离岸货币市场与央行宏观调控:国际经验与启示——兼论对海南自贸区(港)发展离岸人民币市场的借鉴意义

International Experience and Implication of Offshore Market and Central Bank Macroeconomic Regulation——Discussion on Development of Offshore RMB Market in Hainan Free Trade Zone(Port)

本文从离岸市场与在岸市场的结算渠道、离岸市场有效分离货币风险和国家风险以及离岸和在岸市场的收益率差异等离岸市场发展的动因入手,阐述离岸市场活动对货币统计、信贷乘数、准备金要求、收益率曲线以及汇率等货币政策因素的影响,并审视离岸货币市场对金融稳定的政策含义,最后依据研究结论提出对海南自贸区(港)发展离岸人民币市场的政策建议。

Development of Offshore currency market is an important stage of currency internationalization. The author analyzes factors of offshore development from settlement channels of offshore and onshore currency market, offshore market separation of currency and country risks and profit difference between offshore and onshore markets. The author explains the effects of offshore market operation on monetary statistics, credit multiple, reserve demand, interest rate curve and exchange rate, and discusses policy implication of offshore currency market on financial stability. On the basis of research results, the author provids policy suggestion to develop offshore RMB market in Hainan Free Trade Zone (Port).