中国央行公开市场业务操作实践和经验

Open Market Operation: Practice and Experience in China

本文简要回顾了近五年中国货币政策工具改革特别是公开市场业务操作的实践 ,在此基础上指出中国央行公开市场业务操作目标、框架及基本经验。

On the basis of reviewing the reform process of monetary policy instrument in the past five years, especially that of open market operations, the framework, operational target and basic experience of open market operations of the People's Bank of China has been analyzed in this paper. The author pointed out that the major operational target of open market operations of the level of excessive reserve of commercial banks. Meanwhile, interest rate level of money market is also monitored by the central bank; the quantity target of open market operations requires the cooperation between central bank operations in both domestic and foreign currency markets; open market operations need to cooperate with the use of other monetary policy instruments; the infrastructure of open market operations should be strengthened, and the development of money market and bond market should be further promoted. The author ends this article with the outlook on open market operations in the future.