公开市场业务实践与货币政策操作方式转变

Since 1997,the People’s Bank of China has been undertaking a gradual shift from direct administrative control to indirect market based control in the conduct of monetary policy.The development of the open market operations is one of the most important shifts in this regard.After the adjustment of various mix of the monetary policy tools,the open market operations have now become a major policy tool.Together with other monetary policy tools,the open market operations have laid the foundation of an indirect monetary control system in China.As an important instrument in achieving monetary policy and other macroeconomic management objectives,the conduct of the open market operations reflects the multiple policy intentions of the monetary authorities.This paper reviews the shift of the means of China’s monetary control and gives a detoilod deseription of the conduct of the open market operations.