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本文实证研究了2005年7月21日汇率制度改革前后我国的汇率制度弹性、资本流动性和货币政策自主性的系统变化情况.研究结果表明,汇改后我国汇率制度弹性增强,资本流动性减弱,同时利率政策自主性增强,但货币数量政策则由汇改前的具有自主性变为缺乏自主性;在我国通过增强汇率制度弹性以提高利率政策自主性是可行的,但对货币数量政策并不成立.研究结果同时也表明,我国应以利率为货币政策中介目标.“,”This paper empirically studies the changes of elasticity of exchange rate regimes, capital mobility and autonomy of monetary policies before and after the reform of exchange rate regime on July 21, 2005. The study shows that after the reform, the elasticity of exchange rate regime was enhanced, capital mobility became weakened, and the autonomy of interest rate policy was improved, howev- er, the monetary quantitative policies became lack of autonomy. The results also show that it is feasible to improve the autonomy of interest rate policy by enhancing the elasticity of exchange rate regime, but which is not necessary to improve the autonomy of monetary quantitative policies. Furthermore, it is shown that interest rate policy should be based as the intermediate target of the monetary policy in China.