防范国际游资冲击:借鉴与举措

Prevention of the "Hot Money Shock":References and Action

国际游资是造成全球金融市场动荡乃至金融危机的重要根源。为有效防范国际游资的冲击,各国采取的主要措施包括资本管制、直接控制与间接控制以及重视加强对国际游资监控的国际合作。面对国际游资冲击,中国应进行政策调整,扩大人民币汇率的灵活性,采取必要的措施消除市场对人民币升值的单向预期,加强资本管制,坚持逐步实现资本项目可兑换和建立资本流动风险的监控体系。

International fluid capital is an important root cause that has caused global financial market turmoil, even the financial crisis. In order to effectively prevent the ＂hot money shock＂, all countries have been taking measures, including eapital control, direct control and indirect control as well as paying more attention to strengthening the international floating capital monitoring and controlling. Chinese government should make policy adjustments, encourage the flexibility of the RMB exchange rate and take necessary measures to remove the unidirectional expectations for the appreciation of the RMB in the market. In addition, it should reinforce the capital control and insist on gradually achieving the convertibility of the RMB under capital accounts and establishing a supervision system of capital flow risk.