【摘要】 央行票据作为我国当前冲销外汇占款的主要货币政策工具,其可持续性一直以来受到质疑。在分析并预测我国未来资金流动性状况的基础上,考虑到国债、准备金率和利率杠杆等其他货币政策工具在我国实际运用中的种种局限性,从宏观经济的调控大局以及货币政策的有效操作出发,提出了央行票据应当作为冲销外汇占款的长期工具。更多还原

【Abstract】 As the major monetary policy instrument on offsetting foreign exchange reserves in China,the sustainability of central bank notes has been questioned for a long time.Based on the analysis and prediction of the funds liquidity in a few years,and the limitations of other policy instruments in China such as treasury notes,reserve ratio and interest rate,it is argued that central bank notes should be served as a instrument of offsetting foreign exchange reserves in long term.That opinion is consistent with China’s macroeconomic control and the effective monetary policy.更多还原