The Effect of Payment System Development on Open Market Operation
研究了支付系统发展如何提高公开市场操作效率，发现中国公开市场操作对货币供给有滞后影响，且人民币与外汇公开市场操作存在负相关。
The development of payment systems will enhance the efficiency of open market operation and deliver- y rate of the bond. It will be helpful to realize the Delivery Versus Payment (DVP) in the securities and fund settlement. Meanwhile, it will also cause monetary multiplier to become larger. Thus the same base money sup- ply will cause more money in circular under higher efficient payment systems. For achieving the same money supply, the higher the operating efficiency of payment systems is, the less base money should be supplied. The research finds that Chinese open market operation has a delayed impact on money supply. The open, market op- erations of current period haven't caused significant increase of money supply in the same period. On the contra- ry the efficiency of payment system will not only impact the current period money supply but also the next few periods. The empirical data support that there is negative correlation between the Renminbi and foreign ex- change open market operations in China and the Renminbi open market operation has been carried passively to offset the impact of foreign exchange open market operation.