直达实体融资工具:稳健货币政策如何更加灵活适度

Entity-Oriented Financing Tools:How Can Robust Monetary Policies Be More Flexible and Moderate

文章详细分析了央行两个直达实体货币工具的交易结构细节、作用机制和原理等,指出工具内核是附带条件的优惠流动性投放,暗含着货币端稳就业的两条政策思路。文章进一步展望了创新货币工具对市场流动性和社融规模的影响,探讨了更灵活适度的货币调控的特征和思路。

The article analyzes in detail the trading structure,functioning mechanism and principles of the central bank’s two entity-oriented monetary policy instruments,and points out that the core of such instruments is the conditional and preferential liquidity injection,which contains two policy ideas aiming at stabilizing employment from the monetary side.The article further analyzes the possible impact of innovative monetary tools on market liquidity and aggregate financing to the real economy,as well as the characteristics and ideas of the monetary policy regulation that is more flexible and moderate.