离岸货币市场发展与货币政策中介目标的选择

The Development of Offshore Money Market and the Selection of Intermediary Targets of Monetary Policy

随着人民币国际化进程的推进和离岸人民币市场的发展,离岸市场的人民币价格(包括汇率与利率)必将对在岸市场的人民币价格产生影响,进而可能影响境内央行的货币政策,甚至存在削弱央行实施货币政策独立性的可能。本文通过对离岸货币市场影响境内货币供应量机制的分析,并以离岸美元市场发展以及美国联邦储备银行货币政策在离岸、在岸市场的传导效果为例,提出:选取利率作为国内货币政策中介目标,可以帮助境内货币当局在不影响跨境资本的自由流动的前提下,有效规避离岸货币市场对货币政策的影响,增强货币政策独立性。

With the advancement of RMB internationalization and the development of offshore RMB market,offshore market RMB price(including exchange rate and interest rate) will inevitably affect onshore market RMB price,and further affect central bank's monetary policy.Itmay even weaken the independence of monetary policy implementation.The article analyzes the influencing mechanism of offshore money marketon domestic money supply,introduces US experiences in developing offshore US dollar market and the Fed's monetary policy,and concludes thatinterest rate,as the intermediary target of monetary policy,can help monetary authority avoid the influence of offshore money market on monetarypolicy without hampering the free flow of cross-border capital,and strengthen the independence of monetary policy.