外汇存款激增原因及对宏观金融管理的影响

Foreign exchange deposit Hoods and the impacts on macro.financial managemem

今年以来，全国外汇存款出现了迅猛增长，引起了多方关注。根据对泰州市的典型调查，发现主要是套利因素所致，且随之出现外汇利率大幅上行、存贷利率倒挂、贷存比大幅下降和套利现象盛行等异常现象，这对我国的国际收支平衡、信贷资源配置效率、货币供应、利率市场化建设以及外汇管理均带来一定影响。为此，文章从提高监管针对性、加强跨境代付融资监管和通过价格杠杆合理引导市场竞争等方面就促进市场健康发展提出政策建议。

Since this year, the surge in China＇s foreign exchange deposits has aroused the attention of various parties. A survey in Taizhou City shows that it is mainly caused by arbitrage, followed by abnormal rise in foreign currency interest rates, upside down deposit and lending interest rates, significant decrease in loan-to-deposit ratio and prevalence of arbitrage, which would result in certain influence on the balance of payments, the efficiency of credit resource allocation, money supply, the interest rate marketization and FX regulation. In this respect, the article makes policy suggestions such as improving targeted supervision, strengthening cross-border payment financing supervision, guiding market competition by price tool for a healthy development of the market.