發(fā)布時間：2018-03-15 10:48

  本文選題：香港人民幣市場　切入點：在岸人民幣市場　出處：《華東師范大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：本文基于香港離岸人民幣市場不斷發(fā)展的背景,對在岸人民幣市場所受離岸人民幣市場發(fā)展的影響進行了探索和研究。研究對離岸人民幣市場清算機制、離岸市場人民幣獲取渠道、離岸市場人民幣回流渠道、離岸市場人民幣留存渠道進行了整理與分析,并進一步對香港離岸市人民幣市場與在岸市場間的聯(lián)系進行了全面的描述與研究。以此為基礎(chǔ),本文通過理論分析發(fā)現(xiàn)香港離岸人民幣市場發(fā)展對在岸市場在貨幣供給管理上帶來在岸市場基礎(chǔ)貨幣被動投放機制改變、基礎(chǔ)貨幣被動投放不確定性增加、基礎(chǔ)貨幣及M1、M2的監(jiān)測結(jié)果被放大、國際投機資本跨境流動更加劇烈等影響,通過格蘭杰因果檢驗發(fā)現(xiàn)香港離岸人民幣市場發(fā)展對在岸人民幣市場匯率形成的獨立性、穩(wěn)定性產(chǎn)生削弱影響,這些影響亦將帶來相應(yīng)不利結(jié)果。 為應(yīng)對這些影響所帶來的不利結(jié)果,本文認為加強對人民幣跨境流動量的監(jiān)測、在貨幣供給管理中加入對離岸匯率變動趨勢的考慮、在基礎(chǔ)貨幣和M1及M2的監(jiān)測中分離離岸影響、在岸市場匯率調(diào)控加大對離岸市場的參考程度、促進我國外匯衍生品市場的發(fā)展、進一步支持香港離岸市場發(fā)展等對策將有利于在岸市場以及離岸市場的健康發(fā)展。
[Abstract]:Based on the continuous development of offshore RMB market in Hong Kong, this paper explores and studies the influence of offshore RMB market on onshore RMB market, and studies the settlement mechanism of offshore RMB market. The RMB acquisition channels in the offshore market, the RMB reflux channels in the offshore market, and the RMB retention channels in the offshore market are collated and analyzed. Furthermore, the relationship between RMB market and onshore market in offshore market of Hong Kong is described and studied comprehensively. Through theoretical analysis, this paper finds that the development of offshore RMB market in Hong Kong has brought about the change of passive money supply mechanism in onshore market, and the uncertainty of base currency passive injection has increased. The monitoring results of the base currency and M1 / M 2 were amplified, and the cross-border flow of international speculative capital became more intense. Through Granger causality test, we found that the development of the offshore RMB market in Hong Kong is independent of the formation of the onshore RMB market exchange rate. Stability has a weakening effect, and these effects will bring about corresponding adverse results. In order to deal with the adverse effects of these effects, this paper suggests that the monitoring of cross-border RMB flows should be strengthened, and the trend of offshore exchange rate should be taken into account in the management of money supply. The offshore influence is separated from the monitoring of basic currency, M1 and M2, and the exchange rate regulation in the onshore market increases the reference level to the offshore market, and promotes the development of China's foreign exchange derivatives market. Further support for the development of the offshore market in Hong Kong will be conducive to the healthy development of the onshore market and the offshore market.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.6

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