理解中央银行的五个维度

Understanding the Central Bank

随着政治、经济和社会环境变化,中央银行在宏观调控部门中的角色定位和政策目标相应地发生了细微的变化,央行在宏观调控中的地位上升,金融稳定在货币政策目标中权重上升,货币政策外溢性导致汇率稳定政策的重要性提升。中长期来看,货币政策基调需要在稳健和偏松之间取得平衡,而与此同时,央行的调控效果也开始钝化。

The role and policy objectives of the central bank in macro-economic management have undergone subtle changes in recent years as a result of shifts in the political, economic and social environment. The status of the central bank in macro-economic regulation has been enhanced and financial stability has taken on greater importance in monetary policy goals. At the same time, the central bank's role in maintaining exchange rate stability has also been amplified by monetary policy spillover effects. As the central bank's macro-economic controls display increased effectiveness it is critical that the bank strikes a proper balance between prudent and relatively loose monetary policy over the medium and longer term..