离岸与在岸人民币国际化路径研究

A study on RMB internationalization path in offshore and onshore markets

人民币国际化“两条腿走路”（离岸与在岸）如何走得稳妥需要有一定的理论逻辑支持。文章不仅将离岸与在岸背后的资产与负债路径联系起来，而且通过“特里芬难题”与“斯蒂格利茨怪圈”的串接，证明了继续推进人民币国际化的必要性。建议随着“一带一路”战略的继续推进，深化人民币在岸与离岸市场产品开发和互动，以满足中国跨国企业抗击不确定性风险，并降低金融监管部门“精准监管”的成本。

To make the co-movement between the RMB offshore and onshore market progress steadily, there needs to be a theoretical and logical support. The essay not only analyzes the linkage between the asset and liability paths behind the offshore and onshore markets, but also testifies the necessity to further promote RMB internationalization by examining the correlation between the ＂Triffin Dilemma＂ and the ＂Capital Doubtful Recycling of Stieglitz＂. The essay suggests to promote the product development and to deepen the interaction between the offshore and onshore markets along with the continuous progressing of the ＂One Belt One Road＂ strategy, so as to enhance the China＇s MNCs＇ ability to fight against the uncertainty risks, and to reduce the cost of ＂precise regulation＂ of the financial regulators.