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1·The open market operation makes difference to the movement of monetary market and bond market.

公开市场操作影响了货币市场和债券市场利率的走势；

2·The physical operation is complicated, the issues involved are subtle, and the use or abuse of open market operations is hotly disputed.

实际操作非常复杂，所涉及的问题也非常难以捉摸，而且，对开放市场操作的使用或滥用也一直存在激烈的争议。

3·Open market operation ofthe central bank can produce a series of macro economy effects: having better control to the total amount of money supply;

中央银行通过公开市场业务操作会产生一系列的宏观经济效果：对货币供应量有较好的控制；

4·Owing to deficiency and limitation of market size, variety, term structure and operating target, open market operation has not operated an effective function on stock price.

公开市场业务由于在市场规模、操作品种、期限结构和业务目标等方面仍存在不足和缺陷，目前还不能对股票价格有效发挥作用。

5·The central bank adjusts the banking system's level of reserve fund, controls the issuance of currency and influences currency supply and economic operation through open market operation.

它是通过改变银行体系的准备金总量而控制基础货币投放、以调节微观经济主体头寸余缺而影响整个社会货币供应量的。

6·The paper holds that the open market operation by the central bank of China has been in conformity with its basic requirements, but coordination with public financial policy is still to be improved.

本文认为，我国央行的公开市场业务操作是符合其基本任务要求的，但在与财政政策的协调方面还有待于改进。