2018年人民币国际化报告

人民币国际化报告2018年THE PEOPLE'S BANK OF CHINA2018 RMB INTERNATIONALIZATION REPORT 目 录第一部分 概要第二部分 人民币国际使用概况 一、人民币跨境收付二、境外主体持有境内人民币资产三、人民币外汇交易四、双边本币互换五、人民币跨境支付系统六、境外人民币业务清算行七、人民币跨境现钞调运第三部分 政策及相关改革进展一、优化人民币跨境业务政策 二、完善全口径跨境融资宏观审慎管理三、推出内地与香港债券市场互联互通四、期货市场对外开放五、进一步完善人民币汇率市场化形成机制第四部分 离岸人民币市场发展一、离岸人民币利率和汇率变动二、离岸人民币存贷款三、离岸人民币证券融资四、全球人民币外汇交易五、离岸人民币清算六、全球主要经济体宏观经济金融形势12214161616171819192020212225252728282932目 录1 第五部分 趋势展望一、人民币支付货币功能将不断增强 二、人民币投融资货币功能将不断深化三、人民币储备货币功能将进一步显现四、双边货币合作将继续稳步开展五、人民币国际化基础设施将不断完善附录 人民币国际化大事记 专 栏专栏一 人民币在周边国家结算使用情况专栏二 人民币跨境证券投资持续上升专栏三A股与人民币债券首次纳入重要国际指数专栏四 人民币国际储备货币功能逐渐显现专栏五 自贸区人民币跨境业务创新试点专栏六 开通“债券通”专栏七 人民币计价结算的原油期货专栏八 人民币对非美货币直接交易专栏九 人民币国际使用的市场调查图图1人民币跨境收付及占比月度情况图2人民币跨境收付金额国别和地区分布情况图3经常项目人民币跨境收付月度情况图4经常项目各项占本外币跨境收付比例月度变化情况3535353535363779131419212223292445目 录2 66789101011121315152526262728303131417目 录3图5一般贸易人民币跨境收付月度情况图6离岸转手买卖人民币跨境收付月度情况图7服务贸易人民币跨境收付月度情况图8资本项目人民币跨境收付月度情况图9证券投资项下人民币跨境收付月度情况图10境外主体通过不同渠道持有人民币股票市值图11境外主体持有境内人民币债券托管情况图12直接投资人民币跨境收付月度情况图13跨境双向人民币资金池业务收付月度情况图14RQFII额度分布图15IMF官方外汇储备币种构成调查图16人民币在COFER中的规模图17香港离岸人民币拆借利率走势（1）图18香港离岸人民币拆借利率走势（2）图19香港离岸人民币兑美元汇率走势图20CNH及中间价变化情况图21香港人民币存款图22境外机构对人民币的使用意向图23境外机构使用最频繁的人民币产品表表1分地区人民币跨境收付情况表2非居民持有境内人民币金融资产情况表3境外人民币业务清算行分布情况 CONTENTS5557595974767676777780808282848589899293KEY ABBREVIATIONSPART ONE Executive SummaryPART TWO The International Use of the RMBI. Cross-border RMB Settlement II. Domestic RMB Financial Assets Held by Foreign EntitiesIII. RMB Foreign Exchange Transactions IV. Bilateral Local Currency SwapV. RMB Cross-border Interbank Payment SystemVI. Offshore RMB Clearing BanksVII. The Operation of Cross-border Transportation of RMB BanknotesPART THREE Policies and Relevant ReformsI. The Optimization of Policies on Cross-border RMB BusinessII. The Improvement of Macro-prudential Policy on Full-Caliber of Cross-border FinancingIII. The Establishment of the Mainland-Hong Kong Bond Connect SchemeIV. The Opening Up of Futures MarketV. Further Improvement of the Market-oriented RMB Exchange-rate RegimePART FOUR Development of the Offshore RMB MarketI. Offshore RMB Interest Rate and Exchange RateII. Offshore RMB Deposits and LoansIII. Offshore RMB Security FinancingCONTENTS4 93949810210210210210310310465677374818384IV. Global RMB Foreign Exchange TradingV. Offshore RMB ClearingVI. Economic and Financial Status of Major Economies in the WorldPART FIVE ProspectsI. RMB's Function as a Payment Currency Will Constantly StrengthenII. RMB's Function as an Investment Currency Will Deepen UnceasinglyIII. RMB's Function as a Reserve Currency Will Gradually EmergeIV. The Bilateral Monetary Cooperation Will Proceed SteadilyV. The Infrastructure of the RMB Internationalization Will Further ImproveAPPENDIX Highlights of RMB InternationalizationBoxsBox 1 The Use of RMB in Neighboring Countries Box 2 RMB Cross-border Securities Investment Continued to RiseBox 3 A Shares and RMB Bonds were Included in Important International Indexes for the First TimeBox 4 The Function of RMB as an International Reserve Currency Was Gradually EmergingBox 5 The Pilot of RMB Cross-border Business in Free Trade ZonesBox 6 Establishment of Bond ConnectBox 7 Crude Oil Futures Denominated and Settled in RMBCONTENTS5 869559616263636464676868697071727575906CONTENTSBox 8 Direct Trading between RMB and non-USD CurrenciesBox 9 Market Survey on the Usage of RMBFiguresFigure 1 Monthly RMB Settlement Figure 2 Geographical Distributions of Cross-border RMB Receipts and Payments (2017)Figure 3 Monthly RMB Settlement Under the Current AccountFigure 4 Monthly RMB Settlement Ratio Under the Current AccountFigure 5 Monthly RMB Settlement of the General TradeFigure 6 Monthly RMB Settlement of the Offshore Transit TradeFigure 7 Monthly RMB Settlement of the Service TradeFigure 8 Monthly RMB Settlement under the Capital AccountFigure 9 Monthly RMB Settlement of the Securities InvestmentFigure 10 RMB Stock Value Held by Overseas Entities Under Different Investment ChannelFigure 11 RMB Bonds Deposited by Overseas EntitiesFigure 12 Monthly RMB Settlement of Cross-border Direct InvestmentFigure 13 Monthly Settlement of Two-way Cross-border RMB Cash Pool BusinessFigure 14 Allocation of RQFII Quotas, End-2017 (in billion yuan)Figure 15 Currency Composition of Official Foreign Exchange Reserve from IMFFigure 16 The Scale of RMB in COFERFigure 17 Movement of Hong Kong’s Offshore RMB Lending Rate (1) 9091919296966174787CONTENTSFigure 18 Movement of Hong Kong’s Offshore RMB Lending Rate (2)Figure 19 Movement of Hong Kong’s Offshore RMB Exchange Rate against USDFigure 20 Variability of CNH and Central Parity Figure 21 Hong Kong’s RMB DepositsFigure 22 Intention of Foreign Institutions to Use RMBFigure 23 RMB Products Most Frequently used by Foreign InstitutionsTablesTable 1 Cross-border RMB Settlement by ProvincesTable 2 Domestic RMB Financial Assets Held by Non-residentsTable 3 Offshore RMB Clearing Banks 第一部分 概 要12017年，人民币国际化稳步发展，作为支付货币的功能稳步增强，作为投资货币的功能不断提升，作为储备货币的功能逐渐显现，作为计价货币的功能实现突破，人民币继续保持在