境外人民币利率和汇率的形成机制研究

发布时间：2018-06-15 02:36

本文选题：人民币境外流通 + 利率　；参考：《学术交流》2014年02期

【摘要】：境外人民币流通规模不断扩大,必然会产生境外人民币的利率和汇率。目前在香港有人民币存款的利率,在中国周边的许多国家和地区都有人民币与外币兑换的汇率。境外人民币的利率和汇率的变动一定会对境内人民币的利率和汇率产生影响,因此,研究境外人民币利率和汇率的形成机制及变动就具有一定的现实意义。香港人民币利率决定于香港市场对人民币的需求和供给,香港人民币需求比较稳定,香港人民币存款利率变动主要由香港人民币资金供给造成。香港人民币利率变动上限是中国人民银行深圳中心支行支付给香港银行的同业利率减去香港银行经营人民币存款业务的可变成本,下限是内地银行人民币存款利率减去套利成本。境外人民币汇率决定于境外对人民币的需求和供给,境外居民用外币购买人民币的汇率变动上限为内地外汇市场的银行用人民币兑换外币的汇率减去套汇成本,下限是内地外汇市场的银行用人民币兑换外币的汇率加上香港银行经营人民币兑换业务的可变成本。
[Abstract]:The overseas RMB circulation scale unceasingly expands, will inevitably produce the overseas RMB interest rate and the exchange rate. At present, there are RMB deposit rates in Hong Kong and exchange rates between RMB and foreign currencies in many countries and regions around China. The change of interest rate and exchange rate of overseas RMB will definitely affect the interest rate and exchange rate of domestic RMB. Therefore, it is of certain practical significance to study the formation mechanism and change of interest rate and exchange rate of overseas RMB. The RMB interest rate in Hong Kong is determined by the demand and supply of RMB in the Hong Kong market. The demand for RMB in Hong Kong is relatively stable, and the change in the interest rate on renminbi deposits in Hong Kong is mainly caused by the supply of RMB funds in Hong Kong. The upper limit of RMB interest rate changes in Hong Kong is the interbank interest rate payable to Hong Kong banks by the central branch of the people's Bank of China in Shenzhen, minus the variable cost of Hong Kong banks operating renminbi deposit business. The lower limit is the RMB deposit rate of mainland banks minus arbitrage costs. The exchange rate of overseas RMB is determined by the demand and supply of RMB abroad. The limit of exchange rate changes for foreign currency purchased by overseas residents is the exchange rate of the banks in the mainland foreign exchange market that converts renminbi into foreign currencies minus the cost of arbitrage. The lower limit is the exchange rate that banks in the mainland foreign exchange market exchange renminbi for foreign currencies plus the variable cost of Hong Kong banks operating RMB exchange operations.
【作者单位】：电子科技大学中山学院;
【分类号】：F832.6

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