人民币国际化、资本项目开放与金融市场建设

RMB Internationalization,Capital Account Opening and the Construction of Financial Market

本文讨论了人民币国际化的新经验,即资本项目开放和可兑换可分阶段实施,认为上海自贸区的建设连接了人民币在岸市场和离岸市场,创造了资本项目可兑换的实现条件;人民币国际化能够走多远取决于人民币资本项目开放的进程,而发展真正有深度、能够提供安全稳定产品并具有流动性的金融市场是资本项目可兑换的实质所在。

This paper discusses the new experiences in RMB internationalization that the capital account opening and convertibility can be implemented in phases.The paper argues that,by the construction of Shanghai FTA,the RMB onshore markets are connected to offshore markets,and the conditions for realizing capital account convertibility are created; how long the RMB internationalization can last depends on the process of capital account opening,and the development of financial markets which are mature,capable of providing the security and stable products and the liquid is the essence of capital account convertibility.