资本账户管制下人民币国际化路径分析

The Path of RMB Internationalization under Capital Account Controlling

当今中国正处于发展的重大战略机遇期,人民币国际化就是其中之一。然而,目前开放资本项目将面临巨大风险,这是人民币国际化的主要障碍。实际上资本项目开放并非人民币国际化的必然前提,通过常态化货币互换、人民币海外做市商机制和发行离岸人民币计价债券"三位一体"运行机制就能够在资本项目管制条件下有效地推动人民币国际化。

RMB is facing strategic opportunities, but China hasn＇t been ready for opening its capital ac- count, which is the biggest barrier for RMB internationalization. In fact, CA opening is not the necessary condition for currency internationalization. The internationalization will be effectively promoted under CA controlling by a triplicity mechanism, namely, the normalization of currency swap, RMB market maker a- broad, and the bonds issue in off-shore financial market.