The intermediate goal of monetary policy, also known as the long-term goal, is an intermediate policy variable between the ultimate goal of monetary policy and operational indicators such as market interest rate and money supply. At present, there are four intermediary objectives of China's monetary policy: money supply, total credit, interbank lending rate and bank excess reserve ratio.

choice criterion

Testability: can accurately predict and quickly obtain statistical data.

Controllability: able to accept the influence of monetary policy in a short time and change according to the direction and intensity set by the policy.

Relevance: refers to the close relationship with the ultimate goal of monetary policy.