人民币跨境结算回流困境分析  

An Analysis of RMB Cross-border Settlement Reflux Predicament

作　　者：龙泉[1] 刘红忠[1] 

机构地区：[1]复旦大学经济学院,上海200433

出　　处：《商业研究》2013年第7期9-14,共6页Commercial Research

摘　　要：目前,经常项目推动的人民币国际化进入到瓶颈阶段,如何安排资本项目下离岸人民币回流是关键。本文分析了资本管制下的人民币离岸市场发展滞后,以及人民币离岸债券市场发展的相关问题,认为跨境资本流动对解决离岸市场人民币投资需求的作用有限;跨境回流的主要问题是离岸债发债人国际化程度不高,利差主导的回流机制不可持续;推进离岸市场发展需放松资本控制,增加离岸市场人民币金融工具种类,完善市场风险防范机制;发挥离岸中心在人民币循环中的枢纽作用,重点在于提升人民币在离岸市场的流动性。Internationalization of RMB driven by current account enters into a bottleneck period currently. The critical thing is how to arrange offshore RMB reflux under the capital account. This paper analyzes the issues： RMB offshore market development lags behind under capital control, as well as RMB offshore bond market development, thinking cross - border capital flows have limited roles in meeting RMB investment demand in offshore market; main problems of RMB cross - border reflux are the RMB offshore bond issuers＇ low level of internationalization and unsustainable spreads - led reflux mechanism; to promote offshore market development needs to relax capital control, increase variety of RMB finan- cial instruments in the offshore market and improve the market risk prevention mechanism; the focus to exert pivotal role of the offshore center in RMB circulation is to promote the liquidity of the RMB in the offshore market.

关 键 词：跨境结算 资本管制 回流 离岸人民币债券 在岸市场 

分 类 号：F831[经济管理—金融学]