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1、MonetaryPolicyandItsValidityinChina學(xué)生姓名：學(xué)號(hào)：學(xué)院（系）：專業(yè)（方向）：國(guó)際經(jīng)濟(jì)與貿(mào)易實(shí)驗(yàn)班Abstract:Afterwhatmaybedescribedasdazzlingmonetarypolicychangesfrom“tight”in2008and“moderatelyloose”during2009-2010tothecurrent“prudent”policy,PBOCisnowfocusingmoreonestablishingasystemframeworkforprudentmacrofinanci
2、almanagement.ThismarksaneweraforChina’smonetarypolicycontrol.ReviewingcurrentmonetarypolicyandscrutinizingitsvaliditywillcarryasignificantimpactforenhancingChina’smonetaryandfinancialtheoryandpolicypractice.ThisessayexplorestheissueofcurrentmonetarypolicyanditsvalidityinChina.Itgiv
3、esanoverviewofmonetarypolicyinChinaanddiscusses4ultimategoalsofmonetarypolicyindetails.TheessayfurtherdemonstratesmethodsofPBOCwhichareusedtoimplementpolicyandthenevaluatethevalidityofeachmethodonebyone.Withthedataofreserverequirementratiosandloananddepositratesinrecentyears,theess
4、ayillustratestheflawofcurrentmonetarypolicyandgivereasonsforthatunderdetailedanalysis.KeyWords:Monetarypolicy,objectives,open-marketoperations,reserverequirements,market-basedinterestrate1.OverviewofMonetaryPolicyinChinaAmonetarypolicysystemincludestheultimateobjective,intermediary
5、objective,andoperationinstruments,andsoforth.Itisaprocessbywhichthemonetaryauthorityofacountrycontrolsthesupplyofmoney,oftentargetingarateofinterestforthepurposeofpromotingeconomicgrowthandstability.Therearetwokindsofmonetarypolices.Narrowmonetarypolicymeansthatthecentralbankusesdi
6、fferenttoolstomanageinterestrateandmoneysupplysoastoachievesomespecificgoalssuchaslowemploymentandeconomicgrowth.Generalizedmonetarypolicymeansallgovernment,centralbankandotherrelateddepartments’activitiestowardcurrency.Afterwhatmaybedescribedasdazzlingmonetarypolicychangesfrom“tig
7、ht”in2008and“moderatelyloose”during2009-2010tothecurrent“prudent”policy,PBOCisnowfocusingmoreonestablishingasystemframeworkforprudentmacrofinancialmanagement.ThismarksaneweraforChina’smonetarypolicycontrol.Reviewingcurrentmonetarypolicyandscrutinizingitsvaliditywillcarryasignifican
8、timpactforenhancingChina’s
