培育亚洲债券市场

To Foster the Asian Bond Market

由于制度基础的欠缺与本地区货币的“原罪”,使亚洲地区的储蓄与投资需求不匹配,在国际金融市场日益融合的今天,亚洲金融资本市场面临着双重风险,即银行体系以短期存款支持长期项目融资的期限错配和外币借款支持本地项目融资的币种错配。双重错配已经成为亚洲各国金融体系不稳定的重要风险来源。在吸取亚洲金融危机教训的基础上,亚洲各国强烈地认识到培育资本市场特别是培育有着充分流动性的、以本国货币计值的国内债券市场和亚洲区域债券市场是非常重要的。

Due to the inadequacy of the institutional infrastructure and the “original sin” of the Asian currencies, there is a mismatch between reserves and investment demand. With the increasing integration of the international financial market, the Asian financial markets have faced dual risks, i.e., a maturity mismatch caused by the attempt of the banking system to support long-term projects with short-term deposits, and a currency mismatch by using foreign-currency-denominated loans to finance local projects. The dual mismatches have become a major source of the risks leading to the instability of the financial systems in the Asian countries. By learning from the lessons of the Asian financial crisis, countries in this region have realized that it is of great importance to foster a capital market, especially a domestic bond market and an Asian regional bond market, which are characterized by high liquidity and local currency denominations.