自2008年全球金融危机爆发以来，各国央行均采取一系列货币政策对经济进行刺激。我国中央银行也实施了强有力的货币政策，货币政策取向从危机爆发初期的“适度宽松”逐步向后危机时代的“稳健”转变。在货币政策工具选择上，既包括传统的存款准备金率、公开市场业务、利率以及再贴现、再贷款等政策工具，又包括后危机时代的创新性货币政策工具。
通过优化货币政策工具箱，央行提高了流动性管理的能力，促进了金融稳定和经济发展。自2008年第三季度以来，为应对全球金融危机对我国经济的冲击以及后危机时期的结构性调整，我国进行了一系列货币政策创新，丰富并优化了货币政策工具箱，包括短期流动性调节（SLO）、常备借贷便利（SLF）、抵押补充贷款（PSL）和中期借贷便利（MLF）等。本文介绍自2008年以来中国人民银行所采取的货币政策工具及其组合，并总结我国货币政策的特点。
Since the outbreak of the global financial crisis in 2008, central banks have adopted a range of monetary policies to stimulate the economy. Our central bank has also implemented a strong monetary policy, and the monetary policy orientation has gradually changed from the "moderately loose" at the beginning of the crisis to the "steady" in the post-crisis era. The selection of monetary policy tools includes traditional policy tools such as deposit reserve ratio, open market business, interest rate, rediscount and relending, and innovative monetary policy tools in the post-crisis era.
By optimizing the monetary policy toolbox, central banks have improved their ability to manage liquidity and promote financial stability and economic development.Since the third quarter of 2008, in response to the impact of the global financial crisis on our economy and the structural adjustment in the post-crisis period, China has carried out a series of monetary policy innovations, enriched and optimized the monetary policy toolbox, These include short-term liquidity Adjustment (SLO), Standing Lending Facility (SLF), mortgage Supplementary Loan (PSL) and medium-term Lending Facility (MLF). This paper introduces the monetary policy tools and their combinations adopted by the People's Bank of China since 2008, and summarizes the characteristics of China's monetary policy.