要篇

评论 52 再贷款创新及其对货币政策的影响/彭兴韵 再贷款是我国央行重要的货币政策工具之一。随着中国经济进入新常态，货币政策操作环境也随之发生巨大变化。新的货币政策环境需要货币政策操作手段、方式、方法随之而发生相应的变化。央行再贷款工具的创新、抵押品范围的扩充会极大地改变货币政策的传导渠道。 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. 宏观经济 68 我国的资本外流有那么严重吗？ /薛鹤翔 近期，外资行接连对中国资本的流出规模做出了报告，并引起了市场的广泛关注。本文的观点是，外资行高估了当前资本流出的规模，资本流出规模并非如外资行描述的那样夸张。然而，决策层仍然须谨慎对待资本外流可能出现的恶化并适度通过降准以及定向操作适时补充流动性。

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.

商业银行 82 提升中小商业银行利率风险管理与定价能力/田华茂 随着利率市场化改革步伐的加快，资金价格将随市场情况和客户需求随时变化，利率波动频率和幅度会显著提高风险因素，这对中小商业银行的利率风险管理及定价方式、策略等定价能力将是巨大的考验。提升利率风险管理与定价能力将成为中小商业银行提升核心竞争力的重要一环。

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.

全球视线 106 完善全球影子银行监管体系 /叶凌风 影子银行是国内外金融监管的焦点问题之一，我国影子银行问题也受到了广泛关注，讨论尤为热烈。本文全面介绍金融稳定理事会关于影子银行的监管研究工作进展，以促进对影子银行的理解和认识。

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.