香港人民币离岸市场发展的经济效应考察

A Study on the Economic Effects of Hong Kong RMB Offshore Market

新世纪以来,香港人民币离岸市场在衍生品交易、存款规模、跨境结算系统、债券及股票市场等方面快速发展,对于人民币汇率形成机制的市场化改革、分流大陆过剩流动性、推动人民币国际化和金融开放、便利企业规避汇率风险、降低融资成本等方面发挥了积极作用,但也对大陆宏观金融调控和监管带来了潜在冲击。

In the new century, Hong Kong RMB offshore market has been rapidly developing on derivatives; deposits; cross-border clearing system; bond and stock market and so on. It played positive role on guiding market-oriented reforms of exchange rate; dispersing excess liquidity; promoting RMB internationalization and financial opening; facilitating domestic enterprises to avoid exchange rate risk and reduce financing costs. It brought potential impact to domestic macro-financial regulation and supervision yet.