摘要
本文采用事件研究法,对时间序列分段研究后发现,人民币在岸和离岸市场的定价能力的变化是一个动态演变的过程,既取决于两个市场的广度、深度等,也取决于金融基础设施建设和开放程度,以及人民币汇率形成机制改革的推进速度。随着汇改的推进和境内市场不断开放,资金和信息在两个市场自由流动,境内外市场价格将逐渐趋同,定价能力也将趋向于均衡。境内外市场将由发展初期的竞争关系转为合作关系,并达到境内外市场的协同发展。
With event study method,the article conducts a segmentation research of time series and finds that the change in pricing power of onshore and offshore RMB markets is a dynamic process of evolution,which depends not only on the breadth and depth of these two markets but also on the financial infrastructure and openness as well as the advance of the RMB exchange rate formation reform.With the advance of the ex change reform and the continuing opening-up of the domestic market,capital and information flow freely in both markets.The price of domestic and foreign markets will become gradually paralleled and pricing power will tend to be balanced.The two early rivals turn into partners and will develop in the mutually beneficial way.
出处
《上海金融》
CSSCI
北大核心
2013年第8期87-91,118,共5页
Shanghai Finance
关键词
在岸市场
离岸市场
价格传导
定价能力
Onshore Market
Offshore Market
Price Transmission
Pricing Power
作者简介
芦东。现供职于中国外汇交易．中心研究部。
