A central bank is the institution that issues a country's money and sets its main interest rate. Its job is usually price stability, and often also financial stability and the smooth running of the payment system.
中央银行负责发行货币、设定主要利率。它的核心任务通常是物价稳定，往往还包括金融稳定与支付体系顺畅运行。
Central banks are the only actors that can create money at will, so they set the floor under the whole financial system. In a crisis they lend to banks that cannot fund themselves, which is why the phrase “lender of last resort” matters: it decides whether a funding panic becomes a solvency crisis. Their independence exists because politicians have an incentive to print before elections.
央行是唯一能按需创造货币的机构，因此它给整个金融体系定地板价。危机时它向融资断档的银行放款，这就是「最后贷款人」的分量：它决定了流动性恐慌会不会演变成偿付危机。
央行要保持独立性，因为政客有在大选前印钱的动机。
Central banks control the economy
They control one price and influence credit conditions; growth comes from elsewhere.
Printing money means hyperinflation
Reserve creation only becomes broad money if it reaches lending and spending.
Independence means unaccountable
Most have mandates, published minutes and parliamentary testimony.
· the central bank held rates
· quantitative easing
· lender of last resort
· policy mandate
· forward guidance
the central bank held rates 央行维持利率；quantitative easing 量化宽松；lender of last resort 最后贷款人；policy mandate 政策使命；forward guidance 前瞻指引。
· central bank vs treasury (money vs fiscal)
· reserves vs money supply
central bank 管货币，treasury 管财政；reserves 是银行存在央行的准备金，money supply 是更广的货币总量。
The central bank said it would keep policy restrictive until inflation returns to target.
央行表态句式：央行称将维持限制性政策，直到通胀回到目标——until 从句就是市场最在意的条件。