货币流动性系列报告六：中国货币政策传导框架：理论、实践与展望

Group 1 - The report discusses the evolution of China's monetary policy framework, emphasizing a shift from quantity-based targets to a focus on price-based targets and the importance of interest rate adjustments [34][35][51]. - It highlights the traditional monetary policy transmission mechanisms, which include the interest rate channel, asset price channel, and exchange rate channel, with the interest rate channel being the primary transmission route [36][37][38]. - The report outlines the current monetary policy transmission framework in China, detailing the establishment of a "policy interest rate - benchmark interest rate - market interest rate" transmission chain [44][79]. Group 2 - The report identifies the need for improvements in the interest rate transmission system, suggesting that the central bank should narrow the width of the interest rate corridor to enhance the effectiveness of short-term interest rate adjustments [66][87]. - It discusses the potential expansion of the monetary policy toolbox, including the incorporation of government bond trading to assist in interest rate control and improve market communication mechanisms [88]. - The report concludes that the future direction of monetary policy will focus on strengthening price-based intermediary targets and refining the interest rate transmission mechanism [90].