A Study On The Impact Of RMB Cross - Border Circulation On China 's Monetary Policy Independence

In recent years, the stability of its currency RMB and China’s comprehensive national strength is strong backing, scope and scale of the flow in the international market continues to expand, gradually carry out cross-border transactions since2009RMB business to further expand the scale of RMB offshore stocks. Biggest motivation is to meet the RMB cross-border flow of trade and financial activities in the real economy in the demand for the renminbi, is the result of a common market and macroeconomic policy caused. The existence of this phenomenon will have a significant impact on the formulation and implementation of macroeconomic and monetary policies. The circulation of RMB cross-border research, the understanding of the flow field in the international currency market situation, grasp the RMB ’s international status, concern the central bank macroeconomic policy and other aspects of the implementation are essential. Therefore, this paper studies the impact on China’s RMB cross-border flow of monetary policy independence has important theoretical and practical significance.Firstly, the RMB cross-border distribution and channel analysis, and on the basis of theoretical analysis of RMB cross-border flow of influence on the independence of monetary policy, and then using the indirect method to estimate the indirect estimates of first quarter2006to fourth in2013quarter of RMB cross-border flow of scale, the use of VAR models RMB cross-border flow of empirical research on the impact of monetary policy independence. The results show that the impact of RMB offshore renminbi cross-border transactions by the stock rose steadily in fluctuation, its impact on independence movements in China’s monetary policy, but the impact is not very significant, the last of the circulation of RMB cross-border supervision and broaden renminbi cross flowing into the channel and improving the environment of China’s monetary policy independence given the appropriate policy recommendations. The fifth part of the conclusions and policy recommendations. In the study on the basis of the preceding draw conclusions and make recommendations based on the conclusions.