Abstract: Through the explanation of the theoretical basis and implementation process of the nominal negative interest rate policy, as well as the evaluation of the policy implementation effect, the following conclusion can be drawn: the current nominal negative interest rate is essentially a monetary tax imposed by the central bank on the excess liquidity of commercial banks, and the nominal negative interest rate policy is consistent with the quantitative and qualitative loose monetary policies adopted by central banks in various countries in terms of direction; The nominal negative interest rate policy has a significant impact on the money market, but its impact on the overall macroeconomic state outside the money market is not significant; Based on international experience, when introducing nominal negative interest rate control measures, the necessity of this policy should be carefully considered, and attention should be paid to coordination with other domestic policies and international communication in order to achieve the desired policy effect.

Keywords: nominal negative interest rate policy; Deposit interest rate; Exchange rate; Deflation;