中央银行票据:终将消逝的政策工具

Central Bank Bills: A Monetary Policy Instrument Vanished in The Future

本文对我国2002年以来发行中央银行票据的背景和调控原理进行了分析。从我国货币政策和汇率政策协调的角度看,中央银行票据的发行是这两大政策冲突的表现,是货币当局试图同时实现人民币内外币值稳定的无奈之举。作者解释了中央银行票据无力承担主流政策工具的理由,并认为国债在未来将最终代替中央银行票据成为货币当局操作的主要政策工具。

This paper discusses the background and principle of issuing the central bank bills in China, The issuance of central bank bills reflected the confliction of the monetary policy and exchange rate policy in current economic situations, and it also represented the efforts of the People＇s Bank of China trying to keep the internal and external value of RMB stable concurrently. The author explains the reasons why the central bank bills can＇t be able to become the mainstream monetary policy instrument, at the same time the author considers that the government securities will replace it and play an important role in the future.