金融制裁背景下跨境支付体系的新路径探索——基于SWIFT与mBridge的比较分析  

Exploring New Pathways for Cross-Border Payment Systems in the Context of Financial Sanctions:A Comparative Analysis of SWIFT and mBridge

作　　者：黄晓薇[1] 杜莉 卞洋 HUANG Xiaowei;DU Li;BIAN Yang

机构地区：[1]对外经济贸易大学中国金融学院,北京100105

出　　处：《亚太经济》2024年第5期58-71,共14页Asia-Pacific Economic Review

基　　金：国家自然科学基金一般项目“安全资产短缺与金融脆弱性形成”(72073026);教育部人文社会科学研究一般项目“安全资产供需失衡视角下系统性金融风险的生成机理、识别与防控研究”(20YJA790031)。

摘　　要：地缘政治冲突、经济不确定性背景下,金融制裁实施的广度和深度不断扩大,SWIFT作为跨境支付金融制裁的工具,使各国金融安全面临新的挑战。中国人民银行数字货币研究所与香港地区金融管理局、泰国中央银行、阿拉伯联合酋长国中央银行共同发起的多边央行数字货币桥(mBridge)为跨境支付提供了新路径。通过梳理SWIFT制裁的根本原因,系统阐述mBridge在支付架构、流动性管理、外汇兑换、治理方式、网络传输内容及网状交易的创新机制,基于mBridge在数字经济、中小企业方面的独特优势,其有望成为应对SWIFT新型金融制裁的替代选择。未来,可以mBridge发展为契机,扩大人民币的国际结算及计价份额,助推人民币国际化建设,为各国面临的潜在金融制裁和次级制裁风险提供应对方案。In the context of geopolitical conflicts and economic uncertainty,the breadth and depth of the implementation of financial sanctions continue to expand.SWIFT,as a tool for cross-border payment financial sanctions,has caused new challenges to the financial security of various countries.The Multilateral Central Bank Digital Currency Bridge(mBridge),jointly initiated by the Digital Currency Research Institute of the People's Bank of China,the Hong Kong region Monetary Authority,the Central Bank of Thailand and the Central Bank of the United Arab Emirates,provides a new path for crossborder payments.This article sorts out the root causes of SWIFT sanctions,systematically elaborates on the innovative mechanism of mBridge in terms of payment structure,liquidity management,foreign exchange,governance methods,network transmission content and mesh based transactions,and analyzes its unique advantages in the digital economy and for small and medium-sized enterprises.It is expected to become a promising alternative to counter SWIFT sanctions.This article suggests leveraging the development of mBridge as an opportunity to expand the share of RMB in international settlement and invoicing,thereby promoting the internationalization of RMB.It can also provide a strategic response plan to mitigate the potential financial sanctions and secondary sanction risks faced by various countries.

关 键 词：金融制裁 跨境支付 SWIFT mBridge 

分 类 号：F831[经济管理—金融学]