人民币与港币汇率相互影响的传导机制分析

一个主权国家,两种法定货币(人民币和港币),这种制度安排在世界金融史上都是独特的,更进一步思考,这种安排的内在机理是什么?人民币和港币之间存在何种关系?如何相互影响?本文根据汇率决定的内在机理,提出人民币与港币汇率相互影响的六种机制或渠道,并进行了相应的理论阐述。

The system of two legal tenders (RMB and Hong Kong Dollar) existing in one sovereign state is unique in financial history. If you think further, you may wonder what is the inherent mechanism of such a kind of system arrangement, what is the relationship between RMB and Hong Kong Dollar, and how they influence each other. According to the theory of inherent mechanism that determines exchange rate, this paper puts forward six kinds of mechanisms or channels in which RMB and Hong Kong Dollar interact, and makes corresponding theoretic explanations for them.