关于我国货币市场建设的若干问题

Some Issues about Promotion of China Money Market

建立稳定有序的货币市场 ,必须加快对市场主体的培养以及对现有同业拆借市场交易网络进行改造 ,探索建立经纪人制度 ,通过规范的同业拆借活动形成真正的市场利率。同时 ,要优化商业票据使用的环境 ,建立专业性票据公司或专业性贴现银行 ,赋予各大区人民银行相应的再贴现权利 ,以利于更好地调剂资金余缺。还要大力发展公开市场业务 ,借鉴它国经验 ,建立公开市场帐户经理制度 。

How to establish a stable and orderly money market is an important theore tic and practical issue, which will determine the effect of monetary policy.In order to achieve this goal, it is requisite to quicken the cultivation of market participants, reform the existing trade networks of interbank market and expand the market size, seek after the establishment of broker system, and form the real interest rate by the normative interbank activities.On the other hand, it is also necessary to optimize the environment of CP S activities, set up special CP S cooperation or discount bank, and endow the branches of PBC with the power of determining the discount rate to adjust the fund balance more efficiently.At last, it is important to forcefully develop open market operation by using the experience of other countries for reference and introducing the open market account manager system.It is also beneficial to not only the effectiveness of central bank′s open market operation, but also the regulation and control of open market activities.