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为了实现货币政策的最终目标,货币当局必须选择一组变量,通过密切观察这些指标的变化,确定如何实施货币政策调控。从历年的实践来看,当前人民银行实施货币政策调控的主要参考指标有以下几个:货币供应量、信贷规模和货币市场利率。进入2000年以来,我国的商业汇票市场快速增长,参与者日益增多,规模不断扩大,利率市场化程度明显提高,对以上指标都产生了显著影响,并由此影响着货币政策的决策和执行。当然,这些影响并不是孤立的,相互之间也存在着联系。
In order to achieve the ultimate goal of monetary policy, monetary authorities must select a set of variables and observe closely the changes in these indicators to determine how to implement monetary policy control. Judging from the historical practice, the following are the main reference indicators for the current PBOC’s implementation of monetary policy control: the money supply, the credit scale and the money market interest rate. Since 2000, China’s commercial draft market has been growing rapidly with more and more participants, an ever-expanding scale, and a marked increase in the marketization of interest rates, all of which have had a significant impact on the above indicators and have thus affected the decision-making and implementation of monetary policies. Of course, these influences are not isolated and there is a connection between them.