The Study of the Relationship of Payment System with Currency and Monetary Policy
定义了支付体系与货币及货币政策关系的基本概念和框架，认为支付体系对货币有实质性影响，对货币政策有外部影响，建议央行在调整货币供给模式时审慎考虑。
The central bank is responsible for formulating monetary policy and providing several financial services such as settlement.In recent years,along with the development of modern payment system,the relationship of payment system with currency and monetary policy has caused the pervasive attention.On the basis of previous discussions,this paper defines the basic concept and builds up the basic framework of the relationship of payment system with currency and monetary policy.It concluded that the payment system has substantive influence to currency,but the influence to monetary policy is external.The authors propose that the payment system has important external influence on monetary policy,therefore,the central bank should think on it carefully when it decides to adjust currency supply model.