On the Legal Target of the Monetary Policy of PBC

Abstract

The object of argument in this paper is the provision of the legal target of the monetary policy of the law of People’s Bank of China. According to this provision, our country is blurred by a single target of the monetary policy or the dual target of monetary policy system. The academic members also have their own views and controversy on the issues of currency stability and economic growth. From the perspective of law, this paper, not only uses the value analysis method and comparative study method, also bases on the legal orientation that monetary policy is a part of macroeconomic regulation and control, think it is not fully comply with the goal of macroeconomic regulation of economic development. And with the setting of foreign legal target about the central bank’s monetary policy, we can put forward that the legal target of monetary policy should be to stabilize the currency in China. Then based on the conclusion of currency stabilization, China should determine the legal target of currency stabilization in the form of law and strengthen the independence of the People’s Bank of China.