从周期特征来看，经济“L”型触底与金融周期下半场叠加，货币政策框架相应变化。货币政策锚体现为“经济稳定”“金融稳定”“货币稳定”三者的权衡，工具上更加注重宏观审慎政策的运用。2018年，我国货币政策难以脱离全球同步收紧的大环境，但外部掣肘减弱，有更多空间着眼“对内”。“上调公开市场操作利率”和“定向降准”政策组合将更有利于服务高质量发展主线；加强与微观审慎政策协调配合，推进宏观审慎监管框架向纵深处落地，防控金融风险将贯穿于2018～2020年；2018～2019年两年要重点关注通胀及预期上行。
From the perspective of the cycle characteristics，the economic “L” type touches the bottom with the second half of the financial cycle，and the monetary policy framework changes accordingly. The anchor of monetary policy is the balance of “economic stability”，“financial stability” and “monetary stability”，and the use of macro prudential policy is paid more attention by tools. In 2018，China’s monetary policy is difficult from the global tightening environment，but the external constraints weaken，with more space to focus”. The “up-regulated open market operating interest rate” and “Orienteering” policy combination will be more conducive to the service of high quality development；strengthen the coordination with the micro prudential policy，push forward the macro prudential regulatory framework to the depth，the prevention and control of financial risks will run through 2018-2020 years；the core attention to inflation and the expected uplink in the next two years.
