| 崔学刚,邓衢.境内外人民币汇率影响研究——基于香港离岸市场双重功能分析的视角[J].北京工商大学社科版,2016,31(1):102-108 |
| 境内外人民币汇率影响研究——基于香港离岸市场双重功能分析的视角 |
| A Study of the Influence of RMB Exchange Rates at Home and Abroad ——From the Perspective of Dual Function of Hong Kong Offshore Market |
| 投稿时间：2015-11-13 |
| DOI： |
| 中文关键词: 人民币国际化 离岸市场 在岸市场 汇率 |
| 英文关键词:RMB's internationalization offshore market onshore market exchange rate |
| 基金项目:教育部人文社会科学研究规划基金项目(13YJA630014);中央高校基本科研业务费专项资金(SKZZA2014003;SKZZX2013041)。 |
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| 中文摘要: |
| 利用2014年8月1日—2015年4月17日的人民币即期汇率和香港离岸汇率数据,基于VAR模型,研究了香港离岸市场对境内外人民币汇率影响的方向及其经济后果。研究发现,在样本期间内,人民币离岸汇率贬值而在岸即期汇率却在升值；离岸汇率波动幅度显著大于在岸即期汇率。汇率的影响方向为离岸市场向在岸市场传递。研究结论对于评估离岸市场对人民币汇率的影响,防范人民币国际化对境内经济冲击风险以及加强离岸市场监管具有重要启示。 |
| 英文摘要: |
| In this paper, we study the influence of Hong Kong offshore market on RMB exchange at home and its economic consequences, based on the spot rate of RMB and HongKong offshore exchange rate between Aug. 1st, 2014 to April. 17th, 2015 and VAR model system.We found that in the sample period, the offshore rate of RMB depreciated, while onshore RMB spot rate appreciated. The onshore spot rate showed more stability compared with offshore exchange rate.Offshore market exchange rate exerts an effect on onshore exchange rate.The conclusion can offer implications for evaluating the effect that offshore market has on RMB exchange rate, preventing onshore economic shocks which are brought by the internationalization of RMB, and strengthening the supervision of the offshore market. |
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