央行数字货币发行对我国货币政策框架的影响

Impact of Central Bank Digital Currency Issuance on China’s Monetary Policy Framework

近年来,在比特币和Libra的冲击下,多国中央银行开始研发央行数字货币。央行数字货币作为一种新的货币形式,必然对一个国家或经济体的货币政策框架产生重要影响,也直接关系着货币政策的实施效果及对经济的贡献。本文通过对数字货币概念的界定与相关理论分析,结合我国央行数字货币的内涵,从货币政策的工具体系、目标体系及传导机制三个层面,探讨央行数字货币发行对我国货币政策框架的影响。本文认为央行数字货币发行尽管会对货币政策框架产生一些不利影响,但总体有助于货币政策有效性的提升,并提出了要不断完善货币政策工具箱,积极发挥利率机制的作用、切实注重价格型调控、持续优化货币政策目标体系、努力加强货币政策传导渠道的联动效应等建议。

In recent years,under the impact of Bitcoin and Libra,many central banks around the world have begun to develop central bank digital currencies.As a new form of currency,the central bank digital currency will inevitably have an important impact on the monetary policy framework of a country or economy,and is also directly related to the implementation effect of monetary policy and its contribution to the economy.Through the definition of the concept of digital currency and related theoretical analysis,combined with the connotation of digital currency of Chinese central bank,this paper discusses the influence of digital currency issuance of Chinese central bank on China’s monetary policy framework from three aspects of monetary policy tool system,target system and transmission mechanism.It is believed that although the issuance of the central bank’s digital currency will have some adverse effects on the monetary policy framework,it will generally help improve the effectiveness of monetary policy.It also puts forward suggestions to constantly improve the monetary policy toolbox,actively play the role of the interest rate mechanism,effectively pay more attention to price-based regulation,and strive to strengthen the linkage effect of monetary policy transmission channels.