关于人民币汇率弹性增强背景下完善银行资产负债管理的思考

Views on improving bank asset-liability management under flexible RMB exchange rate

随着我国调节国际收支效果的显现与人民币汇率形成机制市场化程度的不断提高，近年来人民币兑美元即期汇率走势曲折反复，人民币汇率逐渐向均衡水平靠拢，促使企业转变长期以来的汇率预期，着手修复自身资产负债货币错配。这一过程也给商业银行的资产负债货币结构带来显著变化，增加了商业银行本外币流动性管理和资产负债管理难度。对此，商业银行应通过完善自身资产负债管理方式，积极应对这一挑战。

With the impacts of China＇s balance of payments adjustment and a more market-based RMB exchange rate formation mechanism, the USD/CNY spot exchange rate witnesses a lot fluctuations recently and RMB exchange rate is gradually approaching equilibrium, which stimulates enterprises to change their Iongtime exchange rate expectation and to rectify their asset-liability currency mismatch on the one hand, and brings remarkable changes to commercial banks＇ asset-liability currency structure and increases commercial banks＇ difficulties in domestic/foreign currency liquidity management and asset-liability management on the other hand. AccordingLy, commercial banks should improve their asset-liability management to actively respond to this challenge.