The Realization Mechanism of China's Monetary Policy Objectives: 2001-2010

• 来源期刊: 中国财政与经济研究（英文版）
• 关键词: Monetary policy Objective Realization mechanism
• 年，卷（期）: 2013,（3）
• 页码范围: 5-18
• 页数: 14页
• 语种: 英文

摘要

This article explores the realization mechanism for the final and interim targets of China's monetary policy from 2001 to 2010.It finds that the three significant price surges in the ten years were not the results of loose monetary policy While maintaining rapid economic growth,China avoided the inflation linked with excess monetary supply.The introduction of total new lending in the interim targets also showed the maturing of China's monetary policy target system.To improve China's monetary operation,three measures need to te taken:firstly,basing stabilizing monetary policy on the trend of the non-food price index within the CPI;secondly,readjusting the definition of money according the different characteristics of transaction money and reserve money;and thirdly,including yuan exchange rates into the intermediate objectives of monetary policy.