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一、2012年上半年国际资本流动主要特点(一)国际资本流动跌宕起伏,欧债危机成为影响资本流向的主要因素2012年一季度,世界经济温和复苏的态势较为明显,欧央行两轮3年期再融资操作(2011年12月和2012年2月)向市场注入总计1万亿欧元的流动性,有效压低了区内政府债券收益率水平,加之欧盟签署新财政契约、强化EFSF(欧洲金融稳定工具)和ESM(欧洲稳定机制)等救助工具,欧债危机出现缓和迹象,市场信心有所提升,资本风险偏好逐渐加大。进入二季度,市场对主权债务违约的担忧再次转向西班牙和意大利,推动两国债券收益率上升;
I. Main Characteristics of International Capital Flow in the First Half of 2012 (I) The ups and downs of international capital flows and the European debt crisis have become the main factors affecting the capital flow In the first quarter of 2012, the world economy saw a mild recovery. The ECB’s two rounds of three years Period refinancing operations (December 2011 and February 2012) injected a total of 1 trillion euros of liquidity into the market, effectively depressing the yield of government bonds in the region, together with the signing of the new fiscal contract by the EU and strengthening of the EFSF Stability tools) and ESM (European Stability Mechanism) and other rescue tools, the European debt crisis signs of easing, market confidence has improved, capital risk appetite gradually increased. Into the second quarter, the market concerns about sovereign debt default again turned to Spain and Italy, pushing the bond yields of both countries to rise;