解码现代货币体系的运行与调控实践

Core Insights - The book "Essentials of Chinese Monetary Fund Analysis" by Wang Jian provides a comprehensive review of the evolution of currency forms and systems, linking historical changes to modern monetary control and financial data [1][2] Group 1: Modern Monetary System - The author emphasizes that the core of the modern monetary system is the equilibrium among the "fiscal-central bank-bank" triad, rather than merely focusing on the "central bank-bank" dual banking system [2] - The book simplifies the complex operations of the "central bank-bank" system into a clear accounting process, using T-accounts to visualize the currency issuance and creation process, thus making the theoretical aspects more accessible [2] - Understanding the relationship between base currency liquidity, controlled by the central bank, and broad liquidity, determined by bank credit expansion, is crucial for interpreting policy intentions [2] Group 2: Analytical Framework - The book introduces a "linked thinking" analytical framework that integrates monetary policy, fiscal policy, and macro-prudential policy, along with banking behavior and decisions made by households and enterprises [3] - It addresses non-traditional factors affecting the "fiscal-central bank-bank" equilibrium, such as the impact of payment companies' reserve fund concentration and the effects of shadow banking and digital currencies on traditional systems [3] - The analysis fills gaps in traditional monetary textbooks by exploring how these emerging financial forms influence the generation, transmission, and regulation of monetary liquidity [3] Group 3: Practical Application - The book utilizes real data from the 2024 central bank balance sheet and other financial metrics to demonstrate how to assess liquidity conditions and track funding flows [4] - This practical approach provides policymakers, market participants, and researchers with useful analytical tools, achieving the goal of understanding the economy through financial data [4] - Overall, the book serves as both a guide to understanding the operation of Chinese monetary funds and a lens for observing the interaction between finance and the real economy [4]