外汇冲销式干预对中国货币政策独立性的影响研究

Research into the Impact of Foreign Exchange Sterilized Intervention on China's Monetary Policy Independence

冲销干预对中国货币政策独立性的影响表现出长短期不一致的特征,在短期内有助于保持货币政策的独立性;但在长期内,冲销干预不仅会制约货币政策的操作空间,削弱其独立性,累积金融风险,导致恶性后果。对此,应优化央行票据的期限结构,完善以国债市场为核心的公开市场操作,发展外汇掉期交易,建立外汇平准基金制度,增强货币政策独立性。

The impact of sterilized intervention on China＇s monetary policy independence shows the characteristics of short and long term inconsistency： in the short term, sterilized intervention is helpful for maintaining the independence of monetary policy, but in the long run sterilized intervention can not only restrict the operation space of monetary policy and weaken its independence, but also accumulate financial risks and lead to malignant consequences. Therefore, the deadline structure of the central bank bills should be optimized, the open market operation with national debt market as the core should be perfected, foreign exchange swap transaction should he developed, foreign exchange stabilization fund system should be established and the independence of monetary policy should be enhanced.