对冲政策的工具选择与特别国债发行

On the Choice of Hedge Policy Instruments and the Issue of Special National Debt

对冲政策是目前货币政策的核心问题。外汇储备增加速度不断加快,导致因基础货币投放增加过快而引起的潜在通货膨胀不断积累,中央银行因此采取的对冲政策和采用的对冲工具关系到中国经济稳定健康的发展。财政部发行的特别国债对流动性的影响是中性的,但无疑为中央银行提供了一个有效的对冲工具。

The hedge policy is the core problem of the monetary policy currently. Excessive growth of the foreign exchange reserves result in the latent accumulating inflation, which is transmitted by the monetary base supply. Therefore, the hedge policy and the instruments adopted by the national cental bank relates to the development of Chinese economy with stability and healthy. It is neutral for the specail national debt issued by the Ministry of Finance to the fluidity, but it doultless provides an useful hedge tool for the central bank to fulfill the hedge policy.