在现代中央银行体系中,最后贷款人已经成为中央银行的核心角色。货币政策功能、金融监管功能以及中央银行独立性的要求则是现代中央银行最后贷款人制度变迁过程的发展与延续,是中央银行充当最后贷款人角色的手段和保障。然而,中国人民银行的核心角色并非金融系统的最后贷款人,而是制定和执行作为政府宏观调控工具的货币政策,这使得我国法律与经济实践中对最后贷款人制度存在着诸多误读。本文通过从中央银行核心角色的制度变迁视角解析最后贷款人制度,在分析中国人民银行的职能异化、最后贷款人角色错位、金融法律存在漏洞等中国人民银行最后贷款人角色履行过程中存在问题的基础上,力图呈现我国最后贷款人制度的应然面貌,并对《中国人民银行法》中最后贷款人制度的法律完善提出初步的构想。 In the modern system of central banks, the lender of last resort has become a central bank’s central role. The function of monetary policy, the function of financial supervision and the requirement of the independence of the central bank are the development and continuation of the process of the change of the system of the last lender of the modern central bank. They are the means and guarantees for the central bank to assume the role of the lender of last resort. However, the central role of the PBC is not the lender of last resort to the financial system, but the formulation and implementation of monetary policy as a tool for government macro-control. This misunderstood the system of the lender of last resort in China’s law and economic practice. By analyzing the system of the lender of last resort from the perspective of the institutional change of the central bank’s central role, this paper analyzes the problems of the function of the People’s Bank of China, the role of the last lender, the dislocation of the lender, the loopholes in the financial law, On the basis of this, I try to present the appearance of the last lender system in our country and put forward the preliminary conception of the legal system of the lender of last resort in the People’s Bank of China Law.