货币政策操作框架转型及货币政策工具的使用

Monetary Policy Operational Framework Transformation and Usage of Monetary Policy Tools

中国央行的货币政策框架可以大体区分为两个阶段,其直观表现在央行在金融市场中政策地位的变化上。在不同阶段,央行所使用的政策工具都有各自的特点和目的。研究回顾了央行货币政策操作框架的转变历程以及不同阶段各类政策工具的使用及目的,现阶段央行主要是通过各类主动性的工具来投放流动性,因此货币形成的外生性在逐步增强。这虽然强化了央行的政策约束力,但可能会对金融机构的业务拓展有一定影响。央行在未来需要进一步改革政策框架机制,探索更多为非银金融机构提供流动性的渠道,以有效维持各类市场参与主体的经营预期,更好地服务于实体经济发展。

The monetary policy framework of China’s central bank can be divided into two phases,which directly reflected at the central bank policy changes in the status of the financial markets.At different stages,the policy tools used by the central bank have their own characteristics and objectives.This paper reviewed the central bank’s monetary policy operation framework transformation process and kinds of policy tools’usages and purposes in different phases.Now the central bank provides liquidity primarily through a variety of proactive tools.Therefore,the exogenous nature of the currency has strengthened gradually.This strengthened the policy binding,however may limit the financial institutions’business development and the support for real economy.The central bank needs to reform the policy framework mechanism in future,explore more channels to provide liquidity to non-bank financial institutions,so as to maintain the operation expect of various market participants and serve for the real economy development better.