我国的央行票据发行与公开市场操作

央行票据是由中国人民银行发行、用以对冲外汇占款的短期债券,是我国实施公开市场操作的主要工具.它是我国外汇大量持续流入、国债市场不发达、央行资产负债结构不合理的产物.央行票据这种替代性操作工具和国债相比,利息成本的承担机制不同.央行票据的利息支付构成了新的货币扩张因素,呈现“反对冲”效应,增大通胀压力,其对冲操作效率也不断降低.与发达国家相比,我国目前还不存在成熟的公开市场操作,未来我国应努力建设多层次发达的国债市场,以提高公开市场操作的效率和货币政策的有效性.

THE ISSUANCE OF CENTRAL BANK BILLS AND OPEN MARKET OPERATIONS IN CHINA

The central bank bill was a kind of short-term bonds,which was issued by the central bank for hedging the foreign exchange inflows.This kind of bonds was the main tool for the open market operations,to solve the problems of plenty of continuous foreign exchange inflows,underdeveloped national debt market and the irrational structure of assets and liabilities in China.Compared with the national debt,the central bank bill,which was regarded as an alternative tool,formed a different mechanism of interests shar...