人民币跨境使用过程中有关套利活动的辨析

Discrimination on the Arbitrage Activity That Occurs in Use of Cross-border RMB

本文通过剖析人民币跨境使用过程中出现的套利现象,对现存的一系列认识误区进行了针对性辨析,并指出跨境套利活动是货币国际化进程中的必然现象。套利活动并非一无是处,套利过程本身就是市场化过程,是保证市场效率的重要前提,是金融市场开放的必经之路。

This paper gives a targeted criticism towards a series of misunderstanding that exist now in the arbitrage activity of using cross-border RMB and points out that the cross-border arbitrage is an inevitable phenomenon in currency internationalization process. Arbitrage activity is not completely useless. On the contrary, the arbitrage process itself is the embodiment of the marketization process, an important prerequisite to guarantee the market efficiency, and the only route to liberalization of financial market.