香港离岸人民币短期利率、流动性与市场发展

CNH interest rates, liquidity and market development in Hong Kong

离岸市场在货币的境外流通中发挥重要作用，香港作为全球最大的离岸人民币市场，其流动性运行情况对于人民币国际化战略而言举足轻重。文章介绍了香港离岸人民币市场的流动性机制安排，结合离岸与在岸人民币利率的相关性分析，重点研究了在近年来人民币持续贬值压力情况下香港人民币市场的流动性问题，并就改善离岸市场人民币流动性供应机制进行了探讨。

The Offshore market plays an important role in the overseas circulation of a currency. Being the world＇s largest offshore RMB market, the liquidity in Hong Kong is vital to RMB globalization. The essay introduces the liquidity facilities in the Hong Kong offshore RMB market, and, in combination with the correlation analysis of the CNH and CNY interest rates, elaborates on liquidity issues in the Hong Kong CNH market within the context of a sustained devaluation pressure on the RMB in recent years, and explores possible approaches to improving the liquidity sulololv mechanism in the offshore RMB market.