人民幣國際化之研究

A Study on the Internationalization of the RMB

因應全球金融海嘯及歐債危機之匯兌風險、歐美先進國家採行量化寬鬆貨幣政策所產生之外溢成本，以及經濟實力相對上升，2009年中國大陸開始推動人民幣國際化。在步驟上分為三個階段，分別為：貿易結算化、金融投資化及國際儲備化，各階段分10年推動。目前在全球支付貨幣排行中，人民幣雖僅排名約第10位，但地位已迅速提升。兩岸雙邊貿易龐大，有利台灣發展人民幣離岸中心。為提升金融業之競爭力，2013年11月19日行政院核定「金融業納入自由經濟示範區之規劃方案」，後續應進一步開放與人民幣有關之金融商品，以利爭取商機；另今年8月中國大陸核定「上海自由貿易試驗區總體方案」，值得多加關注；此外，未來兩岸仍應持續擴大人民幣去化管道，包括由昆山擴大到上海、蘇州、深圳、廈門等台商密集地區，直接開放台資企業向台灣金融機構借人民幣，而寶島債之發行主體也應從台灣企業擴大至中國大陸企業，開放大陸企業來台上市。

In response to the foreign exchange risk posed by global financial crisis and European debt crisis, the spillover costs incurred by advanced countries’ adoption of the quantitative easing monetary policy, and the relative increase in economic power, Mainland China began to promote the internationalization of RMB in 2009; RMB internationalization will be promoted three steps each 10-years long, namely using the RMB for settlement of trade, for financial investment, and the as international reserve currency. Currently RMB ranks 10th in the payment currencies of the world, but the ranking has rapidly risen. Is conducive to the development of Taiwan as an offshore RMB center. To enhance the competitiveness of the financial industry, on November 19, 2013 the Executive Yuan, 'Inclusion of the Financial Sector in the Free Economic Pilot Zones planning program'; the follow-up should see further opening of RMB related financial instruments facilitate the exploiting of business opportunities; also, in August this year China approved the Shanghai Free Trade Zone Overall Trial Program', a development deserving more attention; in addition, the two sides of the Taiwan Straits should continue to expand RMB clearance channels in the future, including the expansion to from Kunshan to Shanghai, Suzhou, Shenzhen, Xiamen, and other areas with a high concentration of Taiwanese businesses, directly allowing Taiwan-funded enterprises to borrow RMB from Taiwanese financial institutions; Formosa Bond issuing subject should also be extended from Taiwan enterprises to mainland Chinese enterprises and mainland enterprises allowed to listed on the Taiwan stock market.