【摘要】 本文对中国的货币政策独立性、汇率制度和资本账户开放度的代表性测度作了系统性梳理和创新性改进。应用改进后的测度，实证结果表明：中国的货币政策独立性同时面临人民币钉住美元倾向、资本账户开放的国内制度约束、全球风险偏好下降和美元升值的外部金融约束；弱化人民币与美元的联系、扩大国内金融市场对外开放能够削弱美元升值对中国货币政策独立性的约束作用。改用文献代表性测度，核心解释变量的系数不再显著，表明本文的测度改进是有效的。最后，本文讨论了中国保持货币政策独立的政策选择。更多还原

【Abstract】 This paper makes systematical reviews and innovative improvements to the measurements of China’s monetary policy independence, exchange rate regime and capital account openness. Applying the improved measurements, the empirical results show that China’s monetary policy independence faces both internal and external constraints. The internal constraints come from the propensity of RMB pegging to the USD as well as China’s outward capital account opening, while the external constraints come from global risk appetite declining as well as the USD appreciation. Weakening the linkage between RMB and the USD and expanding the domestic financial market openness could relieve the constraint effect of the USD appreciation on China’s monetary policy independence. Applying the representative measurements in literature, however, the coefficients of core variables would no longer be significant, and implying our measurement improvements are effective. At last, the paper discusses China’s policy choices to maintain its monetary policy independence.更多还原