monetary policy and its validity in china中国商务环境

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1、MonetaryPolicyandItsValidityinChina学生姓名：学号：学院（系）：专业（方向）：国际经济与贸易实验班Abstract:Afterwhatmaybedescribedasdazzlingmonetarypolicychangesfrom“tight”in2008and“moderatelyloose”during2009-2010tothecurrent“prudent”policy,PBOCisnowfocusingmoreonestablishingasystemframeworkforprudentmacrofinanci

2、almanagement.ThismarksaneweraforChina’smonetarypolicycontrol.ReviewingcurrentmonetarypolicyandscrutinizingitsvaliditywillcarryasignificantimpactforenhancingChina’smonetaryandfinancialtheoryandpolicypractice.ThisessayexplorestheissueofcurrentmonetarypolicyanditsvalidityinChina.Itgiv

3、esanoverviewofmonetarypolicyinChinaanddiscusses4ultimategoalsofmonetarypolicyindetails.TheessayfurtherdemonstratesmethodsofPBOCwhichareusedtoimplementpolicyandthenevaluatethevalidityofeachmethodonebyone.Withthedataofreserverequirementratiosandloananddepositratesinrecentyears,theess

4、ayillustratestheflawofcurrentmonetarypolicyandgivereasonsforthatunderdetailedanalysis.KeyWords:Monetarypolicy,objectives,open-marketoperations,reserverequirements,market-basedinterestrate1.OverviewofMonetaryPolicyinChinaAmonetarypolicysystemincludestheultimateobjective,intermediary

5、objective,andoperationinstruments,andsoforth.Itisaprocessbywhichthemonetaryauthorityofacountrycontrolsthesupplyofmoney,oftentargetingarateofinterestforthepurposeofpromotingeconomicgrowthandstability.Therearetwokindsofmonetarypolices.Narrowmonetarypolicymeansthatthecentralbankusesdi

6、fferenttoolstomanageinterestrateandmoneysupplysoastoachievesomespecificgoalssuchaslowemploymentandeconomicgrowth.Generalizedmonetarypolicymeansallgovernment,centralbankandotherrelateddepartments’activitiestowardcurrency.Afterwhatmaybedescribedasdazzlingmonetarypolicychangesfrom“tig

7、ht”in2008and“moderatelyloose”during2009-2010tothecurrent“prudent”policy,PBOCisnowfocusingmoreonestablishingasystemframeworkforprudentmacrofinancialmanagement.ThismarksaneweraforChina’smonetarypolicycontrol.Reviewingcurrentmonetarypolicyandscrutinizingitsvaliditywillcarryasignifican

8、timpactforenhancingChina’s