人民币国际化报告2019年THE PEOPLE'S BANK OF CHINA2019 RMB INTERNATIONALIZATION REPORT 目 录第一部分 人民币国际化十年发展一、政策演进及发展成果二、基础设施建设成果三、央行合作成果第二部分 2018年人民币国际使用 一、跨境使用总体情况二、经常项目收付三、资本项目收付四、境内人民币外汇交易五、人民币计价大宗商品六、人民币国际储备货币七、人民币跨境现钞调运八、人民币跨境支付系统建设 九、人民币利率和汇率变动十、央行合作 第三部分 政策及相关改革进展一、优化跨境人民币业务政策 二、推动资本市场双向开放三、完善宏观审慎管理四、完善人民币汇率形成机制 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1134559111819212122232526262627282929目 录1 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、离岸人民币清算第五部分 全球主要经济体相关经济金融形势一、美国二、欧元区三、日本四、英国五、新兴市场第六部分 趋势展望一、人民币支付货币功能将继续增强二、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继续实现四、人民币计价货币功能将有更多发展五、继续推动双边货币合作第七部分 人民币国际化大事记 后 记专 栏专栏一 周边国家人民币使用发展专栏二 跨国企业更多选择人民币进行跨境收付313233333737373838384040404041414867811目 录2 141617202228323439416679101213131415172123目 录3专栏三 “熊猫债”受到市场欢迎专栏四 中国债券纳入全球重要指数专栏五 境外主体持有境内人民币资产情况专栏六INE原油期货交易发展情况专栏七 海外人民币现钞兑换情况调查专栏八 完善自律机制取得阶段性成果专栏九 在香港发行人民币央行票据专栏十 香港以外其他主要离岸市场发展情况专栏十一更多国家出台人民币结算政策专栏十二年度人民币国际使用市场调查图图2-12017～2018年人民币跨境收付月度图图2-22010～2018年人民币占本外币跨境收付比例图2-32018年人民币跨境收付金额国别和地区分布情况图2-42017～2018年经常项目人民币跨境收付图2-52017～2018年经常项目人民币占本外币跨境收付比例图2-62017～2018年资本项目人民币跨境收付图2-72017～2018年直接投资人民币跨境收付月度情况图2-82017～2018年跨境人民币资金池业务收付月度情况图2-92018年“熊猫债”发行机构分布图2-102018年“熊猫债”投资机构结构图2-112018年末RQFII额度分布图2-122016～2018年人民币在COFER中的规模和占比图2-132018年上海银行间同业拆放利率走势（1） 4目 录图2-142018年上海银行间同业拆放利率走势（2）图2-152018年境内人民币汇率走势图4-12018年香港离岸人民币拆借利率走势（1）图4-22018年香港离岸人民币拆借利率走势（2）图4-32018年香港离岸人民币对美元汇率走势图4-42017～2018年香港地区人民币存贷款情况图4-52015～2018年伦敦离岸人民币日均外汇交易图6-1境内外企业对人民币国际地位的预期图6-2境外金融机构对人民币国际地位的预期图6-3境外金融机构可提供人民币产品和服务的种类图6-4境内企业的境外交易对手对人民币接受情况图6-5面临汇率波动时境内企业坚持人民币计价的比例图6-6考虑将人民币作为融资货币的境外企业和金融机构占比图6-7境外企业获得人民币收入后的交易行为图6-8境外金融机构计划增持各类人民币金融资产的占比图6-9境外金融机构对人民币债券类型的投资偏好图6-10境外金融机构对人民币债券期限的投资偏好表表2-12018年分地区人民币跨境收付情况表2-2非居民持有境内人民币金融资产情况表2-32018年银行间外汇即期市场人民币对各币种交易量232429303132344242434344444546464771819 CONTENTS68717274767878838695969899101101104105105106107109KEY ABBREVIATIONSPART ONE Ten-year Development of RMB InternationalizationI. Policy Evolution and Achievements in DevelopmentII. Achievements in Infrastructure Construction III. Achievements of Central Bank Cooperation PART TWO The International Use of the RMB in 2018I. General Situation of Cross-border Use of RMB II. Current Account III. Capital Account IV. Domestic RMB Foreign Exchange TradingV. RMB-denominated CommoditiesVI.RMB as an International Reserve CurrencyVII. The Operation of Cross-border Transportation of RMB BanknotesVIII. RMB Cross-border Interbank Payment System IX. RMB Interest Rate and Exchange RateX. Central Banks CooperationPART THREE Policies and Relevant ReformsI. Optimization of Policies on Cross-border RMB BusinessII. Promotion of the Two-way Opening up of Capital MarketIII. Improvement of Macro-prudential ManagementIV. Improvement of the RMB Exchange Rate Formation Regime5CONTENTS 110110113114115116121121122122122123125125126126126126134164PART FOUR Development of the Offshore RMB MarketI. Offshore RMB Interest Rate and Exchange Rate II. Offshore RMB Deposits and LoansIII. Offshore RMB Security FinancingIV. Global RMB Foreign Exchange TradingV. Offshore RMB Clearing PART FIVE Economic and Financial Status of Major Economies in the WorldI. United States II. Euro ZoneIII. Japan IV. United KingdomV. Emerging MarketsPART SIX OutlookI. RMB’s Function as a Payment Currency Would be StrengthenedII. RMB’s Function as an Investment and Financing Currency Would be DeepenedIII. RMB’s Function as a Reserve Currency Would be RealizedIV. RMB’s Function as a Pricing Currency Would See More Development V. The Bilateral Monetary Cooperation Would be PromotedPART SEVEN Highlights of RMB InternationalizationAfterwordCONTENTS6 818589929497100108115117123127797981837CONTENTSBoxsBox 1 The Use of RMB in Neighboring Countries Box 2 Multinational Enterprises Prefer RMB in Cross-border Receipt and PaymentBox 3 Panda Bond was Welcome by the MarketBox 4 Chinese Bond were Included in Important International IndexesBox 5 Domestic RMB Financial Assets Held by Foreign EntitiesBox 6 Developments of INE Crude Oil Futures TradingBox 7 Survey on Offshore RMB Banknotes ExchangeBox 8 The Interim Achievement in the Foreign Exchange Self-disciplinary Mechanism Box 9 Issuance of RMB-denominated Central-bank Bills in Hong KongBox 10 Development of Major Offshore RMB Markets Other than Hong KongBox 11 More Countries Promulgated Policies for Settlement in RMBBox 12 Annual Market Survey on RMB International UsageFiguresFigure 2-1 Monthly RMB Settlement during 2017-2018Figure 2-2 Proportion of RMB in Total Cross-border Receipts and Payments during 2010-2018Figure 2-3 Distribution of RMB Cross-border Receipts and Payments by Country and Region in 2018Figure 2-4 Monthly RMB Settlements under the Current Account during 2017-2018 84878888899093991021021031111111121141178CONTENTSFigure 2-5 The Share of RMB Settlement in Total Cross-border Settlement under Current Account during 2017-2018Figure 2-6 Cross-border RMB Settlement under the Capital Account during 2017-2018Figure 2-7 Monthly Cross-bord