The Study Of Hong Kong's RMB Offshore Market Impact On Conduction Mechanism Of Monetary Policy On The Mainland

Along with the deepening of the process of our reform and opening up,great achievements of the national economy progress,China's dominance in the world economy and voice rising,especially the successful into the basket of Special Drawing Rights(SDRS),faster and faster,the footsteps of RMB internationalization actively build offshore RMB financial markets have become the people of Hong Kong,the trend of The Times.By building a more flexible and resilient RMB offshore market in Hong Kong,help to extend the yuan in cross-border trade settlement using proportion,RMB internationalization path way.But,history shows that the construction of the offshore market for currencies effects of monetary policy,weakening the effectiveness of monetary policy.How in the process of accelerating the construction of the offshore yuan market to minimize the adverse effects of monetary policy on the mainland the monetary authorities as well as the attention of the academia.This article adopts the method of theoretical analysis and empirical analysis,theoretical analysis is divided into two parts.The first part,mainly from the Angle of currency circulation,the Hong Kong into the mainland yuan is divided into four kinds of purposes,the development of Hong Kong's RMB offshore market,comparing the results before and after the judgment of the money supply in the mainland of Hong Kong's RMB offshore market size effect.The second part,elaborate the Hong Kong RMB offshore financial center,the transmission mechanism of monetary policy in China,mainly from the interest rates,exchange rates and other forms three dimensions were analyzed.Empirical analysis is divided into three parts.Part I choose between January2011 and December 2011,the Hong Kong RMB deposits HRD monthly data,with the M2 measure of money supply using software EViews7.2,carries on the statistical description,stationarity test,Granger causality test,vector autoregressive(VAR)model and impulse response analysis.The second part of the selection on January 2,2014 to November 30,2016,the Hong Kong interbank offered rate interest rate hibor shibor overnight interbank interest rates between the bank of Shanghai and(O/N)of data.The third part of the selection on January 2,2016 to December 31,2016,Hong Kong offshore RMB SPOT rate CNH with mainland RMB SPOT exchange rate against thedollar SPOT,degree of data.The above analysis method.Through the above analysis,it is concluded that Hong Kong's RMB offshore market impact on the effect of monetary policy on the mainland was a real shock but not significant conclusions,speeding the construction of Hong Kong's RMB offshore market,actively cope with the impact point of view put forward feasible suggestions.