国际收支顺差、通货膨胀与货币政策独立性

自2003年以来,我国宏观经济运行状况一直是国际收支顺差和通货膨胀同时并存的局面,货币政策操作面临着巨大的挑战。货币政策的独立性受到诸多因素如操作工具缺乏,人民币升值预期,加息预期等的制约,只有加快汇率弹性浮动,外汇管理制度和外汇储备债券发行等建设才能增强货币政策的独立性。

Surplus of International Balance of Payment, Inflation and the Independence of Currency Policy

Since 2003,China’s macroeconomic operation condition has been the coexistence of international payment surplus and inflation,and the operation of monetary policy faces a huge challenge.The independence of currency policy of China is being affected and restricted by lot of facts such as the shortage of operation instruments,people’s anticipation on revaluation of RMB and increasing the rate of interest.Only by accelerating the construction of elastic floating exchange rate,exchange regulatory system and issuance of the exchange reserve bond,can the independence of currency policy be enhanced.