人民币跨境套利交易研究:套利机制、实现渠道与正面效应  

Research of RMB Cross-border Arbitrage : Arbitrage Mechanism,Achieve Channel and Positive Effect

作　　者：翁洪服[1] 

机构地区：[1]中国人民银行临沂市中心支行,山东临沂276004

出　　处：《南方金融》2013年第2期25-29,共5页South China Finance

摘　　要：自人民币跨境使用启动以来,有关套利活动的争议骤起。本文在对人民币跨境套利机制、渠道及其影响进行理论剖析的基础上,指出人民币跨境套利活动固有其弊,但同样存在着积极的正面制度效应。人民币跨境套利活动以服务实体经济为前提,为人民币资本项目加快开放作出了探索;强化了市场发现价格机制的作用,为加快汇率和利率市场化改革提供了新的实现方式;推动了人民币离岸市场的发展,扩大了金融市场的广度和深度。因此,应在加强监控的基础上,以跨境人民币投融资业务为突破口,带动相关改革加快步伐,减少市场套利的土壤,降低境外持币者的套利动机。Since the start of the cross-border use of RMB, controversies about the arbitrage activities have gradually increased. Based on analysis of the arbitrage mechanisms, channels and its influences, this paper points out that RMB crossborder arbitrage activities have both sides of the nature. The RMB cross-border arbitrage activities focus to serve the real economy, and speed up the opening of the RMB capital explore ; They Strengthen the role of the price finding mechanism of the market and speed up the way of exchange rate and interest rate reform; They also Promote the development of the offshore RMB market, and expand the breadth and depth of financial markets. Therefore, on the basis of strengthening monitoring, the cross-border RMB investment and financing business should be as the breakthrough to speed up the pace of development of related reforms in order to reduce market arbitrage and the arbitrage motivations of foreign holders.

关 键 词：跨境人民币 套利机制 实现渠道 正面效应 

分 类 号：F832.6[经济管理—金融学]