我国中央银行流动性工具箱的创新、演进特点及法律问题研究

An Investigation of the Legal Issues related to the Creation and Evolution of Liquidity Toolbox of the People’s Bank of China

对金融市场流动性予以调控,是中央银行的法定职责。单一货币政策体系下,存款准备金率、基准利率、公开市场业务是我国中央银行流动性工具箱的三大工具;而货币政策与宏观审慎双支柱体系下,则需要在原有流动性工具箱改进的基础上进一步创新。由此,常备借贷便利、中期借贷便利等登上历史舞台。梳理我国中央银行流动性工具箱的创新演进过程,发现流动性调控中存在中国人民银行法律地位不够明确、流动性工具取舍中的法律依据不足、中央银行流动性调控中自由裁量权的边界不清等法律问题,这些均是未来修订、制定法律应予以重视的。只有解决了这些问题,我国中央银行对流动性的调控才能在法律界限内进行,市场的透明度与公平才能强化。

Controlling financial market liquidity is one of the mandates of the People’s Bank of China(PBC).Under a single monetary policy system,deposit reserve ratio,benchmark interest rate and open market operation are important tools in the PBC’s liquidity toolbox.Under the twin pillars of monetary policy and macroprudential regulation,further innovations need to be made after some improvements have already been made to the liquidity toolbox.For this reason,standing lending facility(SLF),medium-term lending facility(MLF)and some other innovations are brought into use.Through combing the creation and evolution process of the liquidity toolbox of the PBC,some legal issues can be discovered from the process of liquidity management.At the moment,there is a lack of legal foundation when deciding which tool from the liquidity toolbox should be used.There is also a lack of legal boundary for the PBC’s acts under discretion when controlling market liquidity.These issues need to be emphasized for future amendments and establishments of related laws.Only after these issues are addressed can the PBC control market liquidity within the boundary of law and the openness and fairness of the market be guaranteed.