中国货币政策中间目标的演变及选择

The Evolvement and Selection of the Middle Goal of Our Country's Currency Policy

贷款规模作为我国货币政策中间目标已基本完成了历史使命,货币供应量这一中间目标在可测性、可控性和与最终目标的相关性上均存在着明显的问题,而直接转向盯住最终目标的做法也不符合我国的国情。因此,随着我国市场化利率体制的确立,利率最终将具备独立承担中间目标的重任。

Loan scale acting as the middle goal of our country's currency has basicly finished its historical mission.The middle goal of the number of currency supply has caused obvious problems in the quality of measure,control,and the relation of the final goal,while the method of directly staring at the final goal does not correspond to our country's situation.As a result, with the establishment of the system of our country's market interest rate,the interest rate will independtly shoulder the important task of the middle goal at last.