汇率波动与证券市场价格波动的相互作用机制分析——兼论人民币升值条件下中国证券市场稳定的对策

An Analysis on The Reciprocity System Between Exchange Rate Fluctuation and Securities Price Fluctuation

外汇市场与证券市场存在很强的关联性,一个市场的价格变化将会引起另一个市场的联动性反应。这种联动性反应是通过市场利率、对外贸易、货币供应量、心理预期等中介,借助不同的渠道,以不同的方式进行传导的。人民币升值将对我国证券市场产生巨大的冲击。为保持证券市场的稳定,必须建立一个有效的均衡汇率市场形成机制、增强证券市场的流动性和扩大市场容量,以及构建一套完整的国际资本向证券市场流动的动态监控与预警机制。

Foreign Exchange market is strongly connected with the security market. When one of the two undergoes price fluctuation, the other will present its reaction, which is conducted in different ways and manners ,through agents of interest rate, external trade, money supply and psychology anticipation, etc. In order to keep the stabilization of the＇ stock market, an efficient mechanism of forming a balanced exchange rate must be built ; the mobility of the stock market must be strengthened ; the capacity of the market must be expanded ; and an integrated set of mobile mechanism for supervising and fore-warning against the international capital trend to the domestic stock market must be constructed.