伦敦离岸人民币市场发展现状及思考

Thoughts on Developing the London Offshore RMB Market

近年来,中英人民币贸易发展较快,伦敦人民币离岸市场发展迅速,特别是人民币外汇交易量已位居全球第一。尽管如此,仍然存在各方面的制约因素,阻碍了伦敦人民币离岸市场的进一步发展。本文对伦敦人民币离岸市场的发展现状进行了考察,认为阻碍市场发展的因素既来自供给面,也来自需求面。供给面主要是中英人民币贸易占比较小,需求面主要是国内金融市场开放度不足使持有人民币的动机不足。未来,应采取各项措施加大伦敦人民币的供给和需求,并通过存款创造机制提高流动性水平,扩展市场深度。

The development of the London offshore renminbi market is a crucial step in China's plans for internationalizing its currency. In recent years, the expansion of Sino-British trade denominated in renminbi has spurred the development of the London offshore market. Moreover, the renminbi has also become one of the most heavily traded currencies on world foreign exchange markets. Nonetheless, there are still substantial barriers to further development of the London renminbi offshore market. The author has examined the London market's development and found obstacles on both the supply and demand sides. On the supply side, one obstacle is that renminbi denominated trade is still only a small percentage of total Sino-UK trade despite the growth in absolute terms.