开放经济条件下央行干预外汇市场的效力分析

Efficiency Analysis of Central Bank' s Intervention to Foreign Exchange Market in Open-economy

外汇市场干预的中心问题,就是冲销干预和非冲销干预是否影响汇率以及如何影响汇率的问题。当前,我国中央银行主要是以冲销方式对外汇市场进行干预。但是,这种冲销干预的实践准备不充分,并且受到国内货币市场、财政状况等的制约。

The main problem of the intervention to foreign exchange market is whether charge against intervention and non-charge against intervention can affect exchange rate. At present, the People's Bank of China intervenes in foreign exchange market through charge against intervention, while the practical preparation of this intervention is not adequate , which has been restricted by domestic money market and financial condition.