我国跨境资本流动新动态、潜在风险与化解对策

New Trends,Potential Risks and Countermeasures for Cross-Border Capital Flow in China

随着全球资本流动格局的不断演变,新兴经济体跨境资本流动短期波动开始加剧,同时伴随人民币国际化、金融双向开放进程的加快,我国跨境资本流动表现为:非储备性质的金融账户差额呈现双向波动,短期化趋势明显,跨境资本流动活跃度日益增强,对外直接投资增长迅速。为防止跨境资本流动"大进大出",避免引发系统性金融风险,应建立和完善跨境资本流动监管体系,加强对系统重要性金融机构的审慎监管,加强多层次金融市场体系建设,深化人民币汇率市场化改革,以防范跨境资本流动的过度冲击。

With the continuous evolution of the global capital flow pattern, the short - term fluctuations in cross -border capital flows in emerging economies have started to increase. At the same time, along with the internationalization of the RMB and the acceleration of the two - way financial liberalization process, China＇s cross -border capital flows have become more active and have a short -term trend. The difference in the bal- ance of non - reserve financial accounts have experienced two - way fluctuations, and foreign direct investment has grown rapidly. In order to prevent cross - border capital flows from being excessively intense and to avoid triggering systemic financial risks, a cross - border capital flow supervisory system combining macro - pruden- tial management and micro -market supervision should be established and improved, and the multi -level fi- nancial market system should be strengthened and deepened and the RMB exchange rate market reform should go further to prevent the excessive impact of cross - border capital flows.