关键词: 货币供应量,社会融资规模,中介目标

Abstract: Since 1994, money supply has always been regarded as the intermediate target of China’s monetary policy. And since 2011, the People’s Bank of China has been releasing the social financing scale merit, which indicates the total sum of capital that the real economy acquires from financial system in a certain period of time (per month, per quarter or per year). As indicators, both the monetary supply and the scale of social financing have their own endogenous deficiencies. The existing RMB exchange rate system is the major obstacle preventing monetary supply from realizing its expected target. As for the scale merit of social financing, we can find some statistical endogenous deficiencies in it, which is both reflected in statistical repetition and statistical omission.

Key words: money supply; social financing scale; intermediate target