金融周期下的中国货币政策展望：环境、挑战与选择

Abstract:From the perspective of the cycle characteristics，the economic “L” type touches the bottom with the second half of the financial cycle，and the monetary policy framework changes accordingly. The anchor of monetary policy is the balance of “economic stability”，“financial stability” and “monetary stability”，and the use of macro prudential policy is paid more attention by tools. In 2018，China’s monetary policy is difficult from the global tightening environment，but the external constraints weaken，with more space to focus”. The “up-regulated open market operating interest rate” and “Orienteering” policy combination will be more conducive to the service of high quality development；strengthen the coordination with the micro prudential policy，push forward the macro prudential regulatory framework to the depth，the prevention and control of financial risks will run through 2018-2020 years；the core attention to inflation and the expected uplink in the next two years.

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