关于本、外币外债管理的再思考

Rethinking of External Debt Management Denominated in Domestic and Foreign Currencies

在外债管理问题上,本币外债和外币外债或实行统一监管,或差别化管理,从汇率风险、宏观影响、偿付能力等角度分析,各有利弊。如何抉择,关键看管理目标。而不同管理部门管理目标之间的差异,需要顾全局、看长远,进行最优政策分析和选择,守住风险底线。

In the issue of external debt management, there is either unifie d supervision or differentiated management of external debt denominated in domestic currency and foreign currency. Each approach has advantages and disadvantages from the angles of exchange rate risk, macroeconomic impact, and the solvency capability. The selection is dependent on the management objectives. There are differences in the management objectives of various departments, so we need to take care of the overall situation, see for the long-term, make the optimal policy analysis and selection, and hold the risk bottom line.