失衡国际货币体系下的我国宏观金融政策组合探析

Research on The financial Policy Combination at China's Disposal——Under the Imbalanced International Monetary System

近年来中国面临着严重的内外经济的失衡,这与美元作为主要的国际储备货币而美国又在90年代以来长期实行的宽松的货币政策不无关系。我国的宏观金融政策应该本着把人民币国际化作为改进现行国际货币体系的出路之一。遵循着这一原则和方向,我国应采取人民币汇率稳中有升、稳步提高基准利率、多渠道管理流动性、积极推进金融创新、建立现代化的金融体系等组合措施,以应对失衡的国际货币体系和失衡的内外经济。

China is confronted with a severe imbalance both internal and external. All these phenomena are closely related to the imbalance of the international monetary system, especially the international reserve currency dominated by dollar and the slack monetary policy long adopted by America ever since the 1990s. Current fi- nancial policies should promote RMB internationalization as an alteration to the international monetary system. Adhering to such an orientation and a principle, the policy package, which contains the steady appreciation of RMB, the steady increase of basic interest rate, the multi-management of liquidity, the proactive boost of financial innovations along with the build up of a modernized financial system, should be implemented to accommo- date the imbalanced international monetary system and the economic imbalance both internal and external.