2013年6月中国货币市场的异象震动了中国金融体系。学者们从不同角度结合长短期因素,对“钱荒”现象进行了解读。本文对此进行了简要概括,并尝试从明斯基的金融不稳定假说出发,对“钱荒”现象做出进一步的剖析。论文指出,根据明斯基的融资分类法,中国经济中对冲性融资比重下降,投机性融资和庞氏融资比重上升,“钱荒”折射出了中国经济和金融的高度脆弱性,中国经济在逼近“明斯基时刻”。 The vision of China’s money market in June 2013 shattered the Chinese financial system. Scholars from different perspectives combined with short-term factors, “money shortage” phenomenon was interpreted. This article gives a brief summary of this and attempts to make a further analysis of the “money shortage” from Minsky’s hypothesis of financial instability. The paper points out that according to Minsky’s classification of financing, the proportion of hedging finance in China’s economy is decreasing, the proportion of speculative financing and Ponzi financing is rising, and “money shortage” reflects China’s high degree of economic and financial vulnerability. China Economy is approaching “Minsky moment ”.