評論 52 再貸款創(chuàng)新及其對貨幣政策的影響/彭興韻 再貸款是我國央行重要的貨幣政策工具之一。隨著中國經(jīng)濟進入新常態(tài)，貨幣政策操作環(huán)境也隨之發(fā)生巨大變化。新的貨幣政策環(huán)境需要貨幣政策操作手段、方式、方法隨之而發(fā)生相應的變化。央行再貸款工具的創(chuàng)新、抵押品范圍的擴充會極大地改變貨幣政策的傳導渠道。 The Impact of Re-lending on Monetary Policy Refinancing is an important one of the central bank monetary policy tools. As China's economy has entered into the new normal， monetary policy operating environment has changed dramatically. The new monetary policy environment requires monetary policy instruments， means， methods with the corresponding change. Tool innovation and collateral range expansion of the central bank could significantly change transmission channels of the monetary policy. 宏觀經(jīng)濟 68 我國的資本外流有那么嚴重嗎？ /薛鶴翔 近期，外資行接連對中國資本的流出規(guī)模做出了報告，并引起了市場的廣泛關(guān)注。本文的觀點是，外資行高估了當前資本流出的規(guī)模，資本流出規(guī)模并非如外資行描述的那樣夸張。然而，決策層仍然須謹慎對待資本外流可能出現(xiàn)的惡化并適度通過降準以及定向操作適時補充流動性。

How Serious Is Chinas Capital Outflow？ Recently， foreign Banks have made a report to China's capital outflows， which have caused widespread concern in the market. The view in this paper is that foreign Banks have overestimated the size of the current capital outflows and capital outflows are not as exaggerated scale foreign firms described. However， the decision-makers still have to be cautious on capital outflows and timely control supplement liquidity by dropping quasi and carrying directional operation.

商業(yè)銀行 82 提升中小商業(yè)銀行利率風險管理與定價能力/田華茂 隨著利率市場化改革步伐的加快，資金價格將隨市場情況和客戶需求隨時變化，利率波動頻率和幅度會顯著提高風險因素，這對中小商業(yè)銀行的利率風險管理及定價方式、策略等定價能力將是巨大的考驗。提升利率風險管理與定價能力將成為中小商業(yè)銀行提升核心競爭力的重要一環(huán)。

Enhance the Interest Rate Risk Management and Pricing Abilities of Small and Medium Commercial Banks With the quickening pace of market-oriented interest rate reform， the fund price will be ready to change with market conditions and customer demand， and the frequency and the wave amplitude of Interest rate would significantly increase the risk factor， which will be a huge challenge to risk management， pricing method and pricing strategies of small and medium-sized commercial Banks. It is an important part of the core competitiveness of small and medium-sized commercial Banks to enhance the interest rate risk management and pricing capabilities.

全球視線 106 完善全球影子銀行監(jiān)管體系 /葉凌風 影子銀行是國內(nèi)外金融監(jiān)管的焦點問題之一，我國影子銀行問題也受到了廣泛關(guān)注，討論尤為熱烈。本文全面介紹金融穩(wěn)定理事會關(guān)于影子銀行的監(jiān)管研究工作進展，以促進對影子銀行的理解和認識。

Improve the Supervision System of Global Shadow Banking Shadow banking is one of the focal issues of the domestic and foreign financial regulatory problems， shadow banking problem has received widespread attention in our country， particularly a warm discussion. This paper comprehensively introduces FSBs research progress about the shadow banking supervision in order to promote understanding and awareness.