从欧洲美元市场视角看离岸市场发展规律及对我国的启示

Eurodollar offshore market development and its implication

文章从欧洲美元市场的视角，梳理总结了离岸货币市场发展的规律，即离岸货币市场是借助在岸清算体系的离岸账簿中心，其发展结果最终体现为银行离岸货币资产负债规模的扩大，并存在自我约束机制。文章认为离岸人民币市场发展也会遵循此规律，并藉此提出离岸人民币市场相关发展建议，以期为决策提供参考。

This article takes Eurodollar market as an example, summarizing the pattern of offshore currency market development.It reveals that the offshore currency market is an offshore accounting center based on the onshore clearing system, and will eventually develop with increasing offshore currency assets/liabilities of banks and with self-restriction mechanism.The article believes that the offshore RMB market development may also follow the same rules, and puts forward some suggestions for decision-making on the offshore RMB market development.