对国际金融易变背景下我国货币政策困境的探析

A Study on the Monetary Policy Plight under the Background of the Volatile Background of International Finance

中国在易变的国际金融背景下,宏观政策遭遇人民币币值稳定和以货币政策调节经济不可兼得的货币政策困境。在阐明利率和汇率相互作用关系的基础上,从人民币汇率制度角度分析了造成货币政策两难的主要原因,得出了人民币汇率在国内经济条件逐渐成熟时应走向浮动的结论,同时结合中国经济实际,指出了当前金融危机背景下人民币汇制改革过程中必须注意的问题。

This paper mainly discusses the monetary policy dilemma between maintaining the RMB exchange rate steady and using monetary policy implement to adjust the domestic economy under the background of volatile international finance. Based on the theory of interaction between the interest rate and exchange rate, the paper analyzes the reason for the dilemma from the aspect of the RMB exchange rate system, arriving at the conclusion that RMB should shift to a floating exchange rate system when the domestic economic conditions are ripe. Last, according to China＇s economic reality, the paper gives some suggestions for the reform of exchange rate system.