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3作为经营货币信用的特殊企业,商业银行应特别关注流动性风险。在美国次级债风波中,丰富的流动性使以次级抵押贷款为标的资产的金融衍生工具价格持续攀升、创新十分迅速、规模不断扩张、市场普遍看好、杠杆投机色彩浓重。但是,过多的流动性在初期并没有在实体经济中显现出来,而是被具有高风
3 As a special enterprise that runs monetary credit, commercial banks should pay particular attention to liquidity risk. In the wake of the subprime mortgage crisis in the United States, the abundant liquidity has led to a continuous rise in the prices of financial derivatives with subprime mortgages as the underlying assets. The rapid innovation, the continuous expansion of scale, the general market bullishness and the strong speculative leverage are the two areas. However, too much liquidity did not show up in the real economy in the initial stage,