美国在岸离岸金融市场制度创新与借鉴

Enlightenments of U.S.Onshore and Offshore Financial Markets System Innovation

美国国际银行设施(International Banking Facilities,IBF)首开在货币发行国境内设立离岸金融市场经营本币之先河,改变了离岸金融市场在货币发行国境外使用非本币的传统模式。IBF采取账户分离制度创新了"岸"的内涵,离岸中的"岸"已不再与国境等同,而是指一国国内金融的循环系统。IBF将欧洲美元市场延伸至美国境内,并且在美国金融自由化和金融市场发展中具有过渡、缓冲意义。中国目前状况与美国IBF产生之际相似但又有差异,IBF对人民币离岸市场的建立,特别是上海自贸区金融服务功能的建设具有借鉴意义;而上海自贸区又根据中国国情对IBF做了进一步创新发展。本文尝试分析美国IBF制度设计及发展经验,分析其对人民币离岸市场及上海自贸区金融中心建设的借鉴意义,以及上海自贸区对其进一步创新发展。

International Banking Facilities （IBF） was a special offshore banking system created by the U.S, which expanded the concept of offshore banking from non-domestic currencies and offshoring to domestic currencies and onshoring. IBF absorbed Eurodollar to return to the U.S, and made the U.S. One of the global offshore banking centers, strengthening its role as a global financial center. The key feature of IBF is to separate the USD account serving nonresident from domestic USD account. Its background and features are similar to the current on-going RMB internationalization, therefore the IBF＇s experiences and lessons could be valuable to China in establishing its offshore RMB market such as Shanghai Free Trade Zone. The article analyzes the experiences of IBF＇s design and operation, and provides some suggestions for the design of RMB offshore center.