化解货币市场基金风险需要妥协_时事

化解货币市场基金风险需要妥协

Money market funds have been an unambiguous benefit to both individual and institutional investors, as well as to non-financial corporations and municipalities in need of short-run financing.

一直以来，投资货币市场基金令个人投资者、机构投资者以及需要短期融资的非金融类企业和市政当局都得到了实实在在的好处。

But now the very existence of the $2.6tn money fund industry is under attack. Both present Federal Reserve chairman Ben Bernanke and former chairman Paul Volcker have called for stronger oversight of money funds because of their destabilising potential. And Treasury Secretary Timothy Geithner recently urged the Financial Stability Oversight Council to push forward new rules to rein in the industry as essential for financial stability.

但对于资产规模高达2.6万亿美元的货币市场基金行业而言，其最基本的生存空间目前正遭到挑战。美联储(Federal Reserve)现任主席本·伯南克(Ben Bernanke)和前任主席保罗·沃尔克(Paul Volcker)都呼吁加强对货币基金的监管，因其可能引发金融市场动荡。近日美国财长蒂姆·盖特纳(Timothy Geithner)则敦促金融稳定监督委员会(Financial Stability Oversight Council)抓紧制定针对货币基金行业的监管新规，以管理好这个对金融体系稳定至关重要的行业。

Some history will illustrate the potential problem posed by money funds. Four years ago the US Treasury took the unprecedented step of guaranteeing the value of money funds to stop a run on the industry and a potential disruption of the ability of non-financial corporations to finance their short-term needs.