货币政策的运作

当前中国财政政策与货币政策的运作情况是财政政策的效用递减局面已出现，货币政策功能的发挥也因缺乏完善的市场传导机制和信用制度而受到限制。

Now the utility of the fiscal policy has diminished and the function of monetary policy has been limited by the imperfect market conduction and credit system .

同时，也应看到职能分离后银行监管与货币政策的运作和协调上出现一些问题。

At the same time , we realize that there are some operation problems after separation , thus , it is important to promote the coordination between monetary policy and banking regulation .

当前我国货币政策的运作环境发生了很大变化，政策调控重点转移，经济市场化水平继续提高，亟需深入研究在新的经济条件下如何进一步提高货币政策的作用与效率。

Now , with the tremendous change in its operation environment and the shift of its focus as well as the improvement of the economic market , it is urgent to discuss how to further enhance its efficiency under new economic conditions .

今年将通过货币政策工具的运作来支持8%的经济增长速度。

This year we will use the monetary policy instrument to support an 8-percent economic growth .

不幸地，财政政策和货币政策的政治运作差别很大。

Unfortunately , the politics of fiscal policy are very different from the politics of monetary policy .