当前江苏省银行涉外金融创新产品的特点及其对跨境资金流动的影响

近年来江苏省外汇指定银行涉外金融产品创新步伐加快，业务量快速发展。文章分析了金融产品创新的影响因素，系统介绍了这些金融创新产品的类别、模式与功能，总结了金融产品创新的特点，并分析其对跨境资金流动的影响。文章指出，这些产品创新主要是出于为企业套利和规避政策监管等目的，这些创新产品的大幅增长，造成大量套利资金频繁跨境进出、放大市场价格变化对跨境收支和结售汇的影响等负面影响。为此，建议在鼓励银行金融创新的同时，应加大统计监测和产品创新规范力度。

Bank financial product innovations in Jiangsu and the impacts on cross-border capital flows

The foreign-related financial products of designated FX banks have seen accelerating pace of innovation with rapid growth in business volume. The article analyzes the factors affecting the financial product innovations, systematically introduces the types, models and functions of the innovative financial products, summarizes the characteristics of the financial product innovations, and evaluates the impacts on cross-border capital flow. The article states that the main purposes of the product innovations are for arbitrage by enterprises and circumventing regulation. The substantial increase of these innovative products have led to frequent inflows and outflows of arbitrage funds and amplified the impacts of market price changes on cross-border payments and FX settlement and sales. In this regard, suggestions are made to encourage banking innovations and step up statistical monitoring and the regulatory force of the product innovations.