全球影子银行发展趋势及对我国的启示

Development Trend of Global Shadow Banking and Inspiration to China

2008年全球金融危机以来,全球影子银行发展迅速,对金融体系的影响日益显著。金融稳定理事会(FSB)定期发布对非银行金融中介的监测情况报告,总结全球主要经济体非银行金融中介(Non-bank financial intermediation,简称NBFI)发展趋势及风险情况。2020年12月发布的最近一期监测报告显示,全球非银行金融中介资产规模持续增长,发展呈现差异化趋势,在新冠肺炎疫情导致全球金融体系承压期间,会放大金融市场动荡、冲击对金融稳定的影响。2018年以来,我国有关部门陆续出台资管新规及配套措施,合理设定资管新规过渡期,影子银行风险持续收敛。但鉴于影子银行对金融体系的影响日益加深,创新手法层出不穷,有必要进一步采取措施强化对影子银行的监测分析及监管。

Since the 2008 global financial crisis,the global shadow banking has grown rapidly,and its impact on the financial system has become increasingly significant.FSB regularly release the monitoring reports on non-bank financial intermediaries,which comprehensively summarized the trend and risk of non-bank financial intermediaries in major economies in the world.The latest monitoring report was released in December 2020.The report shows that the scale of global non-bank financial intermediary assets continues to grow,and the development shows a trend of differentiation.During the period when the global financial system was under pressure due to the spread of Covid-19,the shadow banking magnified financial market turbulence and impacted the stability of the financial sector.Since 2018,China has successively introduced new asset management regulations and supporting measures,and set a reasonable transition period for adjusting the new asset management regulations.As a result,the risks of shadow banking have continued to converge.However,in view of the growing influence of shadow banking on the financial system and the ongoing emergence of innovative financial instruments,it is necessary to take further measures to strengthen the monitoring,analysis and supervision of shadow banking.