当前中国货币政策的外部环境与现实选择

On Current External Environment and Realistic Choice of China's Monetary Policy

我国现行的货币政策由于日益受到外部环境的影响,出现了货币政策的外生性增强、货币供应量的有效性下降等现象。因此,我国目前的货币政策应将单一目标改变为多重目标,调整中介指标,选择以公开市场业务为主的政策工具,考虑股票市场因素。此外,还要加快利率市场化改革,发展货币市场,不断完善资本市场,以保证货币政策传导机制的畅通和有效。

Current monetary policy in China is increasingly influenced by external environment, and such phenomena as enhancement of extraneousness of monetary policy, lowering down of effectiveness monetary supply occurred. Therefore, monetary policy in China at present should have multiple targets instead of single target and adjust intermediate goals, choosing open market operation as its main policy instrument and taking stock market into consideration. Besides, interest rate market-orientation reform should be quickened, money market should be developed, constantly perfecting capital market so as to ensure an unimpeded and effective monetary policy transmission mechanism.