离岸引领与在岸驱动——人民币国际化新举措评析

Offshore leads and onshore drives——comments on the new measures for RMB internationalization

关键提示在现有水平上进一步推动人民币国际化,对中国经济利大于弊。如果从收获本币国际化的益处以及保持现有的资本管制不放松,并结合防控金融风险的要求出发,在香港市场首先推动离岸人民币的国际化使用,特别是在与中国有密切贸易联系的东盟地区使用,是更加优化的政策选项。

Further RMB internationalization at the current level will do more good than harm to China's economy.It would be a more optimal policy option to promote the international use of offshore RMB in the Hong Kong market,especially in the ASEAN region,which has close trade ties with China,in order to reap the benefits of local currency internationalization,maintain the existing capital controls and prevent and control financial risks.As Hong Kong itself does not have the right to issue RMB,it is essential to ensure that RMB is imported into the offshore RMB capital pool in Hong Kong and that sufficient diversification of RMB financial assets is issued in the Hong Kong financial market to meet all the requirements for RMB internationalization.As RCEP further deepens the degree of economic integration in the region,based on the increase of trade competition and cooperation between China and ASEAN countries,it may be more obvious to include RMB into the reference basket of exchange rate fluctuations by taking THE currencies of ASEAN countries as a whole.