货币政策与货币市场

Monetary policy and the money market

该文首先回顾了今年一季度国内经济金融运行状况及央行所采取的调控措施,提出要高度关注投资过热等问题;认为货币市场在实现货币政策操作机制从直接向间接转变、传导货币政策信号等方面发挥了重要作用;对中央银行公开市场操作从制度体系建设、不同阶段的目标特点以及所面临的主要问题等方面进行了介绍和分析。

With an introduction discussing China's economic and financial performance in the first quarter 2004 and the central bank's adjustment measures, this paper calls for more attention to overheating investment, and highlights the significant role the money market plays in aspects of shifting the direct operational mechanism of monetary policy to an indirect mechanism, and transmitting monetary policy signals. This paper also elaborates on the central bank's open market operation in terms of system construction, objectives at different stages, and existing problems.