中文摘要：

流动性效应是利率操作的基础，而随着货币政策透明度和可靠性的提高，预期效应的作用越来越重要。在已有研究的基础上，本文给出了一个有关货币市场利率和中央银行利率引导的理论模型。经验分析表明，我国公开市场操作能够有效引导货币市场利率和利率预期，已具备开展利率调控的基本条件。在对我国的公开市场操作和中央银行利率框架简要分析的基础上，本文进一步讨论了向价格型货币调控转型以及未来利率引导模式等问题。

英文摘要：

After reviewing the practical and theoretical background of central bank interest rate implementation, we point out it is the liquidity effect ensuring the conduct of interest rates. With the improvements of transparen- cy credibility of monetary policy, the expectation effect plays a more and more important role. We provide a theoretical model on the interest rate of money market as well as central bank interest rate implementing. The empirical analysis on China shows open market operations （OMO） can lead market rates and interest rate ex- pectations well. After introducing the OMO and central bank benchmark rate arrangements, we propose the pol- icy suggestions on the reforms of the price - guided monetary policy.