| 离岸人民币与在岸人民币的互动关系分析 |
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| 引用本文： | 吴天洋. 离岸人民币与在岸人民币的互动关系分析[J]. 安徽农业大学学报(社会科学版), 2015, 24(3): 46-49；92 |
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| 作者姓名： | 吴天洋 |
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| 作者单位： | 华东师范大学商学院,上海,200241 |
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| 摘 要： | 人民币的国际化是近来我国国际金融领域的热门话题.而人民币离岸市场的发展则是人民币国际化逐步推进的具体表现.将研究方向聚焦于在岸人民币价格(CNY)与离岸人民币价格(CNH)的互动关系可以反映出人民币离岸市场的定价机制.基于人民币在岸价格和离岸价格的最新数据,通过建立双因素VAR模型,并且运用格兰杰因果关系检验以及脉冲响应分析,实证结果显示CNY对CNH的影响要大于CNH对CNY的影响,即现阶段在岸人民币价格对离岸人民币价格形成有着重要的引导作用.
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| 关 键 词： | 人民币离岸市场 在岸人民币价格 离岸人民币价格 |
The Interaction between CHH and CNY |
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| WU Tianyang. The Interaction between CHH and CNY[J]. Journal of Anhui Agricultural University(Philosophy & Social Sciences Edition), 2015, 24(3): 46-49；92 |
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| Authors: | WU Tianyang |
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| Affiliation: | School of Business, East China Normal University |
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| Abstract: | The internationalization of RMB has been a hot topic in the field of international finance recently, and the development of offshore RMB market is the concrete manifestation of the gradual progress of RMB internationalization. By focusing on the interaction between the onshore and offshore RMB price we can understand the pricing mechanism of the offshore market. Based on the latest data and by using two factors VAR model, Granger causality test and impulse response analysis, we find the result which shows that the CNY price has more impact on CNH price at current stage. In a word, the onshore RMB price plays an important role in guiding the offshore RMB price. |
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| Keywords: | the offshore RMB market onshore RMB price offshore RMB price |
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