香港离岸人民币汇率已经发挥影响力了吗？

Does Hong Kong Offshor e RMB Exchange Rate Improve RMB Internationalization?

离岸人民币市场建设和发展是人民币国际化战略的重要组成部分。近年来,离岸人民币市场发展迅速,有力地推动了人民币跨境使用和流通。本文选取了香港离岸人民币汇率和亚洲国家货币汇率作为研究对象,分析了离岸人民币市场发展在人民币国际影响力提升过程中的作用。研究表明,离岸人民币汇率在水平值和波动溢出上对亚洲国家货币汇率具有显著影响,人民币的影响力已经从贸易渠道逐步转向汇率等金融渠道。中央银行退出外汇市场常规干预减弱了在岸人民币市场的影响力,而离岸市场规模增大和市场化定价机制将是离岸市场影响力增大的主要原因之一。

Offshore RMB financial market plays an important role on the road of RMB internationalization, and promotes the cross-border use of RMB widely with great efforts. The paper examines the effects of developing offshore RMB financial market on the international influence of RMB and the volatility spillover effect with seven Asian countries ＇ currencies. It comes to conclusion that the offshore RMB financial market plays a significant role in the improvement of the international influence of RMB.