证券市场与外汇市场的互动关系及宏观政策选择──从B股向境内居民开放谈起

Interaction Relationship between Securities Market and Foreign Exchange Market and Choice of Macroeconomic Policies:Beginning with the Opening of the B──share Market to Domestic Residents

汇率制度是外汇市场运行的制度基础，在开放条件下不同的汇率制度选择会影响到证券市场和外汇市场之间的互动关系及其具体的互动方式。中国证监会决定对境内居民开放B股市场是中国证券市场开放的重要起步，因而有必要从外汇市场和证券市场协调运行的角度，对B股开放可能带来的经济影响进行分析。在此基础上，需要注重资本管制逐步放松条件下以及在客观把握外汇市场和证券市场互动关系前提下的宏观政策选择。

Under open economy different arrangements of foreign exchange systems have impact on the interaction relationship between securities and foreign exchange markets and the specific interaction patterns． it is imperative that the economic effects of the B－share opening be analyzed in the perspective of the coordination of foreign exchange and securities markets． Based on the analysis this paper puts forward the choice of macroeconomic policies under the condition of gradual relaxing of capital control and objective mastering of the interaction relationship of foreign exchange and securities markets．