Conventional monetary policy operates by altering short-term interest rates, which includes the central bank buying and selling short-term government debt. No intervention in the foreign-exchange market – buying and selling foreign currency – is involved.
传统货币政策通过改变短期利率执行，包括央行买入和卖出短期政府债务。外汇市场干预——买入和卖出外国货币——并不包括在其中。