The Role Analysis Of Commercial Banks’ Behavior In Monetary Policy Transmission Mechanism

As the core area in the study of monetary policy, monetary policy transmission mechanism is also significant in commercial study. The development of developed countries and China’s financial market has shown, inter-bank bond market is the important channel and platform, the central bank to implement monetary policy, the market is of great significance to the monetary policy transmission. With the growth of both financial reform deepening, interest rate marketization and inter-bank bond market, commercial banks raised their own independence and ability of creating. Besides, the effects of commercial banks on inter-bank bond market further influenced the intended purpose and efficiency of monetary policy. How to improve the efficiency of monetary policy transmission mechanism through commercial banks to inter-bank bond market,and the each link related and influence factors in the process of conduction, realize the inter-bank bond market, commercial Banks behavior positive interaction, and the central bank’s monetary policy has become a new topic.In 2013, frequent fluctuations occurred within domestic interbank bond market, the economy maintained a weak recovery state, with the advancement of marketization of interest rate, financial innovation of the related launch, the magnitude of the central bank monetary policy is rare. The emergence of the ‘money shortage’ again remind the importance of liquidity in the market. Money market rates were appeared two swings, inter-bank bond market yields the overall rise, the price of the bond market fell to their lowest since 2002, the biggest drop.Research of this article is based on the analysis of the inter-bank bond market in 2013, in line with the attitude of from set out actually, the writer introduces the related theory of monetary policy transmission mechanism model, expounds several aspects of the monetary policy transmission mechanism, the monetary policy transmission in the process of implementation of the carrier, introduces the commercial Banks behavior through the inter-bank bond market influence on monetary policy transmission, low efficiency of mechanism transmission process is analyzed. Combined with 2013 commercial Banks’ behavior, inter-bank bond market, and the transmission of monetary policy interplay between the three, the analysis of the fundamental relationships and interactions between the three ways, and then verify the articles from the causes of the monetary policy transmission and low efficiency of the link. In view of the commercial bank behavior through the inter-bank bond market on monetary policy to promote and inhibit expansion analysis, on the low efficiency of the link related policy suggestions and improvement measures are put forward.