当前汇率制度下中国的货币政策效应分析

Analysis of China Monetary Policy Effect under Current Exchange Rate Regime

在中国当前的汇率制度下,外汇储备持续增加,使得基础货币投放量被动增加,进而导致了经济中流动性过剩问题。提高货币政策独立性的根本途径在于汇率制度改革:完善中国汇率形成的市场机制,培育相对均衡汇率;深化中国外汇管理体制改革,有序开放资本市场;汇率制度改革要与其他政策改革配合协调。

Under eurrent exehange rate regime, our eountry＇s foreign reserve is inereasing eontinuously and it eauses the base money increasing, whieh leads to the problem of eommereial bank＇s Liquidity Surplus. The most important way to improve the independence of the monetary poliey is innovating exchange rate regime perfeeting the exehange rate formation meehanism, nurturing the relatively balanced market exehange rate; deepening foreign exehange management system and opening the eapital market orderly, and making exchange rate system reform eoordinated with other poliey reforms.