Forward-looking Monetary Policy Transmission Mechanism And Monetary Policy

The People's Bank of China has cancelled the loan scale control, In January, 1998 This Indicated the China monetary policy entered a new stage. Hereafte, about the China monetary policy theory argue increases day by day.Each viewpoint difference is very big. In particular, China monetary policy conduction valid question,More and more causes the academic circles and the management level takes highly.In 1997, Financial crisis in Asia started and domestic economical many years accumulation contradictory dual influence, Our country economy grows the domestic and foreign environment unprecedented are stern,The China monetary policy operation has faced the unprecedented challenge. And,After entering WTO,the Chinese opening to the outside world degree enhances day by day; The Renminbi exchange rate forms the mechanism to reform the brokenice in this year July 21.According to the theory,the capital freely flows, the currency value stably, the monetarypolicy is independent ,three only may elect two. From now on, in the interest rate, the exchange rate marketability reform, thecirculation of capital control relaxes gradually in environment. Strengthens the monetary policy operation validity as soon aspossible. Effectively carried on the macroeconomic regulation and controlalready imperative.This article first elaborated the monetary policy conduction machine-made theory, including monetary policy validity and monetary policy conduction basic principle, each kind of currency conduction channel and valid argument.Compares with the market economy developed country, our country economical finance as a result of its particularity. The monetary policy conduction mechanism has many is different. Therefore, In second part, author form monetary policy conduction process namely, aspect and so on monetary policy method—...