摘要
本文以境内外汇市场即期汇率、香港离岸市场人民币即期汇率和人民币汇率中间价为研究对象,研究境内外汇市场的货币定价权问题。研究表明,境内外汇市场具有一定的人民币定价权,与香港离岸人民币市场存在相互影响,境内人民币日间波动幅度的扩大强化了境内人民币定价权;中国境内银行间外汇市场人民币定价权不完全由管制赋予;境内外汇市场人民币汇率的形成已经具备一定的市场基础,可以在一定程度上反映市场供需及预期;人民币汇率中间价具有显著的外生性。基于研究结果,本文认为境内汇率形成机制的市场化是境内人民币定价权巩固的基础。
Based on the data of domestic RMB foreign exchange spot rate, Hong Kong RMB offshore foreign exchange spot rate and central parity rate of RMB foreign exchange, this paper researches the pricing power of domestic foreign exchange market. The results of the paper show that the domestic foreign exchange market has a certain pricing power of RMB exchange rate, and there is a mutual influence between the domestic market and the Hong Kong offshore RMB market; the increase in daily fluctuation of domestic RMB foreign exchange reinforces the pricing power. The pricing power of domestic foreign exchange market is not fully assigned by regulatory institution. The formation of domestic RMB foreign exchange rate has some market basis, which can reflect market supply, demand and expectation to some extent. The central parity rate of RMB foreign exchange is significantly exogenous. According to the above results, the paper argues that the market-oriented formation mechanism of foreign exchange rate is the foundation to reinforce the pricing power of domestic RMB foreign exchange rate.
出处
《金融论坛》
CSSCI
北大核心
2014年第3期45-52,共8页
Finance Forum
关键词
银行间外汇市场
人民币汇率
货币定价权
离岸市场
interbank foreign exchange market
RMB exchange rate
currency pricing power
offshore market
