香港人民币离岸金融中心发展策略研究

发布时间：2018-05-19 14:59

本文选题：离岸金融中心 + 跨境人民币结算　；参考：《复旦大学》2012年硕士论文

【摘要】：随着跨境人民币结算范围的不断拓展,人民币国际化进程的不断推进,香港成为率先经营离岸人民币业务的金融中心。在人民币在岸金融市场尚未完全开放,全球金融中心对离岸人民币市场虎视眈眈的情势下,向什么方向发展和如何发展香港离岸人民币金融中心成为了关键的问题所在。本文以离岸金融相关理论为基础,通过分析香港人民币中心形成的原因和影响,结合四大离岸金融中心比较所得的启示,并在分析香港人民币中心的现状研究的基础上用实证方法探索香港人民币存款的影响因素后,以成功的离岸金融中心为例从四方面阐述了香港人民币离岸金融中心的发展策略。离岸金融中心是为以非居民为主的群体提供便捷、低成本的金融中介服务的特殊金融中心,离岸金融中心的基本理论有金融创新、金融自由化、金融一体化理论和聚集效应、规模经济理论等。香港人民币中心形成是由于香港作为东道国希望带动金融经济的发展并提高香港的金融中心地位,也是由于中国内地作为人民币的发行国,考虑到在岸市场尚未完全市场化而香港区位、政治制度、体制、人才和金融中心的优势。建立香港人民币中心对香港经济金融发展、大陆企业发展、人民币国际化等都有着积极的影响,并且在发展初期,离岸人民币中心对在岸金融市场的冲击和风险暂时是可控的。从类型特征、发展的内因外因和经营业务等方面比较伦敦、纽约、东京、新加坡四大离岸金融中心的发展过程可以发现,离岸中心的主要交易货币选择、离岸中心金融市场架构是否完善、离岸中心制度政策及货币发行国的离岸货币回流制度都对离岸金融中心的发展有着重要的影响,香港人民币中心在发展过程中可以借鉴上述经验启示。香港人民币存款是关系到香港离岸人民币市场发展的重要因素,结合香港离岸人民币中心发展现状,使用实证方法研究发现：人民币兑美元升值、香港人民币存款利率上涨时,香港人民币存款增加；香港银行间同业拆借利率则与香港人民币存款呈负相关关系。综合香港人民币中心的成因和影响、四大离岸金融中心的发展启示和香港人民币存款的影响因素,提出了发展香港人民币离岸金融中心可以从发展离岸人民币市场并扩大市场规模、建设完善离岸人民币回流机制、建立离岸人民币的体外循环机制和建成全球离岸人民币中心四方面展开。
[Abstract]:With the expansion of cross-border RMB settlement and the promotion of RMB internationalization, Hong Kong has become the first financial center to operate offshore RMB business. With the RMB onshore financial market not yet fully open and the global financial center eyeing the offshore renminbi market, what direction and how to develop the offshore RMB financial center in Hong Kong have become the key question. Based on the theory of offshore finance, this paper analyzes the causes and effects of the formation of RMB centers in Hong Kong, and combines the enlightenment of the four offshore financial centers. On the basis of analyzing the current situation of RMB center in Hong Kong, this paper explores the influencing factors of RMB deposit in Hong Kong by empirical method, and expounds the development strategy of RMB offshore financial center in Hong Kong from four aspects, taking the successful offshore financial center as an example. Offshore financial center is a special financial center which provides convenient and low-cost financial intermediary service for non-resident groups. The basic theories of offshore financial center include financial innovation, financial liberalization, financial integration theory and aggregation effect. Theory of economies of scale, etc. The renminbi center in Hong Kong was formed because Hong Kong, as the host country, wanted to promote the development of the financial economy and enhance the status of Hong Kong as a financial center, and also because the mainland of China was the issuing country of the renminbi. Considering that the onshore market is not yet fully market-oriented and the advantages of Hong Kong's location, political system, talent and financial center. The establishment of the RMB center in Hong Kong has a positive impact on the economic and financial development of Hong Kong, the development of enterprises in the mainland and the internationalization of the RMB, and at the beginning of its development, the impact and risks of the offshore RMB center on the onshore financial market are temporarily controllable. Comparing the development process of the four major offshore financial centres in London, New York, Tokyo and Singapore in terms of type characteristics, internal and external causes of development and business operations, we can find that the main trading currencies of offshore centres are chosen. Whether the financial market structure of offshore center is perfect or not, the policy of offshore center system and the offshore currency return system of currency issuing country have important influence on the development of offshore financial center. The Hong Kong RMB Center can draw lessons from the above experience in the process of development. RMB deposit in Hong Kong is an important factor related to the development of offshore RMB market in Hong Kong. Combined with the current development situation of offshore RMB center in Hong Kong, the empirical research shows that when RMB appreciates against the US dollar, the interest rate of RMB deposit in Hong Kong rises. Renminbi deposits increased in Hong Kong, while the interbank offered rate in Hong Kong was negatively correlated with renminbi deposits in Hong Kong. Taking into account the causes and effects of the RMB centre in Hong Kong, the implications of the development of the four offshore financial centres and the influencing factors of renminbi deposits in Hong Kong, It is proposed that the development of offshore RMB financial centers in Hong Kong can develop the offshore renminbi market and expand the scale of the market, and build and improve the offshore renminbi return mechanism. The establishment of offshore RMB cardiopulmonary bypass mechanism and the establishment of a global offshore RMB center four aspects.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.6

【共引文献】