| Hongkong RMB offshore market is the world’s largest offshore RMB market. Under the background of the internationalization of the RMB, the development of the offshore renminbi market in Hong Kong has been the strong support of the two governments, the rapid development of the offshore renminbi market in Hong Kong gradually show the impact of the role of domestic monetary policy. Hongkong RMB offshore market through the domestic monetary policy of the two transmission mechanisms(interest rate transmission mechanism, exchange rate transmission mechanism) have an impact, thus affecting the realization of the monetary policy objectives. Through the analysis of the offshore market in Hong Kong to domestic monetary policy shocks and the principle and method, on the impact of qualitative and quantitative research, finally puts forward with suggestions and Countermeasures, there is conducive to the maintenance of the effectiveness of the domestic financial market stability and monetary policy.First of all, the article reviews the foreign e xperts and scholars on the offshore market on the issue of the effect of monetary policy within the territory of the literature, the offshore market will impact on the issue within the territory of the monetary policy transmission mechanism, and ultimately affect the effect of monetary policy. Combined with the domestic experts and scholars on offshore renminbi market in Hong Kong research results, summed up the development of the offshore renminbi market in Hong Kong will to domestic monetary policy conduc tion mechanism of interest rate and exchange rate transmission mechanism of impact, impact of object for the three intermediate goals of monetary policy-- the money supply, interest rate and exchange rate. In the end, the effect of the implementation of the monetary policy affected. Next, based on the theory analysis, reality analysis and empirical analysis, respectively from the three aspects of depth of theory, the typical facts and empirical analysis the mechanism of the impact of RMB offshore market in Hong Kong to domestic monetary policy, way and influence degree. The concrete application of the Mundell Fleming(M-F) model, combined with the monetary policy conduction mechanism of interest rate and exchange rate transmission mechanism. The theoretical analysis of the offshore market in Hong Kong on domestic monetary policy intermediary target of monetary supply, interest rate and exchange rate influence. Then the to the development of Hong Kong RMB offshore market were introduced, cited in the operation of the real economy cross-border arbitrage, arbitrage behavior, analysis of the offshore renminbi market in Hong Kong on the domestic money supply, interest rate and exchange rate channels. This part is analysis of the facts. Finally, select the appropriate economic variables, using the VAR model to empirical analysis, this part of the empirical analysis. The empirical results show that the offshore market in Hongkong has a negative impact on the domestic money supply, has a positive impact on interest rates and exchange rates, and supports the theoretical results, but also in line with the reality of economic law. Through theoretical analysis and empirical analysis, summed up the Hongkong offshore market has weakened the domestic monetary policy.At the end of the paper, it summarizes the full text, and summarizes the ways and effects of RMB offshore market in Hongkong on the impact of domestic monetary policy. The offshore market in Hongkong has a negative impact on the domestic money supply, but the effect is very small; the domestic interest rate is positive; the domestic exchange rate is positive. Hongkong offshore market for domestic monetary policy, the overall impact of smaller. According to the conclusions put forward countermeasures, should improve the RMB regulation of Hong Kong and domestic laws and regulations, suppressing false RMB settlement of cross-border trade, development of our country’s own cross-border RMB payment system, improve the supervision of cross-border circulation of RMB, establishing early warning mechanism of financial impact, effect of lowering low offshore renminbi market in Hong Kong to domestic monetary policy. |
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