论我国公开市场业务机制化的法制建构

On the Construction of Legal System for Mechanism-oriented Open Market Operations in China

随着我国推进宏观调控目标制定和政策手段运用机制化,公开市场业务的法律地位将逐步提升,但是公开市场业务法制发展较为滞后。人民银行应当依据《中国人民银行法》第23条第2款授权通过法制建构推进公开市场业务的机制化,即优化国债、其他政府债券,丰富操作标的,适时取消政策性金融债券和中央银行票据;进一步改进公开市场业务决策、执行程序及权限,增加代表性非银行金融机构的一级交易商比例,从而扩大公开市场业务的传导范围;明确现券交易和回购交易,以及数量招标和价格招标等方式。

With the development of mechanisms for China＇ s macroeconomic regulation and control objectives and the use of policy instruments, the legal status of open market operations （OMO） will be gradually improved, however, the development of legal system for open market operations is lagging behind. The People＇ s Bank of China should facilitate mechanism-oriented open market operations by constructing the legal mechanisms in accordance with the authorization of the second item, Article 23 of ＂Law of the People＇ s Republic of China on the People＇ s Bank of China＂. Namely, the major measures are： optimize treasury bonds and other government bonds, enrich operation targets, and cancel financial bonds and central bank policy instruments in good time ; further improve decisionmaking, procedures and authority of open market operations, and increase the proportion of representative non-bank financial institutions primary dealers so as to expand the scope of conducting open market operations ; clarify spot trading and repurchase transactions, the number tender and price tender, etc.