摘要
当前中国正积极探索构建符合中国式现代化的中央银行制度,完善符合国情的宏观调控体系。推动货币政策调控方式适时转变,是促进宏观金融调控同经济高质量发展需要相适应的重要一环。文章从基础货币投放机制、价格型货币政策操作目标、利率调控模式、市场化利率形成机制及传导机制等角度,对中国货币政策调控方式转型的代表性研究进行了系统归纳和总结。与此同时,文章从基础货币注入主渠道的优化方向、操作目标的选择与培育、中国式利率走廊机制的完善、中国式利率市场化的难点及配套改革等方面,对未来可继续深入研究或拓展的方向进行了分析。研究表明,如何推动国债成为未来中国人民银行向市场投放基础货币的主渠道,如何进一步提升DR的市场基准性和流动性、优化DR的统计、发布、监测和评估机制,如何促进中国式利率走廊与公开市场操作实现有机结合,以及如何在恰当的时机取消存款基准利率、系统推进利率市场化进程、建立更加市场化的存贷款FTP机制等问题将是未来研究的重点和难点。
Currently,China is actively exploring the construction of a central bank system that conforms to Chinese path to modernization,and improving the macro-control system that conforms to the national conditions.The transformation of mon-etary policy regulation is an important part of matching macro-financial regulation with the needs of high-quality economic development.This paper summarizes the relevant research on the transformation of China's monetary policy regulation from the base money injection mode,eestablishing the operational target of price based monetary policy,improving the regulatory mechanism of price based monetary policy,optimizing the market-oriented interest rate formation and transmission mecha-nism,and systematically summarizing the representative research.At the same time,this paper analyzes the potential direc-tions for optimization direction of the main channel for injecting base money,the selection and cultivation of operational tar-get,the improvement of the China's style interest rate corridor mechanism,the difficulties of China's style interest rate mar-ketization,and the supporting reforms of China's style interest rate marketization.The research shows that how to promote treasury bond as the main channel for the People's Bank of China to put base money into the market in the future,how to fur-ther improve the market benchmark and liquidity of DR,optimize the statistical,publishing,monitoring and evaluation mecha-nism of DR,how to promote the organic integration of China's interest rate corridor and public market operation,how to can-cel the benchmark interest rate of deposits and loans at the appropriate time,systematically promote the process of interest rate marketization,and establish a more market-oriented FTP mechanism of deposits and loans will be the focus and difficul-ties of future research.
作者
汪洋
刘腾华
曹晴
Wang Yang;Liu Tenghua;Cao Qing
出处
《南方经济》
北大核心
2025年第1期37-52,共16页
South China Journal of Economics
基金
国家社会科学基金哲学社会科学领军人才项目“多重约束下的中国财政政策、货币政策与汇率政策协调配合研究”(22VRC018)
江西财经大学第十九届学生科研课题“中国式利率走廊机制的完善研究”(20241203152248377)
江西省社会科学基金青马工程项目(24ZXQM42)的资助。
关键词
货币调控方式
基础货币
操作目标
利率走廊机制
利率传导机制
Monetary Policy Regulation Mode
Base Money
Operational Target
Interest Rate Corridor Mechanism
Interest Rate Transmission Mechanism
