The Spillover Benefits of Monetary Policies Differentiation between China and US and China's Countermeasures
This paper divides the monetary policy differentiation between China and the United States into five stages,namely:"differentiation-convergence-differentia-tion-convergence-differentiation",and analyzes the reasons from the perspective of the differences between the two countries in terms of economic situation,financial market de-velopment,monetary policy and transmission mechanism.At the same time it analyzes the spillover benefits brought about by the monetary policy differentiation,such as the fi-nancial market fluctuations and increased financial risks;the decreased attractiveness of RMB assets and the flow of foreign investment to the United States;the development of China's panda bond promoting the renminbi to become an international financing curren-cy;and U.S's reducing imports from China in the short term and the increasing uncer-tainty in the development of China's real economy,etc.It is proposed that in the face of the monetary policies differentiation between China and the United States,China should enhance the autonomy and flexibility of its monetary policy,reform financial markets,and reform the supply side structure.
NETL
NSTL
万方数据
