论开放经济下的汇率政策和货币政策协调方法（On exchange rate policy and monetary policy coordination under open economy）

1、论开放经济下的汇率政策和货币政策协调方法（On exchange rate policy and monetary policy coordination under open economy）On exchange rate policy and monetary policy coordination under open economyKey words: exchange rate policy; monetary policy; coordinationSince the reform of foreign exchange system in 1994, monetary poli

2、cy and exchange rate policy have been issued in ChinaThree conflicts have had a great impact on our national economy. It is these conflicts that have triggered usThe coordination of monetary policy and exchange rate policy. The focus of monetary policy and exchange rate policy is interest rateAnd th

3、e reform of the exchange rate mechanism and the interaction between them and other supporting measures. In this paper, our countrys monetary policyShort and medium term coordination programmes with exchange rate policies and measures to achieve long-term coordination should be proposedDiscussion.Wit

4、h the further commitment of Chinas accession to the WTO, Chinas capital account will be further promotedAt present, the current policy mechanism will also face new challenges from international capital flows. The model of financial development in ChinaMonetary policy will be independent from the cur

5、rent monetary policy independence + exchange rate stability + capital control to monetary policy independence + capital.Free floating + floating exchange rate change. Internal and external imbalances arise in a variety of ways,And it will concentrate on the conflict and coordination between exchange

6、 rate policy and monetary policy.I. short-term coordination programmes(I) stabilizing the exchange rate;Improving the exchange rate is a long-term policy, its impact on economic growth is comprehensive and far-reaching.1, stabilize the RMB appreciation expectationsIf the RMB exchange rate fluctuates

7、 substantially, it will bring a big impact on financial stability, not in line with our countryFundamental interests. At present, the core objective of Chinas monetary policy should be alleviated under the premise of stabilizing the value of the RMBAppreciation pressure. If the market is expected to

8、 rise too high, a large number of speculative hot money inflows, it will guide itselfAppreciation pressure. Therefore, we must stabilize the value of the currency and reduce the market imagination. If a substantial increase, thenIt is difficult to calculate how much at a time. If there is not enough

9、 appreciation at one time, there will be furtherAppreciation of the necessary, this will objectively strengthen the appreciation of the expected, speculative funds will be more influx. If oneSub revaluation is too large, the domestic economic situation will be a sharp decline, the end of appreciatio

10、n is the devaluation of the renminbiStart of value. Therefore, in the appreciation of the problem, the move is better than static.2, efforts to divert appreciation pressureFirst of all, speed up the establishment of strategic material reserve system. In recent years, the dollar continued to deprecia

11、te, gold, stoneOil, copper and other commodities prices continue to rise, Chinas foreign exchange reserves are facing the risk of shrinking,We may consider appropriate purchases of strategic stockpiles of gold, petroleum, silver and copper at the appropriate time so as to be effectiveDefuse the risk

12、 of foreign exchange reserves shrink. If the dollar depreciates, the price of the major strategic material priced in dollars willRise; if the dollar appreciates, the price of major strategic commodities will fall. So, spend the dollar in your handAfter that, the pressure on the appreciation of the l

13、ocal currency will decrease accordingly, no matter what the monetary policy of the United States is going to be, and the outside of our countryExchange reserves are not to be sacrificed.Second, a moderate increase in interest rates to encourage capital outflows. From 2006 to 2007 on the effectivenes

14、s of monetary policyAs a result, the market investors are not very sensitive to the cost of capital usage. A substantial increase in interest rates in some placesThe financing costs of the governments urban construction investment company and its own powerful capital monopoly enterprisesNot loud. Ho

15、wever, many private small and medium-sized enterprises are likely to be broken because of the chain of funds and market AmoyEliminated, this will result in reverse elimination. Therefore, the regulation of investment should focus mainly on energy consumption,Environmental, land and industrial polici

16、es. Can not overestimate the effect of interest rates. In addition, substantiallyThe effect of interest rate increase on attracting international floating capital is obvious, and it will further increase the pressure of appreciation of the local currency.(two) to tighten the liquidity of funds in th

17、e domestic market;1, we may consider further raising the reserve requirement ratioAlthough the central bank has raised its reserve requirement ratio for 10 consecutive times in 2007, it has accumulated 5.5 percentage points, butThe next step is still room for improvement. Raising the legal reserve r

18、equirement ratio is more symbolic than substantial. flowThe banks with better liquidity need only adjust the assets matching slightly, reduce the excess deposit by 1 percentage pointReserve rate, an increase of 1 percentage points of the statutory deposit reserve rate can be.2, should continue to in

19、crease the issue of central bank directed notesShould further increase the central bank directed note issuance efforts, although it will increase the issue costs, but compared to straightThe loss of foreign exchange reserves and the loss of exports plummeted after the revaluation, and this loss is v

20、ery small. FromThe first half of the policy implementation effect, central bank bills are not only the total contraction function, and structure regulationAdvantage。 It is suggested that the time limit for issuing negotiable instruments be appropriately extended, and the profit factor of commercial

21、banks should be taken into consideration, and the bills should be moderately increasedInterest rate.(three) further increase the role of the central bank window guidanceFirst of all, we attach great importance to the risks of excessive growth of loans, and rationally control the delivery of loans. S

22、econdly，We should implement the national macro-control policies and industrial policies, optimize the loan structure, and rationally control the ratio of long-term loansCases. We should strictly control loans to over investment industries, and strengthen the credit branches of the weak sectors of th

23、e economyHold. In addition, we must strengthen the capital restraint mechanism, guard against the risk of bills financing, and achieve sound management.Two, medium and long-term coordination program(1) improving the transmission channels of money market and monetary policy interest rates;1, develop

24、the money marketThe realization of monetary policy through monetary markets and interest rates has a decisive impact on the change of monetary control modelQualitative meaning.(1) increase the subject of the money market, encourage the innovation of the money market, and establish a market maker sys

25、tem in the money market.First, by increasing the money market players, expanding the influence of monetary policy transmission. Further expansion of silverMembers of the interbank bond market, including banking and non banking institutions, are gradually increasing their participation in the foreign

26、 exchange marketMembers. Two is to encourage financial innovation, the development of new money market tools. Only by increasing the money marketTools to meet the needs of different financial institutions and economic entities, and increase the impact of the money market and goodsEffectiveness of mo

27、netary policy. Three is to establish a market maker system, active market transactions. Market makers on the money marketBuying and selling bilateral quotations and transactions is conducive to stabilizing market prices, active trading activities, and meeting the central bankThe need to regulate the

28、 supply of money and to adjust the asset liability structure of financial institutions.(2) vigorously develop the bill market, establish a unified national debt market, and develop money market funds,Form a sound monetary market system.First, the development of the bill market is the focus of the de

29、velopment of Chinas money market. The development of bill market in ChinaBackwardness is an important reason for restricting the transmission of monetary policy. The organization and operation of the bill market should be improvedThe mechanism should focus on the development of negotiable instrument

30、 financing, by encouraging commercial banks to set up ticketsAccording to the franchise institutions, expanding the central bank rediscount, rectifying the order of the instrument market and other means to speed up the bill marketDevelopments. Two is to adjust the structure of national debt issuance

31、, develop the bank counter market, and establish a unified national debt marketField. Through the development of bank counter trading, the small and medium-sized institutions and individual investors form close ties with the money marketContact to form a unified treasury bond market and expand the c

32、overage of the money market. Three to study the countryMoney market fund practices, the development of Chinas money market funds. Funds as institutional investors, on the one handDirect transactions with the money market financial institutions, on the other hand with a large number of small and medi

33、um investors, enterprises and other direct deliveryYi can promote money market transactions and increase the effectiveness of monetary policy transmission.2, speed up the interest rate market process(1) play the guiding role of money market interest rates, and gradually establish a central bank inte

34、rest rate as the basis,withMoney market interest rate is the intermediary, and the interest rate system of the deposit and loan interest rate of the financial institutions is determined by the market supply and demand,Improve the interest rate adjustment mechanism.First, we should promote the develo

35、pment of the commodity market while forming a unified monetary marketOrganic money market interest rate mechanism. The mutual segmentation of money market leads to every sub market of money marketThere is a lack of close links between interest rates and the insufficient development of the money mark

36、et, which limits the interest rate adjustment in the money marketThe guiding role of the interest rate system. Various barriers between the markets should be eliminated as soon as possible, first of allA money market interest rate, and determine the central banks benchmark interest rate.Two is the r

37、eform of the current financial institutions deposit and loan interest rates management measures.Three is to sum up the experience and lessons of the market-oriented reform of the interest rate of treasury bonds, corporate bonds and financial bondsInterest rate liberalization of securities issue.(2)

38、speed up the reform of state-owned commercial banks and state-owned enterprises, and adjust financial institutions, enterprises and residentsPersonal asset structure.First, we should continue to transform Chinas state-owned commercial banks into joint-stock commercial banks. Strengthen an agreement

39、with the bankThe establishment of a sound management mechanism, and only in this way can we make the internal restraint mechanism and incentive of commercial banksMechanism symmetry, in the supply and demand of funds and changes in interest rates, made in line with the market rules of the reaction,

40、conduction monetary policyThe intention of the policy to expand the effect of monetary policy.In the case of fundamental change, interest rates have had a difficult impact on the investment activity of state-owned enterprises. becauseTherefore, we must further promote the reform of state-owned enter

41、prises, adjust the proportion and structure of the state-owned economy, and make the state-owned enterprisesReally as the market players, through competition to obtain funds, so that interest rates play a role in regulating investment.Three, we must adjust the assets and liabilities structure of ent

42、erprises, financial institutions, especially residents. Through developmentIndividual credit business, expand the depth of residents participation in financial activities, encourage financial innovation and adjust residentsThe assets structure changes the situation that the residents financial asset

43、s are excessively concentrated in the bank deposits. Under such circumstances,Residents income and expenditure activities will correspondingly increase interest rate flexibility.(two) to further improve the RMB exchange rate formation mechanism and appropriately relax the fluctuation range of the RM

44、B exchange rateA managed floating exchange rate system allows the exchange rate to move, so that the exchange rate is maintained in a reasonable and balanced mannerOn the level, the basic and stable task falls on exchange rate policy. A flexible and stable exchange rate policy is the answerThe inter

45、national situation and the changing domestic economic situation. Exchange rate stability policy can not distort market mechanismAt the cost, the exchange rate stability should be achieved through more market-oriented intervention and management, and should be realized at the same timeIn the event of

46、 a floating management, the confidence in the renminbi will slowly increase, and the renminbi will be fully convertibleLay a firm foundation.(three) other supporting measures;1, improve the domestic financial market, expand the forward foreign exchange market, and avoid exchange rate riskLong term f

47、oreign exchange trading between banks is mainly based on the forward foreign exchange transactions of the clientsAnd the replacement effect to the spot exchange rate and forward rate premium said, according to the theory of interest rate parity with meChinas interest rate has not yet been market-ori

48、ented reality, the forward exchange rate can be based on the spot foreign exchange supply and demand situation, reference to the central bank re lendingInterest rate, rediscount interest rate to decide, Chinas central bank should be based on the actual operation of the market, less prop city dryWe s

49、hould participate in foreign exchange trading in a fair and moderate manner, and use the interest rate leverage to control the foreign exchange market more.2, the adjustment of foreign exchange reserves, the reform of foreign exchange system, promoting the development of foreign exchange marketWe mu

50、st adjust the foreign exchange reserves, strengthen the self-regulation ability of foreign exchange market supply and demand, and accelerate the system of settlement and sale of foreign exchangeThe reform will change from compulsory settlement of exchange to proportional settlement, and then transit

51、ion to settlement of will, and promote the development of foreign exchange market.The central bank may raise the proportion of the upper and lower limit of the foreign exchange balance of the designated foreign exchange bank by raising the designated foreign exchange ratePlay its reservoir function,

52、Strengthen the autonomy of the central bank in conducting open market operations. Domestic enterprisesThe proportion of foreign exchange settlement can also be flexibly adjusted according to the balance of payments situation.3, let go of the currency derivatives market and allow commercial banks to become the firs