中国货币互换协议的动因分析

本文将我国货币互换协议的历程划分为三个时段,对其背后的动因进行了分析,揭示出:(1)次贷危机前的动因主要是,寻求亚洲区域合作,增强抵御外来冲击的能力,促进区域经济发展;(2)次贷危机中的动因主要是,提供短期流动性,稳定市场预期和信心,促进对外贸易和投资,防止经济增长放缓;(3)次贷危机后的动因侧重于推动人民币国际化、促进经济增长。三个时段的动因带有历史承接性,但又体现出一定的"时变性"。另外,与美国同期对比后发现,我国中央银行对货币互换协议进行了期限上的创新以将其用于对外贸易、投资,并兼顾人民币国际化,从而多元化了其目标。

Analysis on the Motivation of Currency Swap Agreements by China

In this essay,the history of RMB currency swap agreements is divided into three phases and the phase-based motivation analysis is conducted,which reveals:(ⅰ)during the pre-subprime crisis,demand for cooperation with Asian countries and improvement of counter-shock capacity and promotion of the regional economic development are primary motivations;(ⅱ)during the subprime crisis,supply of short-term liquidity,stabilization of market confidence and expectation,promotion of international trade and investment,and prevention of economic slowdown are primary motivations;(ⅲ)during the post-subprime crisis,the acceleration of RMB internationalization and stimulation of economic growth are primary motivations.The motivations reflect both the historical continuity and time-varying characteristics.The PBOC made innovations on the term of currency swap agreements to meet the demand for foreign trade and investment,to advance RMB internationalization and to realize diversified targets,on the basis of which,the currency swap agreement evolves into a policy instrument in international relations.