进口跨境人民币结算:抛补套利与利率平价失灵?

Research on China's Cross Border RMB Settlement for Import:Covered Arbitrage and Interest Rate Parity Dysfunction?

本文基于时间序列VAR模型,对企业抛补套利与我国进口跨境人民币结算的内在关系进行分析,并利用利率平价理论考察企业抛补套利和进口跨境人民币结算中的市场自我调节机制。结果表明,企业抛补套利明显促进了我国进口跨境人民币结算发展;未发现进口跨境人民币结算这一狭小领域内的套利形成利率平价,且企业抛补套利行为缺乏市场自我调节机制。

Based on the VAR model, this article analyzes the inner relationship between covered arbitrage by corporations and China＇s cross border RMB settlement for import, as well as the self-regulating mechanism between them by the interest rate parity theory. The result shows that covered arbitrage promotes China＇s cross border RMB settlement for import evidently; and interest rate parity dysfunction demonstrates a lack of self-regulating mechanism for market.