2019年汇市全景图:汇率弹性加大、外汇平衡有余  

A Panoramic View of 2019 FX Market:The Exchange RateFlexibility Increased and the FX Market was More than Balanced

作　　者：管涛 

机构地区：[1]武汉大学

出　　处：《中国货币市场》2020年第2期32-36,共5页China Money

摘　　要：文章复盘了2019年汇市全景,主要特点有:汇率有涨有跌,双向震荡加剧;结售汇缺口有正有负,外汇平衡有余;市场低买高卖,汇率稳定器作用增强;外汇对冲偏弱,以被动管理为主;基础顺差稳固,证券投资项波动较大。总体看,人民币汇率已越来越具有成熟货币的随机游走特征,贬值不等于外汇必定供不应求。The article reviews the FX market in 2019.The main features include:the exchange rate saw ups and downs with increased two-way fluctuations;the FX settlement and sale recorded both positive and negative gaps,and the FX market was more than balanced;the market bought low and sold high,and the role of the exchange rate as a stabilizer was strengthened;the FX hedging was weak,but dominated by passive management;the primary surplus maintained stable,and the securities investment accounts fluctuated significantly.Generally speaking,the RMB exchange rate is presenting more and more random-walk characteristics as a mature currency.Devaluation does not necessarily mean that foreign currencies are in short supply.

关 键 词：外汇平衡 证券投资 被动管理 随机游走 全景图 汇市 结售汇 人民币汇率 

分 类 号：F832.6[经济管理—金融学]