流动性过剩与中国货币政策调控

On Monetary Policy’s Dilemma Caused by Liquidity Surplus in China

流动性过剩是当前我国宏观经济面临的主要问题。流动性过剩是内外经济结构失衡的结果,却使中央银行的货币政策调控陷入两难困境。本文从调控目标、调控工具、调控机制分析了货币政策调控的困境,指出在短期内增大人民币浮动的区间、多种宏观经济政策的协调与配合是缓和矛盾的办法,从长期来看,还要从调整经济结构,转变经济增长方式入手。

As one of the main problems to our macro-economy, liquidity surplus caused by the unbalance of inner and outer economic structure has dragged the Central Bank＇s monetary policy into a dilemma. This article approaches such a dilemma from the angles of macro-regulation target, the tools and the mechanism when suggesting that in the short run, the monetary authorities enlarge the floating room for the exchange-rate of RMB, coordinate and match macro-economic policies in order to mitigate the contradiction and in the long run, adjust economic structure, change the ways of economy growth.