国际货币基金组织工作人员报告中中央银行外汇流动性额度记录指南

September 2025 IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations. The following document(s) •TheStaff Reportprepared by IMF staff and completed on September 8, 2025. The IMF’s transparency policy allows for the deletion of market-sensitive informationand premature disclosure of the authorities’ policy intentions in published staff reports Electronic copies of IMF Policy Papersare available to the public fromhttp://www.imf.org/external/pp/ppindex.aspx International Monetary Fund GUIDANCE FOR STAFF ON THE RECORDING OF CENTRAL EXECUTIVE SUMMARY Since the Global Financial Crisis (GFC), the global network of central bank foreignexchange (FX) liquidity lines (LLs), including bilateral swap lines (BSLs) and repurchaseagreements (repos), has expanded significantly. However their proper recording inmacroeconomic frameworks remains incomplete due to high confidentiality andfragmented guidance in existing guidance notes, which address the recording of FX LLsfor certain variables, such as debt, while omitting others, such as FX reserves. This canlead to inadequate disclosure of risks and vulnerabilities in Staff Reports, and Prepared by an STA-SPR team including: Daniela Marchettini and Kue-Peng Chuah (STA), Anita Tuladhar, Manrique Saenz, Parisa Kamali,Gonzalo Huertas, and Francisco Roldan (SPR). The note has benefittedfrom the review and suggestions of Rimtautus Bartkus, JocelynBoussard, Mahmoud Harb, Bada Han, Tobias Krahnke, Giulio Lisi,Svitlana Maslova, Hyunmin Park, Eric Pondi, Faezeh Raei, AndreOliveira Santos (all SPR), Emma Angulo, David Bailey, JeysenChangeya, Borys Cotto, Barend De La Beer, Christine Dieterich, ArtakHarutyunyan, Joji Ishikawa, Noriaki Kinoshita, Topias Leino, Jose Carlos Approved ByMark Flanagan andCheng Hoon Lim CONTENTS BACKGROUND ON CENTRAL BANK FX LIQUIDITY LINES _____________________________________3 PRINCIPLES FOR THE TREATMENT OF FX LLS IN THE MACRO-FRAMEWORK _______________6 RECORDING OF FX LIQUIDITY LINES IN SPECIFIC POLICY VARIABLES IN THE MACRO-FRAMEWORK___________________________________________________________________________________11 IMPLEMENTATION TIMELINE AND TRANSITION ISSUES ____________________________________15 BOX 1. FX LL-Related Information that May Be Relevant to Disclose in Staff Reports _________________10 FIGURE 1. Simulated Recording of Bilateral Central Bank Swap Lines in Central Banks’ Balance Sheet ___24 APPENDICES I. Terminology ___________________________________________________________________________________19II. Distinctive Features of Bilateral Swap Lines Supporting Trade and BoP Needs ________________20III. Recording of Bilateral Swap Lines in the Central Bank Balance Sheet _________________________22 References_______________________________________________________________________________________17 BACKGROUND ON CENTRAL BANK FX LIQUIDITY (See Appendix I for terminology relevant for this note) 1.Among the different types of central bank FX LLs, the global network of central bankBSLs expanded significantly over the past decade.The expansion started during the GlobalFinancial Crisis (GFC), as the U.S. Federal Reserve (Fed) extended BSLs with five major central banks(CBs) in advanced economies (AEs) (i.e., European Central Bank (ECB), Bank of England (BoE), Bank ofJapan (BoJ), Swiss National Bank (SNB), and Bank of Canada (BoC)), as well as with central banks ofother AEs and selected emerging market economies (EMs), to ease pressure in US dollar fundingmarkets. Similarly, to mitigate tensions in euro funding markets, the ECB has increased the use of 2.During the same period, other countries, including China and India also started toexpand their network of BSLs.Currently, the PBoC has established anetwork of swap lines2involving more than 40 countries (McDowell, 2019). The Reserve Bank of India (RBI) has alsoextended a network of swap lines for the members of the South Asian Association for Regional 3.With these developments, FX LLs have become an important feature of the international monetary system(Perks et al., 2021). The Fed and ECB FX LLs have provided animportant external liquidity backstop for several AEs and EMs during periods of high market stress(e.g., GFC and Covid-19 pandemic financial turmoil in March 2020). Other FX LLs, including PBoCand RBI swap lines, on the other hand, have become a relevant source of emergency financing for GUIDANCE FOR STAFF ON THE RECORDING OF CENTRAL BANK FX LIQUIDITY LINES IN IMF STAFF REPORTS 4.Given their relevance, FX LLs warrant a thorough analysis and consideration in IMFsurveillance and programs.BSLs, in particular, have become a relevant source of financing incountries with Fund programs. They have sometimes coincided with debt restructuring discussionsand operations. In this latter context, transactions associated with these swap lines not only impact 5.Despite their macroeconomic releva