货币互换工具的理论与应用:美联储的实践与启示

Theory and Application on Currency Swap Tools based on Practice and Enlightenment of Federal Reserve

本文的货币互换是指两国央行之间签订的主要为了解决流动性问题的一种金融管理工具。布雷顿森林体系成立以来,美联储基于不同目的多次与其他央行签订了货币互换协议。我国央行为便利双边贸易和投资于2001年开始使用货币互换工具。通过对比分析,我们认为美联储货币互换的实践对我国央行进一步实施、完善和拓展货币互换工具的使用有借鉴意义。

Currency swap in this article means a kind of financial management tool for fluidity solution which signing by the central banks between two countries. Since the establishment of the Breton Mone- tary System, Federal Reserve have signed currency swap agreements with other central banks based on different purposes for many times. The central bank in China used the currency tool since 2001 for bilateral trade and investment. After the comparative analysis, we thought the experience in Federal Reserve＇ s currency swap gave us learning meanings.