人民币国际化对资本市场的影响
Impacts of RMB Internationalization on Domestic Capital Markets
图书简介
RMB Internationalization needs capital market opening up to provide effective mechanisms for oversea RMB backflow, which will have an important influence on domestic capital market development.
This report starts from analyzing the historical experience of major currencies internationalization, summarizes the lessons of currency internationalization influencing capital market, and discusses the possible influence of RMB internationalization on domestic development based on the current situation of China’s opening up and the typical fact that RMB internationalization still lies in the preliminary stage. We also employ the Pure-Sign-Restriction Approach based on agnosticism to do some empirical analysis.
Historical experience tells that currency internationalization and capital market development promote each other and developed financial markets are important supports to currency internationalization.
RMB internationalization is the precondition of building international financial center and realizing the financing of great powers. Financial markets, especially for capital markets, are the hinge of building international financial center. RMB internationalization will benefits asset price and has great influence on medium- and long-term asset allocation. In long with the RMB internationalization proceeding, the capacity of capital market will expand and the degree of opening up will enhance. Besides, the reform of capital market will be forced to speed up.
The total value of China stock market should further enlarges to match the needs of building up international financial center. Internal structure of capital market needs to be optimized further. The scale of corporate bond market should be enlarged to the similar scale of stock market to make up the imbalance of corporate financing. Meanwhile, low risk product should be created to optimize the market risk structure. Further more, the industrial structure in China capital market should be optimized and investment instrument should be diversified to enhance the capital market capacity of risk allocation and wealth management. Not only foreign investors should be allowed to enter domestic capital market but also authorized foreign economic operator should be allowed to list on domestic capital market in order to truly realize the internationalization of China capital market development.
Keywords:RMB Internationalization Capital Market Empirical Analysis
作者简介
图书目录
相关推荐
-
图书 匈牙利与人民币国际化
作者:陈新
图书 匈牙利与人民币国际化
-
2
图书 人民币国际化:离岸市场与在岸市场的互动影响
作者:修晶
图书 人民币国际化:离岸市场与在岸市场的互动影响
-
3
图书 人民币国际化中的套息交易
作者:陈思翀
图书 人民币国际化中的套息交易
-
4
图书 “一带一路”和人民币国际化
作者:孟刚
图书 “一带一路”和人民币国际化
-
5
图书 人民币国际化发展路径及保障措施研究
作者:潘理权
图书 人民币国际化发展路径及保障措施研究
-
6
图书 资本市场错误定价对公司投资行为的影响研究
作者:夏冠军
图书 资本市场错误定价对公司投资行为的影响研究
-
7
图书 走进巨龙:国际金融体系中的中国
作者:(意)多梅尼科·隆巴迪 (美)王红缨 徐秀军
图书 走进巨龙:国际金融体系中的中国
-
8
图书 人民币境外需求的估计方法及测算研究
作者:朱宗元
图书 人民币境外需求的估计方法及测算研究
-
9
图书 汇率与资产价格之间相互影响的作用机制研究:基于中国汇改以来的实践
作者:王佳佳
图书 汇率与资产价格之间相互影响的作用机制研究:基于中国汇改以来的实践
-
10
图书 金砖国家推动本币国际化:中国经验与合作策略
作者:刘东民 肖立晟 陆婷 熊爱宗 张驰
图书 金砖国家推动本币国际化:中国经验与合作策略
豆瓣评论