With the continuous upgrading of the Sino -US trade dispute，Sino -US international capital flow has attracted more and more attention。International capital flow as an important aspect of foreign economic connection，For the fluctuation of the flat exchange rate、Maintaining financial stability has an important impact。Data show of the US Economic Analysis Administration，At the end of 2019，US net assets of US $ 11.05 trillion，The net income of international investment is 236.344 billion US dollars。Display statistical data of my country's international investment position announced by the State Administration of Foreign Exchange，At the end of 2019，my country's foreign net assets are US $ 2.12 trillion，The net income of international investment is -37.208 billion US dollars。Sino -US international capital investment scale and income presents a completely different situation，The capital flow of the two countries presents the characteristics of the "Stiglitz Monster Circle"。

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The "Stiglitz Monster Circle" of the capital flow was proposed by the 2001 Nobel Prize winner of the Nobel Prize in Economics，This theory explains the strange phenomenon of capital flow between Asian countries and the United States。On the one hand，Asian countries transform the trade surplus of domestic enterprises into official foreign exchange reserves，Bet365 lotto review and invest in the US capital market by purchasing U.S. Treasury bonds; on the other hand，Under the circumstances of the trade deficit, the United States accepts these "Asian dollars" in a large scale，Then invest in a securities portfolio、hedge fund and other forms，Invest these "Asian dollars" to high -growth emerging markets represented by Asia，To get a high return。At present, the status quo of international capital investment and income between China and the United States indicates that the "Stiglitz Monster Circle" exists。

First，The United States is a net debt country invested in international capital，China is a net creditor country。The position of international investment is the asset of a country's international investment minus liabilities，If the international investment position of a country is negative，It means that assets are less than liabilities。Since 1989，The net position of the US international investment is all negative，Especially after 2010，The scale of net assets in the United States has dropped rapidly，Compared with 2010, it decreased by about 340%。and the situation of China and the United States is the opposite，The net position of China International Investment is rising。Since 2000，The net position of China International Investment is all positive，The assets invested by China International Investment are greater than liabilities，Net assets are positive，Compared with 2010，2019 net assets increased by 11.8%。

Second，High investment income in the United States，Low investment income in China。International investment income is mainly investment in international bet365 Play online games bonds、Revenue on financial assets such as stock minus the cost of financial liabilities。The net investment income in the United States is all positive，Investment income in 2019 increased by 39.1%。That is to say，The yield of US international investment assets can not only make up for the cost of international investment liabilities，You can also get additional benefits。From the situation in China，China's international investment position is positive，But the net income of international investment is negative，The opposite of the United States。Compared with 2009，2019 net investment income fell 137.14%，The yield of China International Investment Assets not only cannot make up for the cost of international investment liabilities，It will also cause additional losses。

China’s foreign exchange assets are a large part of the purchase of U.S. Treasury bonds。As of April 2020，China holds US $ 1072.8 billion in US Treasury bonds，It is the largest US debt investment country after Japan。Since the international financial crisis in 2008，The United States adopts low interest rate and quantitative easing policy，USD government bonds asset yields continue to decline。At the same time，Since the reform of China in 2005，RMB continues to appreciate，The domestic RMB interest rate level is also higher than the interest rate level of the United States。Foreign capital inflows can obtain the benefits of RMB appreciation and domestic and foreign spreads，It may also be the reason why the income of China -US international investment assets and liabilities is inconsistent。

　　Realizing a reasonable and balanced international capital flow

U.S. international investment position is negative，But the investment income is positive，Explain the low cost of US funds，and the cost of using US funds from other countries is higher。China's international position is positive，Net income is negative，It means that China has a higher cost of using US funds，And the cost of using Chinese funds in other countries is lower。In order to jump out of this capital flow strange circle，I believe that starting from the following four aspects。

First，Continue to promote China's exchange rate and interest rate marketization reform。The market mechanism that continuously improves exchange rate and interest rate adjustment，Increased the uncertainty of the exchange rate and interest rate changes，Eliminate the arbitrage space of international capital by improving the market mechanism。For a long time，my country's RMB exchange rate and interest rate marketization reform is gradual，RMB exchange rate steadily appreciate。Especially since the international financial crisis，my country's interest rate level is higher than the US interest rate level，There is a certain set of foreign exchange and arbitrage space。With my country's capital account further，Capital flow will be more frequent，Need to further deepen the reform of financial marketization，The breadth and depth of marketization of exchange rates and interest rates。With the effective flow of international capital，Settlement and arbitrage space will be further reduced。

Second，Continuously adapt to changes in international investment positions，Promoting international capital Bet365 lotto review flow is more reasonable and balanced。International investment positions are dynamic changes，It is mainly affected by trade accounts and capital accounts。With the transformation of my country's economic structure，Actively expand import，Regular project surplus may decline，There will even be deficit，Chinese capital projects will have a surplus，It may also become a net input country of capital。From the recent international revenue and expenditure balance table，Frequent project deficit in the first quarter of 2020，Capital project surplus，Foreign exchange reserves decrease。Changes in frequent projects will affect the changes in the net position of international investment，Net debt country and net debt country may be converted to each other。At the same time，my country's foreign trade and investment must be decentralized，So，Debt and claims of China and different countries will also be transformed from each other，Capital flow will be more reasonable、Balanced。

third，Positive investment position for China，The current situation of income is negative，my country should implement hidden remittance in the people，Disposal investment。For a long time，my country's central bank holds a large number of foreign exchange reserves，Excessive concentration of investment risk，I bought a large number of secure US Treasury bonds。Now the RMB exchange rate elasticity is increasing，The central bank has withdrawn from normalized intervention，Foreign exchange reserves have stabilized at about $ 3 trillion for a long time。Let more foreign exchange capital stay Bet365 app download in the folk，Expansion of participants in the foreign exchange market，Cultivate and exercise market entities participating in the international financial market competition。With the continuous expansion of my country's capital account，Capital flow is increasingly frequent，The yield of international capital investment will also continue to rise。

Fourth，Promoting RMB internationalization，Effective balance between risk prevention and investment income。Since 2009，my country adopts a variety of forms to promote the internationalization of RMB，Renminbi keeps going abroad，Buy RMB assets in other countries，China's international capital liabilities continue to increase。Also accompanied by RMB return，The scale of my country's international capital flow will rise，The net position of international capital will also change。To improve the net income of international capital investment，Must increase the yield of assets，The cost of reducing liability expenditure。With the scale of the RMB "going global", it continues to expand，To achieve a balance between risk prevention and increase investment yields，Continuous income of international capital investment。

(This article is the National Natural Science Foundation of China "fertility rate、Government health expenditure and actual exchange rate -theoretical and empirical research of micro -foundation "(71773023) phase results)

(The author is the executive deputy director of the International Finance Department of Fudan University，Director of the Currency Finance Center、Professor)