人民币国际化进程中的资本账户开放

Liberalization of Capital Account in the Process of RMB Internationalization

自2009年我国政府推出一系列人民币国际化政策后,跨境贸易人民币结算业务快速推进。随着海外人民币的增多,国外经济主体需要通过投资活动使其持有的人民币资产保值增值,这就要求国内的金融市场作出相应的制度安排,其中资本账户开放已成为不可回避的问题。资本账户的开放会对宏观经济管理产生不确定影响,所以需要把握好开放的力度与节奏。要坚持主动性、渐进性与可控性原则,最大程度降低资本账户开放带来的风险。

Since 2009, the Chinese government has introduced a series of policies and measures to promote the internationalization of RMB and RMB settlement of cross-border trade has been rapidly advancing. With the increase of overseas RMB, foreign economic entities need to do investment to maintain or increase the value of their RMB assets. This requires domestic financial markets to make the appropriate institutional arrangements, and the opening-up of capital account has become an unavoidable problem. The opening-up of capital account will have an uncertain influence on the macroeconomic regulation. Therefore, it needs to know how much and how fast to open up. It must keep the principle of initiative, progressiveness and controllableness so as to minimize the risks of capital account liberalization.