| Our country restore open market traffic from 1998, from now on the open market traffic raises gradually in the stance in the monetary policy tool of central bank. And develop a more and more important action to the conditioning of the money supply quantity and the money market rate.In recent years, our country go on to keep double surplus of international payment. Influenced by RMB prospective effect, foreign exchange reserve continuously increase, which causes the central bank foreign exchange have a style of significant increase, makes foundation money passive growth, set the stage for inflation press of domestic economies.Because the our national debt market is imperfection and particularly lacks a short-term national debt, and central bank don't have enough quantity of national debts for open market operation.Therefore, our country can not treat national debt as the tool of open market operation.In this case, our country central bank begin to release central bank note in the interbank the bond market from April 22,2003. From that time on, the central bank note is a kind of independent monetary policy tool to undertaking the mission of adjusting economic system fluidity, and steadying money market rate.But the issue that whether the central bank note has effectiveness has never stopped since the day central bank note was born. And can the central bank note actually be used to adjust to control amount of money supply and money market rate and carry out central bank's intention?We start with the issue that whether the central bank bill can be used as effective facility in open market operation. First,we introduce the basis theory of open market operation and its facilities,experience from home and abroad and the history of the central bank bill.Second,we study the effectiveness of central bank bill throught empirical analysis by the data from 2004 to 2010.then,we point the cost brought by the central bank bill. In the end,we point that the central bank bill is not the best tool of open market operation and put forward the suggestions of improving open market operation.The article put forward the suggestions of improving open market operation, such as improving our money market; quickening step of liberalization of interest bates in china; improving our national debt market; strength the coordination of polices; reforming our foreign exchange administrative system; changing the ways to achieve economic growth, processing the internationalization of Renminbi so as to relief the pressure of central bank. |
