November 5，"2019 International Monetary Fund (IMF)" Global Financial Stability Report "press conference was held in Beijing。from the financial management department、Experts and scholars from the research institute and the financial industry attended the meeting，and analyzed the current situation of the global financial market in the "Global Financial Stability Report" (hereinafter referred to as the "Report")。

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IMF Currency and Capital Marketing Division Tobias Adrian (Tobias Adrian) recently issued an article on the IMF official website，In recent months，The global financial market is affected by trade disputes and various policy uncertainty，Market emotional sluggish，Weak economic activities，downlink risk intensified，This makes the central banks of various countries adopt a loose policy。The global financial market maintains a low interest rate than people's expectations in early 2019。Financial conditions further relax help help control downward risks and support the global economy，But the loose financial conditions are also costly，It will bet365 Play online games encourage investors to risk in order to pursue higher returns。Therefore，Look from the midterm，Financial stability and economic growth still face high risk。"Report" emphasized，Among several large economies around the world，The vulnerability of enterprises and non -bank financial sectors is growing。This fragility and other weaknesses will expand the impact of economic impact，Policy decision makers in a dilemma: on the one hand，They want to maintain loose financial conditions to cope with the deterioration of economic prospects; on the other hand，They must prevent further accumulation of vulnerability。

IMF currency and capital market deputy head of Fabio Natalucci said，Under the background of the risks of the global economy intensified，The Federal Reserve and the central banks of various countries are likely to implement loose monetary policy for a long time。"Report" proposes three weaknesses in the current global financial market: First, corporate liabilities intensify，The risk of financing levels increases; the second is that institutional investors tend to hold high risks、Assets with lower liquidity，such as bonds such as level B or even level B; third, the dependence of emerging markets and cutting -edge market economies on external debt is enhanced。He thinks，Global Finance's fragility is at a high level，"Black Swan Incident" Once appeared，bet365 best casino games It may bring great negative effects，But this does not mean that the global economy will decline。

Vice President of Renmin University of China Wu Xiaoqiu thinks，The global financial market is currently in a high uncertainty period。First，Entering the era of low interest rates worldwide; second，Long -term national bond yields are less than short -term government bond yields; third，Gold prices continue to rise; fourth，People tend to reserve cash instead of financial asset allocation; fifth，The financial asset price of the US market continues to rise。

Former Deputy Director of the State Administration of Foreign Exchange、The original executive director of the Chinese IMF said，Two major factors have exacerbated risks in the global financial market，that is, the global economic slowdown and the intensification of trade tensions。The Federal Reserve and other quantitative easing policies since the 2008 financial crisis affect the policies of other countries around the world，reduces the global financial return rate。While injecting liquidity in the market in the Federal Reserve，China has also adopted more accurate monetary policy tools to adjust the market，and supervise financial institutions。other，The United States should resolve trade disputes in the Fragments of the World Trade Organization (WTO)，Instead of unilateral sanctions。China is willing bet365 live casino games to reach a cooperation agreement through negotiations，To avoid the negative impact of trade disputes on the global economy。

　Strengthen supervision and maintenance financial stability

Under the background of the risk of global financial markets，"Report" put forward some policy recommendations，Including the development of non -bank financial institutions、Implementation of prudent macro policies, etc.。Nataluch said，Institutional investors need to strengthen the supervision and information disclosure of asset liabilities。The financial conditions of the emerging market are favorable，But its external liabilities increase faster，There is risk existence from the long term，Should be treated with caution。At the same time，Policy makers should also strengthen supervision，Carry out more cautiously，In particular, please do not tighten the monetary policy immediately，In order to prevent the weak link from suddenly outbreak of crisis。

Zhao Xijun, deputy dean of the School of Finance, Renmin University of China, said，After the global financial crisis in 2008，Reach a lot of consensus on some concepts and operations on the world，Including the Financial Stability Committee (FSB) has built a macro -prudential supervision framework for systemic risks、The Basel Agreement III proposes new regulatory requirements for the importance agency、bet365 Play online games Central banks and regulators of various countries have established a macro -prudential management system。but，Financial stability is facing more and more non -traditional factors challenges。Therefore，You need to think about whether the current systemic risk management framework with financial supervision as its core can effectively prevent and control the unstable of macro financial risks and financial market risks。

Some scholars said in an interview with this reporter，Preventing global financial market risks，Policy analysis frameworks that need to build financial stability goals。This framework should include system integration and coordination linkage in the following aspects: First, the monitoring and measurement system of financial fragility and the stability of financial stability; second, in -depth analysis of the source of instability; and the third is to reduce vulnerability sex、The policy system that achieves financial stability; fourth is the crisis emergency countermeasure system; the fifth is to clarify the responsibility and related coordination mechanism of financial stability goals。The financial stability policy of various countries should combine micro -prudential and macro -prudential，Gradually reduce the debt risk of the real economy，​​and reasonably draw on the international monetary policy tools that respond Bet365 lotto review to the financial crisis。

Experts and scholars participating in the meeting also expressed the expectations of further expanding financial openness in China。Wu Xiaoqiu said，China's current financial opening level is still lower，The investment ratio of foreign investors in China's capital market only accounts for only 2%，RMB has not fully realized free transactions。Future，In the process of increasing financial openness，To adhere to China's financial reform: First，firmly follow the road of socialist market economy，Really understand the modern market economy，Reflected full competition，Improve the degree of economic marketization; second，Further improving the foundation of the rule of law in China，In particular, pay attention to intellectual property protection、Protection of property; third，Improve the transparency and continuity of the policy，The basis for strengthening China's financial opening。

The conference is by the International Monetary Fund Organization (IMF) representative office in China、Institute of International Monetary (IMI) and other institutions of Renmin University of China。