美联储量化宽松货币政策退出对我国跨境资金流动的影响

The Impact of the Retreating of US Federal Reserve's Quantitative Easing Policy on Chinese Cross-border Capital Flows

2013年12月19日,美联储宣布削减量化宽松每月资产采购规模100亿美元,标志着正式启动QE退出,美联储QE退出增加了全球经济复苏的不确定性,对我国跨境资金流动产生深远影响,从而引起了市场的高度关注。本文回顾了美国量化宽松政策的实施过程和退出步骤,分析了量化宽松政策退出的主要传导机制与渠道,剖析了美联储量化宽松政策退出对我国跨境资金流动的影响,并提出了相关政策建议。

On December 19,2013,the US Federal Reserve announced to reduce the monthly assets purchase by 10 billion dollars. This shows that the Federal Reserve offi cially launched the process to end its quantitative easing policy, and has raised great attention in the market. The tapering of US Federal Reserve＇s quantitative easing policy increases the uncertainty of global economic recovery, and it impacts cross-border capital fl ows in our country. The study reviews the history of US Federal Reserve＇s quantitative monetary policy, and it analyses the transmit mechanism and methods of US Federal Reserve＇s quantitative easing policy. The text dissects the impact of the retreating of US Federal Reserve＇s quantitative easing policy on Chinese cross-border capital fl ows, and it puts forward suggestions.