央行货币互换机制比较及经验总结

International Comparison and Experience enligh tenment of Central Bank’s Currency Swap Mechanism

中央银行间本币互换本质上是指一国(或地区)的中央银行或货币当局与另一国(或地区)的中央银行或货币当局签署一份协议,在一定期限内,承诺为了一定目的可以相互交换各自的本币。经过多年发展,美国已建立起以美联储为中心,欧央行、英格兰银行、日本银行、加拿大银行、瑞士国家银行共同参与,对互换币种、期限和规模不设限,多边化、网络化和长期化的货币互换网络。中国人民银行也出于维护金融稳定,便利贸易和投资,支持人民币离岸市场发展等目的,与多家央行(货币当局)签订了双边本币互换协议。本文将对美联储和人民银行分别牵头搭建的货币互换安排进行对比,并为我国货币互换安排的进一步发展提出政策建议。

The Currency swap between central banks essentially means that the central bank or monetary authority of a country ( or region) signs an agreement with the central Bank or monetary authority of another country ( or region) to undertake, for a certain period of time, to exchange their respective currencies for a certain purpose. After years of development, the United States has established a multilateral, networked and long-term currency swap network, with the participation of the European Central Bank, the Bank of England, the Bank of Japan, the Bank of Canada and the Swiss National Bank, which is not limited to swap currencies, deadlines and sizes. The People's Bank of China has also signed bilateral local currency swap agreements with a number of central banks ( monetary authorities) for the purposes of maintaining financial stability, facilitating trade and investment, and supporting the development of the offshore market of the renminbi. This paper will compare the currency swap arrangements led by the Federal Reserve and the People's Bank respectively, and put forward policy suggestions for the further development of China's currency swap arrangements.