景气指数分析显示：专来一段时期内货币信贷增速将放缓

Economic climate index indicating a near term slowdown in growth of money and credit

货币政策目标体系由最终目标、中间目标和操作目标三个层次构成，中央银行对它们的可控性由弱至强。为能够及时而有效地观测与控制货币政策的实施效果与力度，需要对便于观测与控制的货币政策中间目标进行有效的监测、预测与预警．文章应用基于先行指标体系的景气指数分析方法，分析货币政策中间目标的周期波动，揭示中间目标的运行趋向。测算结果显示，未来一段时期内货币信贷增速将放缓。

Monetary policy targets comprise final target, intermediate target and operational target with weak to strong control by the central bank. In order to timely and effectively monitor and control the implementation effects, it is necessary to conduct effective monitoring, forecasting and warning of the intermediate target of the monetary policy. The article applies the economic climate index analysis as a leading indicator to analyze the cyclical fluctuation of the intermediate target, and reveal the operating trend of the intermediate target. The result shows that the money and credit growths will slow down.