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经过美国次贷危机引发的全球金融危机,去杠杆化成为了针对这场金融危机的核心内容。其具体又可分为5个阶段:金融产品去杠杆阶段;金融机构去杠杆阶段;投资者去杠杆阶段;消费者去杠杆阶段和去全球化阶段。美国在这次去杠杆风潮中首当其冲,对金融业的进行了全面的治理,对其外汇市场也提出了相应修正法案,要求将原来外汇保证金交易杠杆比例由原来最高的400:1下降到100:1。从而减少美国外汇市场的投机交易行为,降低了交易风险但同时也减少了美国外汇市场的流动性,导致大量的资金外流。
After the global financial crisis triggered by the U.S. subprime mortgage crisis, deleveraging became the core of the financial crisis. Its specific and can be divided into five phases: the stage of de-leveraging financial products; the deleveraging stage of financial institutions; the stage of investor de-leveraging; the stage of de-leveraging of consumers and the stage of de-globalization. The United States bore the brunt of this wave of de-leveraging and conducted a comprehensive governance over the financial industry. It also proposed a corresponding amendment to its foreign exchange market. It demanded that the leverage ratio of the original foreign exchange margin should be reduced from the highest 400: 1 to 100: 1. Thereby reducing the speculative trading in the U.S. foreign exchange market, reducing the trading risk but at the same time reducing the liquidity in the U.S. foreign exchange market, resulting in massive capital outflows.