| 建立以利率为中间目标的货币政策新框架 |
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| 引用本文：彭兴韵1，2,欧明刚3.建立以利率为中间目标的货币政策新框架[J].财经理论与实践,2025,(1):2-11 |
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| 中文摘要:20世纪90年代中期开始，中国建立了以货币供应量为中间目标的货币政策框架。2018年政府不再宣布M2的调控目标，这意味着中国事实上放弃了以货币供应量为核心的数量型货币政策框架。建立以利率为中间目标的货币政策框架已经成为学术界与管理层的共识。尽管中国人民银行曾尝试建立市场化的利率调控机制，但它并不是以利率为中心的货币政策框架。中国建立新的货币政策框架，首先需要明确选择作为货币政策中间目标的指标利率,隔夜回购利率是比较好的选择，同时要完善利率走廊机制，使利率走廊收窄并变得更加灵活；其次，在法定存款准备金率正常化的基础上，建立中央银行贷款和基于国债买卖的公开市场操作相结合的政策工具组合。为此，需要发挥再贷款或再贴现的第一级市场流动性调控功能，扩大国债发行规模，丰富国债品种，完善公开市场操作，促使利率平滑化和引导利率期限结构。 |
| 中文关键词:货币政策框架 中间目标 政策工具组合 |
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| Establishing a New Monetary Policy Framework with Interest Rate as the Intermediary Target |
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| Abstract:Since the mid-90s of the 20th century, China had established a monetary policy framework with money supply as the intermediary target. In 2018, the government stopped announcing M2 targets, which means that China has de facto abandoned the quantitative policy framework centered on the money supply. The establishment of a monetary policy framework with interest rates as the intermediary target has become the consensus of the academic community and policy makers. Although the PBOC has trying to set up a market-based interest rate control mechanism, it is not an interest-centered monetary policy framework. To establish a new monetary policy framework, firstly, China needs to clearly choose the benchmark interest rate as the intermediary target of monetary policy, the overnight repo rate should be the right choice, and at the same time, it is necessary to improve the interest rate corridor mechanism by narrowing the corridor and making it more flexible. Secondly, on the basis of the normalization of the required reserve ratio, a combination of central bank loans and an open market based on the purchase and sale of government bonds will be established. To this end, it is necessary to give full play to the function of managing the liquidity of the first-level market for central bank’s lending or rediscounting, expand the scale of treasury bills and bonds issuance, enrich the varieties of government bonds, improve open market operation, promote the smoothing of interest rates, and guide the term structure of interest rates. |
| keywords:monetary policy framework intermediary target combination of policy instruments |
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