论自由贸易区试验下中央银行的货币定价权

A Study on the Central Bank's Right to Determine the Value of Currency under the Theory of Free Trade Zone

自由贸易区试验下高度市场化的金融活动必然对央行的货币定价权形成一定的冲击。货币定价权包含调节货币内在价值和对外价值两方面。自贸区的金融市场化试验对货币定价权的冲击主要体现在:资金跨境流动影响自贸区内外货币供应量、利率政策和汇率政策;而非法资金的跨境流动会增加反洗钱工作难度。因此有必要完善包括制定"自由贸易区法"在内的监管法律体系,在地方政府与监管部门协同实施金融宏观审慎监管的基础上,在区内试行集中统一的金融监管,同时推进中央主导的汇率形成机制市场化和反洗钱的跨境协作,维护央行的货币定价权。

Highly market-based financial activities in the free trade zone will inevitably affect the central bank＇s Right to Determine the Value of Currency. The Right to Determine the Value of Currency means regulating the internal value and external value of that currency. The impacts appears in following aspects： transnational capital flow will affect the money supply, policies about interest rate and currency; some illegal capital flows will put a hinder on authority＇s effort to strike the laundering. In that sense, series of legal efforts should be made to improve our supervision system including Law of Free Trade Zone, a corporative and unified administration from both local government and related financial bureau, improving the marketization of exchange rate mechanism as well as a collaboration of anti-laundering movement of different countries.