| Finance is the core of modern market economy.And monetary policy plays a significant role either in countries with developed market economy or those in the market economy changeover stage. Since the People's Bank of China alone started to serves as the central bank in the year 1984, it has set down and carried out a series of monetary policies in various periods, and they have played different part in the economic development in specific phrases. However, due to the historical or systematic reasons, monetary policies have not been taken best advantage of, and still under the influence of many factors even if today when we have set up the initiative market economy system. Monetary policy have not been fully implemented in the control of money supply and the macro-economy, it failed to reach the expectation of the central bank. This thesis put great emphasis on the analysis on various factors working on monetary policy in our existing economy and putting forward correspondent suggestive policy as per the establishment and historical innovation of monetary policy of our state.The Thesis contains four chapters:Chapter 1, Brief introduction of monetary policy theories. It introduces the basic theories involved as the bases for monetary policy, which includes monetary policy target, monetary policy tools and monetary policy transmit mechanism, etc.Chapter 2 Retrospection on the fulfillment of monetary policy of our country. It traces back the innovation of our monetary policy till the year 2001 from the year 1984 when our country set up central banking system, taking the changes of monetary policy mechanism as the core. Within this period, the innovation of monetary policy target, monetary policy tools and monetary policy mechanism of our state can be divided into three phases: Phase 1 (1984-1993), phase 2 (1994-1997) and phase 3 (1998-2001)Chapter 3, Various factors influencing the fulfillment of monetary policy of our state. Monetary policy is so complicated a system that it is impacted by many factors from our existing economic reality. This chapter puts emphasis on the analysis from four respects only which work greatly on our monetary policy at present and in the coming future. They are: the impediments of monetary policy mechanism, the demand-stimulating limitation of monetary policy, and the impact on the monetarypolicy from monetary market and the impulse on monetary policy from finance innovation.Chapter 4, Suggestive proposals to improve the fulfillment of monetary policy. Some proposals are put forward based on the analysis of factor above-mentioned so as to enhance the implement of our monetary policy. It includes: to optimize the localized allocation of monetary policy tools, to improve the monetary policy transit mechanism; to better monetary market, to coordinate more efficiently between monetary policy and financial policy, and concrete measures to take to follow finance innovation.Two points are raised in addition to the achievement ever made in this thesis:Point 1. The impact on fulfillment of monetary policy "from finance innovation after our access into WTO.Regarding medium objective of monetary policy, finance innovation lower down the reliability of monetary supply as medi index. It seriously blurs the desired borderlines of monetary supply, strengthen the principal body of monetary supply, and weaken the correlation between monetary supply and the targets of monetary policy. As for monetary policy tools, it impairs the strength of reserve requirement and functions of rediscount policy. Furthermore, finance innovation partly changes monetary policy mechanism. Meanwhile, New risks arising from the avoiding or dispersing of the risks by finance innovation bring more unreliability to our monetary policy.Point 2 .Due to the diverse nature of monetary policy, it plays a different part in transmitting the purpose of monetary policy across various geographical regions. The central bank should optimize the localized allocation of monetary policy with a view to the existi...
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