The tasks for monetary policy became particularly challenging in the euro area, in view of the imbalances built prior to the crisis by private debt expansion and the subsequent sovereign debt crisis of 2010–2012.1 The resulting financial fragmentation made the proper transmission of monetary policy more difficult.
Secondly, with the gradual opening of the market and the progress of the economic globalization, the ratio of foreign trade to GDP in China has reached 60% in 2003. More and more enterprises are involved in international businesses. Objectively, the Chinese financial institutions are required to provide corporate customers with a series of financial services such as arbitrage, risk control and FX cash management.