Market of Hong Kong off shore is about to greet RMB new product. Recently, chinese people bank and management board of banking of Hong Kong Special Administrative Region were signed " about using debt tool system of the settle accounts central issues Chinese people bank paper (abbreviation " Central Bank bill " ) cooperative memorandum " , aim to facilitate people bank issues Central Bank note in Hong Kong.
Bill of alleged Central Bank, it is to point to center behavior adjustment commercial bank above quota the short-term debt certificate that reserve issues to the commercial bank, it is the tool of a monetary policy of money of foundation of Central Bank adjustment, the purpose is to should reduce a commercial bank to be able to borrow capital to measure. As Chinese people bank important fluidity manages one of tools, central Bank bill goes ever by large-scale use, liquidity of market of steam again of in order to, but in appearing lesser in open market to operate in recent years.
Finance of university of committee member of committee of Central Bank monetary policy, Tsinghua and fine horse of horse of director of development research center express, regard fluidity management as one of tools, the Central Bank will adjust henceforth through issueing Central Bank note fluidity of off shore RMB, stable market anticipates, maintain the basic stability of RMB exchange rate on reasonable and balanced level.
Grand of week of senior economist of Asia of German commercial bank thinks, tool of Central Bank monetary policy expands further to market of RMB of Hong Kong off shore, show on certain level the Central Bank hopes to maintain policy nimbleness, once off shore market appears relatively apparent RMB nominal mood, issue Central Bank bill to be able to raise the interest rate level of market of off shore RMB, raise the cost that makes empty RMB in order to carry, restrain RMB nominal.
"Look for a long time from which, issue note of much time Central Bank curve of complete to building market of off shore RMB interest rate will have cornerstone effect. " Zhou Hao says, if Central Bank bill becomes dimensions, rhythm ground is issued, mean market lieutenant general to appear an interest rate of off shore RMB that has direct sense fixes a price system, this will be helpful for the market finding the anchor of interest rate, develop more rich off shore RMB to derive with this taste the market. Look for a long time from which, this also is one of important cornerstone of RMB internationalization.
This action also conduces to product of banking of RMB of grade of high honor of rich Hong Kong. Chen Delin of president of management board of Hong Kong banking expresses, market of off shore RMB to high grade the RMB capital requirement with high liquidity is ardent, afterwards Ministry of finance issues national debt hind every year in Hong Kong, people bank money can satisfy the requirement of this respect further, especially shorter to deadline debt tool demand. People bank issues note in Hong Kong, also conduce to the hub position that consolidates Hong Kong regards RMB of global off shore as business.
It is reported, the message that Central Bank bill goes to sea carries display vigour to use to arriving since RMB exchange rate. On September 21, the RMB is right price rises considerably among the dollar 173 base point, newspaper 6.8357. In the meantime, interest rate of short-term loan of a person of same business of RMB of off shore of Hong Kong of the previous night (Hibor) rises 160.9 base point, newspaper 4.56200% , for since May the biggest go up. Hibor of RMB of 7 days of off shore signs up for 4.65467% , rise 63.3 base point. Hibor of RMB of 3 months off shore signs up for 4.77500% , rise 36.5 base point.
