固定利率制度下,价格成为货币市场失衡的调节机制;以结售汇为主要特征的汇率制度及其微观市场安排使得我国货币供给具有很强的内生性。在这个制度背景下,本文进一步考虑了我国货币和商品市场的调整时滞,建立了我国货币市场的动态系统理论模型,描述了我国货币市场的运行态势,并讨论了这种运行的含义。 Under the fixed interest rate system, the price has become the adjustment mechanism of the unbalance of the money market. The exchange rate system with the main features of foreign exchange sales and purchases and its micro market arrangement have made China’s money supply highly endogenous. Under the background of this system, this paper further considers the adjustment lag of China’s currency and commodity markets, establishes the dynamic system theoretical model of China’s money market, describes the operational situation of China’s money market, and discusses the implications of this operation.