中美货币政策的前景及对中国金融改革开放的建议

Prospect of Monetary Policies in China and the US and Suggestions on China's Financial Reform and Opening up

自2015年美联储启动加息周期以来,中美货币政策呈现明显分化趋势,主要表现为两者政策利率、市场利率明显分化,中美央行资产规模一增一减。展望2019年,鉴于中美两国都面临一定经济下行压力,两国货币政策或将殊途同归,但实施方式有较大差异。为更好地服务国内实体经济,下一步中国仍需通过进一步深化金融市场改革开放,缓解中美货币政策差异给金融业带来的影响。

Since the Fed started the interest rate hike cycle in 2015,the monetary policies in China and the United States have shown a divergent trend,which is mainly characterized by the significant divergency in the policy interest rates and the market interest rates of the two countries,and the increase and decrease of the asset scale of the two central banks.Looking forward to 2019,given the downward pressure on both Chinese and the US economies,the monetary policies of the two countries may eventually lead to the same end,yet with major differences in the implementation modes.In order to better serve the domestic real economy,China needs to further deepen the reform and opening up of the financial markets,attempting to ease the impact on the financial industry of the divergent monetary policies.