人民币跨境结算回流困境分析An Analysis of RMB Cross-border Settlement Reflux Predicament
龙泉,刘红忠
摘要(Abstract)：
目前,经常项目推动的人民币国际化进入到瓶颈阶段,如何安排资本项目下离岸人民币回流是关键。本文分析了资本管制下的人民币离岸市场发展滞后,以及人民币离岸债券市场发展的相关问题,认为跨境资本流动对解决离岸市场人民币投资需求的作用有限;跨境回流的主要问题是离岸债发债人国际化程度不高,利差主导的回流机制不可持续;推进离岸市场发展需放松资本控制,增加离岸市场人民币金融工具种类,完善市场风险防范机制;发挥离岸中心在人民币循环中的枢纽作用,重点在于提升人民币在离岸市场的流动性。
关键词(KeyWords)： 跨境结算;资本管制;回流;离岸人民币债券;在岸市场
基金项目(Foundation):
作者(Author): 龙泉,刘红忠
DOI: 10.13902/j.cnki.syyj.2013.07.032
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