对我国当前货币选择的几点思考

货币是指央行为了实现经济发展目标而采用的货币供给变化以及利率调整等措施的总称，货币本身有广义与狭义之分，狭义的货币仅仅是指央行进行货币供应量的一个，主要包括信贷、利率、外汇等，广义层面的货币则是指央行以及其它相关部门采取的一切影响金融运用的策略总和。自从2008年世界金融危机爆发之后，我国常常一段时间采用了激进的货币，从而导致了一系列通胀问题，为了抑制通胀，国家开始不断改变以往冒进的货币。而随着经济发展增速放缓，经济下行压力居高不下的情况下，货币再次到了需要改变的关头，如何进行货币，从而保障经济未来平稳发展，这成为了货币当局必须要深入思考的一个课题。

一、货币概述

1.货币分类

按照货币的具体影响可以将货币划分为积极货币以及稳健货币，积极货币是指通过利率、存款准备金率的下井来释放大量的货币，增强市场流动性，从而刺进总产出的增加。文件货币则是指减少货币供应量，降低市场流动性，从而抑制经济过热情况的产生。一般来说，当经济增长幅度下滑，通缩情况明显的情况下，就需要实施积极的货币，当经济过热的时候，则需要采用稳健的货币。

2.货币操作目标

从货币的操作目标来看，各个国家央行主要采用的货币主要包括短期利率、银行存款准备金率以及基础货币等等，短期利率的上升可以灵活的调节货币量的供给以及需求，利率上升则回避回流银行，利率下降则货币从银行流出。银行存款准备金决定了银行可用资金的多少，如果国家提升存款准备金率，则银行可用资金减少，反之可用资金则

会增加。基础货币也被称为高能货币，主要包括银行存款、流通中的货币、公众持有的现金等等，央行可以通过公开市场操作来减少或者增加基础货币的数量，从而影响经济目标。

二、经济新常态下货币目的

目前我国经济发展步入了新常态，具体表现就是经济增速下滑，经济结构优化、经济驱动要素改变，在这种情况下，需要货币适时调整，从而确保的经济发展目标的实现。而经济新常态下货币目标具有多重性，不仅仅包括经济稳定增长以及充分就业，还包括经济结构优化以及利率水平的稳定，具体阐述如下。

1.实现经济稳定增长

稳增长目前是我国经济发展的主要目标，只有经济保持适度的增速，才能够实现充分就业、财富增加，目前我国经济增速已经从高速增长转变为低速增长，在这种情况下，货币需要服从于经济增长目标的要求，我国未来很长一段时间内，经济增速将会保持在7%左右的水平，货币的设计要有助于这一经济增长目标的实现。

2.促进社会充分就业

就业事关国计民生，只有充分就业，社会才能够稳定，因此货币需要考虑充分就业的问题，充分就业一般在经济保持一定的增速情况下才能够实现，当经济增速下滑的时候，充分就业目标就很难实现充分就业。从这一角度来说，货币要考虑到对于实体经济的支撑，创造更多就业岗位。

3.促进经济结构优化

经济新常态的重要特征就是经济结构持续优化，这也是我国未来经济发展的主要任务，经济结构优化中，货币作用很大，货币需要向国家大力支持产业进行倾斜，举例而言，信贷投放要具有方向性，大力支持新兴产业、第三产业等等，实现经济结构的不断优化。

4.稳定汇率水平

汇率是一个国家货币在国际市场上的稳定性，我国是一个贸易大国，外贸被誉为拉动我国经济发展的三驾马车之一，由此可见每年进出口在拉动经济发展的重要作用，而汇率是否稳定将会直接影响进出口贸易，举例而言，如果人民币升值，则会导致进口的增加，出口的减少，反之则会带来出口增加，进口减少，因此货币需要注意汇率水平的稳定，保证对外贸易的稳定发展。

5.稳定物价

物价稳定是经济社会稳定运行的基础，积极的货币下，随着货币供应量的增加，会导致通胀的产生，从而使得物价上涨，稳健货币下，则会带来一定的通缩，物价会出现下降。货币制定中需要考虑问价问题，避免物价波动幅度太大。很多时候物价稳定与充分就业之间是相互冲突的，物价上涨会导致就业减少，因此在考虑各种目标的情况下，很容易导致货币的无所适从。

上述各个目标虽然都是货币设计中需要考虑的内容，但是在不同的发展阶段，这些目标的重要性是不同的，某一时间段需要重点考虑稳定物价，某一阶段则需要重点考虑就业。

二、当前我国货币选择

当前我国经济发展遭遇到了很多的挑战，这些挑战需要采用更加灵活有效的货币来进行化解，从货币的类型来看，我国未来一段时间内要采用积极的货币类型，进一步的刺激经济增长，确保经济增速保持在一个相对稳定的水平。

1.降低存款利率

我国目前经济增速以及滑落到了2008年以来的最低位置的，制造业景气指数更是长期处于低位，这种情况下，需要进一步的降低存款利率，释放出来更多流动性。目前实体经济存在资金短缺的问题，大量的企业因为融资款或者融资成本太高而出现倒闭潮的情况，因此针对实体经济的苦难，国家要降低存款利率，降低企业融资成本，使得更多的资金从银行流出，支持实体经济的发展。

2.降低存款准备金

降低存款准备金率也是释放流动性的重要手段，我国经济目前正处于一个低谷阶段的，在市场信息不足的情况下，仅仅是降低存款利率，货币力度依然不够，资金从银行的净流出依然不是很理想。加上目前存款准备金率相对较高，因此在货币方面还有很大的操作空间，需要通过降低银行的存款准备金，来让银行有更多的资金发放信贷。

3.稳定人民币汇率

最近一段时间我国人民币汇率不是很稳定，人民币汇率一改多年兑美元升值的趋势，人民币出现了大幅度的贬值情况，这说明了大量的外资正在从国内加速逃离，人民币正在

被抛售。鉴于人民币汇率稳定的重要性，当务之急就是要动用我国雄厚的外汇储备来干预外汇市场，抛售美元，吸纳人民币，保持人民币币值的基本稳定，避免因为人民币发生大幅度贬值而带来的一系列金融危机。我国要在加快人民币国际化步伐的同时，完善人民币汇率的报价机制，彻底改变人民币持续贬值的基础所在，提升国际市场对于人民币的信心。

货币的选择需要遵循相机抉择机制，在我国经济困难的情况下，积极的货币是我国未来的必然选择，我国需要根据经济发展目标来进行货币的合理选择，综合运用利率、存款准备金率、公开市场操作、汇率等一系列的货币措施，全面干预货币量的供需，为经济发展释放出来更多的流动性，进一步的支持实体经济的发展，从而实现为实现经济发展目标夯实基础。

Monetary policy is a general term of the central bank in order to realize the goal of economic development and the changes of money supply and interest rate adjustment measures, monetary policy itself is divided into broad sense and narrow sense. The narrow monetary policy is only refers to the central bank for a control of the money supply, and mainly comprises a credit policy, interest rate policy, foreign exchange policy, general level of monetary policy is refers to the central bank and other relevant departments to take all affect the financial application strategy sum. Since the outbreak of the world financial crisis in 2008, our country is often a period of time the aggressive monetary policy, leading to a series of inflation problems, in order to curb inflation, the state began to constantly change the previous aggressive monetary policy. And with the slowdown in economic development, under the high pressure of the economic downturn, monetary policy again to need to change the key, how monetary policy, so as to ensure the future economic stable development, which became the

monetary authorities must think deeply about a topic.

An overview of monetary policy

1 Classification of monetary policy

According to the specific impact of monetary policy can be monetary policy is divided into the positive monetary policy and a prudent monetary policy, the positive

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www.chengxinxy.com interest rates, the deposit reserve ratio of well to release large amounts of money, and enhance market liquidity, to pierce the increase of total output. Document monetary policy is to reduce the amount of money supply, reduce market liquidity, thereby inhibiting the production of economic overheating. Generally speaking, when the economic growth rate fell, the situation of deflation is obvious, it is required to implement a positive monetary policy, when the economy is overheating, you need to adopt a prudent monetary policy.

2 monetary policy operational objectives

From the point of view of the operation target of monetary policy, each country the main use of the central bank monetary policy mainly includes short-term interest rates and bank reserve rate and the base money and so on, the rise in short-term interest rates can flexibly regulate the quantity of money supply and demand, rising interest rates is to avoid the return of bank, a decline in interest rates money from the bank outflow. Bank deposit reserve determines the amount

of bank funds available, if the country to raise the deposit reserve ratio, the bank can reduce the availability of funds, otherwise the funds will increase. The monetary base also known as high energy currency, including bank deposits, the circulation of money, held by the public cash and so on, the central bank can through open market operations to reduce or increase the amount of monetary base, thus affecting the economic goals.

Two, the economic new normal monetary policy purposes

At present, China's economic development into the new normal, specific performance is the slowdown in economic growth, optimize the economic structure, economic driving factors of change, in this case, monetary policy needs to be adjusted in a timely manner, so as to ensure the economic development goals. And the economy under the new normal monetary policy objectives are multiple, not only including economic growth and full employment, but also including the economic structure optimization and the stability of interest rates, the specific details are as follows.

1 to achieve stable economic growth

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2 to promote the full employment of society

Employment is related to people's livelihood, only full employment, society to be able to stabilize, so monetary policy need to consider the issue of full employment, full employment general in the economy to maintain a certain growth conditions to realize, when the decline in economic growth, fully employment goal is difficult to achieve full employment. From this point of view, monetary policy should take into account the support of the real economy, create more jobs.

3 promote the optimization of economic structure

Continue to optimize the new economic norm is an important feature of the economic structure, the main task of which is China's future economic development, in the optimization of economic structure, the role of monetary policy, monetary policy need to the support of the national industry tilt, for example, credit to have the direction, vigorously support the development of emerging industries, the tertiary industry and so on, to achieve the continuous optimization of the economic structure.

4 stable exchange rate

Exchange rate is the stability of a country's currency in the international market, China is a country with a large trade, foreign trade is known to stimulate economic development in our country is one of the three carriages, thus annual imports and exports play an important role in stimulating the development of the economy, while the exchange rate is stable and will directly affect the ring for the import and export trade, for example, if the appreciation of the renminbi, lead to import increase, reduce the export, otherwise it will bring about the increase of export, import less, so monetary policy needs to pay attention to the stability of the exchange rate to ensure the stable development of foreign trade.

5 stable prices

Price stability is the basis of economic and social stability of the operation, active monetary policy, with the increase of the money supply, inflation, which makes the price rise, under the steady monetary policy, it will bring some deflation, the price will decline. In the formulation of monetary policy, the question of asking price should be considered, and the price fluctuation should be avoided. A lot of times the price stability and full employment is mutual conflict.