What are the main problems in the development of China s money market and how to improve it?

The goal of monetary policy blindness is the ultimate goal of the monetary policy adopted by a country's ** bank or monetary authority.

Including: economic growth, stable level, full employment, stable interest rate, stable exchange rate, balance of payments. Although the central bank cannot directly serve these purposes, it can formulate different policies for the variables it can influence.

There is often a conflict between the objectives of monetary policy, which can achieve one goal but also makes it more difficult to achieve the other.

In China, there are two propositions for the choice of monetary policy objectives: one is a single goal, with currency stability as the primary basic goal; The other is the dual goal of stabilizing the currency and developing the economy.

Judging from the historical evolution of the monetary policy of the leading banks of various countries, whether it is a single goal, a dual goal or multiple objectives, it cannot be separated from the economic and social environment at that time and the most prominent basic contradictions faced at that time. However, monetary policy should maintain sufficient stability and continuity, and the policy objectives should not be biased and changeable.

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The main reasons for the decrease in monetary funds include the payment of business activities, investment activities and financing activities.

1. Payment for the business activities of the enterprise.

Enterprises need to purchase raw materials, pay employees' salaries, daily office supplies and other management needs, etc., which will lead to a decrease in the company's monetary funds.

2. Payment for the investment activities of the enterprise.

Enterprises need to pay a large amount of funds to carry out investment activities, such as the purchase of factories, office buildings, large equipment, intangible assets, etc., and these expenditures will also lead to a decrease in the monetary funds of the enterprise.

3. Payment of fund-raising activities.

Methods of controlling the security of monetary funds:

1. Control of account counting.

Inventory control is a common control method to ensure the safety of enterprise assets by taking inventory of monetary funds on a regular or irregular basis, such as preparing a bank deposit balance reconciliation statement. The actual inventory is divided into regular inventory and irregular inventory according to the time of inventory, but the control effect of irregular inventory is usually better than that of regular inventory, and the main feature of irregular inventory is that it is abrupt, which will produce an invisible, all the time, non-existent Zen Danxing pressure for monetary and capital-related posts.

2. Inventory limit control.

Inventory limit control is a method to use the daily balance of monetary funds of the approved enterprise to send the monetary funds that exceed the inventory limit to the bank or remit to a bank account, so as to reduce the risk of monetary fund security control. This method can also be used to highly concentrate monetary funds and use them in a coordinated manner, especially for enterprises that are slow to be short of monetary funds.

3. Physical isolation control.

Physical quarantine control is a control method that takes appropriate measures to ensure that no one other than physical custody is allowed to come into contact with physical objects. For example, cash can only be kept by the cashier, and bank acceptance bills can only be managed by one person, otherwise it will lead to unclear responsibility, and criminals are likely to fish in troubled waters and embezzle monetary funds. At the same time, safeguard measures such as choosing a qualified safe deposit box and choosing a safe place should be taken to ensure the physical safety of monetary funds.

The latest attitude of the bank at the August 2 meeting is to reduce the reserve requirement ratio in a timely manner, increase the convenience of re-discounting, medium-term loans and conventional loans, flexibly carry out open market operations, maintain reasonable and abundant liquidity, increase the amount of money in the second half of the year, and the market flow is relatively rich, which will affect the market interest rate, exchange rate, inflation rate, and the debt market. Next, we will introduce the geometry of the impact of monetary policy on the market.

1. Market interest rates. With the abundance of liquidity, market interest rates are expected to fall. Especially in terms of the yield of risk-free and low-risk asset management products, such as the yield of Yu Yibao.

In the past two years, the yield of Yu Yibao has continued to decline, not because Tianhong**'s management ability is not strong, but because the market is rich in liquidity, the credit market is not ideal, a large amount of funds have flowed into the low-risk interest rate market, and the yield of non-risk and low-risk baby products has continued to decline.

2. Exchange rate. Under the premise that there is no foreign exchange control and free flow of capital, liquidity is abundant, interest rates fall, capital outflows, and the local currency depreciates. At present, China has a relatively strict foreign exchange management system, and the surplus liquidity and the decline in interest rates have no direct impact on the exchange rate, but the pressure to maintain the stability of the exchange rate will increase and sell.

On August 5, the RMB broke 7 against the US dollar, and there are many factors and interpretations, and the author believes that reducing the pressure to maintain exchange rate stability is also one of the factors.

3. Inflation rate. Liquidity is abundant, that is, the market funds increase, and the inflation rate does not rule out a certain increase, but it is within a controllable range.

4. ** market. Liquidity is abundant and interest rates are falling, which is good for **. On the other hand, the financing ability of listed companies has been enhanced, and they can allocate lower-cost funds to carry out production, which is conducive to the improvement of profits.

On the other hand, investors' cost of capital will fall, and investors' enthusiasm for investment will surely rise.

5. Creditor's rights market. Fixed income debt, especially low-risk fixed income rate debt. For example, if a bond has a coupon rate of 6%, suppose that the market interest rate falls below 4%, but the yield of the fixed income bond is still locked at 6%, and the value of the bond rises.

Of course, falling interest rates have a limited impact on the value of floating income debt.

To sum up, abundant liquidity, lower interest rates, higher inflation, and increased pressure on exchange rate stability have certain benefits for the ** and bond markets.

Answers]: a, c, e

If the volume of purchases is less than the volume of sales, the reserves are reduced, the bank reduces the issuance of base money, and the amount of money decreases; If there is a deficit in the balance of payments, resulting in a decrease in foreign exchange reserves, in order to maintain the stability of the foreign exchange market, the bank will reduce the issuance of base currency and reduce the amount of currency; The fiscal balance means that the base currency transferred from the commercial bank account to the bank account is greater than the base currency transferred from the bank account to the commercial bank account.

Li Xinxin, deputy director of the Economic Bureau of the Policy Research Office of the Communist Party of China.