制约央行公开市场业务开展的若干因素与改革取向

Some Factors Couditioning OMO of Central Bank and Dcrection of Reform

根据公开市场业务在我国的具体实施状况,应深入考察了影响我国公开市场业务以及货币政策有效施行的若干制约性因素。进一步深化与完善我国公开市场业务操作的改革取向应是:(1)稳步推进利率市场化改革进程;(2)加快货币市场与资本市场的改革与发展;(3)努力提高货币政策制定与实施的独立性与科学性。

This paper concerns the developments of Open Market Operation in China during the latest several years. We investigate some institutional fundamentals that are crucial to the effective implementation of OMO and monetary policy during the transition period of the economy. Therefore, policy implications are transparent, which includes （ 1 ） carry on the market - orientation reform of interest rate ; （2） stimulates the reforms and developments of money market and security market ; （3） strengthen the independence and appropriateness of monetary policy, particularly policy decision and policy implementation.