The Development of Bilateral Swap Arrangement in East Asia After the Outbreak of the Financial Crisis

美国爆发金融危机之后,发达国家纷纷通过双边货币互换协议相互提供流动性支持。与此同时,东亚地区各层级的流动性救援设施得到了不同程度的强化,并呈现新的发展趋势。由于东亚地区尚未进入汇率协调阶段,建立在丰富流动性资源基础上的东亚各层级流动性救援设施的有效性不足。若将这些流动性资源用于区域资本市场发展,则有助于区域金融稳定,同时可为区域货币合作打下坚实基础。中国在参与东亚金融合作进程中,应积极主张区域金融市场发展路径,并籍此助推人民币的区域化和国际化。Following the outbreak of the financial crisis in U.S.A.,the developed countries have provided liquidities to each other through Bilateral Swap Arrangement.In the mean time,different levels of liquidity rescue facilities in East Asia have also been strengthened and demonstrated a new trend.Since the financial cooperation in East Asia hasn' t evolved into the stage of exchange rate coordination,the effectiveness of the existing liquidity rescue facilities is not enough.If the fluent liquidity resources could be used in developing regional financial markets,maybe it is a more effective way to ensure the regional financial stability.China must take active part in the process of regional financial cooperation and propose the roadmap for the development regional financial markets,through which China can promote the RMB regionalization and internationalization.教育部社科规划青年项目的资助(项目名称:东亚外汇储备库研究——以互利共赢理念探索区域合作的实现形式和中国战略;项目号:08JC790087