美联储货币互换工具的实践及对我国央行的启示

The Practice of the Federal Reserve's Dollar Swap and Its Implications to the People's Bank of China

货币互换是指两国央行之间签订的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它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。

In this paper the currency swap refers to one of the toolkits signed between the central banks for them to solve the financial liquidity. Since the Bretton Woods, the Federal Reserve has established some dollar swaps with the other central banks for different purposes. On the other hand, the People＇s Bank of China has utilized the currency swaps to facilitate the bilateral trade and investment after 2001. By comparison, the practice of the Federal Reserve＇s dollar swap would play a significant role for our central bank to implement, develop and broaden the currency swap applications.