货币基金行业系统性风险防范化解的国际经验与我国实践

Preventing and Resolving Systemic Risks in the Money Market Fund Industry:International Experiences and China Practices

近年来,全球多国遭遇货币基金挤兑和流动性危机,意味着货币基金行业的系统性风险会威胁金融市场稳定。本文通过深入分析国内外货币基金行业系统性风险事件,总结出两类可能相互强化的脆弱性:一类是货币基金容易受到突发破坏性赎回的影响,另一类是在压力时期,变现资产将面临挑战。防范和化解货币基金行业系统性风险的政策举措包括直接和间接两种手段:直接手段是降低破坏性赎回发生概率的机制和减轻巨额赎回影响的机制;间接手段是加强风险监测、完善短期融资市场运作。本文运用对比研究的方法,分析了中国与其他发达市场的货币基金行业结构特征,并总结出相应系统性风险防范化解方案的共性与差异。针对我国市场,本文的建议包括:进一步区分现金管理职能与投资职能,事前防范负债端风险来源,实施全行业压力测试,改善短期融资市场的结构脆弱性;同时,随着我国基金机构持续“出海”,还应对货币基金行业的宏观审慎监管进行优化和调整,提高开放条件下的风险防控能力,以适应不同发展阶段的需求,提高对实体经济的服务能力。

In recent years,many countries around the world have faced a run-on money market funds and liquidity crises,indicating that systemic risks in the money market fund industry could threaten the stability of the financial markets.Through comprehensive analysis of systemic risk events in the money market fund industry,locally and globally,two interrelated vulnerabilities are identified:one is the susceptibility of money market funds to abrupt and disruptive redemptions,and the other is impending challenges in liquidating assets particularly under stressed conditions.Policy options to prevent and resolve systemic risks in the money market fund industry include both direct and indirect interventions:direct methods are mechanisms to reduce the probability of destabilizing redemptions and mechanisms to mitigate the impact of massive redemptions;indirect methods are to strengthen risk monitoring and improving the functioning of short-term financing market.This paper uses comparative research methods to analyze the structural characteristics of the money market fund industry in China and other developed markets,and summarizes the commonalities and differences in corresponding systemic risk prevention and resolution proposals.For the money market fund industry in China,it is recommended to further distinguish between cash management functions and investment functions,prevent risk sources in the liability side using ex-ante regulations,implement industry-wide stress tests,and mitigate the structural fragility of the shortterm financing market.Meanwhile,as Chinese fund institutions continue their overseas expansion,authorities need to refine and modify their macro-prudential supervision strategies to align with differing developmental stages of the industry,thereby enhancing risk prevention and control capabilities under open economy condition and strengthening the service capabilities of the real economy.