外资流入对中国货币政策的影响及其政策分析

外资的持续流入始终是我国利用国外资源和引进先进技术的重要渠道，也是我国经济增长的亮点。但外资的流入也不是万能的，在我国现行的外汇管理体制下，外资的流入势必造在货币供给量的大量增加，这样中央银行货币政策的自主性必然受到掣肘。笔者就这一问题提出：应改革我国现行的外汇管理体制，加大公开市场业务操作力度，等等，以实现我国中央银行货币政策的主动性和灵活性。

Analysis of Foreign Capital Inflow's Effect on Monetary Policy

The inflow of foreign capital is always the leading channel that our country makes use of foreign resource and learns advanced technology, and also contributes to the economy growth of China. Meanwhile, Just as coin has two sides, foreign capital brings negative effects on our country. Under the current exchange control system, the inflow of foreign capital will extremely increase money supply out of control of the Central Bank. What's more, the independence of monitory policy will be limited. So the article argues, in order to improve the independence and flexibility of the monitory policy, we should reform present exchange control system, enhance the open market operation, and so on.