人民币区域化及风险防范

RMB Regionalization and the Precaution of Risks

人民币区域化对我国具有重要的战略意义,既是我国应对当前有缺陷的国际货币体系的选择,也是我国经济崛起的必要支撑。短期内人民币区域化可能对我国的货币政策、外汇储备、资本账户管理、汇率制度及国内金融改革等造成全方位的冲击。这是推动人民币区域化不得不面对的问题,部分也是我国推动人民币区域化的目的所在。对此,我国需要通过发展人民币离岸市场来突破这些限制,同时建立应对负面影响的风险管理体系,注意把握好人民币区域化的节奏,特别要协调好汇率制度改革、资本账户开放和国内金融市场化之间的关系。

RMB regionalization is of strategic significance for China, which is not only the first choice of China to face the current international monetary system that has obvious defects, but also the necessary support for China＇s economic rising. In the short term, RMB regionalization may result in all-around impacts on China＇s financial system, especially in areas of monetary policy, foreign exchange reserves, capital account management, exchange rate policy and domestic financial reform. Those influences are inevitable in the process of RMB regionalization, some of which are just the purpose that China implements RMB regionalization. Off-shore market of RMB is a suitable choice for China to break through various restriction. At the same time, China should establish a sound risk management system to face negative impacts, reasonably control the steps of RMB regional- ization, and pay special attention to the relationship among the reform on exchange rate system, the openning-up of capital account and domestic financial marketization.