货币替代与中国货币政策独立性分析

Analysis of Currency Substitution and Monetary Policy Independence of China

所谓货币替代是指一国居民因对本币的币值稳定失去信心,或本币资产收益率相对较低时发生的大规模货币兑换,从而使外币在价值贮藏、交易媒介和价值尺度等货币职能方面全部或部分地替代本币。本文通过对中国外汇体制改革过程中货币替代对货币政策独立性的影响分析,引发中央银行如何保持货币政策独立性的探讨。

The so-called currency substitution is that when a country's residents lose their confidence on the stability of local currency, or when the adjusted return of local currency on assets is lower than the normal level, the large-scale money is exchanged, thus the foreign currency wholly or partly substitute the local currency functions, such as the store of value, intermediary of exchange and measure of value. This paper analyzes the influence on monetary policy independence in the course of China foreign exchange system reform, and initiates the discussion of how central bank keeping monetary policy independence in China.