世界经济概论 人民币自由兑换.ppt

Free Convertibility of The CNY Highlights 1、Exchange rate fluctuations. According to Mundell ternary paradox of a country to achieve the free convertibility of the currency under the capital account, at least to implement a managed floating exchange rate system. 汇率浮动。根据蒙代尔的三元悖论、一国要实现资本账户下货币自由兑换，至少要实行有管理的浮动汇率制度。 2、Marketization of interest rates. A countrys financial markets and monetary stability is closely related to short-term capital flows freely convertible under the capital account is equivalent to the realization of lines for short-term capital flows, open the door, while the interest rate adjusted testing a powerful tool for short-term capital flows. 利率市场化。一国金融市场和货币的稳定性与短期资本流动密切相关而资本账户下自由兑换的实现线相当于为短期资本流动大开方便之门，而利率测试调节短期资本流动的有力手段。 3、Sophisticated financial institutions and sound financial markets. Freely convertible currency under the capital account so that the domestic financial markets and international financial markets more closely linked, if the domestic financial market breadth and depth of adequate financial system is relatively mature, the impact of external competition and responsiveness, they can better absorb the impact of reducing the adverse effects of . 成熟的金融机构与完善的金融市场。资本账户下货币自由兑换使国内金融市场与国际金融市场联系更紧密，如果国内金融市场广度和深度足够，金融体系比较成熟，对外部竞争和冲击反应灵敏，就可以较好的吸收冲击减少不利影响。 4、Prudential financial regulatory system. Freely convertible currency under the capital account of international hot money will inevitably bring about the impact of domestic financial markets, establish economic security, financial regulation is also an indispensable prerequisite. 审慎的金融监管体制。资本账户下货币自由兑换必然带来国际游资对国内金融市场的冲击，建立经济安全的金融监管也是不可或缺的一个前提条件。 Weaknesses Problems 1、人民币汇率与利率均尚未实现市场化 　　人民币汇率制度钉住一篮子货币，汇率变得更有弹性，没有实现自由浮动。利率仍然是法定利率，利率的运用不够灵活。 2、人民币完全自由兑换缺乏宏观经济基础 3、正确认识我国目前高额的外汇储备。我国高额的外汇储备不是来于合理的出口产品结构和高的劳动生产率，而是来源于强制结售汇。 4、缺乏金融市场基础 　　我国的货币市场发展滞后，限制了自身的整体融资功能和资本市场的进一步发展。国内银行体系抗风险能力较差。总资产利润率与资本收益率都很低，国内商业银行不良资产比率仍然比较高。我国中央银行市场化调节和监管能力尚待加强。 二、The liberalization of the functions of the