Optimization Of The Tools Of Monetary Policy In Our Country Under The New Economic Normal Background

Monetary policy refers to the central bank in order to achieve a specific goal to take a variety of economic control, regulating the money supply or the general term for the amount of credit guidelines and policies as well as the means of a series of measures.Monetary policy is an important way of China’s macroeconomic regulation and control, and the implementation of appropriate monetary policy in a specific period can promote the realization of economic development goals.As China’s economic growth rate by the rapid development of the shift to low-speed development, economic development from the total growth to "steady growth, structural adjustment" change, economy shift into the growth period, structural adjustment pains, pre-stimulus digestion period of "three superimposed" stage.The variety of deep-seated, structural contradictions and problems existing in China’s current economic development have become increasingly prominent, which has become one of the major challenges facing the long-term stability of economic development. We should adjust the economic structure gradually in order to achieve the sustainable economic growth of a higher quality. Financial regulations are indispensable economic means in adjusting economic restructure and transforming economic development mode. In the economic "new normal" background, monetary policy tends to "normalization" of monetary policy to convert the "new thinking" in the regulation of thinking, the use of "new tools" in the regulation of the way, to increase innovation and monetary policy tools constantly enrich monetary policy tools, baskets.Therefore, this article from the New Economy normal "three overlay" connotation and "high speed, excellent structure, new power, many challenges" the basic characteristics of start-depth analysis of the economic impact of the new normal for China’s monetary policy, from foreign and domestic two large areas to analyze monetary policy environment faced, under the background of recognizing the new normal, the general idea of monetary policy in the past is different, less future monetary policy adjustment, large systematic adjustment of the total, but with the structural adjustment combined with local orientation adjustment mainly to promote steady growth plays an active role.The next article in turn three modules from the quantitative monetary policy tools, price-based monetary policy instruments and innovative monetary policy tools to discuss, respectively an overview of the various monetary policy tools to explain the effect of three aspects of the regulation and constraints, innovative results compared to traditional monetary policy tools of monetary policy tools it has unparalleled advantages, flexibility, initiative, structural adjustment features are pushing us to keep monetary policy instruments and innovation.Then the author focuses on the analysis in the context of the new normal, monetary policy tools in order to optimize the challenges we face, and to propose appropriate policy recommendations. Recommendations are as follows:First, the optimization of the number of policy tools, and steadily reducing the statutory reserve ratio, creating differentiated regulation by the rediscount rate and the positive development of the bond market, increasing the proportion of direct financing; the second is the price-based policy tool optimization, release the deposit interest rate controls to achieve the interest rate market, the yuan central parity pricing mechanism reform and a rich variety of foreign exchange transactions, to avoid the risk of exchange rate fluctuations; the third is the optimization of innovative policy instruments to improve the transparency of innovative tools and appropriate to broaden the operation objects and hostage (collateral) and lay the innovative range of monetary policy instruments portfolio.