加强利率价格调节功能走出货币政策操作困境

Quicken Price Regulation Function of Interest Rate Stepping out of Monetary Policy Operation Straits

从理论上讲 ,面对经济过热倾向 ,中央银行应该有更多的解决办法 ,但当前我国货币政策的实际操作却显得相当被动 ,如中央银行在公开市场业务操作上没有独立性和主动性可言等。仔细分析不难发现 ,造成如今被动局面的最根本原因 ,在于我国当前的利率和汇率制度安排不适应日益扩大的对外开放。要走出当前货币政策操作困境 ,增加中央银行的宏观调控可用资源 ,加快利率等价格的调节功能 。

Theoretically, in regard to the tendency of too hot economy, the central bank should consider more solutions, but the practical operation of present monetary policy in China is shown rather passive, e.g. there is no independence and activity for central bank in open market operation. It's no difficulty to analyze and find that fundamental reason for the present situation lies in China's present interest rate and exchange rate system arrangements which are not adaptable to the increasingly great tendency of open door to the world. The way out is to step out of the monetary policy operation straits by increasing the available resources from the macro-regulation aspect for the central bank, quickening the price regulation function of interest rate.