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双语 | 潘功胜:我国外汇形势与货币政策

来源:网络 编辑:四爷 时间:2020-01-19 11:59

  潘功胜:我国外汇形势与货币政策

  Pan Gongsheng Discusses China’s Foreign Exchange Situation And Monetary Policy

  1月12日,由经济日报社主办的“2020中国经济趋势年会”在北京举办。会上,中国人民银行副行长、国家外汇管理局局长潘功胜围绕“我国外汇形势与货币政策”发表了主旨演讲。

  Pan Gongsheng, deputy governor of the People’s Bank of China and administrator of the State Administration of Foreign Exchange, offered his views on China’s foreign exchange situation and monetary policy at the 2020 China Economic Trends conference held on January 12 by the Economic Daily in Beijing.Pan’s keynote speech touched on the renminbi exchange rate, China’s cross-border capital flows, overseas lending and monetary policy. Excerpts from the speech follow.

  人民币汇率在合理均衡水平上保持了基本稳定Stability in the Renminbi Exchange Rate在谈到人民币汇率时,潘功胜表示,2019年外部环境错综复杂,全球经济贸易增长放缓、国际金融市场波动加大,但人民币汇率在全球货币中表现相对稳健,在合理均衡水平上保持了基本稳定,同时人民币汇率弹性不断增强、双向波动,在配置外汇资源、平衡国际收支、增强宏观经济韧性方面发挥了重要的自动稳定器作用。The renminbi exchange rate in 2019 was generally stable, particularly in comparison with a number of other currencies. Despite a complicated external environment that was marked by a slowdown in global trade and economic growth as well as increased volatility on international financial markets last year, the renminbi rate remained stable at an appropriate and balanced level. At the same time, it showed more flexibility with greater two-way movement. With this expanded flexibility, the renminbi acted as an automatic stabilizing mechanism, helping to maintain equilibrium in the international balance of payments and the allocation of foreign exchange resources. The renminbi rate also enhanced China’s macroeconomic resilience.

  我国外汇市场供求及跨境资金流动总体稳定Stability in the Foreign Exchange Market潘功胜认为,2019年,手机棋牌游戏,我国外汇市场供求及跨境资金流动总体稳定,外汇储备余额稳中有升,外汇市场主体的交易行为更加理性有序,外汇市场的风险缓释能力明显提升,表现出较强的韧性。China saw overall stability in the supply and demand on its foreign exchange market in 2019, as a result of fairly stable cross-border capital flows. The foreign exchange market exhibited more rational and orderly trading. The ability to prevent and defuse risks in the market improved significantly, giving the market additional resilience. Additionally, the level of foreign exchange reserves rose steadily.

  跨境资本流入将趋势性增长Uptrend in Cross-border Capital Inflows“我国国际收支将保持基本平衡的格局,跨境资本流入将趋势性增长。”潘功胜说,近年来我国经常账户逐步进入基本平衡的发展阶段,这是中国经济结构不断优化和内外部平衡的结果。展望未来,中国较高的储蓄率和较强的制造业竞争力将有助于经常账户保持基本平衡。China will continue to see a basic equilibrium in its balance of payments, as its cross-border capital inflows increase. China has achieved a basic balance in its current account in recent years, reflecting continuous efforts to optimize the economic structure and balance internal and external factors. Looking ahead, China’s relatively high savings rate and strong manufacturing competitiveness will contribute to further equilibrium in the current account.近年来,外资流入我国债市和股市资金明显增多,成为我国资本项下跨境资金流动的一个重要特征。截至2019年11月末,境外投资者持有中国债券和上市股票余额分别为3248亿和2838亿美元,比2016年末上升1.6倍和1.1倍。展望未来,随着我国金融市场对外开放步伐加快,手机棋牌游戏,境外资本进入我国金融市场仍具有较大的增长空间。Turning to China’s cross-border capital flows, the nation’s stock and bond markets have seen increased capital inflows in recent years. The balance of onshore bonds and listed stocks held by foreign investors reached US$324.8 billion and US$283.8 billion, respectively, as of the end of November 2019. Both were more than twice the amount recorded at the end of 2016. China expects more overseas capital to flow into its markets as the country moves to open up its financial sector at a faster pace.

  我国外债风险总体可控Foreign Debts Generally under Control对于外债问题,潘功胜表示,我国外债风险总体可控,外债结构也趋于优化。从总量看,棋牌游戏,我国外债规模变化总体上与经济增长及对外开放水平相适应,外债主要指标处于国际安全线以内。从结构看,债券成为近年来我国外债增加的主要推动力,境外投资者以中长期资产配置需求为主,稳定性较强,这将是未来我国外债发展变化中的一个重要特点。According to Pan, the risks of China’s foreign debts are generally under control and their structure is being optimized. In terms of the total volume of foreign debts, changes in its scale basically move in line with economic growth and the degree of opening up the economy to outside interests. The main measures of foreign debts are within the widely accepted limits of prudent economic management. As to the structure of these debts, bonds have been the key factor in the rise in China’s foreign debt level in recent years. Overseas investors have been seeking more stable medium-to-long term asset allocations and this is likely to be an important shift in the future development of China’s foreign debts.

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