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:2002-11-25:(1950.01-),,,,3200211620031(271)JournalofFinancialResearchNo.1,2003GeneralNo.271(,100800):,:;;:F822.0:A:1002-7246(2003)01-0055-11,,,,(M2)(M1),M1,M2,,1998,,1998,,1998,19973800,20029250005,21000200110,ABH7700,1997307,200210,1997325,,55,,,,,,,(),,,,,,,,,,,,,,,,,,,,,,,,;,,,(),,65,,:;;;40,,,,,,,,,,,,;;,DVP,,,,,()1996,,20,1997,,,199852619981999,,2600,85%,,,2000,7514000,,;,,;,,,12,33002001,,;,,7-10,,,,;,,2002,,9,2586,465,,7%,,,,,7,,420%;,,,2002,,72%,,,,2002,,,9,,1998,,,,,,,,,,;,,85,,,,,,,,:(),,,,;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,;,95,,,;,,,,;,,,;,,,,;,,,;,,,,,,19985,,,,,199853000,,,,,,,,,,,;;,,20021996,,,,,,,,(),:,,,,,,,,,06,,,,,,,,200020012002,,,,2002,,,,,,,3000,(),,,,,,,,,,,,5,1,,,,,,,,;,,;,,,,,(),16,,,,,,,,,,,,,,,1.7,1,170,,,7%,6%5%,,,,,,,;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,19982001,,200226,(),,,1996,,,1997,19976,,19985,,,,,,;,,,,;,,,,,,,,,(),,,,,,,,,,,,,,,,,(),,,36,95%,,,,,,,,,,,,,,,,(),,,,,,,,,(),,,,,,,,,,,,(),,,,,,46,,,,,Abstract:Onthebasisofreviewingthereformprocessofmonetarypolicyinstrumentinthepastfiveyears,especiallythatofopenmarketoperations,theframework,operationaltargetandbasicexperi2enceofopenmarketoperationsofthePeoplesBankofChinahasbeenanalyzedinthispaper.Theauthorpointedoutthatthemajoroperationaltargetofopenmarketoperationsofthelevelofexcessivereserveofcommercialbanks.Meanwhile,interestratelevelofmoneymarketisalsomonitoredbythecentralbank;thequantitytargetofopenmarketoperationsrequiresthecooperationbetweencen2tralbankoperationsinbothdomesticandforeigncurrencymarkets;openmarketoperationsneedtocooperatewiththeuseofothermonetarypolicyinstruments;theinfrastructureofopenmarketopera2tionsshouldbestrengthened,andthedevelopmentofmoneymarketandbondmarketshouldbefur2therpromoted.Theauthorendsthisarticlewiththeoutlookonopenmarketoperationsinthefuture.Keywords:openmarketoperations,practice,experience(:)(:YY)56