浅论新形势下金融监管和货币政策的协调（on the coordination of financial supervision and monetary policy in the new situation）

浅论新形势下金融监管和货币政策的协调（ONTHECOORDINATIONOFFINANCIALSUPERVISIONANDMONETARYPOLICYINTHENEWSITUATION）INRECENTYEARS,DUETOCHINASACCESSIONTOTHE“,FINANCIALOPENSTEPBYSTEPSPEEDUP,GUARDAGAINSTANDDISSOLVEFINANCIALRISKTOBEPOSITIONEDASTHEPEOPLETHEMAINFUNCTIONSOFBRANCHESOFBANKSFROMMAINTAININGTHESTABILITYOFTHEFINANCIALORDERFROMTHEPOINTOFVIEW,THISMEASUREISRIGHT,BUTINTHEPEOPLESBANKBRANCHMACHINEINTHEPROCESSOFSTRUCTURALFUNCTIONTRANSFORMATION,ITHASBEENNEGLECTEDANDWATEREDDOWNTOACERTAINEXTENTITSBASICFUNCTIONSOFMONETARYPOLICYINTHEFINANCIALINSTITUTIONSUNDERTHEJURISDICTIONAFTERTHEESTABLISHMENTOFTHEBANKINGREGULATORYCOMMISSIONTHISYEAR,THECENTRALBANKSMAINFUNCTIONSWEREREESTABLISHEDISDEFINEDASTHEIMPLEMENTATIONOFMONETARYPOLICY,BUTTHISDIVISIONOFLABOREXISTSAGAINTHERISKOFSEPARATINGFINANCIALREGULATIONFROMMONETARYPOLICYCENTRALBANKOFTHEYEARHIGHERLEGALRESERVEREQUIREMENTSTOCURBEXCESSIVECOMMERCIALBANKSGROWTHHASALREADYCOMETOAPPRECIATETHELIMITATIONSOFPUREMONETARYPOLICYBECAUSETHEREFORE,INTHEIMPLEMENTATIONOFEFFECTIVEMONETARYPOLICY,HOWTOCOORDINATETHEFINANCIALREGULATIONANDMONETARYPOLICYARETHOUGHTTOCREATEGOODMONETARYPOLICYRINGSATPRESENT,THECENTRALBANKANDOTHERCENTRALFINANCIALREGULATORYAUTHORITIESMUSTSERIOUSRESEARCHANDSOLUTIONOFTHEMAJORISSUESFINANCIALREGULATIONANDMONETARYPOLICYENVIRONMENTINTHENEWSITUATIONATPRESENT,THEENVIRONMENTWILLBEIMPLEMENTEDONTHECENTRALBANKSMONETARYPOLICYINTWOPARTIESFACECHALLENGES“ANDREALIZETHEFINANCIALOPENINGINCREASEOFCHINASCENTRALBANKHOWDIFFICULTISITTOACHIEVEMONETARYPOLICYFORALONGTIME,THECENTRALBANK,ESPECIALLYITSBRANCHESATALLLEVELS,MAINLYCONTROLBYLOANLIMITMANAGEMENT,CREDITLOANANDOTHERDIRECTMEANSMONETARYPOLICYDIVISIONOFLABORANDCOORDINATIONCHINESELIBRARYCLASSIFICATION,DOCUMENTCODEARTICLENUMBER,/01/,/“9C9LC4GL9B9N44POC0CC49L4C,Q,G,M49,G9G99C4G1C9C9B448,94N1GQ,G,4L4C,494N9,N,44BRIEFINTRODUCTIONOFTHEAUTHORYANGXIAOWU“,MALE,HUNANMILUOPEOPLE,SENIORACCOUNTANT,ENGAGEDINBANKINGANDBUSINESSLEADERSXIANGPINGFOREIGNBANKSASDOMESTICFINANCIALMARKETSANDINTERNATIONALTHEMOSTDIRECTINTERMEDIARYINTHEFINANCIALMARKETSHASBEENINVOLVEDINTHEINTEGRATIONOFTHETWOMARKETSTHEIMPORTANTROLEISTOMAKEMONETARYPOLICYMOREDEPENDENTONFOREIGNCOUNTRIESFOREXAMPLE,WHENDOMESTICINTERESTRATESAREINLINEWITHTHEINTERNATIONALMARKET,REPRESENTATIVEINTERESTRATESWHENTHEREISABIGDIFFERENCEINLEVEL,THEOPERATIONOFFOREIGNBANKSWILLBEGIVENMONETARYPOLICYFOREIGNSHOCKSWHENDOMESTICINTERESTRATESHIGHERTHANTHEINTERNATIONALMARKETALARGEAMOUNTOFMONEYMAYFLOWTODOMESTICBANKINGTHROUGHFOREIGNBANKS,THEYCANBEOBTAINEDTHROUGHINTERBANKLENDINGOROTHERNEWFINANCIALINSTRUMENTSLOWCOSTFUNDSHAVEMADETHECENTRALBANKSMANAGEMENTOFINTERESTRATESSUBJECTTOCHALLENGEREDUCETHECENTRALBANKSEFFECTONADJUSTINGTHEREDISCOUNTRATEREDISCOUNTTHEPOLICYISTHATTHECENTRALBANKINTERVENESBYFORMULATING,ADJUSTING,ORREDISCOUNTTHERATEINFLUENCETHEMARKETINTERESTRATEANDTHESUPPLYANDDEMANDOFMONEYMARKET,SOASTOADJUSTTHEMARKETGOODSAMEANSOFSUPPLYINGMONEYBECAUSETHECENTRALBANKISBASEDONMONEYMARKETSTHEDEMANDFORFUNDS,THEADJUSTMENTOFREDISCOUNTRATES,ANDTHEIRROLEINRELATIONTOFINANCIALINSTITUTIONSTHEDEGREEOFDEPENDENCEONTHEREDISCOUNTRATEISSTRONGLYRELATEDTOTHEEXTENTOFTHISDEPENDENCETHECENTRALBANKWILLADJUSTTHEREDISCOUNTRATEMORESTRONGLY,ANDVICEVERSAWEAKANDFOREIGNBANKSCANMEETTHEIRNEEDSINAVARIETYOFWAYSLIQUIDITYDEMAND,THEREFORE,ISNOTHIGHONTHEREDISCOUNTRATE,SOTHATTHECENTRALBANKREDISCOUNTRATEWEAKENSTHEROLETHEDIVISIONOFTHECENTRALBANKANDTHEBANKINGREGULATORYCOMMISSIONHASINCREASEDFINANCIALSUPERVISIONANDCURRENCYTHEDIFFICULTYOFPOLICYCOORDINATIONALTHOUGHTHEFUNCTIONSOFFINANCIALSUPERVISIONANDMONETARYPOLICYARESEPARATEDITISINLINEWITHINTERNATIONALFINANCIALMANAGEMENTTRENDSUNDERTHECONDITIONOFFINANCIALOPENING,THEREISADIVISIONOFLABOURBETWEENMONETARYPOLICYANDFINANCIALREGULATION,BUTTHELINKSBETWEENTHEMREMAINVERYCLOSEFORTHEPRESENTENVIRONMENTIFWECANNOTCOORDINATETHEIMPLEMENTATIONOFFINANCIALSUPERVISIONANDMONETARYPOLICY,ITCANBRINGRESULTSTHATARECONTRARYTOTHEIRORIGINALINTENTIONFINANCIALREGULATIONMAYINCREASEUNCERTAINTYINTHEIMPLEMENTATIONOFMONETARYPOLICYDEFINITEFACTORTHEBASICTHEORETICALPREMISEOFANYMONETARYPOLICYISCERTAINFUTURESACCURATEANALYSISOFCURRENCYDEMAND,MONETARYPOLICYFROMFORMULATIONTOIMPLEMENTATIONTHEREISAPOSSIBILITYTHATMONEYDEMANDANALYSISISNOTACCURATEINTHISPROCESS,THEPOSSIBILITYISUNCERTAIN,THATIS,MONETARYPOLICYREGULATESTHETARGETWINDINSURANCECHANGESINMONEYDEMANDAREOFTENDETERMINEDBYMANYFACTORS,SUCHASENTER,INTERESTRATES,CONSUMERMONETARYEXPENDITUREANDCASHHOLDINGS,ETCONLYWHENTHESYSTEMBACKGROUNDISUNSTABLEANDTHEECONOMICOPERATIONISABNORMALWHENFLUCTUATIONS,THEDEMANDFORMONEYCANBEDETERMINEDBYSOMEDECISIVEFACTORUNSTEADYSTATEFROMTHEREALITYOFOURCOUNTRY,THEDEVELOPMENTOFFINANCIALMARKETTHEDEGREEOFDIVERSIFICATIONOFTHEFORMOFFINANCIALASSETSISTHEDEMANDFORMONEYTHEIMPORTANTINFLUENCEFACTORSOFSTRUCTURALCHANGEARESPECULATIVEGOODSTHEPROPORTIONOFCURRENCYDEMANDINTHEAGGREGATEDEMANDFORMONEYHASBEENRISINGADDEDTOTHEUNCERTAINTYINTHEIMPLEMENTATIONOFMONETARYPOLICYINOURCOUNTRY,ASARESULTOFSECURITIESMARKETISSTILLINTHEINITIALSTAGEOFDEVELOPMENT,WHICHMAKESTHESECURITIESMARKETABSORBANDLAGALARGEAMOUNTOFMONETARYMONEYWASSPENTFORSPECULATIVEPURPOSES,WHILEINVIEWOFMETHEUNIFICATIONOFCHINASFINANCIALMARKETSANDTHEDIVISIONOFTHEREGULATORYAUTHORITIESAREDIFFERENTTHEREGULATORYAUTHORITIESAREIMPLEMENTINGFINANCIALINSTITUTIONSSUCHASCOMMERCIALBANKSANDSECURITIESCOMPANIESINTHEPROCESSOFFINANCIALSUPERVISION,THEMODEOFSUPERVISION,THEMETHODOFSUPERVISIONANDTHEINCLUSIVEOFINTERESTRATES,INVESTMENTINCENTIVESANDSOON,ITISPOSSIBLEORINDIRECTTOINCREASETHEUNCERTAINTYINTHEIMPLEMENTATIONOFMONETARYPOLICYCERTAINFACTORS,NAMELY,INCREASEDTHERISKOFMONETARYPOLICY,OREVENMONETARYPOLICYPRODUCEAGREATERINHIBITORYEFFECTCSPECIFICOBJECTIVESOFFINANCIALREGULATIONMAYBELINKEDTOMONETARYPOLICYOBJECTIVESCONFLICTBECAUSEOURCOUNTRYHASNOTESTABLISHEDTHEDEPOSITPREPARATIONINSURANCESYSTEM,SIMULTANEOUSLYCONSIDERSTOOURCOUNTRY,THEPARTICULARITYOFTHESOCIALSYSTEMHASGIVENTHECENTRALBANKOFOURCOUNTRYASPECIFICOBJECTIVEOFFINANCIALREGULATION,THATIS,TOENSURETHEINTERESTSOFDEPOSITORSMAINTAINSOCIALSTABILITYITISALSOGIVENUNDERTHISPARTICULAROBJECTIVECOORDINATESHARINGMONETARYAUTHORITIESANDREGULATORSFACEACOMMONFINANCIALMACHINESTRUCTUREANDFINANCIALMARKETSNEEDTOBECITEDINTHEFORMULATIONANDIMPLEMENTATIONOFMONETARYPOLICYTHECONDUCTOFFINANCIALINSTITUTIONS,THEREFORE,GUARANTEESTHEOPERATIONOFFINANCIALINSTITUTIONSCONSERVATISMISTHEBASISOFMONETARYPOLICYANDTHEIMPLEMENTATIONOFMONETARYPOLICYPREMISEFORFINANCIALREGULATION,MAINTAINTHESOUNDNESSOFFINANCIALINSTITUTIONSTHEOPERATIONISALSORELATEDTOACERTAINMONETARYPOLICYENVIRONMENT,THELOOSENINGOFMONETARYPOLICYTIGHTTRENDWILLHAVEANIMPORTANTIMPACTONTHEASSETPRICERISKOFFINANCIALINSTITUTIONSSOUND,ANDTHENHAVEANIMPACTONTHEROBUSTNESSOFFINANCIALINSTITUTIONSINSHORT,FORTHESAKEOFINORDERTOMEETTHEREQUIREMENTSOFOPENINGUPTOTHEOUTSIDEWORLD,MONETARYAUTHORITIESANDPRISONSSHOULDBEIMPLEMENTEDINORDERTOSTRENGTHENTHETWOSIDES,THEDIVISIONOFFUNCTIONSANDTHESEPARATIONOFINSTITUTIONSSHOULDBESTRENGTHENEDCOOPERATIONAMONGTHEMTOJOINTLYSAFEGUARDTHESOUNDDEVELOPMENTOFTHEFINANCIALINDUSTRY“TOSTRENGTHENTHEINFORMATIONSHARINGBETWEENTHETWOABSTIMELY,ACCURATEANDCOMPREHENSIVEFINANCIALINFORMATIONSTATISTICSISTHEUNDERSTANDINGOFFINANCETHEFIRSTHANDMATERIALSSHOULDBEESTABLISHEDASSOONASPOSSIBLETOESTABLISHAUNIFIEDANDINDEPENDENTFINANCIALSYSTEMTHEINFORMATIONCENTERFORMSACENTRALIZED,UNIFIEDANDEFFICIENTSOURCEOFFINANCIALINFORMATION,DOINGSOCANPREVENTREPEATEDCALCULATIONSORSTATISTICSOFDATASTATISTICSLEAKAGE,MAKEITAUTHORITATIVE,SCIENTIFICANDINDEPENDENT“TOESTABLISHFINANCIALSTABILITYMECHANISMCOORDINATIONBETWEENMONETARYPOLICYANDFINANCIALREGULATIONANDFINANCIALREGULATIONTHERELATIONSHIPAMONGDEPARTMENTSISTHEPOLICYBASETOENSURETHESMOOTHOPERATIONOFFINANCETHEREFORE,ITISNECESSARYTOESTABLISHBETWEENMONETARYPOLICYANDFINANCIALSUPERVISIONFINANCIALSTABILITYMECHANISM,COORDINATIONOFFINANCIALINSTITUTIONS,RISKSANDFINANCIALSYSTEMRISKSRELATIONSHIPBETWEENINTHEDESIGNOFTHESYSTEM,WESHOULDDEALWITHTHEMONETARYAUTHORITIESANDFINANCIALSUPERVISORSASYSTEMOFMUTUALPARTICIPATIONAMONGSENIORMANAGERSWASESTABLISHEDBETWEENMANAGEMENTAUTHORITIESJOINTCONFERENCEONMONETARYPOLICYANDFINANCIALSUPERVISIONMAJORISSUESAREDISCUSSEDONAREGULARBASISINCONCRETEOPERATION,MAYCONSIDERAJOINTSESSIONISHELDQUARTERLYTOINFORMMONETARYPOLICYANDFINANCIALSUPERVISIONTHEIMPLEMENTATIONOFTHEPOLICYANDITSORIENTATION,STRENGTHENMONETARYPOLICYANDFINANCECOORDINATIONBETWEENREGULATORSTHEJOINTMEETINGSYSTEMHAVETWOKINDSOFCHOICESISAINTHECENTRALBANKTWOISLOCATEDINTHEMONETARYAUTHORITYANDTHEFINANCIALREGULATORYAUTHORITYWITHINAMOREAUTHORITATIVEDECISIONMAKINGBODYTHEFIRSTISGOODTHEPOINTISTHATTHECOSTSOFINSTITUTIONALOPERATIONSCANBEREDUCED,ANDTHED