台灣發展人民幣離岸中心的機會與挑戰 －台灣銀行業企業金融業務商機

Abstract

金融海嘯重創歐美，大陸經濟崛起，使人民幣得以成為世界貨幣的新亮點，大陸順勢發展人民幣國際化。隨著兩岸金融政策愈趨開放，兩岸金融往來愈加密切下，台灣銀行業應掌握天時、地利、人和，更應配合政府推動「自由經濟示範區」及人民幣離岸中心的政策優勢，順勢拓展人民幣業務，提升市場占有率，並致力於提高國際競爭力及能見度，強化市場競爭地位。雖然台灣具備爭取成為人民幣離岸中心之競爭優勢，也擁有契機，惟亦需要去面對與克服的挑戰，面對人民幣國際化可能帶來的影響，台灣銀行業應擬訂妥善因應對策，尤其現面臨上海自貿區對台灣經濟的可能影響，政府在積極推動「自由經濟示範區」計畫同時，除應將發展人民幣離岸中心列為金融業重要目標，更應加速並深化確實其內容，以求全面發展人民幣離岸中心，提昇台灣的國際競爭力。 就台灣銀行業而言，台灣融資利率低而大陸融資利率高的環境下，台灣的銀行業可利用兩岸的利率差異發展授信機會，故出現了所謂内保外貸或跨境貿易融資等業務，本文討論台灣銀行業在人民幣國際化的歷程中應運而生的商機，試圖在此商機中尋找銀行業的企業金融業務操作可行模式，並佐以操作的套利模型講解。

Financial tsunami destructed western developed countries. It led RMB to the new spot light being a new global currency. Following the trend, the mainland China brought out RMB globalization. With financial policies being more flexible between straits, Taiwanese banks should seize this chance to develop their business. Helping Taiwan to be the next RMB offshore center after Hong Kong being the first one. Taiwan is equipped far more strengths to compete RMB offshore center than other financial center. However, Taiwanese people have to find out their own position in the competition. The government also needs to construct related policies while promoting cross-strait business, so that it can increase its international competitiveness. For Taiwanese banks, the interest spread between borrowing in Taiwan and lending in China contribute to the arbitrage behavior. For example, Taiwanese banks can offer credit facilities secured by standby Letter of Credit from banks in China and cross-border trade finance business. This article discusses how Taiwanese banks react in RMB globalization and how they benefit from the interest spread cross the straits. Also, this article demonstrates the practical arbitrage patterns in corporate banking business.