Chinese abstract: 这份特别报告由李波、王佐罡和席鈺(中國人民銀行)著作。跨境人民幣業務的發展歷程與我國改革開放的步伐密切相關。在改革開放初期，人民幣通過人員往來、邊境貿易、邊境旅遊等方式向我國毗鄰國家和港澳台少量流出。加入 WTO 後，為推動對外貿易的發展，滿足居民出國旅遊的需求，我國開始逐步放開人民幣流出限制，人民幣現鈔開始通過個人攜帶方式流向我國周邊地區。在周邊國家形成了一定規模的人民幣使用區域，特別是港澳地區人民幣業務快速發展。隨著我國參與全球經濟一體化程度提高，為了推動貿易和投資的便利化，我國開始跨境貿易和投資人民幣結算試點，雙邊貨幣合作也取得進展。人民銀行和相關部門相繼下發了《跨境貿易人民幣結算試點管理辦法》及其實施細則、《關於擴大跨境貿易人民幣結算試點有關問題的通知》、《境外直接投資人民幣結算試點管理辦法》、《關於明確跨境人民幣業務相關問題的通知》等一系列制度和辦法，逐步規範、完善試點政策。經過近兩年跨境貿易和投資的人民幣結算試點，開展跨境人民幣業務對貿易和投資便利化的促進作用已獲得社會各界認可。下一步，人民幣在中國對外貿易和投資中將發揮更重要的作用。近幾年，香港人民幣業務快速發展。香港人民幣業務自個人業務起步，人民銀行於2003年末首先宣佈為香港個人人民幣業務提供清算安排。期間，根據實際情況的變化，香港個人人民幣業務做了一些調整，擴大了個人人民幣兌換及匯款額度進行了調整。2009以來，為配合跨境貿易和投資的人民幣結算試點，香港企業和機構人民幣業務穩步發展。2009年7月中國人民銀行和中銀香港修改《關於人民幣業務的清算協議》，將跨境貿易人民幣結算業務納入清算體系安排，2010年7月再次修改《關於人民幣業務的清算協議》，進一步擴大香港企業、機構人民幣業務。目前，香港與內地間人民幣跨境流動是人民幣跨境流動的主要組成部分，香港人民幣存款量穩步增長，人民幣產品種類逐漸豐富。香港人民幣市場發展有利於在「一國兩制」的框架下建設和發展香港國際金融中心，有利於貿易和投資的便利化，有利於防範人民幣跨境使用可能帶來的風險，有利於境內金融市場的進一步對外開放。香港人民幣市場發展對境內宏觀管理的影響可控。從目前的情況看，香港人民幣市場的貨幣創造能力有限，而且通過貿易項下支付到香港的人民幣資金主要通過中銀香港存放人民銀行，在香港和內地都沒有貨幣創造，對境內貨幣供應量的影響可控。從經驗數據看，人民幣在岸匯率和離岸匯率相互影響，價差不大。在現有政策框架下，人民幣資金跨境流動有以下渠道：一是貿易結算人民幣收付；二是清算行、境內代理行的人民幣購售業務；三是清算行等三類機構進入銀行間債券市場投資；四是境內機構赴香港發行人民幣債券；五是人民幣跨境投融資試點。目前，人民幣跨境流動以貿易支付為主，同時在總體上呈淨流出狀態，沒有出現大的異常情況，有利於逐步解決境外人民幣的來源和運用問題。總的來說，人民銀行可採取多種措施管理人民幣資金的跨境流動。同時，應當加快人民幣在岸市場建設，穩步推動人民幣資本項目可兌換，擴大金融市場對外開放，使人民幣資金依法有序跨境循環流動，進一步促進貿易和投資的便利化。English abstract: This occasional paper was written by Bo Li, Zuogang Wang and Yu Xi (People's Bank of China).The development of cross-border Renminbi (RMB) business is closely related to the pace of China's reform and opening-up. At the early stage of reform and opening-up, RMB flowed out to the neighbouring countries, Hong Kong, Macao and Taiwan in small amounts through personnel exchanges, cross-border trade and cross-border tourism. After joining the WTO, in order to promote the development of foreign trade and meet the demand of residents traveling abroad, China began to gradually relax the restrictions on the outflow of RMB, and RMB banknotes began to flow to China's neighbouring regions through personal cross-border movement. The use of RMB in neighbouring jurisdictions has reached a certain scale, and a rapid development of RMB business has been observed in Hong Kong and Macao.With the increase in China's participation in the globalised economy and in order to promote trade and investment facilitation, China has started pilot RMB settlement for cross-border trade and investment, and bilateral monetary cooperation has also made progress. The People's Bank of China (PBOC) and relevant departments have issued a series of systems and measures, such as the Administrative Rules on Pilot Program of Renminbi Settlement of Cross-border Trade Transactions and its implementation details, the Circular on Expanding the Regions of Cross-border Trade Renminbi Settlement, the Pilot Scheme for the Settlement of Overseas Direct Investments in Renminbi, and the Notice on Issues Related to the Renminbi Cross-border Settlement, to gradually standardise and improve the pilot policies. After nearly two years of pilot RMB settlement for cross-border trade and investment, the promotion effect of cross-border RMB business on trade and investment facilitation has been recognised by all sectors of the society. In the next step, RMB will play a more important role in China's foreign trade and investment.In recent years, RMB business in Hong Kong has developed rapidly. The RMB business in Hong Kong started with personal RMB business and the PBOC first announced the clearing arrangement for personal RMB business in Hong Kong in late 2003. During the period, some adjustments were made to the personal RMB business in Hong Kong based on changes in the actual situation, and the personal RMB exchange and remittance limits were expanded and adjusted. Since 2009, corporate and institutional RMB business in Hong Kong has been steadily developing in accordance with the cross-border trade and investment RMB settlement pilot project. In July 2009, the PBOC and Bank of China Hong Kong amended the Settlement Agreement on the Clearing of Renminbi Businesses to incorporate cross-border trade settlement in RMB into the clearing system arrangement, and in July 2010, the Settlement Agreement on the Clearing of Renminbi Businesses was amended again to further expand the corporate and institutional RMB business in Hong Kong. At present, cross-border RMB flows between Hong Kong and the Mainland are a major component of cross-border RMB flows, with the amount of RMB deposits in Hong Kong growing steadily and the variety of RMB products gradually enriched.The development of the RMB market in Hong Kong is conducive to the development of Hong Kong as an international financial centre under the framework of "One Country, Two Systems", trade and investment facilitation, the prevention of possible risks arising from the cross-border use of RMB, and the further opening-up of the onshore financial market.The impact of the development of the RMB market in Hong Kong on onshore macroeconomic management is manageable. The current situation shows that the RMB market in Hong Kong has limited money creation capacity, and the RMB funds paid to Hong Kong under trade are mainly deposited with the PBOC through Bank of China Hong Kong, with no money creation in Hong Kong or the Mainland, so the impact on domestic money supply is manageable. From the empirical data, the onshore and offshore exchange rates of RMB affect each other with little spread.Under the existing policy framework, cross-border RMB capital flows through the following channels: first, trade settlement with RMB payments and receipts; second, RMB purchase and sales by clearing banks and onshore correspondent banks; third, three types of institutions such as clearing banks enter the inter-bank bond market to invest; fourth, onshore institutions issue RMB bonds in Hong Kong; and fifth, RMB cross-border investment and financing pilot projects
