人民幣離岸中心與台灣

Abstract

隨著人民幣國際化的快速推進，國際主要離岸中心(香港、倫敦、新加坡)的人民幣業務不斷發展，規模越來越大。由於中國大陸為台灣主要貿易出口國，至2013年底，台灣已累積1,826億的人民幣存款，已達規模足以成為繼香港後下一個人民幣離岸中心。 然而台北在成為金融中心的條件上，尚不能與香港匹敵，復受限於當地法規限制及兩岸政治問題，使得台灣在成為人民幣離岸中心的里程上，亦面臨眾多競爭者的挑戰。本研究首先闡述了人民幣國際化的進程，以及離岸中心的定義及形成條件，並對香港、倫敦及新加坡發展人民幣業務的現況進行探討，同時分析台灣發展人民幣業務的機會與挑戰， 本研究認為，台灣人民幣資金池成長非常快速已達規模，必須建立更多人民幣去化管道，如寶島債或RQFII等，且兩岸應放下政治意識，盡速簽署雙邊貨幣互換協議，共同合作發展人民幣業務，於互惠互利下共同在人民幣國際里程上寫下新頁。

With RMB internationalization is attracting world attention, the main offshore centers (Hong Kong, London, Singapore) in the scale of the RMB business is more and more large. With 182.6 billion yuan in deposits by the end of 2013, and the largest trade surplus with China, Taiwan fits the bill for the offshore RMB clearing and trade settlement centre after Hong Kong. Taipei, however, is not an international financial centre like Hong Kong, Ring-fencing the local RMB business by regulators out of national ego has led some financial market participants to prepare for the possibility of an Offshore Centre for RMB. This thesis first discusses the process of RMB internationalization, definition and formation condition of international offshore financial center. Seconds, discusses the present situation of RMB business in Hong Kong, London and Singapore. Carries on the opportunity and challenge about the RMB business development in Taiwan. This thesis argues that, The RMB cash pool in Taiwan has grown so fast and should have more RMB exit options. Such as Formosa bonds and RQFII. Moreover, Taiwan have to sign currency swap as soon as possible. Finally, Taiwan and China should remove national ego and cooperate on RMB business. It will be a great benefit to each other and the internationalization of the RMB.