人民币离岸市场

人民币离岸市场对于香港来说究竟有多重要？

Just how important is the offshore yuan market to Hong Kong ?

本文对香港人民币离岸市场形成与发展的研究分为七个部分。第一部分为导论。

This paper is divided into seven parts : Section one is the introduction .

其二，香港人民币离岸市场的发展是人民币资本项目加速开放的重要诱因。

Second , CNH is an important incentive to accelerate the opening of the RMB capital account .

香港人民币离岸市场发展过程中的预期风险主要有两个根源，即政策取向问题和市场预期问题。

The expected risk in CNH has two main causes which are the policy orientation and the market expectations .

香港人民币离岸市场是促进人民币国际化的重要途径，但对人民币国际化进程以及目标的实现，只有促进作用而无决定作用。

CNH is an important way to promote the internationalization of the RMB , but it does not play a decisive role .

在这一部分中，详细地论述了建立人民币离岸市场对国内金融体系所造成的影响及其对策。

Renminbi OFC may open up the scope and depth of domestic financial market , and may make Chinese financial market more developed .

近两个月来，人民币离岸市场远期汇率所显示的升值速度已大幅放缓。

Over the last two months , the offshore forward market for the Chinese currency has shown a much slower rate of appreciation .

因此，本文将首先具体研究香港人民币离岸市场上利率和汇率的形成机制，分析其对内地货币政策的影响。

Therefore this paper mainly analyses the affluence of Hong Kong RMB offshore market to the domestic financial market by studying formation mechanism of interest rate and exchange rate .

这一进展让伦敦拥有了与香港和新加坡竞争的基础设施&迄今为止，后两者或多或少都拥有了自己的人民币离岸市场。

The development gives London the infrastructure to compete with Hong Kong and Singapore , which until now had the offshore market in the Chinese currency more or less to themselves .

不过，这三个中心预计都将逊色于香港。中国最近在香港启动一个试点项目，要发展一个实验性的人民币离岸市场。

All three , however , are expected to have to play second fiddle to Hong Kong , where China recently launched a pilot project to develop an experimental offshore RMB market .

香港人民币离岸市场的功能定位体现在三个角度：其一，香港人民币离岸市场是创建和完善人民币外部循环体系的重要平台，是资本账户没有完全开放条件下，促进人民币国际化进程的重要方式。

The functional position of CNH reflects in three aspects : First , CNH is an important platform for creating and improving the RMB external circulation system promoting the process of internationalization of the RMB .

最后，分别从推动香港人民币离岸市场建设、离岸银行内外部监管和离岸银行两岸合作监管等方面提出政策建议。

At the end of this paper , some policy recommendations are proposed respectively from such aspects as Hong Kong CNY offshore market construction , internal and external supervision of the offshore banks , as well as cross-strait co-operational supervision to offshore banks .

香港：从人民币离岸债券市场到人民币离岸中心

HK : From RMB Offshore Bond Market to RMB Offshore Center

香港人民币离岸金融市场发展与人民币国际化

Hong Kong 's RMB Offshore Financial Market Development and Internationalization of RMB

建立和完善人民币离岸金融市场监管的思考

Thoughts on Monitoring and Regulating the Establishment and Perfection of RMB Off-Shore Financial Market

从人民币离岸远期市场昨日的表现看，市场预计人民币到今年底仅将升值2.3%。

The renminbi offshore forwards market yesterday was predicting an appreciation of just 2.3 per cent by the end of the year .

这次发行将推动刚刚起步的人民币债券离岸市场的发展，金融人士希望这一市场能够为在中国运营的公司提供一个重要的融资渠道。

The deal will give momentum to the nascent offshore market in renminbi-denominated debt which financiers hope will become an important fundraising route for companies with operations in China .

人民币离岸金融市场的发展会提升香港国际金融中心的地位和实力，但人民币替代港元的可能性依然很低，其对港元的替代条件并不具备。

The development of CNH will enhance the position and strength of Hong Kong as an international financial center , and there is little possibility of RMB replacing to HK $ .

中国在国内资本市场只为外国投资者开了一个小孔，却努力推进人民币离岸资本市场的发展，而与美元资本市场相比，它的规模仍微不足道。

China has opened only tiny apertures for foreign investors in its domestic capital markets , promoting instead an offshore renminbi capital market that is as yet minuscule in comparison with its US dollar counterpart .

香港作为国际金融中心，又拥有这良好的地理位置，并多年保持着与内地的贸易合作以及金融合作，是人民币离岸金融市场的最佳选择。

Hong Kong as an international financial center , has a good location , and for many years maintained a trade cooperation and financial cooperation with the Mainland , is the best choice of the offshore financial market .

在新形势下，我国应借鉴国际经验，合理引导人民币离岸金融市场的发展，减少对境内市场的消极影响和对货币政策的冲击，保持境内货币政策的独立性和有效性。

At present , to maintain the independence and effectiveness of domestic monetary policy , China should learn from international experience , guiding the RMB offshore financial market developing reasonably , and reducing the negative impact on the domestic market and monetary policy .

人民币在离岸远期市场亦走软。

The renminbi weakened in the offshore forwards market .

全球投资者正在摒弃人民币，周三离岸市场人民币跌至八个多月以来的最低水平，与本地市场走势一致，主要因为中国仍在致力于推低人民币。

Global investors are souring on the yuan , sending the currency in offshore markets to its weakest level in more than eight months Wednesday , in line with its falling onshore counterpart as China continues its campaign to send it lower .

允许跨国企业和亚洲企业以人民币筹资的人民币离岸市场的渐进式开放，也会鼓励亚洲的交叉货币流动。

The gradual opening of an offshore renminbi market allowing multinational and regional companies to raise money in the Chinese currency will also encourage regional cross currency flows .

首先，人民币国际化的目标是让人民币在离岸市场发展壮大，而不是让海量卷入套利交易的人民币回流至内地。

Firstly the objective of RMB internationalization is to let the yuan develop and grow offshore , rather than for vast amounts of ' carry-trade ' RMB to flow back into China .

过去几年，香港储户一直享受开设人民币银行账户并将储蓄存放在人民币离岸市场的自由。

Hong Kong savers have in the past several years been taking advantage of liberalisations to open renminbi bank accounts and park savings in the offshore market for the mainland currency .

人民币国际化战略的需要、全球离岸金融持续增长趋势的国际金融形势和环境以及香港发达金融系统提供的有利条件，是香港人民币离岸市场建立的重要背景。

The needs of the RMB internationalization strategy , the international financial situation such as the global offshore financial sustained growth trends and the favorable conditions of the environment and well-developed financial system of Hong Kong are the important background .