经济新常态下中国外汇市场建设正当其时

Urgent Needs for the Construction of China's Foreign Exchange Market under Chinese Economy's New Normal

当前,在经济发展步入新常态的背景下,中国国际收支状况正从贸易顺差过大、外汇储备增长过快的"旧常态"转向经常项目收支趋于平衡、跨境资本流动双向振荡加剧、外汇储备增长放缓的"新常态"。与此同时,外汇市场也进入了多重均衡状态,人民币汇率的资产价格属性进一步凸显。顺应形势发展变化,加快国内外汇市场建设正当其时:一是扩大市场参与主体,二是推进市场双向开放,三是丰富市场交易产品,四是完善市场基础设施,五是加强投资者风险教育。

Under the economy＇s new normal at present, China;s international payments have changed from old normal with excessive trade surplus and excessively quick foreign exchange reserve growth to new normal with balanced current account, the increase in bidirectional oscillation of cross-border capital flow and slowing-down foreign exchange reserve growth. Meanwhile, foreign exchange market also enters multi-equilibrium and the asset-price attribute of RMB ex- change rates is further embodied. There are urgent needs for the adaption to new development and changes and the acceleration of the construction of foreign exchange market： the first is the expansion of market-involved subjects; the second is the advancement of bidirectional market opening-up; the third is enriching market exchange products; the fourth is the perfection of market inffastructure; the fifth is the reinforcement of investor risk education.