本文選題：人民幣國際化 + 跨境貿(mào)易人民幣結(jié)算��； 參考：《華南理工大學(xué)》2012年碩士論文

【摘要】：2008年國際金融危機(jī)爆發(fā)后，現(xiàn)有國際貨幣體系的弊端暴露無遺，在此背景下，中國政府第一次以官方名義提出“人民幣國際化”戰(zhàn)略。中國政府不斷出臺新的政策措施：開啟跨境貿(mào)易和直接投資人民幣結(jié)算；健全離岸人民幣市場回流機(jī)制，允許境外人民幣投資境內(nèi)銀行間債券市場和證券市場，推出小QFII，推動(dòng)人民幣國際化進(jìn)程加速發(fā)展。在新的階段，正確分析和認(rèn)識推動(dòng)人民幣國際化過程中存在的問題，對最終實(shí)現(xiàn)人民幣國際化具有十分重要的現(xiàn)實(shí)意義。本文采用定性分析與定量分析相結(jié)合的方法，首先對人民幣國際化的發(fā)展現(xiàn)狀進(jìn)行了定性概括；通過構(gòu)建貨幣國際化度指數(shù)測算了人民幣國際化程度。當(dāng)前推動(dòng)人民幣國際化存在的主要問題表現(xiàn)在推進(jìn)方式和成本兩個(gè)方面。人民幣國際化推進(jìn)方式可以概括為“跨境貿(mào)易+離岸市場”的人民幣國際化模式，在這種模式框架下，通過主成份分析認(rèn)為跨境貿(mào)易人民幣結(jié)算的貿(mào)易基礎(chǔ)薄弱，，依靠經(jīng)常項(xiàng)目下人民幣結(jié)算難以有效輸出人民幣；在離岸人民幣市場上，人民幣回流機(jī)制的健全則面臨著“兩難”。在推進(jìn)人民幣國際化的成本上，主要分析了因人民幣國際化而導(dǎo)致的持有外匯資產(chǎn)的成本，截至2011年12月底，推進(jìn)人民幣國際化已使我國外匯儲備增加了約1372.72億美元，并且正遭受著中美利差和人民幣升值的雙重?fù)p失。在對“跨境貿(mào)易+離岸市場”的人民幣國際化模式進(jìn)行反思后，本文認(rèn)為推進(jìn)人民幣國際化需注意以下幾點(diǎn)：第一，依靠經(jīng)常項(xiàng)目人民幣結(jié)算的方式實(shí)現(xiàn)人民幣走出去的思路需要調(diào)整，應(yīng)創(chuàng)造條件鼓勵(lì)跨境直接投資人民幣結(jié)算和跨國公司使用人民幣結(jié)算。第二，在離岸人民幣市場回流機(jī)制的健全上，在國內(nèi)金融改革尚未完成之際，應(yīng)暫停出臺新的可能倒逼資本項(xiàng)目開放的政策措施。第三，應(yīng)嚴(yán)格遵照關(guān)于我國改革次序的共識。第四，人民幣國際化是市場選擇的結(jié)果，不應(yīng)依靠行政力量去推動(dòng)。
[Abstract]:After the international financial crisis broke out in 2008, the shortcomings of the existing international monetary system were exposed. Under this background, the Chinese government put forward the "RMB internationalization" strategy for the first time in the official name.The Chinese government has continuously introduced new policies and measures: opening cross-border trade and direct investment in renminbi settlement; improving the reflow mechanism of the offshore renminbi market and allowing foreign yuan to invest in the domestic inter-bank bond market and securities market.The introduction of small QFIIs to promote the internationalization of the renminbi to accelerate the process of development.In the new stage, the correct analysis and understanding of the problems existing in the process of promoting RMB internationalization are of great practical significance to the ultimate realization of RMB internationalization.By combining qualitative analysis with quantitative analysis, this paper firstly summarizes the current situation of RMB internationalization qualitatively, and calculates the degree of RMB internationalization by constructing monetary internationalization index.At present, the main problems in promoting RMB internationalization are the way and cost.The way to promote RMB internationalization can be summed up as the RMB internationalization mode of "cross-border trade offshore market". Under the framework of this model, through principal component analysis, it is concluded that the trade foundation of RMB settlement in cross-border trade is weak.Relying on renminbi settlement under the current account is difficult to export effectively; in the offshore renminbi market, the integrity of the renminbi reflow mechanism faces a "dilemma".On the cost of promoting RMB internationalization, this paper mainly analyzes the cost of holding foreign exchange assets caused by RMB internationalization. By the end of December 2011, promoting RMB internationalization has increased China's foreign exchange reserves by about 137.272 billion US dollars.And is suffering a double loss of interest rate differentials between China and the United States and the appreciation of the yuan.After reflecting on the RMB internationalization model of "cross-border offshore market", this paper argues that the following points should be paid attention to in promoting RMB internationalization: first,It is necessary to adjust the thinking of RMB going out by relying on the RMB settlement of current account and to create conditions to encourage cross-border direct investment in RMB settlement and multinational companies to use RMB settlement.Second, when domestic financial reform has not yet been completed, new policy measures that could force the opening of capital accounts should be suspended on the sound of a return mechanism in the offshore renminbi market.Third, we should strictly abide by the consensus on the order of reform in China.Fourth, RMB internationalization is the result of market choice and should not be promoted by administrative forces.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.6

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 朱麗;人民幣國際化成本收益分析[D];遼寧大學(xué);2013年

本文編號：1758470