我国汇率政策对货币政策的制约性分析

自2005年7月21日我国实施汇率制度改革以来,我国继续出现贸易、资本双顺差,外汇储备持续高速增加使人民币升值压力继续存在。国外游资的大量涌入,使得我国银行体系出现“流动性过剩”,并凸显通货膨胀压力。央行采取了一系列货币政策措施,包括提高利率、提高法定准备金率、发行央行定向票据等,但是效果并不明显,目前我国流动性过剩问题依然严重,通胀压力仍然存在,货币政策的实施效果严重受到了汇率政策的制约。

Analysis of Exchange Rate Policy's Restriction of Monetary Policy in Our Country

Since the exchange rate system reform was carried out on July 21st,2005,China continually keeps double favorable balance in trade and capital and RMB appreciation pressure still exists due to the quick increase in foreign exchange reserve.The inburst of large amounts of foreign idle fund has caused the 'excess liquidity' in the bank system and the inflation pressure.The central bank of China has adopted a series of money policy measures,including raising the interest rate and the legal deposit reserve rate,issuing the central bank's directional notes etc.However,the effect of money policies isn't obvious.At present the problem of excess liquidity is still serious,the inflation pressure still exists in china.The effect of money policy is greatly restricted by exchange rate policy.