一、货币发行和流通机制一国货币的发行是通过中央银行进行的。中央银行发行货币的手段不外乎是再贷款、债券回购(公开市场操作),就中国而言,还有发行央行票据以及强制结售汇制度。央行发行货币的操作实质上就是货币与资产的等价交换过程(存款准备金政策类似于货币的直接冻结或解冻)。由于货币本身也是一种资产,为了进行区分,我们不妨把债券、央票、 First, the currency issuance and circulation mechanism The issuance of a national currency through the Central Bank. The central bank’s means of issuing money is nothing more than re-lending, bond repurchase (open market operations) and, for China, the issuance of central bank bills and the system of forced foreign exchange sales. The operation of the central bank to issue currency is essentially the equivalent exchange of money and assets (the deposit reserve policy is similar to the direct freezing or thawing of money). As the currency itself is also an asset, in order to make a distinction, we may wish to bond, central bank bills,