作　　者： (张春生）;

机构地区： 广东财经大学金融学院,广东广州510320

出　　处： 《改革》 2017年第7期107-118,共12页

摘　　要： 本币国际化对资本项目开放具有替代性,推动本币在资本项目下的交易支付实质为资本项目开放。人民币国际化隐含的先流出后流入、先短期后长期、先证券项目后直接投资、先交易市场后发行交易的开放路径与资本项目开放次序相冲突,人民币资本项目未开放下的人民币国际化导致资本项目事实上更为开放、离在岸市场大规模套利套汇、外汇流出入比例波动异常。应理性看待人民币国际化收益,提高两者协同度并大力发展金融市场,以减小人民币国际化的负面冲击。 Currency internationalization can substitute for capital account openness at some extent, pushing forward domestic currency used under capital account is actually capital account openness. The sequence of opening outflow before inflow, short-term accounts before long-term accounts, security accounts before direct investment embedded in RMB internationalization conflicts with the sequence of capital account openness. Internationalizing RMB before RMB capital account has reached fully open lead to RMB capital account more open indirectly, large-scale interest arbitrage and currency arbitrage between offshore RMB market and onshore RMB market, abnormal fluctuations of the ratio of foreign exchange outflow to foreign exchange inflow. The authority should rationally look on the possible reward of RMB internationalization, coordinate their progress and strive to develop domestic financial market, as to decrease negative shocks RMB internationalization brings about.

关 键 词： 人民币国际化 人民币资本项目开放 金融业发展