On Chinese Monetory Policies Under Capital Account Liberalization

China today has made some progresses in capital account liberalization since 1990, especially after china entered WTO in 2001, which will deepen. However, the effectiveness and exclusiveness of domestic Monetary Policies has been impacted by this progress. How to improve and consummate effectiveness and exclusiveness of china's Monetary Policies and how to improve Macroeconomic Management are the difficult problems which Macro-currency should resolve.At first, this thesis expounds the definition of capital account liberalization and the present situation of capital account liberalization. Secondly, it presents the new points from M-F Model. Thirdly, combining with the present situation of china, investigates the effect on the three facets of Monetary Policy and the stock market's impact on Monetary Policy caused by capital account liberalization. Finally, it puts forward policy scheme to improve the capacity of Macroeconomic Management under capital account liberalization in china.