离岸人民币市场对中国宏观经济的影响

RMB Offshore Market's Potential Impact on China's Macro-economy

随着人民币国际化的不断深入,特别是在我国香港CNH市场建立起来后,香港地区已成为重要的离岸人民币市场,该市场对中国宏观经济的影响日益凸显。基于一般均衡分析的框架,通过分析利率、货币需求以及实体经济产出之间的关系后发现,随着人民币国际化进程的不断推进,离岸人民币市场的存在对中国宏观经济产生的正面影响相对较多,其负面冲击相对可控。

With the gradual development of RMB internationalization,Hong Kong has become an important RMB Offshore market,particularly after construction of CNH market in Hong Kong, which affects China's macro-economy profoundly.This paper builds up ageneral equilibrium model based on the framework of general equilibrium.It analyzes the potential effect of RMB offshore market on China's macro-economy by means of analysis on the relation among interest rate,money demand and outcome of real economy.