The Research Of The Monetary Policy Selection On The Path Of RMB Appreciation

Along with the Continuously pushing forward of the reform of RMB Exchange rate mechanism after 2005, the gradually kind of appreciation has become the main posture. Under such a background, additionally, under the international finance crisis which made an enormous impact on the global economy, there has make up some problems on the economy of China: higher inflation, slower economic growth, serious unemployment problem. Facing such problems, our country has used some Macro-control policies especially monetary policies to respond. But the monetary-control policies have made a weak role and have very long lag.Sophisticated market economy countries now more and more often us monetary policies to control the macroeconomy. But the problems which come forth in the using of monetary policies on the path of RMB appreciation in our country mean that there has conflict between the RMB exchange rate policy and the monetary policy. This paper define the conflict as the monetary policy selection has some content and structure problems on the path of RMB appreciation. Under such background and study signification, this paper use theory analysis method to research RMB appreciation process, drivers and trends juagement and the content and structure problems in our country's monetary policy selection basing on the concept of monetary policy and common selection, use comparative analysis method to summarize the historical experiences of Japan and Germany which had faced the problem of money appreciation along with the high speed economy grow, use demonstration analysis method to especially research the economic performance of the money supply and the interest rate which are used as inter-target of monetary policy and to make a judgment that whether the money supply and the interest rate are suitable as inter-target of monetary policy.There has come out some main conclusions after the research of this paper: 1. RMB should insist in a gradually kind of appreciation; 2.veloriving should be the most important final-target of China's monetary policy; 3.inside-equilibrium should be the start line when implement monetary policy; 4.0ur country need to implement tight monetary policy now; 5. the money supply and the interest rate are not suitable as inter-target of monetary policy nowadays. The central bank of China can use inflation rate as the inter-target of China's monetary policy from now on.