我国货币政策中介目标的选择

On the Choice of Intermediate Targets of China's Monetary Policy

在货币政策框架中,中介目标是联接政策工具与最终目标的桥粱,各国中央银行对中介目标的选择十分重视。货币政策中介目标是随着金融条件的变化而进行调整的。我国的金融深化和金融改革正处在推进之中,由于条件和环境的变化,使我国货币政策中介目标的可测性、可控性和相关性均受到影响。面对这种情况,我国应作何种选择,本文提出了自己的看法。

In the framework of monetary policy, intermediate targets, to the choice of which central banks of every country have attached much importance, connect policy implement and ultimate objective. The intermediate targets of monetary policy are regulated along with the change of financial conditions. The financial deepening and financial reform of our country are in progress at present. The change of conditions and circumstances has affected the measurability, controllability and correlativity of intermediate targets of our monetary policy. In this regard, this paper puts forwards some viewpoints on what choice should be made in our country.