李扬：关注货币错配风险 推进汇率制度改革

Li Yang：Address currency mismatch risk,promote exchange rate syatem reform

中国社科院金融研究所所长李扬撰文指出．在集中管理全国的外币定值资产和外币定值债务的同时，我国政府理所当然地承担了全国的货币错配风险。尽早实行真正意义上的管理浮动．是解决货币错配问题的积极态度。从一些发展中国家的事例来看管理浮动汇率制度也的确使外债负担的主体结构出现了良性的变化．在整体上降低了货币错配的风险。此外．在管理浮动汇率制下，政府也更容易推行一些能有效控制货币错配的监管措施。当然实行管理浮动汇率制度．在为微观经济主体提供有利于控制赞币错配的激励的同时大力发展外汇市场以及相关的风险对冲工具是必不可少的基础性工作。

Li Yang, Director General of Finance Research Center, Chinese Academy of Social Sciences, pointed out that the Chinese government assumes currency mismatch risk when it manages the nation＇s foreign currency assets and debts collactively. The introduction of a real managed float exchange rate system is an active measure to address this issue. Under the managed float system, the government can take some supervisory measures to control currency mismatch more effectively. To carry cut a managed float system, vigorous development of the FX market and related risk hedging instruments should be made.