It is proposed that in order to improve the independence and flexibility of monetary policy, China should reform present exchange control system, enhance the open market operation and facilitate the equilibrium of the balance of payments.

• 我国应改革现行的外汇管理制度，加大公开市场业务操作力度，促进国际收支结构平衡，以提高货币政策实施的自主性和灵活性。