The Choice Between Regularity And Discretion On China's Monetary Policies And Positive Analyses

The debates on operational guidelines of monetary policies have continued for a long time, and mainly focus on which one is the better for the requirements of economic development between regularity and discretion. Under the different historical and economic conditions, regularity and discretion alternately obtain dominant situation in theoretical areas. What's more, some scholars put forward viewpoints which conciliate regularity and discretion. People can't shape into agreement, but it is doubtless that every country should adopt the optimum operational guidelines of monetary policies according to her practical statuses.China is a large developing country. On the one hand, sustainable and stable economic growth is one of our unshakable targets. On the other hand, China plays more and more important role complied with her economic development phase in international society. China's operational guidelines of monetary policies not only relate to realization of domestic targets, but also affect other countries, especially including circumjacent developing countries, who in virtue of spillover effects closely tied up with China's economy. For the sake of promoting China's economic growth based on maintaining stable internal and external value of RMB, China's operational guidelines of monetary policies should make intermediate indexes of monetary policies stabilize domestic price level, exchange rates and the growth rate of real gross domestic product in the most effective way. How to choose the operational guidelines of monetary policies should depend on the targets and the intermediate indexes of monetary policies. We can pertinently solve the problem of how to choose the operational guidelines...