上海自由贸易试验区金融改革开放与人民币国际化

Financial Opening and Reform in Shanghai Pilot FTZ and RMB Internationalization

中国(上海)自由贸易区的金融开放和改革措施引起了外国官方和金融机构的高度关注,因为上海的目标是要建成国际金融中心。人民银行、银监会、保监会和证监会出台了自由贸易区改革开放的51条措施以及扩区后出台的40条,其主要特点是在自由贸易区与海外之间建立了特殊通道,资金从海外进出自由贸易区实现了自由化,这就在客观上使自贸区与海外人民币离岸市场直接相连,成为境内的人民币离岸市场。自贸区还先行一步推进了利率市场化和汇率机制改革,一个对外扇形开放的窗口已经打开。自贸区还推进了银行、保险和证券业的进一步开放试验,这些措施对于人民币国际化产生了重要的促进作用,也会给上海国际金融中心建设带来新的动力。论文对自贸区金融改革开放的试验措施和进展作了介绍,并从多个层面分析了它们对人民币国际化的影响。论文认为,人民币国际化是在资本账户没有完全开放、人民币尚未完全自由兑换的背景下推进的,因此离岸人民币市场将在其中扮演重要的作用,而上海自由贸易区承担了连接国内金融市场与海外人民币离岸市场的衔接作用,在人民币国际化的进程中具有非常特殊的地位。

Financial opening and reform in China( Shanghai) Pilot FTZ attract international attention from foreign governments and financial institutions as well,as Shanghai's target is to be an international financial center. The 51 measures formulated by PBOC,CBRC,CIRC and CSRC and the later 40 new measures after expansion of Shanghai Pilot FTZ have established a special channel for free-flow of capital between oversea and mainland,which made Shanghai FTZ an inland off-shore financial market that connects directly with oversea offshore RMB market. Shanghai FTZ further reformed marketization of interest rate and exchange rate and opened up a corridor and window to the international financial market. Shanghai FTZ also opened further the banking,insurance and securities services,which will promote RMB internationalization and bring additional driving forces to the Shanghai international financial center. The paper elaborates the financial reform measures of Shanghai FTZ and analyses the impact of these measures on the internationalization of RMB. The paper argues that RMB internationalization is a process under the background that China has not open the capital account fully and RMB has not yet realized full convertibility. Therefore,RMB offshore market is playing an important role in the process. Shanghai FTZ bridges internal financial market with oversea offshore market and plays unique role in RMB internationalization.