“一带一路”倡议下离岸人民币海外循环机制之构建

Construct of Recycling Mechanism for Offshore RMB under the “Belt and Road” Initiative

现阶段人民币国际化的进展已经遇到一定瓶颈,通过人民币离岸市场来推动人民币国际化是需要一定条件的。从离岸人民币的供给和需求角度探索离岸人民币海外循环机制的构成,其包括在岸人民币的流出机制、离岸人民币的自循环机制、存款创造机制和回流机制。"一带一路"倡议对构建离岸人民币海外循环机制具有重要的平台作用。鉴于此,实现"一带一路"倡议下离岸人民币海外循环机制构建的路径为以对外经贸发展和金融投资为重要推动载体、充分利用和融合各种海外金融市场资源、充分发挥市场因素和制度性安排的双重推动作用,推动离岸人民币海外循环机制的发展与完善。

At present, the progress of RMB internationalization has met a certain bottleneck. The RMB overseas circulation mechanism is a necessary way to enhance the demand of RMB overseas market. This article proposes the construct of offshore RMB recycling mechanism from the perspective of its supply and demand,including outflow mechanism of onshore RMB, self-circulation mechanism of offshore RMB, deposit creation mechanism and reflux mechanism. The'Belt and Road'initiative plays an important role in building offshore RMB recycling mechanism. On this basis, this article puts forward the construct path of the offshore RMB overseas circulation mechanism under the initiative, which takes foreign economic and trade development and financial investment as important carrier, fully employs and integrates various overseas financial market resources, and gives full play to the double role from the market factors and institutional arrangements, so as to develop and perfect overseas circulation mechanism of offshore RMB.