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我国针对经济过热采取的紧缩性货币政策没有取得预期效果的主要原因有:货币市场中利率未能完全市场化,导致货币政策传导机制受阻;外汇市场中大量外汇储备的存在和大量国际游资的涌入,对我国货币政策独立性产生冲击;资本市场中公开市场不完善等。为完善金融市场,发挥货币政策调控宏观经济的效果,应将SHIBOR作为新基准利率逐步完善;建立国际游资准入制度;放松人民币汇率管制;开放公开市场业务,充分利用国债市场;加强证监会和行业自律组织作用等。
The main reasons why the tightening monetary policy adopted by our country aimed at overheating did not achieve the expected results include: the interest rate in the money market has not been fully marketized, which has impeded the transmission of monetary policy; the existence of a large amount of foreign exchange reserves in the foreign exchange market and the influx of a large amount of international hot money The impact on the independence of China’s monetary policy has an impact; the open market in capital markets is not perfect and so on. In order to improve the financial market and give play to the effect of monetary policy on macroeconomic regulation, SHIBOR should be gradually refined as a new benchmark interest rate; the establishment of an international system of access to hot money; the easing of the RMB exchange rate regime; the opening up of the open market to the full use of the national debt market; Industry self-regulatory role and so on.