Research On How Open Market Operations Affect Chinese Commercial Banks' Liquidity During The Post Financial Crisis Period

China's macro liquidity in the Post-Financial Crisis Period features in overall abundance and structural imbalance.Affected by international capital shocks and domestic complex financial situation,the liquidity fluctuation of banking system continues to increase,and "Money Shortage" incidents happen from time to time.The central banks constantly improve open market operation(OMO)mechanism,expand OMO scale,scientifically set OMO tool portfolio,and actively use OMO to adjust the liquidity level of banking system.It is of great policy and practical significance to analyze the ways and mechanisms of OMO impact on bank liquidity,and empirically test the regulatory effect of liquidity on Chinese commercial banks during the Post-Financial Crisis Period.Based on adequate study on the existing domestic and foreign research,this paper goes on about the topic from both the theoretical and empirical aspects.Theoretically,based on the analysis of OMO basic principle,the author holds in this paper that OMO regulates the liquidity of the banking system mainly through influencing the excess reserve of commercial banks and the money market interest rates.Empirically,the related data from 2008 to 2016 is chosen to empirically test OMO's effect on bank liquidity by means of constructing VAR model and applying Granger test and impulse response function.The conclusions are as follows:First,OMO has a significant impact on the excess reserve ratio of commercial banks.Second,OMO's impact on commercial banks' loan to deposit ratio is not clear.Third,transmission of OMO repo rate in interbank money market is relatively effective.The following policy suggestions are given based on the above empirical conclusions:First,speed up efforts to expand OMO business,continuously develop and renovate OMO operation tools.Second,continuously deepen interest rate marketization reform and strengthen the regulatory effect of interest rate.Third,commercial banks should take a more active position,and positively and appropriately manage its liquidity level based on OMO.