	ADJ
fbem-29599	211	12	policies	policy	NOUN
fbem-29599	211	13	,	,	PUNCT
fbem-29599	211	14	especially	especially	ADV
fbem-29599	211	15	those	those	PRON
fbem-29599	211	16	involving	involve	VERB
fbem-29599	211	17	quantitative	quantitative	ADJ
fbem-29599	211	18	easing	easing	NOUN
fbem-29599	211	19	.	.	PUNCT
fbem-29599	212	1	moreover	moreover	ADV
fbem-29599	212	2	,	,	PUNCT
fbem-29599	212	3	with	with	ADP
fbem-29599	212	4	the	the	DET
fbem-29599	212	5	advancement	advancement	NOUN
fbem-29599	212	6	of	of	ADP
fbem-29599	212	7	market	market	NOUN
fbem-29599	212	8	-	-	PUNCT
fbem-29599	212	9	oriented	orient	VERB
fbem-29599	212	10	reforms	reform	NOUN
fbem-29599	212	11	,	,	PUNCT
fbem-29599	212	12	it	it	PRON
fbem-29599	212	13	is	be	AUX
fbem-29599	212	14	essential	essential	ADJ
fbem-29599	212	15	to	to	PART
fbem-29599	212	16	further	far	ADV
fbem-29599	212	17	clarify	clarify	VERB
fbem-29599	212	18	the	the	DET
fbem-29599	212	19	target	target	NOUN
fbem-29599	212	20	range	range	NOUN
fbem-29599	212	21	of	of	ADP
fbem-29599	212	22	policy	policy	NOUN
fbem-29599	212	23	interest	interest	NOUN
fbem-29599	212	24	rates	rate	NOUN
fbem-29599	212	25	to	to	ADP
fbem-29599	212	26	the	the	DET
fbem-29599	212	27	market	market	NOUN
fbem-29599	212	28	,	,	PUNCT
fbem-29599	212	29	enhance	enhance	VERB
fbem-29599	212	30	communication	communication	NOUN
fbem-29599	212	31	with	with	ADP
fbem-29599	212	32	market	market	NOUN
fbem-29599	212	33	participants	participant	NOUN
fbem-29599	212	34	,	,	PUNCT
fbem-29599	212	35	and	and	CCONJ
fbem-29599	212	36	increase	increase	VERB
fbem-29599	212	37	the	the	DET
fbem-29599	212	38	transparency	transparency	NOUN
fbem-29599	212	39	of	of	ADP
fbem-29599	212	40	monetary	monetary	ADJ
fbem-29599	212	41	policy	policy	NOUN
fbem-29599	212	42	.	.	PUNCT
fbem-29599	213	1	this	this	PRON
fbem-29599	213	2	will	will	AUX
fbem-29599	213	3	help	help	VERB
fbem-29599	213	4	form	form	VERB
fbem-29599	213	5	a	a	DET
fbem-29599	213	6	more	more	ADV
fbem-29599	213	7	mature	mature	ADJ
fbem-29599	213	8	and	and	CCONJ
fbem-29599	213	9	stable	stable	ADJ
fbem-29599	213	10	monetary	monetary	ADJ
fbem-29599	213	11	policy	policy	NOUN
fbem-29599	213	12	operation	operation	NOUN
fbem-29599	213	13	mechanism	mechanism	NOUN
fbem-29599	213	14	.	.	PUNCT
fbem-29599	214	1	references	reference	NOUN
fbem-29599	214	2	[	[	X
fbem-29599	214	3	1	1	NUM
fbem-29599	214	4	]	]	X
fbem-29599	214	5	wang	wang	PROPN
fbem-29599	214	6	,	,	PUNCT
fbem-29599	214	7	jian	jian	PROPN
fbem-29599	214	8	.	.	PROPN
fbem-29599	214	9	2018	2018	NUM
fbem-29599	214	10	.	.	PUNCT
fbem-29599	215	1	“	"	PUNCT
fbem-29599	215	2	understanding	understand	VERB
fbem-29599	215	3	base	base	NOUN
fbem-29599	215	4	money	money	NOUN
fbem-29599	215	5	is	be	AUX
fbem-29599	215	6	key	key	ADJ
fbem-29599	215	7	to	to	ADP
fbem-29599	215	8	understanding	understand	VERB
fbem-29599	215	9	commercial	commercial	ADJ
fbem-29599	215	10	banks	bank	NOUN
fbem-29599	215	11	.	.	PUNCT
fbem-29599	215	12	”	"	PUNCT
fbem-29599	216	1	wealth	wealth	NOUN
fbem-29599	216	2	management	management	NOUN
fbem-29599	216	3	,	,	PUNCT
fbem-29599	216	4	no	no	INTJ
fbem-29599	216	5	.	.	PUNCT
fbem-29599	217	1	233(01	233(01	NUM
fbem-29599	217	2	):	):	PUNCT
fbem-29599	217	3	12	12	NUM
fbem-29599	217	4	-	-	SYM
fbem-29599	217	5	13	13	NUM
fbem-29599	217	6	.	.	PUNCT
fbem-29599	218	1	(	(	PUNCT
fbem-29599	218	2	in	in	ADP
fbem-29599	218	3	chinese	chinese	PROPN
fbem-29599	218	4	)	)	PUNCT
fbem-29599	219	1	[	[	X
fbem-29599	219	2	2	2	NUM
fbem-29599	219	3	]	]	X
fbem-29599	219	4	zhang	zhang	PROPN
fbem-29599	219	5	,	,	PUNCT
fbem-29599	219	6	huaqiang	huaqiang	PROPN
fbem-29599	219	7	,	,	PUNCT
fbem-29599	219	8	wang	wang	PROPN
fbem-29599	219	9	jiangbo	jiangbo	PROPN
fbem-29599	219	10	,	,	PUNCT
fbem-29599	219	11	and	and	CCONJ
fbem-29599	219	12	shi	shi	PROPN
fbem-29599	219	13	haifeng	haifeng	PROPN
fbem-29599	219	14	.	.	PUNCT
fbem-29599	220	1	2016	2016	NUM
fbem-29599	220	2	.	.	PUNCT
fbem-29599	221	1	“	"	PUNCT
fbem-29599	221	2	a	a	DET
fbem-29599	221	3	review	review	NOUN
fbem-29599	221	4	of	of	ADP
fbem-29599	221	5	china	china	PROPN
fbem-29599	221	6	’s	’s	PART
fbem-29599	221	7	base	base	PROPN
fbem-29599	221	8	money	money	NOUN
fbem-29599	221	9	issuance	issuance	NOUN
fbem-29599	221	10	methods	method	NOUN
fbem-29599	221	11	and	and	CCONJ
fbem-29599	221	12	exploration	exploration	NOUN
fbem-29599	221	13	of	of	ADP
fbem-29599	221	14	innovative	innovative	ADJ
fbem-29599	221	15	paths	path	NOUN
fbem-29599	221	16	.	.	PUNCT
fbem-29599	221	17	”	"	PUNCT
fbem-29599	222	1	regional	regional	ADJ
fbem-29599	222	2	financial	financial	ADJ
fbem-29599	222	3	research	research	NOUN
fbem-29599	222	4	,	,	PUNCT
fbem-29599	222	5	no	no	INTJ
fbem-29599	222	6	.	.	NOUN
fbem-29599	222	7	524(07	524(07	NUM
fbem-29599	222	8	):	):	PUNCT
fbem-29599	222	9	19	19	NUM
fbem-29599	222	10	-	-	SYM
fbem-29599	222	11	23	23	NUM
fbem-29599	222	12	.	.	PUNCT
fbem-29599	223	1	(	(	PUNCT
fbem-29599	223	2	in	in	ADP
fbem-29599	223	3	chinese	chinese	PROPN
fbem-29599	223	4	)	)	PUNCT
fbem-29599	224	1	[	[	X
fbem-29599	224	2	3	3	NUM
fbem-29599	224	3	]	]	X
fbem-29599	224	4	shao	shao	PROPN
fbem-29599	224	5	,	,	PUNCT
fbem-29599	224	6	xinjian	xinjian	PROPN
fbem-29599	224	7	,	,	PUNCT
fbem-29599	224	8	wang	wang	PROPN
fbem-29599	224	9	xingchun	xingchun	PROPN
fbem-29599	224	10	,	,	PUNCT
fbem-29599	224	11	xiao	xiao	PROPN
fbem-29599	224	12	lisheng	lisheng	PROPN
fbem-29599	224	13	,	,	PUNCT
fbem-29599	224	14	et	et	PROPN
fbem-29599	224	15	al	al	PROPN
fbem-29599	224	16	.	.	PROPN
fbem-29599	224	17	2020	2020	NUM
fbem-29599	224	18	.	.	PUNCT
fbem-29599	225	1	“	"	PUNCT
fbem-29599	225	2	the	the	DET
fbem-29599	225	3	evolution	evolution	NOUN
fbem-29599	225	4	of	of	ADP
fbem-29599	225	5	base	base	NOUN
fbem-29599	225	6	money	money	NOUN
fbem-29599	225	7	issuance	issuance	NOUN
fbem-29599	225	8	channels	channel	NOUN
fbem-29599	225	9	,	,	PUNCT
fbem-29599	225	10	funding	fund	VERB
fbem-29599	225	11	source	source	NOUN
fbem-29599	225	12	competition	competition	NOUN
fbem-29599	225	13	,	,	PUNCT
fbem-29599	225	14	and	and	CCONJ
fbem-29599	225	15	the	the	DET
fbem-29599	225	16	rise	rise	NOUN
fbem-29599	225	17	of	of	ADP
fbem-29599	225	18	bank	bank	NOUN
fbem-29599	225	19	wealth	wealth	NOUN
fbem-29599	225	20	management	management	NOUN
fbem-29599	225	21	products	product	NOUN
fbem-29599	225	22	.	.	PUNCT
fbem-29599	225	23	”	"	PUNCT
fbem-29599	226	1	china	china	PROPN
fbem-29599	226	2	industrial	industrial	PROPN
fbem-29599	226	3	economics	economic	NOUN
fbem-29599	226	4	,	,	PUNCT
fbem-29599	226	5	no	no	INTJ
fbem-29599	226	6	.	.	NOUN
fbem-29599	226	7	388(07	388(07	NUM
fbem-29599	226	8	):	):	PUNCT
fbem-29599	226	9	2020.07.020	2020.07.020	NUM
fbem-29599	226	10	.	.	PUNCT
fbem-29599	227	1	(	(	PUNCT
fbem-29599	227	2	in	in	ADP
fbem-29599	227	3	chinese	chinese	PROPN
fbem-29599	227	4	)	)	PUNCT
fbem-29599	228	1	[	[	X
fbem-29599	228	2	4	4	NUM
fbem-29599	228	3	]	]	X
fbem-29599	228	4	yin	yin	PROPN
fbem-29599	228	5	,	,	PUNCT
fbem-29599	228	6	jizhi	jizhi	PROPN
fbem-29599	228	7	.	.	PUNCT
fbem-29599	228	8	2015	2015	NUM
fbem-29599	228	9	.	.	PUNCT
fbem-29599	229	1	“	"	PUNCT
fbem-29599	229	2	an	an	DET
fbem-29599	229	3	analysis	analysis	NOUN
fbem-29599	229	4	of	of	ADP
fbem-29599	229	5	the	the	DET
fbem-29599	229	6	phased	phase	VERB
fbem-29599	229	7	changes	change	NOUN
fbem-29599	229	8	in	in	ADP
fbem-29599	229	9	china	china	PROPN
fbem-29599	229	10	’s	’s	PART
fbem-29599	229	11	central	central	PROPN
fbem-29599	229	12	bank	bank	PROPN
fbem-29599	229	13	base	base	NOUN
fbem-29599	229	14	money	money	NOUN
fbem-29599	229	15	issuance	issuance	NOUN
fbem-29599	229	16	channels	channel	NOUN
fbem-29599	229	17	.	.	PUNCT
fbem-29599	229	18	”	"	PUNCT
fbem-29599	230	1	shanghai	shanghai	PROPN
fbem-29599	230	2	finance	finance	PROPN
fbem-29599	230	3	,	,	PUNCT
fbem-29599	230	4	no	no	INTJ
fbem-29599	230	5	.	.	PUNCT
fbem-29599	230	6	422(09	422(09	NUM
fbem-29599	230	7	):	):	PUNCT
fbem-29599	230	8	2015.09.006	2015.09.006	NUM
fbem-29599	230	9	.	.	PUNCT
fbem-29599	231	1	(	(	PUNCT
fbem-29599	231	2	in	in	ADP
fbem-29599	231	3	chinese	chinese	PROPN
fbem-29599	231	4	)	)	PUNCT
fbem-29599	232	1	[	[	X
fbem-29599	232	2	5	5	NUM
fbem-29599	232	3	]	]	SYM
fbem-29599	232	4	yuan	yuan	NOUN
fbem-29599	232	5	,	,	PUNCT
fbem-29599	232	6	haixia	haixia	NOUN
fbem-29599	232	7	,	,	PUNCT
fbem-29599	232	8	and	and	CCONJ
fbem-29599	232	9	wang	wang	PROPN
fbem-29599	232	10	chen	chen	PROPN
fbem-29599	232	11	.	.	PUNCT
fbem-29599	232	12	2022	2022	NUM
fbem-29599	232	13	.	.	PUNCT
fbem-29599	233	1	“	"	PUNCT
fbem-29599	233	2	the	the	DET
fbem-29599	233	3	evolution	evolution	NOUN
fbem-29599	233	4	and	and	CCONJ
fbem-29599	233	5	new	new	ADJ
fbem-29599	233	6	developments	development	NOUN
fbem-29599	233	7	of	of	ADP
fbem-29599	233	8	base	base	NOUN
fbem-29599	233	9	money	money	NOUN
fbem-29599	233	10	issuance	issuance	NOUN
fbem-29599	233	11	mechanisms	mechanism	NOUN
fbem-29599	233	12	.	.	PUNCT
fbem-29599	233	13	”	"	PUNCT
fbem-29599	233	14	financial	financial	ADJ
fbem-29599	233	15	market	market	NOUN
fbem-29599	233	16	research	research	NOUN
fbem-29599	233	17	,	,	PUNCT
fbem-29599	233	18	no	no	INTJ
fbem-29599	233	19	.	.	PUNCT
fbem-29599	233	20	120(05	120(05	NUM
fbem-29599	233	21	):	):	PUNCT
fbem-29599	233	22	60	60	NUM
fbem-29599	233	23	-	-	SYM
fbem-29599	233	24	66	66	NUM
fbem-29599	233	25	.	.	PUNCT
fbem-29599	234	1	(	(	PUNCT
fbem-29599	234	2	in	in	ADP
fbem-29599	234	3	chinese	chinese	PROPN
fbem-29599	234	4	)	)	PUNCT
fbem-29599	235	1	[	[	X
fbem-29599	235	2	6	6	NUM
fbem-29599	235	3	]	]	X
fbem-29599	235	4	zhang	zhang	PROPN
fbem-29599	235	5	,	,	PUNCT
fbem-29599	235	6	jiqiang	jiqiang	PROPN
fbem-29599	235	7	,	,	PUNCT
fbem-29599	235	8	and	and	CCONJ
fbem-29599	235	9	wang	wang	PROPN
fbem-29599	235	10	wanting	want	VERB
fbem-29599	235	11	.	.	PUNCT
fbem-29599	236	1	2021	2021	NUM
fbem-29599	236	2	.	.	PUNCT
fbem-29599	237	1	“	"	PUNCT
fbem-29599	237	2	base	base	NOUN
fbem-29599	237	3	money	money	NOUN
fbem-29599	237	4	issuance	issuance	NOUN
fbem-29599	237	5	methods	method	NOUN
fbem-29599	237	6	:	:	PUNCT
fbem-29599	237	7	a	a	DET
fbem-29599	237	8	discussion	discussion	NOUN
fbem-29599	237	9	on	on	ADP
fbem-29599	237	10	how	how	SCONJ
fbem-29599	237	11	the	the	DET
fbem-29599	237	12	central	central	ADJ
fbem-29599	237	13	bank	bank	NOUN
fbem-29599	237	14	can	can	AUX
fbem-29599	237	15	stabilize	stabilize	VERB
fbem-29599	237	16	liquidity	liquidity	NOUN
fbem-29599	237	17	.	.	PUNCT
fbem-29599	237	18	”	"	PUNCT
fbem-29599	238	1	china	china	PROPN
fbem-29599	238	2	money	money	NOUN
fbem-29599	238	3	market	market	NOUN
fbem-29599	238	4	,	,	PUNCT
fbem-29599	238	5	no	no	INTJ
fbem-29599	238	6	.	.	PUNCT
fbem-29599	238	7	234(04	234(04	NOUN
fbem-29599	238	8	):	):	PUNCT
fbem-29599	238	9	58	58	NUM
fbem-29599	238	10	-	-	SYM
fbem-29599	238	11	63	63	NUM
fbem-29599	238	12	.	.	PUNCT
fbem-29599	239	1	(	(	PUNCT
fbem-29599	239	2	in	in	ADP
fbem-29599	239	3	chinese	chinese	PROPN
fbem-29599	239	4	)	)	PUNCT
fbem-29599	240	1	[	[	X
fbem-29599	240	2	7	7	NUM
fbem-29599	240	3	]	]	X
fbem-29599	240	4	chen	chen	PROPN
fbem-29599	240	5	,	,	PUNCT
fbem-29599	240	6	kuihong	kuihong	PROPN
fbem-29599	240	7	,	,	PUNCT
fbem-29599	240	8	wang	wang	PROPN
fbem-29599	240	9	chenxuan	chenxuan	PROPN
fbem-29599	240	10	,	,	PUNCT
fbem-29599	240	11	wang	wang	PROPN
fbem-29599	240	12	yuxuan	yuxuan	PROPN
fbem-29599	240	13	,	,	PUNCT
fbem-29599	240	14	et	et	PROPN
fbem-29599	240	15	al	al	PROPN
fbem-29599	240	16	.	.	PROPN
fbem-29599	240	17	2019	2019	NUM
fbem-29599	240	18	.	.	PUNCT
fbem-29599	241	1	“	"	PUNCT
fbem-29599	241	2	base	base	NOUN
fbem-29599	241	3	money	money	NOUN
fbem-29599	241	4	,	,	PUNCT
fbem-29599	241	5	indirect	indirect	ADJ
fbem-29599	241	6	credit	credit	NOUN
fbem-29599	241	7	financing	financing	NOUN
fbem-29599	241	8	,	,	PUNCT
fbem-29599	241	9	and	and	CCONJ
fbem-29599	241	10	money	money	NOUN
fbem-29599	241	11	supply	supply	NOUN
fbem-29599	241	12	.	.	PUNCT
fbem-29599	241	13	”	"	PUNCT
fbem-29599	242	1	national	national	ADJ
fbem-29599	242	2	circulation	circulation	NOUN
fbem-29599	242	3	economy	economy	NOUN
fbem-29599	242	4	,	,	PUNCT
fbem-29599	242	5	no	no	INTJ
fbem-29599	242	6	.	.	PUNCT
fbem-29599	243	1	2213(17	2213(17	NUM
fbem-29599	243	2	):	):	PUNCT
fbem-29599	243	3	10095292.2019.17.069	10095292.2019.17.069	NUM
fbem-29599	243	4	.	.	PUNCT
fbem-29599	244	1	(	(	PUNCT
fbem-29599	244	2	in	in	ADP
fbem-29599	244	3	chinese	chinese	ADJ
fbem-29599	244	4	)	)	PUNCT
fbem-29599	244	5	109	109	NUM
fbem-29599	245	1	[	[	SYM
fbem-29599	245	2	8	8	NUM
fbem-29599	245	3	]	]	SYM
fbem-29599	245	4	xi	xi	PROPN
fbem-29599	245	5	,	,	PUNCT
fbem-29599	245	6	jing	jing	ADJ
fbem-29599	245	7	.	.	PUNCT
fbem-29599	245	8	2022	2022	NUM
fbem-29599	245	9	.	.	PUNCT
fbem-29599	246	1	“	"	PUNCT
fbem-29599	246	2	an	an	DET
fbem-29599	246	3	analysis	analysis	NOUN
fbem-29599	246	4	of	of	ADP
fbem-29599	246	5	the	the	DET
fbem-29599	246	6	development	development	NOUN
fbem-29599	246	7	of	of	ADP
fbem-29599	246	8	open	open	ADJ
fbem-29599	246	9	market	market	NOUN
fbem-29599	246	10	operations	operation	NOUN
fbem-29599	246	11	.	.	PUNCT
fbem-29599	246	12	”	"	PUNCT
fbem-29599	247	1	new	new	ADJ
fbem-29599	247	2	economy	economy	NOUN
fbem-29599	247	3	,	,	PUNCT
fbem-29599	247	4	no	no	INTJ
fbem-29599	247	5	.	.	PUNCT
fbem-29599	247	6	551(03	551(03	NUM
fbem-29599	247	7	):	):	PUNCT
fbem-29599	247	8	72	72	NUM
fbem-29599	247	9	-	-	SYM
fbem-29599	247	10	73	73	NUM
fbem-29599	247	11	.	.	PUNCT
fbem-29599	248	1	(	(	PUNCT
fbem-29599	248	2	in	in	ADP
fbem-29599	248	3	chinese	chinese	PROPN
fbem-29599	248	4	)	)	PUNCT
fbem-29599	249	1	[	[	X
fbem-29599	249	2	9	9	NUM
fbem-29599	249	3	]	]	X
fbem-29599	249	4	yan	yan	X
fbem-29599	249	5	,	,	PUNCT
fbem-29599	249	6	se	se	X
fbem-29599	249	7	.	.	X
fbem-29599	249	8	2020	2020	NUM
fbem-29599	249	9	.	.	PUNCT
fbem-29599	250	1	“	"	PUNCT
fbem-29599	250	2	the	the	DET
fbem-29599	250	3	development	development	NOUN
fbem-29599	250	4	and	and	CCONJ
fbem-29599	250	5	improvement	improvement	NOUN
fbem-29599	250	6	of	of	ADP
fbem-29599	250	7	base	base	NOUN
fbem-29599	250	8	money	money	NOUN
fbem-29599	250	9	issuance	issuance	NOUN
fbem-29599	250	10	mechanisms	mechanism	NOUN
fbem-29599	250	11	.	.	PUNCT
fbem-29599	250	12	”	"	PUNCT
fbem-29599	251	1	china	china	PROPN
fbem-29599	251	2	finance	finance	PROPN
fbem-29599	251	3	,	,	PUNCT
fbem-29599	251	4	no	no	INTJ
fbem-29599	251	5	.	.	PUNCT
fbem-29599	252	1	926(08	926(08	NUM
fbem-29599	252	2	):	):	PUNCT
fbem-29599	252	3	79	79	NUM
fbem-29599	252	4	-	-	SYM
fbem-29599	252	5	80	80	NUM
fbem-29599	252	6	.	.	PUNCT
fbem-29599	253	1	(	(	PUNCT
fbem-29599	253	2	in	in	ADP
fbem-29599	253	3	chinese	chinese	PROPN
fbem-29599	253	4	)	)	PUNCT
fbem-29599	254	1	[	[	X
fbem-29599	254	2	10	10	NUM
fbem-29599	254	3	]	]	X
fbem-29599	254	4	sun	sun	NOUN
fbem-29599	254	5	,	,	PUNCT
fbem-29599	254	6	guoshen	guoshen	NOUN
fbem-29599	254	7	,	,	PUNCT
fbem-29599	254	8	and	and	CCONJ
fbem-29599	254	9	zhou	zhou	PROPN
fbem-29599	254	10	aimin	aimin	PROPN
fbem-29599	254	11	.	.	PUNCT
fbem-29599	254	12	2014	2014	NUM
fbem-29599	254	13	.	.	PUNCT
fbem-29599	255	1	“	"	PUNCT
fbem-29599	255	2	the	the	DET
fbem-29599	255	3	historical	historical	ADJ
fbem-29599	255	4	evolution	evolution	NOUN
fbem-29599	255	5	of	of	ADP
fbem-29599	255	6	the	the	DET
fbem-29599	255	7	loan	loan	NOUN
fbem-29599	255	8	-	-	PUNCT
fbem-29599	255	9	to	to	ADP
fbem-29599	255	10	-	-	PUNCT
fbem-29599	255	11	deposit	deposit	NOUN
fbem-29599	255	12	ratio	ratio	NOUN
fbem-29599	255	13	and	and	CCONJ
fbem-29599	255	14	the	the	DET
fbem-29599	255	15	next	next	ADJ
fbem-29599	255	16	steps	step	NOUN
fbem-29599	255	17	for	for	ADP
fbem-29599	255	18	reform	reform	NOUN
fbem-29599	255	19	.	.	PUNCT
fbem-29599	255	20	”	"	PUNCT
fbem-29599	256	1	banker	banker	NOUN
fbem-29599	256	2	,	,	PUNCT
fbem-29599	256	3	no	no	INTJ
fbem-29599	256	4	.	.	NOUN
fbem-29599	256	5	8	8	NUM
fbem-29599	256	6	.	.	PUNCT
fbem-29599	257	1	(	(	PUNCT
fbem-29599	257	2	in	in	ADP
fbem-29599	257	3	chinese	chinese	PROPN
fbem-29599	257	4	)	)	PUNCT
fbem-29599	258	1	[	[	X
fbem-29599	258	2	11	11	NUM
fbem-29599	258	3	]	]	SYM
fbem-29599	258	4	li	li	PROPN
fbem-29599	258	5	,	,	PUNCT
fbem-29599	258	6	bin	bin	PROPN
fbem-29599	258	7	,	,	PUNCT
fbem-29599	258	8	and	and	CCONJ
fbem-29599	258	9	wu	wu	PROPN
fbem-29599	258	10	ge	ge	PROPN
fbem-29599	258	11	.	.	PROPN
fbem-29599	258	12	2014	2014	NUM
fbem-29599	258	13	.	.	PUNCT
fbem-29599	259	1	credit	credit	NOUN
fbem-29599	259	2	creation	creation	NOUN
fbem-29599	259	3	,	,	PUNCT
fbem-29599	259	4	money	money	NOUN
fbem-29599	259	5	supply	supply	NOUN
fbem-29599	259	6	and	and	CCONJ
fbem-29599	259	7	economic	economic	ADJ
fbem-29599	259	8	structure	structure	NOUN
fbem-29599	259	9	.	.	PUNCT
fbem-29599	260	1	beijing	beijing	PROPN
fbem-29599	260	2	:	:	PUNCT
fbem-29599	261	1	china	china	PROPN
fbem-29599	261	2	financial	financial	PROPN
fbem-29599	261	3	&	&	CCONJ
fbem-29599	261	4	economic	economic	PROPN
fbem-29599	261	5	publishing	publishing	PROPN
fbem-29599	261	6	house	house	NOUN
fbem-29599	261	7	.	.	PUNCT
fbem-29599	262	1	(	(	PUNCT
fbem-29599	262	2	in	in	ADP
fbem-29599	262	3	chinese	chinese	PROPN
fbem-29599	262	4	)	)	PUNCT
fbem-29599	263	1	[	[	X
fbem-29599	263	2	12	12	NUM
fbem-29599	263	3	]	]	X
fbem-29599	263	4	sun	sun	NOUN
fbem-29599	263	5	,	,	PUNCT
fbem-29599	263	6	zuo	zuo	PROPN
fbem-29599	263	7	,	,	PUNCT
fbem-29599	263	8	luo	luo	PROPN
fbem-29599	263	9	zhaodong	zhaodong	PROPN
fbem-29599	263	10	,	,	PUNCT
fbem-29599	263	11	zhu	zhu	PROPN
fbem-29599	263	12	zecheng	zecheng	PROPN
fbem-29599	263	13	,	,	PUNCT
fbem-29599	263	14	et	et	PROPN
fbem-29599	263	15	al	al	PROPN
fbem-29599	263	16	.	.	PROPN
fbem-29599	263	17	2022	2022	NUM
fbem-29599	263	18	.	.	PUNCT
fbem-29599	264	1	“	"	PUNCT
fbem-29599	264	2	the	the	DET
fbem-29599	264	3	role	role	NOUN
fbem-29599	264	4	mechanism	mechanism	NOUN
fbem-29599	264	5	,	,	PUNCT
fbem-29599	264	6	effectiveness	effectiveness	NOUN
fbem-29599	264	7	,	,	PUNCT
fbem-29599	264	8	and	and	CCONJ
fbem-29599	264	9	policy	policy	NOUN
fbem-29599	264	10	recommendations	recommendation	NOUN
fbem-29599	264	11	of	of	ADP
fbem-29599	264	12	relending	relende	VERB
fbem-29599	264	13	by	by	ADP
fbem-29599	264	14	local	local	ADJ
fbem-29599	264	15	central	central	ADJ
fbem-29599	264	16	banks	bank	NOUN
fbem-29599	264	17	:	:	PUNCT
fbem-29599	264	18	an	an	DET
fbem-29599	264	19	analysis	analysis	NOUN
fbem-29599	264	20	based	base	VERB
fbem-29599	264	21	on	on	ADP
fbem-29599	264	22	the	the	DET
fbem-29599	264	23	theory	theory	NOUN
fbem-29599	264	24	of	of	ADP
fbem-29599	264	25	money	money	NOUN
fbem-29599	264	26	creation	creation	NOUN
fbem-29599	264	27	.	.	PUNCT
fbem-29599	264	28	”	"	PUNCT
fbem-29599	265	1	western	western	ADJ
fbem-29599	265	2	finance	finance	NOUN
fbem-29599	265	3	,	,	PUNCT
fbem-29599	265	4	no	no	INTJ
fbem-29599	265	5	.	.	NOUN
fbem-29599	265	6	579(11	579(11	NUM
fbem-29599	265	7	):	):	PUNCT
fbem-29599	265	8	48	48	NUM
fbem-29599	265	9	-	-	SYM
fbem-29599	265	10	53.2022.11.016	53.2022.11.016	NUM
fbem-29599	265	11	.	.	PUNCT
fbem-29599	266	1	(	(	PUNCT
fbem-29599	266	2	in	in	ADP
fbem-29599	266	3	chinese	chinese	PROPN
fbem-29599	266	4	)	)	PUNCT
fbem-29599	267	1	[	[	X
fbem-29599	267	2	13	13	NUM
fbem-29599	267	3	]	]	X
fbem-29599	267	4	liang	liang	PROPN
fbem-29599	267	5	,	,	PUNCT
fbem-29599	267	6	feizhe	feizhe	NOUN
fbem-29599	267	7	,	,	PUNCT
fbem-29599	267	8	and	and	CCONJ
fbem-29599	267	9	song	song	PROPN
fbem-29599	267	10	xugang	xugang	PROPN
fbem-29599	267	11	.	.	PUNCT
fbem-29599	267	12	2021	2021	NUM
fbem-29599	267	13	.	.	PUNCT
fbem-29599	268	1	“	"	PUNCT
fbem-29599	268	2	foreign	foreign	ADJ
fbem-29599	268	3	exchange	exchange	NOUN
fbem-29599	268	4	reserves	reserve	NOUN
fbem-29599	268	5	,	,	PUNCT
fbem-29599	268	6	bank	bank	NOUN
fbem-29599	268	7	credit	credit	NOUN
fbem-29599	268	8	,	,	PUNCT
fbem-29599	268	9	and	and	CCONJ
fbem-29599	268	10	real	real	ADJ
fbem-29599	268	11	estate	estate	NOUN
fbem-29599	268	12	prices	price	NOUN
fbem-29599	268	13	.	.	PUNCT
fbem-29599	268	14	”	"	PUNCT
fbem-29599	269	1	financial	financial	ADJ
fbem-29599	269	2	development	development	PROPN
fbem-29599	269	3	review	review	PROPN
fbem-29599	269	4	,	,	PUNCT
fbem-29599	269	5	no	no	INTJ
fbem-29599	269	6	.	.	NOUN
fbem-29599	269	7	144(12	144(12	NUM
fbem-29599	269	8	):	):	PUNCT
fbem-29599	269	9	35	35	NUM
fbem-29599	269	10	-	-	SYM
fbem-29599	269	11	50.2021.12.004	50.2021.12.004	NUM
fbem-29599	269	12	.	.	PUNCT
fbem-29599	270	1	(	(	PUNCT
fbem-29599	270	2	in	in	ADP
fbem-29599	270	3	chinese	chinese	PROPN
fbem-29599	270	4	)	)	PUNCT
fbem-29599	271	1	[	[	X
fbem-29599	271	2	14	14	NUM
fbem-29599	271	3	]	]	X
fbem-29599	271	4	chen	chen	PROPN
fbem-29599	271	5	,	,	PUNCT
fbem-29599	271	6	cong	cong	PROPN
fbem-29599	271	7	,	,	PUNCT
fbem-29599	271	8	and	and	CCONJ
fbem-29599	271	9	lan	lan	PROPN
fbem-29599	271	10	xiaomei	xiaomei	PROPN
fbem-29599	271	11	.	.	PUNCT
fbem-29599	272	1	2022	2022	NUM
fbem-29599	272	2	.	.	PUNCT
fbem-29599	273	1	“	"	PUNCT
fbem-29599	273	2	open	open	ADJ
fbem-29599	273	3	market	market	NOUN
fbem-29599	273	4	operations	operation	NOUN
fbem-29599	273	5	,	,	PUNCT
fbem-29599	273	6	expectation	expectation	NOUN
fbem-29599	273	7	effects	effect	NOUN
fbem-29599	273	8	,	,	PUNCT
fbem-29599	273	9	and	and	CCONJ
fbem-29599	273	10	interest	interest	NOUN
fbem-29599	273	11	rate	rate	NOUN
fbem-29599	273	12	fluctuations	fluctuation	NOUN
fbem-29599	273	13	.	.	PUNCT
fbem-29599	273	14	”	"	PUNCT
fbem-29599	274	1	statistics	statistic	NOUN
fbem-29599	274	2	&	&	CCONJ
fbem-29599	274	3	information	information	PROPN
fbem-29599	274	4	forum	forum	PROPN
fbem-29599	274	5	,	,	PUNCT
fbem-29599	274	6	37(03	37(03	NUM
fbem-29599	274	7	):	):	PUNCT
fbem-29599	274	8	54	54	NUM
fbem-29599	274	9	-	-	SYM
fbem-29599	274	10	63	63	NUM
fbem-29599	274	11	.	.	PUNCT
fbem-29599	275	1	(	(	PUNCT
fbem-29599	275	2	in	in	ADP
fbem-29599	275	3	chinese	chinese	PROPN
fbem-29599	275	4	)	)	PUNCT
fbem-29599	276	1	[	[	X
fbem-29599	276	2	15	15	NUM
fbem-29599	276	3	]	]	X
fbem-29599	276	4	yuan	yuan	NOUN
fbem-29599	276	5	,	,	PUNCT
fbem-29599	276	6	huiping	huipe	VERB
fbem-29599	276	7	,	,	PUNCT
fbem-29599	276	8	wu	wu	PROPN
fbem-29599	276	9	mingzhou	mingzhou	PROPN
fbem-29599	276	10	,	,	PUNCT
fbem-29599	276	11	and	and	CCONJ
fbem-29599	276	12	liu	liu	PROPN
fbem-29599	276	13	tangyong	tangyong	PROPN
fbem-29599	276	14	.	.	PUNCT
fbem-29599	277	1	2018	2018	NUM
fbem-29599	277	2	.	.	PUNCT
fbem-29599	278	1	“	"	PUNCT
fbem-29599	278	2	the	the	DET
fbem-29599	278	3	impact	impact	NOUN
fbem-29599	278	4	of	of	ADP
fbem-29599	278	5	standing	standing	NOUN
fbem-29599	278	6	lending	lending	NOUN
fbem-29599	278	7	facility	facility	NOUN
fbem-29599	278	8	and	and	CCONJ
fbem-29599	278	9	reverse	reverse	VERB
fbem-29599	278	10	repo	repo	ADP
fbem-29599	278	11	operations	operation	NOUN
fbem-29599	278	12	on	on	ADP
fbem-29599	278	13	money	money	NOUN
fbem-29599	278	14	market	market	NOUN
fbem-29599	278	15	interest	interest	NOUN
fbem-29599	278	16	rates	rate	NOUN
fbem-29599	278	17	.	.	PUNCT
fbem-29599	278	18	”	"	PUNCT
fbem-29599	279	1	finance	finance	NOUN
fbem-29599	279	2	&	&	CCONJ
fbem-29599	279	3	trade	trade	NOUN
fbem-29599	279	4	economics	economic	NOUN
fbem-29599	279	5	,	,	PUNCT
fbem-29599	279	6	39(07	39(07	NUM
fbem-29599	279	7	):	):	PUNCT
fbem-29599	279	8	65	65	NUM
fbem-29599	279	9	-	-	SYM
fbem-29599	279	10	80	80	NUM
fbem-29599	279	11	.	.	PUNCT
fbem-29599	280	1	(	(	PUNCT
fbem-29599	280	2	in	in	ADP
fbem-29599	280	3	chinese	chinese	PROPN
fbem-29599	280	4	)	)	PUNCT
fbem-29599	281	1	[	[	X
fbem-29599	281	2	16	16	NUM
fbem-29599	281	3	]	]	X
fbem-29599	281	4	zhang	zhang	PROPN
fbem-29599	281	5	,	,	PUNCT
fbem-29599	281	6	xueying	xueying	PROPN
fbem-29599	281	7	,	,	PUNCT
fbem-29599	281	8	and	and	CCONJ
fbem-29599	281	9	he	he	PRON
fbem-29599	281	10	feiping	feipe	VERB
fbem-29599	281	11	.	.	PUNCT
fbem-29599	282	1	2014	2014	NUM
fbem-29599	282	2	.	.	PUNCT
fbem-29599	283	1	“	"	PUNCT
fbem-29599	283	2	the	the	DET
fbem-29599	283	3	impact	impact	NOUN
fbem-29599	283	4	of	of	ADP
fbem-29599	283	5	central	central	ADJ
fbem-29599	283	6	bank	bank	NOUN
fbem-29599	283	7	repurchase	repurchase	NOUN
fbem-29599	283	8	operations	operation	NOUN
fbem-29599	283	9	on	on	ADP
fbem-29599	283	10	money	money	NOUN
fbem-29599	283	11	market	market	NOUN
fbem-29599	283	12	interest	interest	NOUN
fbem-29599	283	13	rates	rate	NOUN
fbem-29599	283	14	:	:	PUNCT
fbem-29599	283	15	a	a	DET
fbem-29599	283	16	theoretical	theoretical	ADJ
fbem-29599	283	17	model	model	NOUN
fbem-29599	283	18	and	and	CCONJ
fbem-29599	283	19	empirical	empirical	ADJ
fbem-29599	283	20	test	test	NOUN
fbem-29599	283	21	.	.	PUNCT
fbem-29599	283	22	”	"	PUNCT
fbem-29599	284	1	journal	journal	NOUN
fbem-29599	284	2	of	of	ADP
fbem-29599	284	3	finance	finance	NOUN
fbem-29599	284	4	,	,	PUNCT
fbem-29599	284	5	no	no	INTJ
fbem-29599	284	6	.	.	NOUN
fbem-29599	284	7	03	03	NUM
fbem-29599	284	8	:	:	PUNCT
fbem-29599	284	9	41	41	NUM
fbem-29599	284	10	-	-	SYM
fbem-29599	284	11	53	53	NUM
fbem-29599	284	12	.	.	PUNCT
fbem-29599	285	1	(	(	PUNCT
fbem-29599	285	2	in	in	ADP
fbem-29599	285	3	chinese	chinese	PROPN
fbem-29599	285	4	)	)	PUNCT
fbem-29599	286	1	[	[	X
fbem-29599	286	2	17	17	NUM
fbem-29599	286	3	]	]	X
fbem-29599	286	4	huang	huang	PROPN
fbem-29599	286	5	,	,	PUNCT
fbem-29599	286	6	zhigang	zhigang	PROPN
fbem-29599	286	7	,	,	PUNCT
fbem-29599	286	8	and	and	CCONJ
fbem-29599	286	9	liu	liu	PROPN
fbem-29599	286	10	guofang	guofang	PROPN
fbem-29599	286	11	.	.	PUNCT
fbem-29599	286	12	2019	2019	NUM
fbem-29599	286	13	.	.	PUNCT
fbem-29599	287	1	“	"	PUNCT
fbem-29599	287	2	open	open	ADJ
fbem-29599	287	3	market	market	NOUN
fbem-29599	287	4	operations	operation	NOUN
fbem-29599	287	5	,	,	PUNCT
fbem-29599	287	6	interest	interest	NOUN
fbem-29599	287	7	rate	rate	NOUN
fbem-29599	287	8	corridors	corridor	NOUN
fbem-29599	287	9	,	,	PUNCT
fbem-29599	287	10	and	and	CCONJ
fbem-29599	287	11	market	market	NOUN
fbem-29599	287	12	interbank	interbank	NOUN
fbem-29599	287	13	lending	lending	NOUN
fbem-29599	287	14	rates	rate	NOUN
fbem-29599	287	15	.	.	PUNCT
fbem-29599	287	16	”	"	PUNCT
fbem-29599	287	17	journal	journal	NOUN
fbem-29599	287	18	of	of	ADP
fbem-29599	287	19	finance	finance	PROPN
fbem-29599	287	20	&	&	CCONJ
fbem-29599	287	21	economics	economic	NOUN
fbem-29599	287	22	,	,	PUNCT
fbem-29599	287	23	45(07	45(07	NUM
fbem-29599	287	24	):	):	PUNCT
fbem-29599	287	25	3144	3144	NUM
fbem-29599	287	26	.	.	PUNCT
fbem-29599	288	1	(	(	PUNCT
fbem-29599	288	2	in	in	ADP
fbem-29599	288	3	chinese	chinese	PROPN
fbem-29599	288	4	)	)	PUNCT
fbem-29599	289	1	[	[	X
fbem-29599	289	2	18	18	NUM
fbem-29599	289	3	]	]	X
fbem-29599	289	4	zhang	zhang	PROPN
fbem-29599	289	5	,	,	PUNCT
fbem-29599	289	6	qiongjie	qiongjie	PROPN
fbem-29599	289	7	.	.	PUNCT
fbem-29599	289	8	2022	2022	NUM
fbem-29599	289	9	.	.	PUNCT
fbem-29599	290	1	“	"	PUNCT
fbem-29599	290	2	the	the	DET
fbem-29599	290	3	central	central	PROPN
fbem-29599	290	4	bank	bank	NOUN
fbem-29599	290	5	’s	’s	PART
fbem-29599	290	6	open	open	ADJ
fbem-29599	290	7	market	market	NOUN
fbem-29599	290	8	operations	operation	NOUN
fbem-29599	290	9	become	become	VERB
fbem-29599	290	10	more	more	ADV
fbem-29599	290	11	refined	refined	ADJ
fbem-29599	290	12	,	,	PUNCT
fbem-29599	290	13	ensuring	ensure	VERB
fbem-29599	290	14	stable	stable	ADJ
fbem-29599	290	15	end	end	ADJ
fbem-29599	290	16	-	-	PUNCT
fbem-29599	290	17	ofquarter	ofquarter	NOUN
fbem-29599	290	18	interest	interest	NOUN
fbem-29599	290	19	rates	rate	NOUN
fbem-29599	290	20	.	.	PUNCT
fbem-29599	290	21	”	"	PUNCT
fbem-29599	291	1	shanghai	shanghai	PROPN
fbem-29599	291	2	securities	securities	PROPN
fbem-29599	291	3	news	news	PROPN
fbem-29599	291	4	,	,	PUNCT
fbem-29599	291	5	september	september	PROPN
fbem-29599	291	6	29	29	NUM
fbem-29599	291	7	,	,	PUNCT
fbem-29599	291	8	2022	2022	NUM
fbem-29599	291	9	,	,	PUNCT
fbem-29599	291	10	p.	p.	NOUN
fbem-29599	291	11	004	004	NUM
fbem-29599	291	12	.	.	PUNCT
fbem-29599	292	1	(	(	PUNCT
fbem-29599	292	2	in	in	ADP
fbem-29599	292	3	chinese	chinese	ADJ
fbem-29599	292	4	)	)	PUNCT