警惕短期外债风险

Keeping Alert to Short-term Debt Risks

随着人民币升值预期的加强,短期外债不断增加。虽然总体衡量外债风险的指标显现出短期外债风险仍然在安全限度内,但是其潜在风险不能忽视。负债主体的构成、负债主体的资产负债结构使风险的衡量更加具体。在我国目前的汇率制度下,短期外债的增加进而外汇储备的急剧增加影响了货币政策的独立性,容易引发宏观经济风险。

With enhanced expectation of Renminbi appreciation, short - term foreign debt in China has increasingly enlarged. Although in general the indicators measuring foreign debt risk illustrate the risks being within the secure boundary, the potential risks can＇ t be neglected. The constitution of liabilities entities and balance sheet structure of liabilities entities make the measurement of risk more concrete. The increase of short - term foreign debt and thereby the dramatic growth of foreign exchange reserves have influenced the independence of monetary policy in the present foreign exchange system, which is inductive to macro economic risk.