香港人民币离岸市场的发展与预期风险

全球金融危机的爆发使中国货币当局意识到推进人民币国际化的必要性与紧迫性。由于资本项目的未完全开放和人民币尚未实现可自由兑换,为了稳步推行人民币国际化进程,香港成为发展人民币离岸市场的首选之地。伴随一系列相关政策措施的出台,香港人民币离岸市场日益发展壮大。本文在考察人民币跨境贸易结算试点实施以来香港人民币离岸市场流动性的形成、债券市场的演进和金融衍生品市场的现状的基础上,总结了现阶段香港人民币离岸市场发展的特点,探讨了香港人民币离岸市场在未来发展中可能面临的主要问题和预期风险,并提出了相应的对策与建议。

The Development and Expected Risk of the Offshore CNY Market in Hong Kong

China has realized the need and urgency of the internationalization of its own currency since the global financial crisis hit in 2008. China selected Hong Kong as its first offshore financial market to prepare for developing RMB into an international currency safely. With a series of policies having been issued, the offshore CNY market in Hong Kong(short for ,CNH) is becoming larger and stronger step by step. This paper reviews the process of CNH liquidity's building and the evolution of bond and derivative markets in CNH, finds the characters of CNH at present, analyses the problems and risks which we may have to face during the period of CNH development, and gives some advices for the government.