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2008年国际金融危机爆发后,为刺激经济复苏、提高通胀水平以及维持汇率稳定。负利率政策正式成为部分经济体的货币政策工具。随着负利率政策的实施,多个国家的主权债券收益率降至负值,并拖累全球债券收益率持续走低。与此同时,新兴市场债券不断受到投资者青睐,人民币国际债券的认可度和影响力日益提升。在此背景下,我国要把握当前低利率的市场环境,利用人民币加入SDR货币篮子、债券市场对外开放进程加快等有利条件,力争实现人民币汇率的基本稳定。同时从打造人民币国际债券拳头产品、完善金融基础设施和相关制度建设以及提升债券市场国际化水平等维度发力,促进人民币国际债券市场的快速发展和人民币国际化的深入推进。
After the international financial crisis broke out in 2008, it stimulated economic recovery, raised inflation and maintained the exchange rate stability. Negative interest rate policy officially became part of the monetary policy instruments. With the implementation of the negative interest rate policy, the sovereign bond yields of many countries dropped to negative values, and dragged down the global bond yield continued to decline. In the meantime, emerging market bonds continue to be favored by investors, and the recognition and influence of RMB international bonds are increasing. Against this background, China should seize the current low interest rate market environment, use the RMB to join the SDR currency basket, accelerate the opening up of the bond market and other favorable conditions, and strive to achieve the basic stability of the RMB exchange rate. At the same time, it made great efforts to build fist products of RMB international bonds, improve the construction of financial infrastructures and related systems, and enhance the internationalization of the bond market so as to promote the rapid development of RMB international bond market and promote the internationalization of RMB.