关于我国中央银行资产负债表健康化的思考

Views on promoting the balance sheet of China's central bank

中央银行资产负债表反映了中央银行的资金来源和资金在各种金融资产中的配置,它既是中央银行承担的各项职能的结果,也是进一步实施货币政策的基础。本文首先总结了发达经济体中央银行资产负债表的特征,并在此基础上指出了我国中央银行资产负债结构的不同之处。本文认为,我国中央银行的资产负债结构具有明显的转轨经济特征,其形成与我国货币政策与财政政策的关系未完全理顺、中央银行为维护金融稳定承担了大量准财政职能、为维持汇率稳定而被动收购外汇"倒逼"基础货币发行等制度性因素关系密切。最后,本文提出了促进我国中央银行资产负债表健康化的政策建议。

Central bank's balance sheet can best summarize the performance of central bank's functions and policy implementation. This paper makes a comparative analysis on the changes and characteristics of balance sheets between global major central banks and the PBC, and concludes that 1) the quasi-fiscal operations conducted by the PBC because of unclear division of labor between the Ministry of Finance and the central bank and 2) overissue of base monetary to maintain the stable exchange rate have substantially weakened the PBC's financial strength. Finally, this paper makes suggestions on promoting the balance sheet of the PBC and strengthening its ability in effective management of monetary regulation.