Relaxation of foreign exchange control at the right time (map) – Sohu Finance-soojin

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The right time to relax foreign exchange control (Figure) – Sohu financial news comic Xu Yingjian both from the observer China safe policy or from the long-term process of internationalization of the RMB, the capital inflow and outflow China limit has gradually relaxed, free from the market point of view it is a positive move, display management determination. China State Administration of foreign exchange issued the regulations on the administration of foreign exchange of domestic securities investment by qualified foreign institutional investors yesterday, and reformed the foreign exchange management system of qualified foreign institutional investors (QFII). The main contents of the provisions include no longer set up a unified limit of investment quota for a single institution, and simplify the quota approval management, more than the basic amount, only need the approval of the foreign exchange bureau. The QFII investment principal is no longer set into the deadline requirements; QFII open funds are allowed to purchase and redeem on a daily basis. The International Monetary Fund (IMF) added RMB into the major international currency basket at the end of last year. This is not an imprudent decision made by the IMF, which implies that China has the responsibility to gradually reduce its market intervention measures. The initial approach to the free market is often accompanied by intervention actions by the central bank or policy makers to stabilize the market and reduce the cost of market participants adjusting to the free market. However, unnecessary and lengthy interventions can interfere with free market operations and even cause traffic congestion on the free market road. We can see that the Fed’s long term zero interest rate QE policy violates the rules of "intervening only when absolutely necessary" in the free market, and has caused economic congestion and related consequences. The Fed’s policy, for example, is very useful in the early stages of the financial crisis, prompting dollar investors to seek higher returns elsewhere, and many of these inflows into emerging markets. Now, the Fed has begun to gradually raise interest rates, and that the future of further interest coming from China capital and other emerging markets into the dollar market, causing the market uncertainty and volatility, which is also the capital outflow has recently become the focus of. Whether it is from the policy of China’s safe or from the long process of internationalization of the RMB, the restrictions on capital inflows and outflows have been gradually relaxed. From a free market perspective, this is a positive move, showing the management’s determination. However, China has been forced to become the recipient of a huge "non free market" inflow of capital because of the Fed’s loose monetary policy for a long time. For a period of time, China’s capital outflow has been largely the result of the Fed’s actions, but unfortunately, it needs to deal with the central bank that is under pressure. It is because of many non market factors that the Central Bank of China has imposed a temporary "non free market" constraint on capital outflows to reduce the pain of China’s economy. It should be said that it is reasonable. However, these restrictions should be temporary and should be abolished when the market returns to normal. For the Central Bank of China, the use and cessation of intervention tools need to be more skilled, and the pressure needs to be more mature. In addition, reducing monetary intervention means that it will allow

放松外汇管制正当其时(图)-搜狐财经新京报漫画 许英剑  观察家  无论是从本次中国外管局的政策还是从人民币国际化长期进程来看,对资本流入和流出中国的限制已经逐步放宽,从自由市场的角度来看这是一个积极的举动,显示了管理层的决心。  中国国家外汇管理局昨日发布《合格境外机构投资者境内证券投资外汇管理规定》,对合格境外机构投资者(QFII)外汇管理制度进行改革。《规定》的主要内容包括不再对单家机构设置统一的投资额度上限,并简化额度审批管理,超过基础额度的,才需外汇局审批。对QFII投资本金也不再设置汇入期限要求;允许QFII开放式基金按日申购、赎回。  国际货币基金组织(IMF)在去年年底将人民币加入到主要国际货币篮子中。这不是国际货币基金组织做出的轻率决定,这个决定暗示着中国有责任逐步减少自己的市场干预措施。  走上自由市场道路初始,往往都会伴随着央行或政策制定者旨在平稳市场、降低市场参与者调整到自由市场的成本的干预动作。然而,不必要的、冗长的干预会干扰自由市场操作、甚至造成通往自由市场道路上的交通拥堵。  我们能够看到,美联储的长期零利率QE政策违反了自由市场中“只在绝对必要的时候干预”的规则,并已造成了经济交通拥堵与相关后果。例如,美联储的政策(在金融危机的初期阶段非常有用)促使美元投资者到别处寻找更高的回报,而很多此类资本涌入到新兴市场。现在,美联储已经开始逐步提高利率,并表示未来进一步加息即将到来,资本从中国和其他新兴市场涌入美元市场,造成市场的不确定性和波动性,这也是资本外流近期成为焦点的原因之一。  无论是从本次中国外管局的政策还是从人民币国际化长期进程来看,对资本流入和流出中国的限制已经逐步放宽,从自由市场的角度来看这是一个积极的举动,显示了管理层的决心。不过,由于美联储长期以来的宽松货币政策,中国一直被迫成为一个巨大的“非自由市场”资本流入的接收者。一段时期以来,中国所面临的资本外流在很大程度上是美联储行动的结果,但不幸的是,需要应对解决承受压力的是中国央行。  正是由于许多非市场因素的作用,中国央行实行对资本流出的临时性“非自由市场”的限制以减少中国经济的痛苦应该说还是合理的。但是,这些限制应该是暂时的,当市场恢复正常时应取消。  对于中国央行来说,干预工具的使用和停止还需要更熟练,在压力的承受上也还需更为成熟的心态。此外,减少货币干预意味着将允许资本外流按常规发展而不是盲目消耗外汇储备,否则很可能导致更为剧烈的人民币贬值。  对于中国央行来说,人民币汇率钉住一揽子货币自由浮动方向还是正确的,未来,不妨还可以考虑评估港元和美元脱钩。  中国经济目前正在经历步入自由市场的转型阵痛,这是一个必要的非正常调整期,这当然也需要央行和宏观调控部门以更多的定力和智慧。要有耐心,不要惊慌,并准备好将获得丰厚的回报。自由市场将带来的回报不会立竿见影,但他们最终会到来,相信市场的力量。  理查德·罗伯茨(前美联储信贷风险管理负责人)相关的主题文章:

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