从“避险”到“变现”——2020年3月流动性危机回顾与反思

From "Flight to Safety" to "Dash for Cash" :Reflections on the Liquidity Crisis in March 2020

2020年3月,新冠疫情剧烈冲击国际金融市场,引发一场短暂的流动性危机。主要央行及时出手救市,危机得以迅速平息。此次危机后,国际金融理事会协调相关国际组织和金融监管当局,深入总结分析此次危机,围绕危机中暴露出的非银部门脆弱性等问题展开政策反思,并推动完善相关改革举措。本文简要回顾了危机的过程及特征,介绍了国际金融监管界的有关政策反思、改革思路及进展,并结合我国国情进行思考。

In March 2020, the liquidity crisis brought about by the COVID-19 shock put global financial markets under strain. The crisis was alleviated by speedy policy actions by major central banks. Since then, the Financial Stability Board(FSB), working closely with other international organizations and member authorities, has coordinated a holistic review and assessment of the crisis and initiated policy reforms addressing the vulnerabilities of the financial system. This paper briefly overviews the market developments around March 2020, outlines the vulnerabilities that led to the crisis, and reviews the international regulatory community’s recent work and following policy agenda. It also draws lessons from the crisis for China’s market development.