中国公开市场业务的实践与思考(上)

China's open market operation: Practice and reflection [1]

本文论述了中央银行通过公开市场操作决定自身负债,进而影响金融体系,最终改变实质经济的传导机制,回顾了中国人民银行面对货币政策调控方式改革和实现货币政策目标的双重挑战,启动和不断创新公开市场业务,实现各个阶段的货币政策目标的过程。

This paper focuses on the transmission mechanism in which the central bank utilizes open market operations to determine its own liabilities, influence the financial system, and ultimately transform the real economy. Meanwhile, it retrospects to the process of the PBC's launch and innovations of the open market operation to fulfill the monetary policy objectives at periods of time, while facing the challenge of reforming the adjustment pattern of monetary policies and realizing the monetary policy objectives.