Open market operation is the main instrument to control base money and interest rate in developed countries . the people ' s bank of china ( pbc ) also mainly use open market operation to control base money and interest rate since 1998 . but the open market operation of pbc has some defects in its operation target 、 operation system and basic conditions , which reduce the effects of open market operation . therefore , we should use the experience of developed countries for reference and further improve the open market operation of pbc 以美国为首的发达市场经济国家主要通过公开市场业务来调控基础货币和利率,中国央行的公开市场业务自1998年以来也得到了快速发展,已成为央行日常货币政策操作的主要政策工具。但是,中国公开市场业务的操作目标、框架制度及基础性设施等诸多方面仍然存在缺陷,这直接降低了中国公开市场业务的有效性。
These practices prove that open market operations have now become the most important monetary policy instrument and a principal instrument of the routine operation and played a more and more important role . it means that our national monetary policy regulation has realized the shift from direct control to indirect control 实践证明，公开市场业务已经成为我国央行投放基础货币的主渠道，成为日常货币政策操作的主要政策工具，发挥着越来越重要的作用，这也标志着我国货币政策调控成功地实现了由直接调控向间接调控的基本转变。
In conclusion , the further development of our country open market operations , not only need the proper macroeconomic environments , but also need advanced and scientific micro operation mechanism . only development of two aspects can we skillfully apply this tool and realize the monetary policy objective 总之，我国公开市场业务的进一步发展，不仅需要适宜的宏观经济环境，而且需要科学的、先进的微观操作机制，只有二者齐头并进，才能真正地发挥这一货币政策工具法宝的效力，实现货币政策预期的目标。
