中国国际证券投资自由化与人民币汇率波动分析

An analysis of Chinese Foreign portfolio investment liberalization and RMB exchange rate fluctuation

几十年来,中国政府放宽外资金融机构准入限制,同时稳步推进资本市场双向开放,这使得更多的外国投资,以及全球股票和债券指数,提供商能够增加中国证券在其指数中的权重,目前中国的股票和债券市场已经发展成为世界上最大的市场之一。与此同时,随着国内投资者寻求通过海外投资实现多元化,中国居民投资组合外流也有可能增加。中国金融市场的稳步开放,在促进全球金融经济一体化的同时,也可能导致人民币汇率波动性加剧。

Since the recent decades, the Chinese authorities have greatly relaxed the access restrictions of foreign-funded financial institutions, while steadily promoting the two-way opening of the capital market, which has enabled more foreign investment and global stock and bond index providers to increase the weight of Chinese securities in their indices. At present, China’s stock and bond market has developed into one of the largest markets in the world. At the same time, as domestic investors seek to diversify through overseas investment, the outflow of Chinese residents’ investment portfolio may also increase. The steady opening of China’s financial market not only promotes the global financial and economic integration, but also may lead to increased volatility of RMB exchange rate.