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自2004年2月香港正式开办人民币业务以来,由于仍受到较为严格的限制,内地与香港的人民币资产利率基本隔绝,各项业务总体规模仍比较小。近期,我国政府决定允许内地金融机构在香港发行人民币金融债券,这将首次使两地的人民币资产收益率具有一定的联动性。在回顾香港人民币业务发展情况的基础上,分析香港人民币债券市场的发展前景、潜在影响和风险,并据此提出相应的政策建议。
Since the official opening of RMB business in Hong Kong in February 2004, the interest rates on RMB assets in the Mainland and Hong Kong have been basically cut off due to the still more stringent restrictions, and the overall size of each business is still relatively small. Recently, our government decided to allow mainland financial institutions to issue renminbi financial bonds in Hong Kong. This will, for the first time, give some linkage to the return on RMB assets between the two places. Based on the review of the development of RMB business in Hong Kong, this paper analyzes the development prospects, potential impacts and risks of the RMB bond market in Hong Kong and accordingly puts forward corresponding policy recommendations.