境内银行美元资产负债管理策略的几点思考

Reflections on USD Assets and Liabilities Management of China＇s Commercial Banks

高效管理外币资产负债表是商业银行推动外币资产负债业务发展的必要条件。文章从资产负债结构、定价及衍生品工具三个方面对管理策略做简要分析。如从资产负债结构角度，提示了保持存贷款规模匹配、控制同业负债规模与久期，及关注债券投资业务风险的重要性；又如从本外币负债转换、非美资产投放和对冲利率风险角度，探讨了衍生品工具的应用。

To manage the foreign currency balance sheet efficiently is essential for commercial banks to promote thedevelopment of foreign currency assets and liabilities businesses. This paper makes a brief analysis on themanagement strategy from the perspectives of the structure and pricing of the assets and liabilities, as well as theuse of derivative instruments. For instance, for the asset-liability structure, this paper emphasizes the importance ofkeeping the matching of loan and deposit scale, controlling the scale and maturity of interbank liabilities, and payingattention to the risks of bond investments. The paper also discusses the use of derivative instruments from theperspectives of the conversion between RMB liabilities and foreign currency liabilities, the investment on non-USDassets and the hedge of interest rate risks.