中国债券市场与全球金融市场

China’s Bond Market and Global Financial Markets

一项跨国比较分析表明,中国进一步融入全球金融市场特别是国际债券市场的空间很大。中国债券市场进一步成功自由化的内涵不仅包括放松债券市场监管,还包括进一步发展其他市场,特别是外汇市场。尽管中国日益融入国际资本市场更易受全球金融周期的影响,但鉴于中国的经济规模及其完善的宏观经济框架,融合产生的货币自主性成本并不会很高。

A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets,especially in the case of the international bond market.A further successful liberalization of the Chinese bond market would encompass not only loosening bond market regulations,but also further developing other markets,notably the foreign exchange market.Even though the increased integration of China into international capital markets would increase its exposure to the global financial cycle,the costs in terms of monetary autonomy would not be large given China’s size and especially under a well-articulated macroeconomic framework.