中国利率政策的行为表明,钉住汇率下的独立性是以利率政策的有效性损失为代价。处于对内通货膨胀高涨与对外巨额顺差并存的经济状态下,以单一利率政策应对开放经济的内外平衡目标,显然力不从心。在中国经济日益开放的当今,宏观经济调控需要新的政策工具,或是对既有政策工具赋予新的运用方法。
The action of China' s interest rate policy shows that the independence of interest rate policy is won by the effectiveness losses under the pegged exchange rate. With economic conditions of both a high inflation and a huge trade surplus, a single interest rate policy in open economies is apparently unable to deal with internal and external balance target. In an increasingly open China's economy today, macroeconomic regulation and control need for new policy tools, or the existing policy instruments endued with the use of methods.