加入WTO后我国货币市场发展研究——从汇率制度、资本流动与货币政策角度的思考

A Study on the Development of China's Money Market after China Entering WTO

我国货币市场的发展程度还很低 ,主要表现为市场规模小 ,参与者较少 ,同业拆借市场风险较大。这些问题使得货币市场总体上流动性不强、活跃程度不高 ,交易价格———利率不能全面反映社会货币资金的供求关系 ,严重制约了金融市场功能的高效率发挥 ,进而对我国的金融体制改革和金融对外开放形成了障碍。中国加入WTO后 ,更为灵活的汇率制度、规模扩大的资本流动既有利于我国参与世界金融资源的配置 ,也是对中国货币政策调控能力和金融安全的一个严峻考验。本文从汇率制度、资本流动与货币政策的新视角分析加入WTO后我国货币市场发展的问题。

China's money market is still at the lower level of development and has many defects,such as limited scale,fewer participants,higher risk in the inter-bank market,etc.By and large,this market has not enough liquidity or activeness,and interest rate——price of transaction is not able to all-aroundly reflect the supply of and demand for monetary funds in the society.The functions of financial market are greatly depressed,and our financial system reform and financial internationlization are respondingly encumbered.After China entering WTO,the more flexible exchange rate system and greater volume of capital flow will not only help China participating in the allocation of global financial resources,but also present a critical challenge to China's monitoring capability of monetary policy and financial safety.This article analyzes the development of money market after China entering WTO from the new visual angle of exchange rate system,capital flow and monetary policy.