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；

Bond market is the fundamental market of open market operation which acts as one of the three monetary policy instruments.

债券市场是中央银行三大货币政策工具之一的公开市场业务的基础市场。

So the article argues, in order to improve the independence and flexibility of the monitory policy, we should reform present exchange control system, enhance the open market operation, and so on.

笔者就这一问题提出：应改革我国现行的外汇管理体制，加大公开市场业务操作力度，等等，以实现我国中央银行货币政策的主动性和灵活性。

Without a developed national debt market, the central bank cannot utilize open market operation to adjust monetary supply efficiently and the fiscal policy also cannot be implemented successfully .

如果没有一个发达的国债市场，中央银行就无法通过公开市场业务有效地影响货币供应量，财政政策的活动空间也会很小。

With the quickening of financial market construction, the time comes to adopt the open market operation policy.

随着金融市场化步伐的加快，公开市场业务操作的时机日臻成熟。