开放性视角下我国外汇政策与货币政策协调机制探究

Study on the Coordination Mechanism of Foreign Exchange Policy and Monetary Policy in China Under Open Perspective

1994年以前,我国汇率政策与货币政策相互分离,基本不存在冲突问题。1994年社会主义市场经济体制建立后,先后出现三次汇率政策与货币政策的冲突,主要是因为稳定汇率水平与货币供应量目标之间的内在矛盾、利率——汇率联动机制失灵、资本管制的失效等几方面原因。在当前情况下,应该进一步发展与完善外汇市场、发展完善国债市场、改革完善外汇储备管理制度、加强对资本项目的管理、推进利率市场化进程,更好地解决汇率政策与货币政策的冲突问题,保障国民经济的健康可持续发展。

Before 1994, China＇s exchange rate policy and monetary policy were separated from each other, there was no conflict. In 1994, the socialist market economy system was established, then appeared three times exchange rate policy and monetary policy conflicts. The reasons included contradictions between exchange rate stabilization and money supply goal, mechanism failure of interest rate-exchange rate linkage, and capital control failure. In the current circumstances, we should further develop and improve the foreign exchange market, develop and perfect the government bond market, reform and improve the foreign exchange reserve management system, strengthen the management of capital projects, promote the interest rate marketization process, better solve the conflict between exchange rate policy and monetary policy, so as to ensure the healthy and sustainable development of the national economy.