摘要
离岸人民币市场的稳健发展是人民币国际化的基础，文章通过分析离岸人民币利率的影响因素并实证研究，发现内地对香港的跨境人民币结算净流人、汇差、人民币汇率预期及监管政策对Hibor有显著影响，在离岸利差与Hibor之间不具有Granger因果关系。结合国际经验，文章从供给层面、需求层面、政策层面和监管层面提出了推进离岸人民币利率市场化的条件和政策建议。
The sound development of the offshore RMB market is the basis for RMB internationalization. The article analyzes the factors affecting the offshore RMB interest rate. After empirical study, it is found that the net flow of cross-border RMB settlement from the mainland to the Hong Kong, the exchange rate difference, the RMB exchange rate expectations and the regulatory policies have considerable impacts on the Hibor, and there is no Granger causality relation between the offshore/onshore interest rate spread and the Hibor. In light of international experience, the article analyzes the conditions for the marketization of the offshore RMB interest rate and puts forth policy proposals from the perspectives of market supply, demand, policy and regulation.
出处
《中国货币市场》
北大核心
2016年第12期52-57,共6页
China Money
