同步资本项目可兑换与利率、汇率市场化改革

2012年全国金融工作会议提出要稳妥有序推进资本项目可兑换.十八大明确了要稳步推进利率和汇率市场化改革,逐步实现资本项目可兑换.当前,人民币资本项目可兑换面临新的战略机遇期,对于如何进行资本项目可兑换,理论界有诸多的观点.从金融体制改革的全局来看,资本项目可兑换的实现离不开利率与汇率市场化改革,如何处理好三者的关系成为资本项目可兑换实现过程中亟待解决的问题.本文在借鉴原有理论的基础上,从新的角度提出要放开实现资本项目可兑换的途径,将其与利率、汇率市场化改革同步起来,共同推进.

Convertibility of Synchronous Capital Projects and Marketization Reform of Interest Rate and Exchange Rate

In 2012 the national financial work conterence proposeu to the sound and orderly capital account convertibility. The 18th National Congress of the CPC explicitly proposed to steadily push forward the marketization reform of interest rate and exchange rate and gradually realize the convertibility of capital accounts. Currently the capital account convertibility of the RMB is facing a new period of strategic opportunity. On how to make a capital account convertibility, theorists have many views. From the overall situation of the reform of the financial system to realize the convertibility of capital accounts can＇t go without interest rate and exchange rate marketization reform. How to deal with the relationship of the three has become the problem urgently to be solved in the process of capital account convertibility. On the basis of the original theory this paper put forward from a new point of view to let go of ways to realize capital account convertibility and synchronize it with the marketization reform of interest rate and exchange rate reform.