新加坡留学作业：关于离岸人民币市场对人民币汇率的影响分析

Offshore financial markets are outside the RMB market in China, mainly deal with China's offshore RMB deposit and loan business. Currently, a large number of renminbi circulating in our surrounding areas, some countries will incorporate it into renminbi foreign exchange reserves, and some bilateral trade in RMB clearing tool. RMB internationalization growing influence and promote the internationalization of RMB is not only a result of the economy, but also the economic development of the internal requirements. RMB internationalization of the RMB offshore market is an important step, but also a free-trading center. 

人民币离岸金融市场是在中国境外的人民币市场，主要处理中国境外人民币的存放款业务。目前，人民币在我国周边地区大量流通，部分国家将人民币纳为外汇储备，有些双边贸易以人民币为结算工具。人民币的国际影响力越来越大,推进人民币国际化，不仅是经济发展的结果，也是经济发展的内在要求。人民币离岸市场正是人民币国际化中的重要一步，也是一种自由交易中心。本文主要研究离岸人民币市场对离岸人民币汇率的影响。 一、离岸人民币市场发展现状 1989年我国开始允许部分银行开展离岸银行业务，招商银行、广东发展银厅等四大银行先后获准经营离岸银行业务。现阶段从客户结构看仍集中于香港等地区，但扩散趋势明显[3]。 

This paper studies the offshore RMB market for offshore renminbi exchange rate. An offshore RMB market development status in 1989 China began to allow some banks to develop offshore banking, China Merchants Bank, Guangdong Development Bank has approved four major banks such as the Office to http://www.ukassignment.org/dxessay/ conduct offshore banking business. Look at this stage from the customer structure still concentrated in Hong Kong and other regions, but the trend is clearly diffusion [3]. Meanwhile, in order to promote the internationalization of RMB, China gradually promote the establishment and development of the offshore market. August 2011, the central government expressed support for the development of Hong Kong as an offshore RMB business center, actively support the development of the RMB market in Hong Kong, Hong Kong and the Mainland to expand distribution channels circulation of RMB funds to support Hong Kong's offshore RMB financial product innovation and development. 

由此，香港成为第一个人民币离岸市场所在地。[4] 2012年，跨境贸易人民币结算量保持较快增长，银行累计办理跨境贸易人民币结算业务2.94万亿元，同比增长41%，其中货物贸易结算金额2.06万亿元，服务贸易及其他经常项目结算金额8764.5亿元。全年跨境贸易人民币结算实收1.30万亿元，实付1.57万亿元，净流出2691.7亿元，收付比由2011年的1：1.7上升至1：1.2。2012年银行累计办理人民币跨境直接投资结算业务2840.2亿元，其中对外直接投资结算金额304.4亿元，外商直接投资结算金额2535.8亿元。截至2012年年末，境内代理银行为境外参加银行共开立人民币同业往来账户1592个，账户余额2852.0亿元；境外企业在境内共开立人民币结算账户6197个，账户余额500. 2亿元。

Thus, Hong Kong became the first offshore RMB market is located. [4] in 2012, cross-border trade RMB settlement to maintain rapid growth, the bank accumulated cross-border trade RMB settlement business 2.94 trillion yuan, an increase of 41%, of which the amount of goods 2.06 trillion yuan trade settlement, trade in services and other current settlement amount 876.45 billion yuan. Annual cross-border trade RMB settlement paid 1.3 trillion yuan, 1.57 trillion yuan actually paid, the net outflow of 269.17 billion yuan, cash ratio from 1:1.7 in 2011 rose to 1:1.2. 2012 total for RMB cross-bank border direct investment 284.02 billion yuan settlement business, including foreign direct investment settlement amount 30.44 billion yuan, foreign direct investment settlement amount 253.58 billion yuan. As of the end of 2012, domestic agent bank for the total overseas participating banks to open RMB interbank current account 1592, account balance 285.2 billion yuan; total foreign enterprises in China to open RMB settlement account 6197, account balance 50,020,000,000 yuan. From the above data we can see the rapid development of the offshore renminbi market. Second, the offshore RMB market impact of the RMB exchange rate in the onshore market, the implementation of China's current market supply and demand with reference to a basket of currencies, a managed floating exchange rate system. These include three aspects: First, market-based exchange rate fluctuations, exchange rate price signals play a role; second is based on current trade balance is mainly exchange rate floating range of dynamic regulation play "managed" advantage; Third, the reference to a basket of currencies, that is, from the perspective of a basket of currencies exchange rate, rather than the one-sided focus yuan with a single currency, bilateral exchange rates. At present, China People's Bank of China authorized by China Foreign Exchange Trade Center on every trading day, the Renminbi against the U.S. dollar, euro, yen, Hong Kong dollar, British pound, Australian dollar, Canadian dollar, ringgit, the Russian ruble in the interbank foreign exchange market, the RMB exchange rate . Among them, the floating range of RMB against the U.S. dollar in May 2007, respectively, from 0.3% to 0.5% in April 2012 to expand from 0.5% to 1%, the RMB offshore market fluctuations in the range gradually expanded gradually increased degree of market .  

(A) the offshore renminbi exchange rate analysis of the determinants of the demand for offshore renminbi demand function is a special function. Let P be the base currency is the Renminbi, the international reserve currency is quoted foreign currency exchange rate, P is expressed in the same way within the exchange price, D is an offshore renminbi demand offshore renminbi demand function Df (P) is not only subject to P> 0 of constraints, and because there is "control difference", but also by P> p of constraints. This means that P <p or P = p case, there is no demand for offshore RMB. At P> P conditions, offshore renminbi exchange rate is higher, the demand for offshore RMB smaller. In the vertical axis represents the foreign exchange rate, the horizontal axis represents the number of offshore renminbi coordinates, the offshore renminbi demand curve is a "broken the demand curve that slopes downward from left to PP when they interrupted in Figure 6 - 8 curve D in Fig. offshore renminbi supply function S = f (P) is a common supply function. offshore renminbi exchange rate is higher, for the supply of offshore renminbi greater. offshore renminbi supply curve is a from the left to the right tilt of the curve, the curve S in Figure 3-1 below. since offshore renminbi exchange rate exist "controls the difference", the foreign exchange rate changes will be subject to the impact of changes in RMB exchange rate in effect offshore renminbi supply and demand factors in the same conditions, if the territory of the RMB exchange rate, and foreign exchange rates will rise; Conversely, an offshore renminbi's exchange rate will fall. Moreover, in the territory of the RMB exchange rate under the same conditions, if the effect offshore renminbi supply and demand factors change, offshore RMB exchange rate will also change. (two) offshore RMB exchange rate formation present, along with the development of the offshore RMB market, the RMB exchange rate formation mechanism of the market according to the current market expectations, enhance the credibility of the central parity, and expand the floating range of transaction prices, the central bank to reduce foreign exchange control is the future of the RMB exchange rate market-oriented key measures.