摘要
我国积极推进人民币国际化进程,人民币国际地位有了显著提升,汇率弹性也逐渐增强,同时境外中国金融资产持有量在稳步提高。本文借鉴Thimann(2006)构建的货币国际地位指标(Composite Index),对22个主要国家或地区货币数据进行研究,测算出2006—2015年人民币国际地位由2.69%提高到6.58%。本文运用Love(2006)面板向量自回归模型,研究人民币国际化、汇率波动与境外中国金融资产持有量三者间联动作用。研究表明,除境外中国金融资产持有量在1期对汇率波动产生0.18%负向影响外,任一项对其余两项均会产生正向影响;人民币国际地位对境外中国金融资产持有量的贡献率是汇率波动的三倍。
China＇s efforts in actively promoting the process of the internationalization of RMB has markedly improved the RMB status and increased its overseas holdings of financial assets while the flexibility of RMB exchange rate has been gradually strengthened. This article improved Thimann＇s （2006） Composite Global Currency Index to get the status of 22 major national currencies. It estimates that from 2006 to 2015, the RMB global status increased from 2.69% to 6.58%. PVAR model of Love （2006） has been used to study the interaction between and among the RMB internationalization, exchange rate fluctuations and the overseas holdings of Chinese financial assets. The study shows that the overseas holdings of China＇s financial assets has a negative impact of 0.18% on the exchange rate fluctuations, and both of them have positive impacts on the other two items. The impact of RMB global status on the holding of China＇s financial assets is three times as much as the impact of exchange rate fluctuations.
出处
《国际金融研究》
CSSCI
北大核心
2018年第7期42-52,共11页
Studies of International Finance
基金
国家社会科学基金项目"人民币汇率市场化与维稳均衡研究"(16BJL093)资助
关键词
人民币国际化
汇率波动
中国金融资产跨境持有量
RMB Internationalization
Exchange Rate Fluctuation
Overseas Holdings of Chinese Financial Assets
