Research Of Cross-border Financing Macro-prudential Management

At present,China's capital and financial account deficit is growing,cross-border payment and settlement and sales are presented in general deficit,while cross-border financing is absolutely large scale,and showing a sustained growth trend.Now,there are still some problems in China's cross-border financing macro-prudential management,which do not meet the requirements of macro-prudential regulatory framework,need to be improved.Such as the financing structure is not reasonable;short-term foreign debt ratio is too high;early warning and monitoring and analysis system construction is still not in place;poor ministries and management coordination and so on.In view of the practice of cross-border capital regulation from developed and emerging countries,the interest-free deposit reserve system,financial transaction tax system and foreign exchange position restriction have a certain effect on the excessive fluctuation of short-term cross-border capital flows and the accumulation of risk positions,The effect of eliminating the depreciation of the exchange rate is not obvious.Therefore,the supervision of cross-border capital flows need to be based on specific circumstances to take consistent measures,and according to domestic and international economic and financial environment changes continue to adjust.Currently,the study on the macro-prudential supervision of cross-border financing is mainly aimed at the overall framework and system of supervision,and the specific methods and implementation paths are not much.The macro-prudential management policies of cross-border financing,which have been promoted nationwide in 2016.In practice,we need to further optimize the indicators,improve the management details;macro and prudent management and micro-prudential closely together,complement each other.Cross-border financing fluctuations in the process should be based on the direction of cross-border financing funds to take different measures.Macro-level should be in the monitoring and grasp the overall situation of cross-border capital flows on the basis of the use of foreign exchange settlement and sales positions,Tobin tax,interest-free reserves,expected management and other means of cross-border financing for counter-cyclical management;micro level,we should strengthen the monitoring and verification of key financial flow channels and mobile subjects,and enhance the relevance and effectiveness of cross-border financing management.When the capital flow risk early warning monitoring system in the foreign currency spreads,trade surplus deviation,the balance of foreign exchange settlement and other indicators to reach the warning value,should choose the appropriate macro prudential and micro-prudential supervision tools.At the policy level,we should construct a macro-prudential supervision mechanism with systemic risk prevention and control,adopt market-oriented and perfect macro-prudential supervision policy tools,construct cross-border financing capital flow risk warning,and strengthen the coordination of cross-border financing supervision departments.This paper uses the methods of literature research,comparative analysis,scenario analysis and other methods to analyze the current situation of cross-border financing capital flows in China,and draws lessons from the international experience of macro and prudent management,and clarifies the objectives,principles and principles of macro-prudential management of cross-border financing challenge.The article further studies the specific methods and implementation path of the existing management,explores the ways of macro-prudential and micro-prudential coordination and supervision of cross-border capital flows,and protects the impact of cross-border capital flows,so as to support cross-border financing of all kinds of real needs while maintaining the basic dynamic balance of revenue and expenditure.It is hoped that this paper will be helpful to the construction of macro-prudential supervision system of cross-border financing in our country.