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跨境贸易融资是影响货物贸易跨境收支波动的重要因素。2014年,人民币对美元5年来首次出现年度贬值、本外币利差及境内外人民币利差收窄等因素使跨境贸易融资的套利动机减弱,跨境贸易融资余额下降。总体来看,进口贸易融资减少,出口贸易融资持平;表内融资减少,表外融资小幅增加;外币和人民币贸易融资双双下降。2015年,综合进出口预期和汇率、利率等金融市场价格因素考虑,地区跨境贸易融资可能会出现小幅回升,月度间会有一定的波动性。
Cross-border trade finance is an important factor affecting the cross-border fluctuations in trade in goods. In 2014, for the first time in five years, the renminbi against the U.S. dollar devalued. Interest spreads between domestic and foreign currencies and the narrowing domestic and overseas renminbi spreads narrowed the arbitrage motivation for cross-border trade financing and lowered the balance of cross-border trade financing. Overall, the decrease in financing for imports and the equalization in export trade led to a decrease in financing in the table and a slight increase in off-balance-sheet financing, both in foreign currency and RMB trade finance. In 2015, taking into account the expected import and export volume and the price of financial markets such as exchange rates and interest rates, cross-border trade financing in the region may rebound slightly and there will be some volatility in the monthly.