No matter how rampant the phenomenon of anti-globalization is, today's world is already a globalized and integrated world. The practice of monetary policies of central banks in developed economies will not only have an impact on their own economy, but also cause positive or negative external effects, which will affect the formulation of monetary policies of central banks in other countries in the world. The innovative terms of monetary policies are constantly coming into the public view. What is the central bank doing? How to choose China's monetary policies? The book "Monetary Policy Tools and Intermediate Targets: International Experience and China's Choice" attempts to interpret the new phenomena and problems in the above-mentioned fields of monetary policies.The book holds that: first, the quantitative easing and negative interest rate policies implemented by the central bank in response to the lower limit of ”zero interest rate” after the financial crisis are non-traditional attempts because the traditional policy tools can not play a role. They are not divorced from the analytical framework of traditional monetary theory. When the short-term interest rate is reduced to zero, the central bank still has room for operation. Second, the construction of the mechanism of interest rate corridor is an ideal choice for China to realize the transformation of monetary policies, which can transform from quantity-oriented policies to price-oriented policies. The announcement effect of interest rate corridor can enhance the effectiveness of monetary policies, but whether the ultimate goal of monetary policies can be achieved depends on the ability of expected management of the central bank. Third, the central bank's innovation in monetary policies serves the real economy.
