人民币离岸市场的全局战略构想

The Global Strategic Conception of the Offshore RMB Market

离岸人民币市场的培育与建设是黄金非货币化后人民币国际化的必由之路。人民币国际化的策略是"前期稳健创造国际需求,后期激进释放海外供给"。人民币离岸市场的布局属于"前期稳健创造国际需求"。国内资本市场的全面开放是激进释放人民币资产的海外供给。人民币离岸市场的布局需要从中国对外真实经济关系及其地区格局的现状与未来发展趋势出发,以推进大宗商品人民币定价和加快人民币金融交易网络的建设为直接目标,尽快形成人民币作为国际货币的价值效应与网络效应的正反馈机制,使人民币国际化得到纵深发展。

Cultivating and developing the offshore RMB market has been the only way to go for the internationalization of RMB after gold was not currency any more. The strategy of the internationalization of RMB is to ＂create a stable international demand initially; and later wildly release overseas supply＂. The planning of the RMB offshore market aims to ＂create a stable international demand initially＂, while the full opening of the domestic capital market is to considerably release the overseas supply of RMB assets. The planning of the RMB offshore market needs to start from the real economic relations of China, its regional pattern, and future regional development trend; directly target at promoting the RMB-denominated trading of major commodities and accelerating the building of RMB-denominated financial trading networks; and foster the positive feedback mechanism in which the internationalized RMB has the value and network effect, in order to deepen the internationalization of RMB.