我国货币政策调控功能缘何日益弱化

Recognition of Monetary Policy Regulation Functions in China

货币政策具有重要的金融宏观调控功能,但以商业银行体系对中央银行的资金依赖为前提。当前我国商业银行体系流动性过剩,货币政策的金融宏观调控功能已大打折扣。流动性过剩是长期历史趋势,货币政策的金融宏观调控功能已处于从"强有力"向"无能为力"的转化过程之中。货币政策要有效发挥金融宏观调控功能,必须改善货币政策赖以发挥作用的经济环境。

At present,because of China＇s commercial banking system has excess liquidity, the relulation functions of monetary policy have been greatly reduced. Excess liquidity is a long-term historical trends, financial macro-regulate functions of monetary policy have been shifting from ＂ strong＂ to ＂ powerless＂ in the transformation process. To implete the regulation fuctions of monetary policy effectively, the central bank has to improve the economics environment which the implementation of monetary policy bases on.