Bian Wei-hong
Abstract
：It is an inevitable trend that e-money will take th e place of traditional currency step by step. The circulation of e-money will ch allenge the independence of central bank and the efficiency of monetary policy. The risk that e-money may bring is a serious problem which the central bank has to deal with.
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：It is an inevitable trend that e-money will take th e place of traditional currency step by step. The circulation of e-money will ch allenge the independence of central bank and the efficiency of monetary policy. The risk that e-money may bring is a serious problem which the central bank has to deal with.
Key concepts: Central bank, Circulation (fluid dynamics), Monetary policy, Open market operation, Monetary economics, Currency, Monetary base, Electronic money