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当今世界经济、金融体系正发生着深刻的变革,许多国家都在试图寻求打破传统金融的疆域,以求溶入世界范围内的金融资源配置之中。“资本账户开放”成为各国,特别是发展中国家关注的新焦点,中国自然亦不例外。与此同时,目前的中国股市持续走高,牛市前景依旧乐观,资产价格不断重估,泡沫已是不争的事实。这与流动性泛滥,以及导致流动性过多的汇率和利率制度有不可分割的关系。
In today’s world, profound changes have taken place in the economic and financial systems. Many countries are trying to find ways to break the boundaries of traditional finance so as to dissolve into the world’s financial resources. “Capital Account Opening ” has become a new focus of attention of all countries, especially developing countries. China is no exception. At the same time, the current stock market in China continued to rise, the bull market outlook is still optimistic, asset prices constantly revaluation, the bubble is an indisputable fact. This is inextricably linked to the proliferation of liquidity and the exchange rate and interest rate regime that lead to excessive liquidity.