Creditor Currency Mismatch And China's Financial Security

Nowadays,currencies of different countries differ greatly in their international status and value.Currency mismatch is a widespread and unavoidable problem in emerging countries.Obviously,as one of the largest developing emerging market countries,the scale of currency mismatch and the various economic risks caused by it are bound to be the subject of continuous research by scholars at home and abroad.Based on the fact that the creditor's right currency mismatch is accumulating continuously in China's economy,this paper constructs and measures the index of the degree of currency mismatch at the national and industrial levels,studies the internal mechanism of currency mismatch affecting the economy,explores the transmission mechanism of currency mismatch caused by fluctuations of exchange rate and other factors,and the synergistic relationship among them.Based on the above conclusions,this paper proposes to reduce goods.The degree of currency mismatch and the policy choice of maintaining financial security.Specifically,the full text from the following aspects.Starting from the following three aspects of currency mismatch,this paper firstly measures the index of currency mismatch in China,and establishes the index of currency mismatch in industry and in whole to measure the degree of currency mismatch at two levels in China.Secondly,the paper studies the internal influence mechanism of currency mismatch on the economy,and analyses various channels through which currency mismatch has an impact on China's economy.Finally,the factors and mechanism that influence the degree of currency mismatch are studied quantitatively.In the part of quantitative research,this paper discusses the transmission mechanism and synergy relationship of exchange rate and other factors on currency mismatch.The transmission mechanism is mainly studied from the following two perspectives: one is to analyze the combined effects of exchange rate,interest rate and other factors on currency mismatch.The second is to discuss the impulse response,effect and difference of exchange rate and interest rate changes to currency mismatch shocks according to whether structural mutation factors are taken into account.On the basis of calculating the rolling correlation coefficient,the synergistic relationship model between currency mismatch and other factors such as exchange rate and interest rate is constructed by factor analysis method.The synergistic effects of currency mismatch,exchange rate and interest rate are systematically analyzed.Finally,according to the conclusions of the previous study,this paper puts forward some countermeasures to reduce the mismatch of creditor's rights currency in China.Because the problem of currency mismatch in our country has a long period and many problems,the first thing to solve the problem is to effectively promote the internationalization of RMB and change the current situation of non-international hard currency of RMB.With the improvement of China's comprehensive national strength,the internationalization process of RMB should not be blindly radical,and should be steadily promoted to fundamentally weaken the credit currency mismatch.Secondly,it is suggested to put forward a two-way floating and asymmetric flexible exchange rate mechanism with rising and falling,and pay attention to the impact of currency mismatch risk factors on the floating range,reform the exchange rate and interest rate synchronously,and pay attention to the synergistic effect of the two,so as to prevent the difference between the two fluctuating ranges from being too large.Thirdly,we should promote the reform of interest rate marketization and further optimize the allocation of resources,so as to form a more effective economic operation system and improve the interest rate sensitivity of various parts of the economy.Finally,we should strengthen the supervision of currency mismatch at different levels,especially to deal with the risk of currency mismatch at the enterprise level,and promote the improvement and development of the financial derivatives market,so as to reduce the external risk of currency mismatch faced by various economic entities.