中国热钱流动的状况、原因与应对建议

Flow of hot Money in China:the Status,Causes and Policy Implications

合理判断中国热钱规模及其流向,并探究其原因及对策,对实现宏观经济调控目标具有重要意义。中国热钱流动呈现单向性、波动性和隐蔽性特点,其变化原因包括国内外利率差、汇率预期、国际收支差额、发达国家经济与政策以及外汇管理和人民币汇率机制改革等诸多方面。当前应在汇率、货币、财政、投融资、外汇管理以及风险防范等政策上采取有效措施来加以应对。

It is a great importance for the reasonable judgment on the hot money flow in China so as to explore its causes and policies implications , carry out and control its macro -economy. The hot money flow presents the one -way, fluctuating and elusive properties and the reasons for them are including the interest rate difference in domestic and abroad, the exchange rate anticipation, the margin of international balance of payment, the economy and its policies in developed countries, the reforms of foreign exchange management the exchange rate of RMB and so on. We should make effective measures to cope with the risks in exchange rate, currency, finance, investment and financing, foreign exchange management.