中国货币政策操作：成果与挑战

China＇s monetary policy： Achievements and challenges

2008年开始的金融危机使全球经济遭遇重创，也促进了各国货币政策理论与实践的创新。中国央行在这一阶段的货币政策操作上亦有许多独特之处，包括中国货币政策框架转型，重视货币政策目标多重性，协调推进利率、汇率和资本项目可兑换等等，虽然有别于传统教科书理论，但从事后结果来看，效果非常好，为中国防范金融风险，起到了很好的作用。

Though the global economy suffered a heavy loss from the financial crisis since 2008, the crisis, to some extent, has also inspired innovations in monetary policy theories and practices. The monetary policy of China＇s central bank at this stage was featured by the transition of monetary policy framework, the multiplicity of monetary policy objectives, and the coordinated advancement of the interest rate, exchange rate and capital account convertibility reform. The monetary policy practices in China are not in line with conventional doctrines, but they prove to be quite effective, and play an important role in guarding against financial risks in China.