Changes In The Macroeconomic Environment, Capital Account Liberalization Asymmetry And Chinese Currency Mismatches Research

International capital flows, capital account opening and exchange rate reform and relevant research at home and abroad has been a hot spot of research.As the countries in recent years frequent cross-border capital flows, exchange rate and all kinds of asset price volatility, along with the financial instability, the financial crisis and economic crisis frequency increase.But compared to other developed economies, China’s capital account openness is still low.In order to suit the needs of the internationalisation of the renminbi, the central bank announced the schedule of open the capital account gradually in our country, in the foreseeable future, there will be a lot of RMB abroad;At the same time,foreign capital will flow into the home.Facing the capital account is no longer whether to open further, but how to better two-way open.At the same time, the economic power in China as a development, also inevitably currency mismatch problems.Foreign currency assets and foreign liabilities growing serious imbalance, accumulated the massive net foreign currency positions(i.e. currency mismatch), significant currency mismatch gap.Currency mismatch risk is also a kind of potential currency risk, and further exchange rate reform, at present our country is gradually end unilateral renminbi appreciation is expected to enter a new stage of two-way volatility.Macroeconomic environment is also changing, therefore, it is necessary to in-depth discussion on the related issues, in particular on the basis of the theory through empirical investigation, to China’s capital account opening problem to provide a certain degree of reference.In this article, through the combination of theory and empirical way to delve into the capital account opening, "wide into severe out" asymmetry and interactive relationship of China’s currency mismatch problem, and further studied in the case of changes in the macro environment of our country opening capital account and asymmetric currency mismatch problem and the present status of the incipient capital increasing exchange-rate flexibility in China under the capitalaccount opening, the internationalisation of the renminbi, so this article has the following main conclusions:Firstly, will be added to the asymmetry of the capital account openness under the framework of currency mismatch, the empirical conclusion the relevance of both have significant, and through the asymmetric degree of opening capital account regulations index and flow index comparison, we found that the flow indicators for the cointegration relationship of currency mismatch is more intense, and can better explain the effect on the currency mismatch.Secondly, by using the method of nonlinear threshold cointegration,we can find that the capital account opening degree of asymmetry for currency mismatch with nonlinear effect. When the asymmetric degree of opening capital account exceeds a certain value, its effect on the currency mismatch is positive, and a significant cointegration relationship between the two, namely the extent of increase exacerbate currency match degree; When the capital account opening degree of asymmetry below a certain value, its effect on the currency mismatch also is positive, but the coefficient is low, the effect is relatively weak.Thirdly, in the above relationship at macroscopic change of circumstances, we found that spreads to currency mismatch effect is not obvious, alone in the degree of the asymmetry of the structure of capital account liberalization under the action of significant effects on currency mismatch; Likewise, the exchange rate and degree of the asymmetry of the structure of capital account liberalization linkage has a strong influence on currency mismatch. And the linkage effect and capital account liberalization in external shocks(increased under the financial crisis, the United States into the QE).Fourthly, the asymmetric degree of opening capital account into capital inflows and capital outflows and found: the capital outflow and inflow for currency mismatch plays a slow and aggravate the reverse effect, however, is not the same. In further on our country’s foreign investment capital classification and after joining exchange rate flexibility results show that the pure exchange rate regime reform and capital output and cannot effectively relieve our country’s currencymismatch problem. And China’s foreign direct investment(FDI) and foreign financial securities investment have heterogeneity on currency mismatch effects. Increase of foreign direct investment for currency mismatch with slow effect, and the increase of foreign financial securities investment for currency mismatch plays an increasing role.