论我国央行票据发行之法理瑕疵及改进

On the Legal Defects of the Issuance of China's Central Bank Bills and the Improvement

中央银行发行央票具有经济学上的合理性,但存在于法无据、违背财政民主与法治原则,使央行角色定位冲突、有损央行公信力等法律缺陷。当前应当一方面修改《中国人民银行法》,将央票纳入法治轨道;另一方面改革外汇储备形成与货币发行制度,以特别国债替代央票,将隐性财政显性化。

The central bank issues central bank bills with the rationality of economics,but the issuance lacks legal basis and is contrary to fiscal democracy and legal principles,resulting in legal defects such as the central bank's role conflict,and undermining the credibility of the central bank.Currently,on the one hand,we should modify the Law of the People's Bank of China,and make the central bank bills into the legal orbit;on the other hand,we should reform the foreign exchange reserves formation system and the currency issuance system,replace the central bank bills with special treasury bonds and make the recessive fiscal explicit.