香港人民币离岸金融市场发展研究

发布时间：2018-02-08 20:01

本文关键词： 国际货币体系人民币国际化离岸金融市场金融自由化风险管理　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：党的十八届三中全会对金融领域改革提出了“完善金融市场体系”的要求,要求以开放促改革,加快推动人民币国际化进程,为推进人民币汇率市场化与资本项目渐进开放以完善金融市场体系提供良好契机。人民币国际化必须要求有一个成熟稳定的人民币离岸金融市场来提供各种产品和服务,以离岸金融市场为支点,来推动人民币的国际化。2003年6月,中国大陆和香港特别行政区首次签署双边经贸合作安排,于次年1月1日开始实施《内地与香港关于建立更紧密经贸关系的安排》CEPA协议。同年11月,中国人民银行与香港金融管理局签署《合作备忘录》,约定中银香港为香港地区提供人民币存款、汇兑、汇款等清算服务,香港人民币离岸金融市场应运而生,受到积极的政策推动而迅速的成长起来,国家“十二五”规划明确了香港离岸人民币业务中心和资产管理中心的战略地位。香港人民币离岸金融市场起步较晚,市场规模较小、活跃度不高,相关金融基础设施建设也需要进一步的完善,此外,在人民币离岸金融市场的建设过程中,处理好离岸与在岸市场的关系也至关重要。本文沿着提出问题—分析问题—解决问题的分析思路,对香港人民币离岸金融市场发展现状及问题进行剖析,通过理论模型证明离岸市场对在岸市场金融深化的促进作用,通过实证模型进行离岸与在岸市场联动分析。首先对离岸金融市场概念进行界定,针对离岸金融市场研究的国内外文献进行系统梳理；之后通过对香港人民币离岸金融市场发展历程的梳理,从货币市场、债券市场、外汇市场角度对香港人民币离岸金融市场进行纵向与横向、定性与定量的分析,指出制约其发展的瓶颈因素；通过构建离岸金融市场效应的理论模型,证明香港人民币离岸金融市场的发展推动我国资本项目渐进开放,促进在岸市场的金融深化效应；运用VAR模型对人民币离岸市场与在岸市场的联动机制进行实证分析,得出目前香港人民币离岸金融市场对在岸市场影响程度有限的结论；总结新加坡与日本开展离岸金融业务的实践经验,在定性与定量分析的基础上,从完善人民币回流机制、加强离岸金融市场风险管理、优化人民币离岸市场基础设施、建立多市场人民币离岸金融体系等方面提出一系列可行性政策建议。
[Abstract]:The third Plenary session of the 18 CPC Central Committee put forward the requirement of "perfecting the financial market system" for the reform of the financial sector, calling for promoting reform by opening up to the outside world and speeding up the process of promoting the internationalization of the renminbi. In order to promote the marketization of RMB exchange rate and the gradual opening of capital account to perfect the financial market system, RMB internationalization must require a mature and stable RMB offshore financial market to provide a variety of products and services. Take the offshore financial market as the fulcrum to promote the internationalization of the renminbi. In June 2003, the mainland of China and the Hong Kong Special Administrative region signed the bilateral Economic and Trade Cooperation arrangement for the first time. The CEPA Agreement on the Establishment of closer Economic Partnership between the mainland and Hong Kong began to be implemented on January 1st of the following year. On November of the same year, The people's Bank of China and the Hong Kong Monetary Authority signed a Memorandum of Cooperation in which BOC Hong Kong was agreed to provide RMB deposits, exchange, remittance and other settlement services to the Hong Kong region. The offshore financial market of the renminbi in Hong Kong emerged as the times require. Driven by active policies, the state's 12th Five-Year Plan defines the strategic position of Hong Kong's offshore RMB business center and asset management center. The offshore RMB financial market in Hong Kong started relatively late and the market scale is relatively small. The level of activity is not high, and the construction of related financial infrastructure also needs to be further improved. In addition, in the course of the construction of the offshore financial market of RMB, It is also very important to deal with the relationship between offshore and onshore market. This paper proves the promotion effect of offshore market on onshore market financial deepening by theoretical model, and analyzes the linkage between offshore and onshore market by empirical model. Firstly, the concept of offshore financial market is defined. The domestic and foreign literature on offshore financial market research is systematically combed. Then, through combing the development course of Hong Kong RMB offshore financial market, from the money market and bond market, From the perspective of foreign exchange market, this paper analyzes the offshore financial market in Hong Kong vertically and horizontally, qualitatively and quantitatively, and points out the bottleneck factors restricting its development. It proves that the development of RMB offshore financial market in Hong Kong promotes the gradual opening of capital account in China and promotes the financial deepening effect of onshore market, and makes an empirical analysis on the linkage mechanism of RMB offshore market and onshore market by using VAR model. Draw the conclusion that the offshore RMB financial market in Hong Kong has limited influence on onshore market at present; summarize the practical experience of developing offshore financial business between Singapore and Japan; on the basis of qualitative and quantitative analysis, improve the mechanism of RMB return. To strengthen the risk management of offshore financial market, optimize the infrastructure of offshore RMB market, and establish a multi-market offshore financial system of RMB, put forward a series of feasible policy recommendations.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.6

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