中日货币直接兑换的“量价难题”及其对策简

中日两国推出人民币与日元直接交易业务已一年有余，一年多的市场运行表明，两国的货币交易额增长迅速，并呈现平稳发展之势。尽管如此，两国的货币交易依然面临着货币交易量的相对有限性和汇率形成机制未能脱“美元锚”的“量价难题”。这一难题的形成与交易成本的居高不下、人民币的非完全自由兑换、企业的客户需求比较有限以及做市商数量有限等因素相关。今后如何打破这些难题，促进中日货币合作的深入发展，需要两国的智慧与共同努力。

Direct Trading of Yuan and Yen： ＂Problem of Quantity and Price＂and Countermeasures

Jan 1st, 2012 marks the official start in which China and Japan begin direct yuan to yen trading in Shanghai and Tokyo interbank market. The yen-yuan direct exchange system with great strategic significance will help businesses in both China and Japan become convenient and fast, effectively abandon the previous system that determines yen-yuan rates via the US dollar, and promote rationally the internationalization of the RMB. It marked that the stage results of financial cooperation between China and Japan has been achieved. However, the system reveals a state in quo of small scale and limited impact on the economy of the two countries in a year. The influential factors includes the high cost of currency trading, the small number of financial institutions involved in trading, the low quantity demanded, and the limit of RMB fully convertible. To enlarge the scale of direct exchange between yuan and yen, many problems have yet to be overcome. There is still a long way to go.