Starting from the analysis on the effectiveness of China＇s monetary policy under WTO, this paper advocates that reforms of the operating system of domestic monetary policy and the foreign exchange regime should be ca...Starting from the analysis on the effectiveness of China＇s monetary policy under WTO, this paper advocates that reforms of the operating system of domestic monetary policy and the foreign exchange regime should be carried out in a combined manner. It also touches upon the coordination of exchange rate and interest rate polices. To improve the effectiveness of China＇s monetary policy, it is necessary to shift from the fixed exchange rate regime to the managed floating foreign exchange regime, gradually strengthening the central bank＇s rational control over the foreign exchange market and its construction of China＇s monetary market. It is also of great significance to improve the sterilization operation to guard against the internal fluctuations of money supply.展开更多
文摘Starting from the analysis on the effectiveness of China＇s monetary policy under WTO, this paper advocates that reforms of the operating system of domestic monetary policy and the foreign exchange regime should be carried out in a combined manner. It also touches upon the coordination of exchange rate and interest rate polices. To improve the effectiveness of China＇s monetary policy, it is necessary to shift from the fixed exchange rate regime to the managed floating foreign exchange regime, gradually strengthening the central bank＇s rational control over the foreign exchange market and its construction of China＇s monetary market. It is also of great significance to improve the sterilization operation to guard against the internal fluctuations of money supply.
