开放经济下中国货币政策与汇率政策冲突分析

Analysis of the Conflict between China's Currency Policy and Exchange Rate Policy under Open Economy

纵观1 9 9 4年以来的我国货币政策与汇率政策,从货币政策和汇率政策冲突的检验标准入手,对中国货币政策与汇率政策之间的冲突进行了实证分析。得出两者出现的冲突基本上可以归纳为人民币对内币值和人民币对外币值之间的矛盾,前者包括控制通货膨胀和遏制通货紧缩两个方面。可见造成货币政策与汇率政策冲突的根源在于经济的开放性。

By taking a broad view of China＇s currency policy and exchange rate policy since 1994, starting with the touchstone of the conflict between them, empirical analysis is made in the article. As a result, the conflict basically can be concluded in the con- tradiction between the internal value and external value of RMB, the former involving both controlling inflation and curbing defla- tion. It shows that the root of the conflict between currency policy and exchange rate policy is the openness of economy.