Price Impact Of The 8.11 Exchange Rate Reform On Onshore And Hong Kong Offshore RMB Market

In China,the rapid growth of economic aggregate,the foreign economic relations deepening,economic background of national comprehensive strength has been continuously enhanced,the RMB exchange rate has become an important economic variable.To increase exchange rate flexibility and promote the internationalization of the RMB has become the main target of the exchange rate reform.8.11 exchange rate reform is to improve the exchange rate system,reduce administrative interference,and promote a major change in the RMB market.The reform have had a great influence on onshore market and Hong Kong offshore RMB market,analyze the similarities and differences between the two market changes in the exchange rate reform after the discovery,as well as connection from both sides of the market,is conducive to create a better RMB Market and promote the internationalization of the RMB.The paper first introduces the background of 8.11 exchange rate reform and the specific content of the reform,illustrates the importance of the reform for the RMB exchange rate system;at the same time from the five aspects of market,trading varieties,trading subjects,trading currencies,trading models and settlement models,introduces the market characteristics of the onshore market and Hong Kong offshore RMB market in detail;then analyzes the similarities and differences as well as the cause and effect relationship in spot and swap market,get a detailed analysis of the cause and changes of the onshore and Hong Kong offshore RMB market;finally gets the conclusion that onshore RMB market pricing is the foundation of Hong Kong offshore RMB market,the Hong Kong offshore RMB market has the guidance function for onshore RMB market,the coordinated development of the two markets makes the contribution of RMB internationalization;at last puts forward some suggestions to deepen the development of the onshore market and Hong Kong offshore RMB market.