Abstract
The paper analyzes the objectives and instruments of China’s monetary policy. Until recently, China succeeded in handling the complicated problem of simultaneously curbing inflation and preventing the national currency from getting too strong in the context of a high active balance of trade. Russian monetary authorities, which are also facing the problem of surplus inflow of funds (petrodollars, loans, and investments), have been unable so far to find an effective solution. An analysis of the Chinese experience of monetary regulation and its comparison with the domestic practices suggests that the Russian monetary authorities should substantially revise their approach to maintaining a balance between the money market and the forex market. This revision would help to retard the strengthening of the ruble, to balance the pressure on prices, and to release budgetary investment resources.
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