央行汇市干预的效果与经验

外汇市场干预是大多数国家央行管理汇率的主要手段。2008年全球金融危机以及其后的欧美债务危机，使得金融市场动荡加剧，外汇市场因避险资金的流动也日益不平静，央行的汇市干预在目标、方式、效果、影响等方面部呈现出一些新的特点，文章对此进行回顾和总结，并从将外汇干预作为宏观调控的组成部分、变被动干预为主动干预以及扩展干预模式等方面，就进一步完善央行汇市干预方式提出政策建议。

Practice and effects of central bank FX market interventions

FX market intervention is the major method adopted by most central banks for managing exchange rates. The global financial crisis in 2008 and the ensuing European debt crisis have caused wide fluctuations in financial markets and FX markets were increasingly volatile due to hedge funds flows. Therefore, the central bank intervention in FX market shows some new features in terms of objectives, means, effects and impacts. The article reviews such issues and makes some suggestions on FX market invention as a constituent of macro- control, switching from passive intervention to active intervention and expanding intervention modes in order to further improve central bank FX market invention.