摘要
跨境贸易人民币结算业务的飞速发展,催生了香港离岸人民币金融市场,以离岸人民币债券为代表的人民币投资为经常项目方式流出的人民币提供了资本项目的安排,从而又激发了跨境贸易中的人民币使用。香港作为跨境贸易人民币结算业务的先行试验区,在跨境贸易人民币结算业务上取得了卓越的成绩。本文从香港离岸人民币债券市场着手,研究离岸人民币金融市场对跨境贸易人民币结算业务开展的重要性。实证研究表明,离岸人民币债券收益率、离岸人民币存款规模、离岸市场人民币升值预期、政府政策的出台都对跨境贸易人民币结算业务有长期的影响。离岸人民币金融市场的发展对跨境贸易人民币结算,乃至人民币国际化均有至关重要的作用。
The rapid development of cross-border trade in RMB settlement encourages the Hong Kong offshore RMB financial markets. Offshore RMB bond investment, as a investment method of RMB, provides capital account arrangements for RMB outflow of current account, which in turn stimulates to use RMB in cross-border trade. Hong Kong, as the first experimental area for cross-border trade in RMB settlement, has made remarkable achievements. From Hong Kong＇s offshore RMB bond market, this paper researches the importance of offshore RMB financial markets to cross-border trade in RMB settlement. Empirical studies have shown that the offshore RMB bond yields, the scale of offshore RMB deposits, the expected appreciation of RMB in offshore market, the government policies would have long term impact on cross-border trade in RMB settlement. The development of the offshore RMB financial markets has a vital role in the cross-border trade in RMB settlement, and RMB internationalization.
出处
《上海经济研究》
CSSCI
北大核心
2013年第12期117-124,128,共9页
Shanghai Journal of Economics
关键词
离岸人民币债券市场
跨境贸易人民币结算
升值预期
Offshore RMB Bond Market
Cross-border Trade in RMB Settlement
Expected Appreciation
