| Chinese Offshore RMB Currency and Bond Markets： The Role of Hong Kong |
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| 作者姓名： | Hung-Gay Fung Jot Yau |
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| 作者单位： | Dr Y.S.Tsiang Professor of Chinese Studies,College of Business Administration,University of Missouri-St.Louis,St.Louis,USA.;Dr Khalil Dibee Endowed Chair in Finance,Albers School of Business and Economics,Seattle University,Seattle,USA. |
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| 摘 要： | This paper discusses the role of Hong Kong in China’s grand scheme to build up the RMB as a global reserve currency.We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct investment into China,some of which,in the future,will be denominated in the RMB.We discuss the development of China’s RMB currency swap and deposit markets in Hong Kong.These offshore markets enable the RMB to trade freely, setting the stage for the RMB to become fully convertible and allowing market forces to play a role in pricing the value of the RMB,and help in the development of the RMB-denominated bond(or dim sum bond)market in Hong Kong.Finally,we present evidence of the phenomenal growth of the dim sum bond market in Hong Kong,which can further enhance and strengthen the use of the RMB outside China.
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| 关 键 词： | dim sum bond FDI offshore market reserve currency RMB |
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