A shadow bank, such as a money-market fund, instructs its custodian bank to deposit reserves at the Fed in return for securities.

影子银行，如货币市场基金，指示其托管银行将准备金存入美联储，以换取证券。

Commercial banks lend those excess reserves to each other at an interest rate and they also can deposit their excess reserves at the central bank.

商业银行以利率将超额准备金借给彼此，也可以将超额准备金存放在中央银行。