中国货币政策转型浅析

随着中国经济进入结构转型及外汇市场改革,中国基础货币投放正在由过去的外汇占款形式转型为通过多种货币政策工具即短期流动性调节(SLO)、常备借贷工具(SLF)、抵押补充贷款(PSL)和中期借贷便利(MLF)实现。这一系列借鉴国际潮流的货币政策工具创新,为央行实施定向的量化宽松政策提供了载体,并以此引导市场利率向管理层的调控方向靠拢,从而形成新的货币政策传导通道,最终配合和促进实体经济的结构调整及央行的其它宏观经济管理目标。

Analysis of the Transition of Chinese Monetary Policy

With the structural transition of Chinese economy and the reform of foreign exchange market,the supply of Chinese monetary base changed to use SLO,SLF,PSL and MLF. Through the innovation of monetary policy tools, the central bank can put oriented QE policy into practice,guide the market interest close to orientation of manage-ment regulation,conduct new monetary policies, and promote the structural adjustment of real economy and other ob-jectives of macroeconomic management.