日元清算体系的特点及其对人民币清算体系建设的启示

The Features of JPY Clearing System and the Enlightenment to the Construction of RMB Clearing System

本文在比较日元和美元、人民币清算体系的基础上,总结归纳了日元清算体系的特点。日元清算体系把对内的跨行清算系统和对外的跨国清算系统分离,鼓励外资银行加入对外的跨国清算系统以推动日元的国际化。而对内的跨行清算系统虽然在管理政策上也是开放、积极的,但具有很高的技术壁垒和成本门槛,从实质上限制了外资银行在日开展零售银行业务,从而较好地实现了在世贸组织原则下对本国金融市场特别是零售市场的保护。日元清算体系在技术和制度安排上是安全、高效和完善的,不论是对人民币国际化中清算体系的建设还是对中国加强金融监管都具有很好的借鉴意义。

On the basis of comparing JPY, USD and RMB clearing systems, the paper sums up the features of JPY clearing system. The JPY clearing system holds domestic cross-bank clearing part and overseas cross-border clearing part separately. On the one hand, through inviting foreign banks to participate in the overseas part, JPY globalization is promoted. On the other hand, although related management policies are open and vigorous, the domestic part is blocked by high technical and cost obstacles, which restricts retail business development of foreign banks in Japan and protects local retail market under WTO principals.Technically and systematically speaking, JPY clearing system is safe, efficient and perfect, and it has great enlightenment to China＇s clearing system construction during RMB globalization process and China＇s financial supervision.