离岸人民币市场流动性创造机制与人民币国际化

Liquidity creation mechanism in the RMB offshore market and the RMB globalization

在国际化货币发展过程中，离岸人民币市场肩负着与在岸市场协调发展，共同发挥贸易结算、跨境支付、金融市场交易和国际储备的先导作用。文章通过与欧洲美元的流动性补充机制的比较分析，指出离岸人民币尚缺乏稳定的流动性补充机制，CNH利率大幅波动阻碍离岸人民币市场货币创造与投资。建议通过加强央行与香港金管局合作、向市场提供透明且稳定的短期流动性支持等举措，稳定市场流动性，避免离岸市场人民币利率的大起大落。

In the process of the RMB internationalization, the development of offshore RMB market should be coordinated with that of onshore RMB market to jointly play a leading role in the trade settlement, cross-border payment, financial market trading, and international reserves.Through a comparative analysis of the liquidity supply mechanism of the CNH market with that of the euro-dollar market, the essay points out that the CNH market is in lack of a stable liquidity supply mechanism, and that the drastic volatility of the CNH interest rates hampers the money creation and investment in the offshore RMB market.The essay recommends to stabilize the market liquidity by strengthening the cooperation between the central bank and the Hong Kong Monetary Authority, and providing transparent and stable short-term liquidity support for the market, so as to avoid drastic fluctuations of the offshore RMB interest rates.