人民币离岸市场发展对我国货币政策的影响

The Impact of RMB Offshore Market Development on Mainland's Monetary Policy

人民币离岸市场正在获得快速发展。在发展过程中,离岸市场与在岸市场的人民币双向流动规模不断增大,离岸市场的人民币汇率与利率市场化定价体系逐步形成,离岸市场与在岸市场的联系和互动日益增强,离岸市场对我国货币政策制定和实施产生了一定的影响,干扰了我国货币政策目标的实现。现阶段,我国央行应建立资本流动的监管与预警系统,动态地监控和分析人民币在岸与离岸的流速与流量,并在资本流动异常时采取逆向干预,保持国内货币政策的独立性和金融市场稳定。

RMB offshore market is gaining rapid development. In the development process,two-way flow of RMB between offshore and onshore is increasing,and offshore market pricing system of RMB exchange rate and interest rate gradually formed,with mutual influence between offshore and onshore. The offshore market has certain influence on China's monetary policy formulation and implementation,interfering with the goal of China's monetary policy. In the present stage,the People's Bank of China shall establish monitoring and warning system on capital flows. Dynamic monitoring and analysis on RMB velocity and flow rate between offshore and onshore,takes reverse intervention once the capital flows appear abnormal,maintaining domestic monetary policy independence and financial market stability.